Cleantech Lithium (LSE:CTL) — Pre-Feasibility Study Laguna Verde

0:00 Good afternoon, 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 by 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'd like to submit the following poll. And I'd like to hand you over to Daniel Fox Davies. Good afternoon, sir. Good afternoon, guys. Thank you very much as always. Ignacio, good morning. Good morning, Dan. How are doing? Fine. I'm in a slightly still wet and damp Dubai with quite an active morning of intercepts and some missiles this morning. I don't mind the bombing. I don't mind the rain. I do object to rain and bombing at the same time. I think they should just choose one between the two. But I am delighted and in very good spirits, as I'm looking up towards the the pricing here, to see that the company has announced its PFS and published it out today.

0:56 And so as always, it's very good, and we appreciate your time to give some more color, and some clarity, and an opportunity to go through this a little bit more depth than we're able to put in the RNS to explain actually what it means for investors and how it impacts from that. So, obviously, it's been a long time coming. You must be delighted to actually have it now in the public domain. Yes. It's it's, actually quite a milestone for us. The the the releasing of the the results of the PFS is the most most important technical milestone in the history of the company. We finally have the numbers on the project out there in the public domain, and we can start now, now also with the sale having been announced with the Chilean government, meaningful conversations with potential strategic partners through the the process that we'll be launching early after Easter with with all this data, concrete data from the project and the SEOOL, the license to operate. We believe we're in a very good position to start these conversations with strategics going forward.

1:59 Just to give people an understanding, I mean, how how big a document is this, and how many parties have been involved in bringing it together before we come on to actually going through the highlights? Yeah. So the the actual PFS, which is not what we published, we just published, an abstract of highlights of the PFS in the in the RNS, is more than 400 pages long. We worked on it, with several technical parties for more than a year. I think, actually, close to two years. We had the involvement of an engineering company, We had the involvement of the technical company providing the technology, We had also our CPs related to the hydrogeological model, which is like the mine plan for for the for a lithium operation.

2:47 And, also, we had our whole team working together with all of these specialists to bring this big, huge document together with data about location of the plants, facilities, infrastructure, mine plan, etcetera. So it's it's a quite comprehensive document, a very, very detailed that that brings color on all of the aspects of the of the project from construction to mine closure. And, again, I would just for the benefit of everybody, some time ago, Steve Kessler, kindly with the webinar. We just went through the differences between a scoping study, a PFS, and a DFS. And PFSs can range in the amount of depth, the detail that they go into. And and this PFS, I know from conversations with you and the rest of the team, is a very, very comprehensive and robust PFS, which now gives us a solid dataset. Because not only the 400 pages, there's a huge amount of other data that's generated those 400 pages from the consultants, which is now available to potential strategic partners to allow them to assess the asset and the project to move forward. But, right. Should we bring up the slides and just go through the, the highlights?

3:58 Please. Okay. Right. Take us through it, please. Okay. So first of all, we have a twenty five year mine life, which is pretty important. At the beginning, we had a plan for twenty. So twenty five years is is a great duration for a project. Our NPV, pre and post tax, you can see there, NPV eight of, post tax is 900 almost $960,000,000, with very attractive IRRs. The OpEx is another highlight, which, which is firmly sitting in the lowest quartile of the of the cost curve, less than $6 per kilo of lithium or 6,000 per ton.

4:45 The CapEx, which is below 50,000, dollars, per ton in in in also weighted weighted average, it is also in a very good sitting in a very good position comparing to peer companies. If you look at other projects bringing DLE to the market, we are sitting on the lower part of that of of that comparison. And the payback for for the whole project is just four years. Fantastic. And, obviously, when we come to financial analysts, we introduce there, but most of the introduce is an NPV eight. So we're just shy of a billion dollar NPV, and that's very true. Now, obviously, the scoping study, we're originally targeting around about 20,000 tons a year, and many of the shareholders will will address that on the OpEx numbers. I I did need to bring out the scoping study this morning, but do you just wanna go over why we've moved from 20,000 tons to 15,000 tons a year, and how the rest of the numbers compare to the scoping study about two years ago?

