Cleantech Lithium (LSE:CTL) — Introduction to CleanTech Lithium

0:01 Good afternoon, ladies and gentlemen, and welcome to the CLEANTECH LITHIUM PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and 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 simply type in your questions at any time 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. These will be available via your investor meet company dashboard, and we will notify you by email when these are

0:32 ready for your review. Before we begin, I would like to submit the following poll. And if you'd give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO Aldo Botano. Good afternoon, sir. Hi. Hello, everyone. Thank you for this opportunity. We'll start by introducing ourselves. I'm the CEO of CLEANTECH LITHIUM. This is a very important opportunity for us to show the projects and what we do. I have a background in renewable energies and and and mining engineering. And I'm a civil industrial engineer, an MBA, and a doctoral degree in in The US. With that, I would like to introduce two of of our distinguished board members, the chairman, Steve Kessler, and the CFO, Gordon Stein.

1:19 Very valuable to the organization, and and let them introduce themselves. Steve, you have to unmute yourself, Steve. I will

1:32 unmute. Just one click. There. There you are. Yeah. I've been in in the mining industry my entire mining career. I've experienced with both major junior mining companies, in particular with lithium and European lithium in recent years and many years of experience in Chile with both, Eskom, Dieter and as the first CEO of, of Coahuasi.

1:58 Gordon? Yeah. I'm a chartered accountant by background. I've been in the energy industry and and natural resources for over thirty years, being CFO of five different public companies. I'm not exec director of a number of public companies as well. Okay. Well, thank you. Thank you both. We'll get to explain you a little bit what we're doing, where are we doing it. We have two projects. We control two entire basins in the southern tip of the Lithium Triangle. They're called Laguna Verde and Francisco Basin. Both of them have a a combined area of a 187

2:31 square kilometers. That's more or less the the twice the size of Central Paris. We are working from day one on a clean path on renewable a combination of renewable energy and clean production with the aim of achieving as as low as emissions as we can or zero emissions. Already have a 1,200,000 tons your compliant resource estimate in in Laguna Verde and working hard to increase that and also to add to the to the resource estimation Francisco Basin. I'll go in detail in the next slides with that. Again, our board has three out of four here present present day doing the presentation for you. It's very experienced, and and our idea and our work in the past is to take projects into development.

3:21 Again, highly prospective assets. We're close at the at the end of two thousand twenty four is the original scheduled production times. We're using direct leasing extraction plant. We're ahead in that in in many senses. It'll be again explained later. And what I said already about utilizing renewable energy. We already are listed in the stock market. There's it's an attractive entry point. We will show how we compare with other companies and and what we think the stock market will react to our flowing announcements. So let's go and take a view of the sites. This is Laguna Verde. You can see the impact of a a drill well that is now being used for sampling and other activities.

4:06 That's that's all we leave when we get out of sight and and and with all the machinery that that drill this. So Laguna Verde, it's a it's a it's a steep valley basin. Again, we control both of these basins with the majority of the of the land control and management. It's it's the rate it's 15.8 square kilometers, and we've have already a compliant resource that I said, 1,200,000 tons of lithium. The the base grade that everything is based on is the is the grade of the of the lagoon. And then Francisco Basin oops. Sorry. Francisco Basin. It's a it's a Salarana Lagoon, and we're drilling there, and and we've had initial surface sample and and also from a drilling that we did in 2018 that make us very optimist on adding this to us to our resources.

5:02 The Buena Verde is very, very unique. You can see the the big 400 meters 300 meters thick underlying brine under the lagoon. All the measurement we did and all the inferred resources are based around the lagoon. We're doing more geophysics and and and I intend to do drilling on the margins of the basin to expand the size of the basin. The resource can go up in three ways, more grade that that as we go deeper in the basin and and and and drill something we've done. Again, I'll explain in the next couple of slides with all the porosity and analysis of the of the of the feeding of the of the brine from the from the adjacent rocks and and minerals, and also by expanding the deep the deepness of the of the aquifer, something we've also done in some of our on our drilling.

6:01 That's what we're currently doing. We're drilling L B 01, l B 03, and L B 02. L B 03 is currently at 457 meters. The we drilled very deep in in in LBO 1 at four seventy four. The brine aquifer thickness is three forty eight. That's fifth 48 meters to what we originally thought was the thickness of the brine. L b o two, close to what we thought it was the the the deepness of the brine. And like I said, the updated number of l b o three is now 457. We're gonna be drilling l b o four soon, and, again, we've been producing geophysics on this part of the of the of the of this of the basin, and we'll update the market and and all of you fairly soon with that information.