5:47 Absolutely. So first of all, the the we have increased the mine life to twenty five years, and that's a factor to consider. And then regarding the the final production, 15 versus 20,000 tons, it is mainly due to the fact that we have reserves, enough reserves which are measured, to justify this mine life. We believe with the acquisition of Minergy, you may remember in August last year, we did a raise, and we acquired licenses that were to the east of of of the basin. With those licenses, we managed to increase, the resource. But since we haven't done any exploration in the past few years, we cannot increase the reserves. We believe that with additional exploration in those areas, we could increase that 15,000 back to 20,000, but it is not something that we can do now without more exploration.

6:39 But, the resource is there. It's just we need to bring in more reserves, and that requires exploration. But there there's a there's an opportunity upside with the new licenses that we acquired back last year. So just just to sort of bring it back, because, obviously, our audience here and our shareholders range from those that must be a casual investor to those that do a lot of mining things. And, obviously, we're slightly different from mining here in the work. Right? So with the acquisition of the Minergy licenses last September, we significantly increased the land package on Laguna Verde, and that allowed us to book more resources. Correct. Yeah. But in order so in and then but in order to actually transition those resources to reserves, just as you would do with an oil project, we need to undertake further drilling. And based on the reserves we have at the moment, the technical consultants have scaled it back from the 20 to the 15 at this stage.

7:42 Yes. The reserves are are they need they they need physical confirmation. So they you need exploration in order to increase reserves. So we increased the resource last year, but we couldn't increase reserves because we haven't done exploration. But we believe that's something that can happen in the future with additional drilling in the new areas that we have acquired. Okay. So it's it's very similar to an oil and gas company having to go from a p three to a p two to a, p p one, or it's just it's for a one p. I always get confused on the oil and gas side as well. Okay. So we're currently at 15,000 as a robust number with what we believe is the potential to move back to a 20. How does the the MPVs, I believe, are pretty similar to where we were.

8:29 Let's deal with the OpEx first. The OpEx is, from memory, the same or slightly lower from the last time? Yeah. A little bit higher. I imagine there's inflation that you need to consider, but all the costs have gone up. So if you compare if you want to compare apples to apples, you would have to compare with real cost back in 2015. Inflation. Yeah. With real cost today, and we are still in the lowest quartile of cost. So, actually, the OpEx is is is extremely attractive. And in general, all of these numbers, with 15,000 tons, are extremely attractive done. And if if we can manage to get them back to 20,000 in production, they will be even better. Yeah. No. That would make a a a huge number too. Now I see here in the fine print, it's a little bit hard.

9:17 It's the white on the blue. But with the CapEx, for those that can't necessarily see it on this, the brackets, it says it does that is including a 20% contingency in that number. So effectively, we're we're something closer to about a 600 just over, and then we put in a 20% on top. So my understanding from I was gonna say that it's it's very At the PFS level, you have a 20% contingency, and then the DFS level, you'd move to a a 10% contingency. I I was going to say exactly that, Dan. That is pretty standard in a pre feasibility study to include a 20% cons contingency. And as you move forward in the in the project to the definitive feasibility study, those contingencies begin to to reduce be reduced to, as you say, 10.

10:07 And, also, just as a reminder, at some point when you're doing a PFS, you have to freeze the engineering and the design, and then you can revisit when you go to a DFS. At this moment, we have several ideas on how to improve the design of the of the project, but those will be taken into consideration for the DFS. So this is the picture that we took, let's say, a year ago of the project. And now with all with all the things, technologies constantly evolving and also the project design brings new opportunities. So we are going to take a consideration of all of those opportunities going forward to the DFS. Okay. I think there's some other good slides. I know that your your team and Nick in particular put some effort. I think it's worthwhile we maybe just flip through some of them, and then we can get into the q and a a little bit. So, with the mine life here, so just so you understand sort of how it how it builds up.