6:53 This is, again, all the information about Laguna Verde. The idea of these holes is to be produced and moved later on into into being monitoring or production holes. You just already saw the impact. This is what we're doing while drilling, and then we leave just small footprint and and a and a deep hole that allow us to continue the studies and to update the the resources. It's massive. If you go to these places, you can see the big size and and the extent of of the basin. That speaks for both. We were on-site recently with the with the CFO and then the group controller and then visiting both campsites and and and all the work being done. And and you you need either binoculars or know exactly where the things are to be able to pick them up from the basin. That's how big our our land control and what we we're we're doing there.

7:47 Going to F B 01, that is currently at 284 meters. That's this is a figure from yesterday. Now it's 284. We're gonna be moving to f b to a second hole as soon as we finish this one. This is a big diameter hole. It's we started up with 12 inches. We're down to 10, and we are thinking and we'll be able to case it all the way down to eight inch hole that will be a future production or monitoring hole and will ask will help us something very important to the market to move from zero inferred resources lithium ton tonnage into into a positive number that will expand the resources we have and and, hopefully, the the price of of the stock.

8:34 This is photos of all our work. I referred to the trip of our CFO and our group controller, sampling. This is angle drilling, so we get to the directly to the to the zone. This is direct drilling, and that's the view again on all our license area. We we control all these extended basins, and it's it's very impressive to go there and see where exactly where we are. The board, I already mentioned people of the board. Very importantly, these two people down here are two of the top five world experts. They're working with us on the scoping study as ad infinitum and working on the DLE on beyond lithium. They're both Chilean and very respected worldwide. Our strategy with direct lithium extraction, and there's a nice video on the website, is to basically extract the brine directly from the from the subsurface aquifer that is pumped pumped up.

9:34 And then we can we'll reinject the the brine without lithium 100% back into the into the basin in a place that it will not dilute the the brine that we are extracting. It also allow us a double of the recovery rate, traditional evaporation ponds with a big footprint on environmental environmental footprint. Take around 40% of the brine. We will extract more than 80% of the brine. The the the CapEx, it's it's somewhat lower because you don't need to build operation ponds. The office is not significant significantly higher. Gordon can achieve can respond more specific questions about that at the end of this presentation. But more importantly, it takes full year less to develop because you don't need to build all the evaporation ponds and and all the and all the work related to that. So that's why we have this very aggressive timeline that we've been monitoring.

10:36 How and why can we do this? The only way to do it is to control a full basin. If you have competing neighbors, neighbors, people to trying to do the same thing as you, it's very complicated to control all the variables of the hydrogeology and the and the pumping and the and the and the reinjection. Very importantly to in both both places, there's no indigenous or local community. We've been working close to them. They're on on their way to sites, but they're a thousand meters below, and and they're a 160 kilometers away at least. So but, again, we've been working with them on on on both projects and everything. Both projects sit at 4,300 meters. That's something that you all need to know, and that's very important. It's one of the reasons there's no any

11:25 flora in both places. There's some fauna north of us in Francisco Basin in in a in a in a adjacent national park, but nothing in in Laguna Verde. DLE, we started, as I said earlier, in 2017. We work with world class providers, but ended up agreeing on buying the technology on our behalf, something we're currently working on doing. We'll have a a big announcement of of the of the proof of the metallurgical process

11:54 producing the first kilo of battery grade lithium that are gonna be sent to labs and sampled and sent to potential future purchasers or part of the of the of the strategic work we're doing. And then we'll go into the pilot plant. We're already planning all those stages that will produce 10 tons per month of battery grade, and the and the plan is to produce it for three consecutive months. That's something that will start at the mid of the year. We'll patent this and and and go go on not only to serve our two sites, but potentially to work with other people who would like to benefit from our experience by working in collaboration with us. Something very important and something I've been involved with is the is the is the development of Chile as a world class renewable energy place.

12:46 The this this is a it's a it's a Gold District, and Kinross specifically and also Barrick have developed a lot of infrastructure that with roads and electrical electrical accessibility with substations and many things, and and we're taking advantage of that. We're just a kilometer away from the with with our land control to the Francisco Basin substation with ample energy to connect and only 60 kilometers away in Laguna Verde.