11:03 Actually, this is a DLE project ramp up. It is, you don't start with a 100% production because you have to tune in the equipments. So it takes some time, but it's a pretty, shortened ramp up of, six six, months. And then after after the six months, you get to a 100% production. That is that is the highlight here, and for twenty five years of of mine life. Okay. Understood from there. Let's do before I turn in, and we could drop into some of them. But do you do you wanna just quickly go through some of the other slides as we have them? Yeah. Let me show through there. Very quickly. Yeah. Okay. Sorry. Yeah. You move the slides down. This is just the cash flow for the project and accumulate accumulative cash flow so everyone can see, of course, the first two years are the investment, the construction of the plant, and then you see how the cash keeps flowing every year steadily for the next twenty five years or twenty three years from from the beginning. And and on the right, you can see the same chart in a different manner, in a cumulative manner. And you see the CapEx versus versus cash flow versus sales.

12:14 Okay. Thank you. And then Like, in this chart, we're showing everyone sensitivities. We use MPV eight as does the whole industry, but we're also showing how, how it would be valued with the NPV zero to 10. And the different IRRs, as we've highlighted, the, pretax NPV is 1.3 more than 1,300,000,000 with a 24% IRR, and post tax is 960 almost with a 21.2% IRR. This is just more granularity on the numbers for everyone to if for everyone for anyone that wants to dig in and and, get more details. Okay? Okay. And so Mhmm.

13:02 Here we see the locations of on the left of the DLE plant, the and then on the and and the carbonation plant. And on the right, you see the location vis a vis Chile. So if you take a look at their map on the right, you see that Copiapo, which is where we'll will we be producing lithium carbonate. It is it's very close to the ocean. Actually, there are a few ports there, Caldera and others, that can be used to export the product, but we have used for this PFS Puerto and Gambos as as the port where we'll we'll bring bringing some of the raw materials that we need for the operation. And you see also that between the carbonation plant and the lithium chloride plant, there's only 300 or or less than 300 kilometers of difference. So we will the idea of the project is to extract lithium from Laguna Verde, use the lead plus concentration of the that eluate, and then send send it to COPEAPO in trucks to convert to lithium carbonate, which will be our final product.

14:10 Do you have a question there then? I don't know. I'm just trying to take you to a bit and the assets outlined and the numbers. Okay. No. I think that's perfect explanatory. And, obviously, the PFS goes into some detail about the site, the power, the road, all the cost, the details, the construction. So this has all come together now for the numbers. Yeah. And it's it is worth highlighting again. First of all, Chile has a great infrastructure. The lithium chloride plant, the DLE site, is one or two kilometers away from the international highway, the 31 that you see there in the map, that goes to Argentina. So we have a highway that connects our site to the carbonation plant that is pretty unique for a project, especially if you compare to those in Argentina.

14:56 And then the conversion facility, as I mentioned, is very close to the OSHA to the ports, which which is another pro comparing to most other lithium projects out there. So that that's what also helps, supports the the lower lowest Here, you see the actual, site. If you take a look on the left in green, you'll see the plant facilities. Actually, they will be covered from the highway by this this hill. So you if you are driving through the highway, you won't be seeing our plant. And all of the remaining infrastructure is wells. We have 36 wells considered for this project. Those wells, if you walk through, you might not even see them. They are just small, wells that are one meter above the surface.

15:49 The pumps are submerged in the you know, below the aquifer. So in general, it's a very low impact project, and one of our goals is to make it as lowest impact as possible. So we want to protect the site and actually put it in value as a touristic destination. And with preserving this this precious environment, we want to add value and create an additional touristic destination or improve the facilities for people to actually go and visit the this site this location. We're not trying to hide the operation from from people. On the contrary, our our expectation would be that we we will be adding value to the location, and more people will be going to see the Laguna.

16:38 This is electric. It's just more granularity on on infrastructure. You see the substation, La Coipa, is is very well defined there in the map, and our project is not far away. So with our original design is to follow the the highway from La Coipa to the project. So it's also, it would be easy construction, not a lot of impact as we'll be using already a site that is industrial or and that has a road. Regarding communities, I hope everyone knows and is aware of all the work that we have done to date with the indigenous communities. Not only have we engaged them very early, but also they are strong supporters of the project, which is pretty unique in Chile.