13:18 We our aim is to agree a PPA, a power purchase agreement, with with vendors that will provide us twenty four seven renewable energy. But not only that, we also on-site, specifically in Francisco Basin, we have geothermal activity. Three of the wells we've done have shown temperatures ranging from 17 to 29 degrees Celsius and that it's it's also potential for for reducing our footprint, using some of our energy to to increase the temperature of the brine on the processing of the direct lithium extraction. Again, our aim is to be a green European listed company that will attack not only investors, will attack strategic partnerships.

14:04 There's four ways that we can increase our value on the market with the news flow that we we have planned is expanded resources with the lab information coming in the next month or so from Francisco Basin and Laguna Verde. Again, the extraction metallurgical process proof with the one kilo production, the the the starting and the beginning of the pilot plan. And, also, very importantly, to show our commitment from from beginning to to production, we're starting fairly soon the scoping study. The all the engineering work related to that and the and the PFS, the pre feasibility study with world class providers like Wardy Parsons, and also the environmental studies with the beginning of the baselines. And we're we're the only listed company as

14:51 as as we're aware that don't have an offtake agreement. We are working with various parties around the world on on four strategic partnership. With all that, I'll leave it to Steve Kessler, our distinguished chairman, to talk about the market and us. Steve? I I I think most people are aware with the, the great demand for lithium, worldwide at the moment.

15:16 Forecast, increase in demand in the world is is seven times the current demand in the next ten years. But in Europe, in the EU, that is 20 times the current demand in the EU. So very, very fast growth, and that's driven by the desire for the EU, to commit to, reduce the effects of, of, carbon on on global warming. So the car manufacturers are shifting to electric. There's a whole range of battery producers, starting work, in the in the EU. That's driving this, very rapid increase in demand in the EU. But the EU not only needs the the lithium, but it wants it from low carbon sources.

16:08 The EU is really gearing up to make sure that right throughout its supply chain, it's minimizing carbon use. And if we compare our projects at CLEANTECH LITHIUM, where we aim to have, close to zero, carbon dioxide emissions and very low water consumption as well, compared to the hard rock mines you'll find in Australia and Africa and the traditional brine operations using, evaporative ponds. So we expect to be one of the greenest, if not the greenest supplier of lithium, And we strongly believe that over a period of time, we will see premiums being attracted into this low carbon lithium supply.

16:57 Go over to Aldo.

17:04 Unmute. Yes. Gordon, this is for Gordon too. Yeah. Sorry, but it's just it's rather small here, but it's always difficult to compare companies because all companies at different stages of of their their growth and and and evaluation, etcetera. But what we've got here is two two tables here, one for the the the daily that you see at the bottom there, and others for other listed companies that are plaguing this space. You see there at the bottom, we basically we're based evaluation based on 1,200,000 inferred resources. That that's from a a job resource. We are now reviewing that. As I say, it will be within the next six to eight weeks. We'll be putting out new data on that coming from the drilling results. There's nothing in there for for Francisco Bay, and that's zero at the moment. That will go up. It'll go up from something from zero to something.

17:54 So that information will be out in the market within the next six to eight weeks. Drilling campaigns will end in in mid May because of the winter season coming on. So we'll we'll during that period from mid May onwards, it'll be the evaluation stage and then the resource resource estimates. But based on what we've got at the moment, it's 1,200,000 inferred resource. And that, as as as Aldo says, was just around the basis of the Laguna in Laguna Verde and and and and underneath that. It doesn't take any any extent. And and I think Aldo had mentioned when I went out there with our finance controller a couple of weeks ago, I was just astounded by this sheer scale of what we saw.

18:31 It is quite enormous, the the the extent of the the the license position. And, obviously, over the over the coming years, we'll look to extend that footprint and see what the boundaries of the reservoirs are. In terms of comparables, probably the nearest comparable company in terms of what they're doing is lake resources. You see them there on the bottom table at the top. They they've got a we're at $13 per per ton e EV. There, it's somewhere like $2.80. Why why we they're they're they're doing something not dissimilar to us. They've got a pilot plant. They've now got some offtakes, at least a nonbinding offtake agreement. So there's people circling them in terms of offtake. As Aldo mentions, we've got a number of ways we can improve our valuation significantly over the next next year, two years. We've got a resource drilling coming through. We've got contracts we we we would hope to announce in terms of progress.

19:24 We've got other other activities that we're looking to progress. And, obviously, the pilot plant looking to to commence that till end of this year when we'll look to get real live data. And as Aldo mentioned, we've the kilo. Once we've the kilo announcement out, that demonstrates the daily process as as our process works. So we think we're particularly undervalued. We came in at that price in the in the IPO during a war that just started. So I think we're in a really good place to see ourselves kick on in the coming year, and I would expect I personally would expect the valuation to increase significantly over over the next year, two years. Thank you. Thank you, Gordon.