17:30 We have agreements with the most important communities. From early, from early development into production. Our sale also covers, that relationship with the communities, and and what also, we want to support them going to production. So, we will continue developing when we start developing the environmental impact study, which is something that should be coming, soon, we will be working with them to predict the environmental baselines and to prepare the AIA so there are no surprises. And they continue as strong supporters of the project. I know, yeah, a lot of time and effort has been put in. I think one it's one of the things actually, I think that when you look at the supply side of projects, particularly the ones in The US and and some of the ones there's one in Germany in particular that I can think of. You know, I I think they're gonna struggle in some of their permitting on the timelines that they have because they they don't seem to have engaged with the communities and the relationships that they have or be in the countries. But, anyway, that's just my speculation and partly talking my own book.

18:41 Okay. Well, we've we've talked about, you know, the sale just recently and how important that is. So and, again, I'm I'm sort of being a hard lady, but any anybody serious that the company I know has spoken to in the the last year to eighteen months in terms of our partners and also the same thing in that any any serious institutional investor that I've reached out to on behalf of the company has always been very much that we need to see the sale, and we need to see the PFS. So the you've obviously engaged the consultants in London in terms of bringing the joint venture party party. So this will now go with them. Do you wanna maybe just discuss a little bit so shareholders understand how that process will now work now that Cutfield has the information they can put together for the data room?

19:35 Yes. And, actually, we have a slide on that. It's thank you very much. So, Dan, you are totally right. If you want to drive a process to find a strategic partner, you need some hard data to share with these companies, these parties. And that's why the first phase of the of the of this process can start now with. As you mentioned, they they have the headquarters in London, but they have offices in Hong Kong, in Australia, and in the in North America. So they are very well positioned to to look for interested parties all across the globe. Now with this the data from the PFS and with the sale announced, we are going to start this officially start the process.

20:22 This will, this will mean that we will be engaging a different set of potentially interested parties, parties that some some of which have already approached us in the past, some of which have approached us just recently. We have been directing everyone to this process because we want to make it as as competitive as possible. So now as as you see there, we'll be engaging, with companies all across the value chain in of lithium and in general in the industry, including financial institutions and trading houses. And from there, that that phase should start actually now tomorrow. And the second phase, which is q two, q three, is we'll send the teasers to all the parties, get start revisiting, getting one on ones with every party, and provide access to our data room, including the access to the whole pre feasibility study, the the plus four four hundred pages document, all the documents on the company, on the sale so they can take a look at it. And then the third phase will be receiving proposals and negotiations. We expect all of these, larger project to last for six to nine months, so we should be expecting a q two q four, sorry, closure, with the selection of the strategic partner that will be joining CLEANTECH at project level to develop the the Laguna Verde project.

21:48 Okay. Fantastic. And I know you guys have been working very hard with them when they put their preliminary deck of information. Okay. Is there anything else, Ignacio, from the slides that you'd like to draw attention to? Otherwise, we'll we'll come on to the q and a shortly. No. No. In general, it's, for everyone. This is intended to give you just a just a For the color? Small look, some color on the PFS. You can find much more information in the RNS. If you want to take your time, read through it. It's available in our web page. So I encourage everyone to to read it. And then if you want to compare with other companies to see how strong our project is in in numbers, and I can tell you from the technical standpoint, we are also very advanced.

22:35 This is not highlighted in this presentation, but but then I need to to say how much work we have done on DLE, the pilot plant that we installed in Coppiapo that supported that helped us find the best resin, which is specific agent that extracts lithium from the brine that feeds our brine that we have done. We have gone all the way all the production through lithium carbonate in The US. So, there it's not only the PFS. It's all the data, the flow sheet. Everything is very well described in the earnings. So I encourage everyone, to go take a look at it. And and now let's go to questions. I would make that point as well is that, you know, this PFS is the the result of of several million dollars of times to consultants, but it is backed up by having the pilot plant. So some people will publish the PFS before they necessarily have the pilot plant, but by having the pilot plant, it gives us some more robust details into the PFS and more certainty.