20:04 You wanna wanna talk about this? Yeah. I made one of the questions was about a major shareholders. It's probably worth mentioning this this the major shareholders here in the table. You got actually, 31% of our of our stock is still held by management board management board, locked in at least for a a year plus as you see there. The other major shareholders, we've got regal regal funds, two funds based out of Australia who've been very supportive. They held their corner in the last round, 9.3%. We've got an individual shareholder, Tim Leslie, with 8%, and then we've got Argonaut Argonaut, basically, out to another Australian entity there. And then the the board have put money in in the last well, they've been both both raises. So that's our shareholder base, and we've got quite a good institutional following. I think during the last raise, we got good support from The UK institutional base in particular, and, also, we had conversations with with other entities in in Australia and elsewhere.

21:09 So we've we've got a good base for moving forward.

21:13 So just to recap the the the invitation, and we'll go with the questions right after this. This this two prospective assets, there's a question about other assets. We're always looking into other potential either collaborations, associations, or or owning more assets, but we have this very not only rare, unique in the lithium triangle that we control two entire basins, not one, but two. The direct is really makes us different at the stage of the development. We are owning the technology and and the work versus other companies. And the fact that most of the infrastructure is built already and we can use it to in a quick way to to go to market fairly fast. Again, because of the various variables, including the the word that started when we were listed, something we're very proud of that being being able to list with that world environment.

22:05 And and, again, the management team, how many times you have a chairman that has built not one, but two of the largest copper mines and from from from zero to production and and the same of of of the other team members. I have a experienced CFO and and financial controllers, not only on the finance side, but also on the on the operational side. We're staffing the Chile team with a with a COO, with financer controller, with various engineers and engineering capacities and environmental supervision capacities, law firms, etcetera. All that to significant to really do this and make it make it happen and and to benefit all of us. With this, we'll open it up to to questions. Aldo, Steve, Gordon, thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just using the q and a tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions 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.

23:12 Aldo, Steve, Gordon, we did receive a number of pre submitted questions ahead of today's event as well as you can see a number of questions that have come in throughout today's presentation. Firstly, thank you to all investors for submitting their questions. And, Gordon, if I could please hand back to you just to open up that q and a tab. If you could share the q and a session and then I'll pick up from you at the end, that'd be great. Thank you. Yeah. Sure. Okay. I'm just gonna start reading some questions. I think probably one will hit, which is one we get quite a lot. Aldo, can you comment on the one of the questions is, please, can you talk to us about the political environment in Chile, particularly after the recent election of the left wing party and rhetorical about high taxes with mining companies? Has the business environment got any worse? Yep. No. Not completely the opposite. There's two things that are happening in Chile. One is the work of the convention to to rewrite the constitution and propose all of us a new constitution.

24:01 And there's been work at the commission level that's been rejected at the plenary level because it two thirds approval on on various ideas that have stiffed the market. But the government on the on the opposite side has been very open not only to mining in general, but to lithium. And what we're doing, we have today at 5PM a meeting with the with the second highest authority of mining in Chile with the aims of telling, and and we've already been and officially been talking on our clean approach, our our commitment to to help others in the sector with our direct lithium x technology to to promote also themselves in a green way. And and the fact that we've been doing investments and the fact that we we have all this background of investors, institutional and personal people that are supporting the the project. And their reception has been good publicly in in in forums that we've attended, privately in conversations we've had.

25:02 They need investment, and they're assuring that Chile stays as a safe country and and promotes investments as we've always done. And that's that's what we're hearing, and that's what we expect to be hearing today at 5PM in the formal meeting as well. Just going back to the next question, Aldo. I'll just read the question out for for for listeners. Would you please outline with dates the information flow of testing at the Chilean lithium deposit sites over the coming year? So what's the information again? Just to repeat, Aldo. Yeah. Yeah. We'll we'll we'll have a all the York and and and and updated York resources for both sites around July of this year when all the tests and sampling and everything has been completed and the deal the drilling has been wrapped up. That's the timeline on on that. That's fairly soon.

25:50 Again, we've made an announcement that we have assurance that there's lithium in both drilling campaigns, but the the the samples are not completely accurate as we're dealing. We're putting mud that it's biodegradable, and we're doing a lot of things that not don't don't allow us yet to have full resource and then start working on all the updated York and research. Yeah. It'll be a continual process as well. We plan just to commence a second drilling campaign in October of this year. We're already working on that. The information we're gathering from both campaigns at the moment is is feeding into the next campaigns as we're learning the process. And as as mentioned earlier, we'll look to step out and see where the boundaries of the of the reservoir are, which is gonna be quite exciting.