23:38 So all of these things now, and particularly, the the critical one was having the sale. Otherwise, quite frankly, there was something to have a conversation about with anybody. So the sale was critical and that the PFS is what I'd expected. It is not it's solid. It's in line with what we've got. It doesn't set the market alive in the short term, but it provides us the ammunition and the data to now go into what is the the most critical point, which is bringing in a strategic partner. We'll talk about how that is and some of the questions. Right. I'm gonna try and skim through, and we'll put some of them together, but we'll read them out for the benefit of everybody. So, Lance p, thank you always and of your ongoing support. He says that is praniculations. He's saying that the, the total take for the PFS is 375,000.

24:28 Clear the scope for improvement. We're to the DFS. He was wondering if, the company could speak to the total tonnage award in the sale and help to understand what potential valuation gap between what appears to be a rightful conservatively put out PFS tonnage and what the company may eventually be able to pull out over the longer horizon, you know, after an improved understanding of LV's, extracted potentiality. And, also, what by doing is there any scope? And this is, you you're coming to the boundaries of my we increase the resource. What scope is there from further drilling to also increase the overall size of resource, or is that now constrained?

25:15 I know we're gonna shift from the resource to reserves with more drilling, but would with the further drilling give potential to increasing the the resource either by having thicker aquifers in part, or would it allow us to extend into the the limits of the the licenses at which we have, which may not be currently within the resource, or does the resource take us to the limit of the boundary of the licenses we have at the moment? So it's a it's a technical question, Dan, and I will answer from with as as much detail as I can with my knowledge. We have not drilled in a whole area of the Salar, as you say, so we we don't have geological information as, it is possible that with more drilling, we can, increase the the size of the aquifer. We have more data about it. Maybe we find higher concentrations. So I think there are definitively, there are opportunities to increase both, resources and reserves, but it requires more drilling.

26:16 Regarding the specific question asked by Lance, Lance de Seol doesn't give you a limited tonnage to produce. It will depend on the resource and then on the environmental evaluation, how much, you can pump, and then, therefore, how much you can produce. But that's something that that stage is beginning. The environmental impact study preparation should begin shortly because that would be the the critical path forward through production with the DFS. So that is something that we're keeping into consideration. And as I mentioned, within that environmental impact study, we will, be focusing heavily, in in protecting the environment and and minimizing the impacts of that our operation will have. Okay. Thank you. Well, we'll look forward to that. That's probably something to to bring enough to partner.

27:06 Just a bit of anyone. E and G, thank you for your continued support in attending all of these. He just sent his congratulations. It is a it's not a life discovery, but this is to be honest, I can't under sell how important it is in terms of opening up things for the next six months. Will really fall it will really be the backbone of all the serious negotiations and the technical studies that all the potential partners will do. As the company have mentioned a number of times, there have been a number of parties in the data room, some well over two years, some of which have all been down to site, been down to see the pilot plant, but all of whom from their internal processes needed the sale in the PFS. So it's it's really is and, we were delayed in the publishing of it due to not getting the sale.

27:56 And then with the acquisition of the Minergy licenses last year, it all had to be updated. So it's a very, laborious and complex process, and I know that not only you and Steve, Gordon as well and others have had to go through a lot of pages and reviews and internal process here to get us here. So, Ian, thank you very much for that. Right. To Steve m, I'm gonna try and combine these up to one, two, three. Steve, I'll see if I can put them together. So Steve's first question, Ignacio, was when he originally invested into CLEANTECH, we were sort of initially trying to a a targeting for 2029, and now we're talking about this going out to 2031. I would caveat that by saying we also had hoped to have the sale two years ago. But his question is is is 31 just a placeholder?

28:44 How realistic is that? And effectively so we're now q one back to q two twenty twenty six. In the broadest terms, could you outline for the benefit of shareholders, potential partners? We're targeting a strategic partner by the year end. When would you expect the DFS to happen? When's the environmental process happen? When would you then start construction? What is the length of time for construction? I know we're talking about 15,000, but maybe we could talk about is that one plant, or is that five modular plants of 5,000,000? And do you bring on one and then the other in the third, etcetera? So I think it'd be very interesting for everybody just to have a a bit of an understanding of how do we get from today to actually selling our first ton of lithium.