26:35 Just looking at the next question. Just going down the list. When do you expect to have your pilot plant up and running? I think I'll quickly answer that one. I think we're we're planning to procure and start the procurement process within the next few weeks. We have the scoping study. We'll we'll announce something hopefully at some point soon about the scoping study, And the plant is we'll be having up and running in quarter one next year. That's the plan. There's a question mark about the all in mining costs. There's also a question mark about the cost of taking a a ballpark cost of taking a project of this scale to to to production. So I'll just give you a flavor for the cost. This will all all come out of the the feasibility studies that we'll do. But in terms of the numbers that we're running internally, the the average running costs of of a of a facility like this is somewhere between 3 and $5,000 per ton.

27:32 We we'll probably be at the higher end that rate because we're because we're we're doing DLE, we'll need greater power. As Aldo has mentioned, we've got power on-site, or we'll we'll within close to site. It'll be clean power. That's the one thing we're committed to. Chile's got one of the in fact, I think it's the cleanest grid in the world. 60% of it comes from U renewables. So we'll be in the sort of four to five I think 4 to $5,000 a a ton. We'll have to test that when we're doing the feasibility studies. And then what does that do in terms of profitability? You're looking to build a $10,000 10,000 ton per year plant somewhere around about $2,200,000,000. That sounds a lot of money, but people do maths on a $10,000 10,000 ton per year facility at $20,000 a ton, which is a and then the current rate's fifty, sixty, 70.

28:24 You can see that this is this is the economics are pretty pretty strong. There's been a question mark about taxation. The taxation actually, is well established in Chile even if there was to be any increases that'd like to be marginal. We've already got a tax regime which has been agreed, which is probably more like what it's likely to be elsewhere. You're looking at tax rate run about somewhat between 30%, which is is all in. That includes royalties, corporate tax, and so on. It's in that kind of ballpark. And then then the operating costs around about $20.25 percent. Obviously, it depends on on on the on the sale price. But the the the potential economic returns are extremely positive. I've got some nice models which threw off some nice numbers, and, obviously, we have to to provide the fundamentals that that drive that that process over the coming years.

29:16 I'll look at what other questions you've got. I think powering your operations, I think we've answered that one, Aldo, isn't it? The the power we've got power on-site. Yep. Yep. And climate change effect availability power? Actually, not at all because we've got it's renewable power that will will will help us if anything. Major shareholders, it's be we there's a slide on that and say management got 31% stake. The the the timetable for the new York updates that's been mentioned, it's likely to be late June, early October once we've got the data in from the independent independent parties. Are there what other lithium assets are there in Chile, and what stage are they at, Well, the the major for from a long time, SQN, excuse me, and Albermarle have been extracting lithium and successfully selling it around the world from Salarotacama that has the highest reserves and everything, but has a lot of stress and water constraints as that basin is used by several copper mines along with the community and along with the with the with these two large brine producers.

30:24 Nearby us is LITHIUM PWR, an Australian a mix of an Australian Chilean enterprise that it's working towards production. It's actually north of us than west of us, so we are like a little triangle between the two of us. And and they are a little bit more advanced with us, maybe a year or so with their environmental work and the drilling campaign, and they've been successfully rewarded by the market with that. Again, the proof of our technology, we think it will open conversations and venues for other business developments. I think we mentioned that what will differentiate us from other listed companies, again, our credentials, our work, the fact that we're spending most of the money raised on the ground and will continue to do so, And and that we started this path earlier, and we have not even disclosed yet all the strategic conversations we have.

31:21 And that's that's your one just last question. Right? The potential capacity throughout the limitations that DLE may have and to what extent an installation needs to be customized to give in project geology. There's one major factor into DLE is the magnesium to lithium rate. It can't be any more any higher than 15 parts one to 15. In in Laguna Verde, it's one to 9.5. In Francisco Basin, it's one to 4.9. And and, of course, it needs to be customized. Every every every brine has different impurities, boron, arsenic, calcium, lime, etcetera, and that need to be customized. But overall, the process of the mechanical and chemical process, it's the same. It's the same. It's the same absorbent, the nano filtration, reverse osmosis, forced evaporation, and ionic exchange.

32:21 But it it it varies. Again, needs to be adjusted. Our pilot plan will be movable and and be scalable. And and with that, we can sort and and and use that that work to serve different brands. There's another question that Yeah. I'll I'll I'll answer this one. How will the plan be financed? $200,000,000 sounds a lot of money, actually, but when you've got a we've got a resource base, you'll be in a position where bank debt will be very much in play, or there'll be other other forms of corporate bonds and other other funding that could come into play. Another route that we can obviously look look to is bringing partners. We, you know, we love to invest quite significant sums of money at the point by which we are looking to bring bring those partners in, and and people will buy their way in in in a number of ways.

33:12 As Aldo has mentioned, we have no offtake contracts at the moment. We're we're quite unique in that regard. It's been announced since literally in the last twenty four hours about other entities entering into potential offtake agreements with major players. You could assume that, you know, we're being we're being courted by by parties. I mean, we've mentioned that a number of times. So we'll we'll walk through steadily and see where we go. But, I mean, in terms of funding a major project, Steve and myself have funded hundreds of million dollars of projects before, and we've got various routes to funding. Inevitably, there may be an equity raise that'll come, but that will hopefully come at a point in time when this the stock price is significantly greater than it is today. We've gotta clearly prove that and and move the price in the right direction, and that's what we're working on now.

34:00 I don't have any concerns. If we if we if we prove up the resource and increase the resource, I have no concerns about funding a project like this because of the the green nature of of of what we're doing. Yeah. One last question, Kevin. I think, Steve, this is good for you to answer is, as you can imagine right now, there are currently a lot of clean energy mining companies floating on the market or intending to do so in the near future even if you ignore the current listed ones. Investors have plenty of choice. Please, can you give me a short concise speech as to why should I invest in your company and not others? Sure. Well, CLEANTECH LITHIUM is in some respects a unique company. We have a large lithium resource with terrific expansion potential, and they're in a basin, in fact, two basins that we totally control ourselves. There's no other parties now in that basin.

34:54 We intend to use a technology, direct lithium extraction, which combined with renewable energy leaves us with a very low carbon footprint. We return the water to the the the aquifer. So we will have the greenest lithium production we believe in the world. Gordon mentioned that we have not committed any of our future production to offtake agreements as yet. That's been a deliberate policy. We are looking at all of the battery manufacturers, the car manufacturers, and major mining companies looking to access lithium in the future. And not only looking at offtake contracts, but looking at taking equity participation upstream in those mining companies.

35:46 We've seen Tesla talking just this past week about going into mining of lithium. We've seen BMW take stakes through through Lilac into into lake resources. We've seen Rio Tinto by the Rincon lithium project in in Argentina. And clearly, we are going to be subject to many many courtships in the very, very near future. I think if you look at the location where we are in Chile, it's a traditional mining country. It's probably one of the best mining locations in the world. It's had long stable government, very strong technical skills in the country. And above all, when you're looking at a project, you need to look at the management team, and our team have had very long experience at successfully bringing projects from early stage through into successful production.

36:43 Thank you. Thank you. That that's kind of almost our closing remarks. Very very well said, Steve. Thank you. Aldo, Steve, Gordon, thank you very much indeed for addressing all of those questions that came through from investors. And, of course, ladies and gentlemen, if there are any further questions submitted today, we'll make them available to the company immediately after the presentation has ended, and we'll publish all those responses where it's appropriate to do so on the investment company platform, and we'll notify you by email when these are ready for your review. Aldo, perhaps we'll redirect to investors to provide you with their feedback, which I know is particularly important to yourself and the team. Could I please just ask you for a few closing comments to wrap up with? Thank you. Yeah. Again, like like I said, Steve Steve basically outlined every important thing we think sorry for this. Every important thing we stand, Most importantly is our commitment to move the project from where it is into development, and and we're working towards that. So the assurance to investors is all our claims, all the things we said, we have a track record of being working towards delivering them. So just bear with us with our upcoming news flow.

37:53 And and for the current investors, thanks for your support, and and invite new investors as well. We're attending very various shows in in The UK. I I just came back from a from a trip, the part of my sore throat, and will be been in London in the in the next to be mining events in May. So thank you again, and thanks, Steve. Thanks, Gordon as well. How does Steve, Gordon, thank you very much indeed for taking the time to update investors this afternoon. Could I please ask investors not to close this session? This will now be redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure we'll be greatly valued by the company. On behalf of the management team of CLEANTECH LITHIUM PLC, we'd like to thank you for attending today's presentation.

38:40 That now concludes today's session. So good afternoon to you all. Thank you. Thank you. Goodbye. Thank you. Goodbye.