29:34 Yeah. Sure, Dan. So all of all of those are great questions. What we would what is what is limiting or what is comes next from us for us from here to production? First of all, we need to begin the environmental impact study preparation. That is a twelve month process, and it's twelve months because you have to do environmental baselines of four seasons. So it cannot be shorter than twelve months. It is pretty well regulated in Chile, so we want to start that as soon as possible. I believe that is the critical path forward to production. So starting, let's say we start this in a couple of months. We can submit by mid next year, and then there is a year to eighteen months process of, approval.

30:19 So you're looking at a 2028 late twenty twenty eight let's say we get the environmental permit. In parallel, we will be working on the DFS, so it's ready before that approval. In parallel, as we mentioned, we will be starting next week with the strategic partner process. So and we intend to finalize that by the end of the year. So that brings FID to late twenty twenty eight. And then it's onto construction, and that's how we get to 2031. I want to address the question, of why dates change. It is pretty common in the mining industry because things happen. Because in this case, for example, we didn't get the sale because the PFS was delayed.

31:06 Dates move a little bit. But as you get closer to FID, dates are get start getting firmer. And, also, again, differences, as you mentioned, than between a scoping study and a PFS. A scoping study is more of a desktop exercise that you do with the data that you have available, publicly available from, you know, the industry, whereas a PFS is specific data gathered from your project, in the site, drawing the the the lines, drawing the transportation routes with quotations from third parties for raw materials. It is much more robust and detailed, and that's how you get to a lower percentage of of uncertainty. Still, PFS, as you say, requires 20% contingency.

31:53 And as you go to the FS, that reduces because you have more certainty. But but in general, I would say 4,000 to 5,800 is broadly justified by inflation in the last three years. And you will see that if you see any chart from any of the pricing experts in lithium, you'll see that, even the lowest cost assets in the world are now above, $4.5, so or $5. So we are in that quartile sitting steadily. And when you start looking at the PFS, you will notice, Dan, that we'll have one fifteen thousand metric ton plant and not modules because the scale benefits has efficiencies, and and therefore, we will be building the whole plant in one set instead of building in in stages.

32:46 Okay. Thank you. I would say on that comment, showing my age despite my youthful looks. When I first did my first gold project, think it was Celtic Resources. I think it was the first gold thing in in Russia. But I remember gold was probably, like, $5,600, but the the all in cash costs were, like, 200. Now, you know, any mining company seeing gold, the all in cash costs are ranging between anything between 600 and over 1,000 plus with gold where it is, projects and mines with a higher all in sustaining cash costs are being put forward. But I I you know, you wouldn't see anything at that sort of level again, and that's just a combination of wage inflation, fuel inflation, heavy metal inflation, cost construction. It's just part of the life more two years down the line. So you've got at least probably two years of 10% inflation on the costings there that all comes around.

33:39 Now the Sorry, Dan. The same Yeah. The same happens in corporate. When when I worked in in a corporate mine, cash cost was around $11.3. If you look now, cash cost is probably more than twice. It's above $3. So so inflation hurts everyone. But, again, if you are sitting in the lowest quartile of the cost curve, inflation also increases prices, of your final product. So the best that you could do, you cannot cover for inflation, but what you can do is to make sure that you sit in the lowest lowest quarter of the cost curve, and that is what will protect you from ups and downs and from inflation. And and the just for people's benefit here, the the quartiles.

34:24 So what would be the range within the lowest quartile? Where are we sitting within that? I don't have the specific numbers, but if you the the lowest cost projects should be evaporation projects in Mhmm. In Salanda Da Cama, and and those should be around $4 or even higher. Then which of which there'll be no new ones going forward because of the environmental impact? Well, those are those are thirty years old. As I said, the the newest project there is SQM that started thirty years ago. So and, so the rest of the projects, if you look at at the lithium Americas of this world and others, they are with evaporation in the same range that we are with DLE, which could be, in theory, more expensive, but it is, much more efficient. So it compensates the additional cost.

35:19 So, it just moved across there. We're talking about the the share price. So, I've got a couple of questions here, and and, Ignacio, if I might just jump in. And Malcolm also is asking in Australia. So the company has always said that it would look to go back to the ASX at the earliest opportunity. I was just in Australia four weeks ago where I I don't think it would be inside of them where I was catching up with a number of brokers, a number of analysts, and the legal advisers just in terms of refreshing things. So the the company's major shareholders are still, Australian and Asian markets. There is still a pricing benefit, on a pure comp basis to the Australian market. There are still many more DLE, and overall lithium companies on the Australian market.

36:16 There is a much broader and deeper investor base on the Australian market, and much wider analyst coverage on the Australian market. So we've had sort of delays there, but the the the board is certainly we'll be looking at all the options, and I I think that's the best you could say. What needs to happen then for that to to go forward? So one is, we had Tommy who did a a great job before. Actually, I did some marketing with him. He's a fantastic individual, but, obviously, when we were put back, there was no point in maintaining, an Australian NED at that time. The company would have to have an Australian resident director. Doesn't need to be an Australian individual, but it has to be somebody that's resident in an Australia. Maybe it I've double checked. But my understanding, it has to be a a resident director, to qualify.

37:05 Then we spent a lot of time, and energy on the admission document. So the key thing is that the financials all need to be updated. So they happen after the year end of the audit. The PFS would obviously need to go into an updated, admission document. So that's now being done. The audit financials for year end would need to be done, and there's a few other bits and pieces. So those things would be happening in the background in order to update it. And I think, realistically, if the company wants to move ahead with it, one could look to try and get that done in the summer. Certainly, from the shareholders' point of view that in Australia, they're very supportive.

37:54 As from a broking point of view and as a relatively reasonable shareholder in the company, I'm very supportive. So it's under a constant thing, but I I don't think we can technically say anything until we make an announcement or until the board puts out an announcement. So let's let's leave it for that at the moment rather than putting Ignacio on the spot. And then let me one just briefly, and and it's just a comment, but everyone can go and take a look. If you go and compare it to our peers in Australia, like the lake resources of this world with similar projects, DLE, you can see the difference evaluation between CLEANTECH and them. And and that I think that gives color to the point that you were making, Dan, about the knowledge, the broader knowledge in Australia on of the lithium industry on DLE and and that, of course, impacts in by in product valuation in company's valuation.

38:48 I mean, what what what historically happens with mining and oil and gas projects is you you get your NPV, and then you're trading at a huge discount to your NPV the further you are from production. So at today's yesterday's closing price, I think, was something around about 97% discount to the MPV eight, okay, on a fully diluted basis, including the cash that would come in from the various shareholder warrants. You would expect when you're in a strategic partner and you get some security uncertainty about financing resources that moves forward, and you may move to sort of round about 80% in the market. As you move then to the DFS, you'll end up at about a fifty sixty, and then you move closer until you end up closing, usually trading something like a 15 or 20% to your NPV once you're actually in production, and then you start to move around much more in line with the commodity price.

39:51 So as this move forward, they they will happen and and as Ignacio just said, Australian market. Okay. So look. Wait wait and watch. But from my point of view, I'm I'm planning on decamping to Australia for pretty much the the month of May and early June, and we'll be spending time representing not only the firm, but mostly CLEANTECH in terms of our relationships to the potential market there. Right. Okay. So we got the John a is asking, can we outline the plans, Ignacio, for copy oppose refinery plans for third party companies?

40:37 Do we have the capacity? Would there be anybody within economic distance to it that we might be able to get additional revenue? For well, we have the land, York, in Copiapo to grow the conversion facility. The PFS is for a 15,000 metric ton plant, and we would only change that in case we have firm commitments or agreements with other parties that want to use our facilities or or that that want to sell us more eluate for us to convert into lithium carbonate. But there is definitely an opportunity. We are the first commerce, so the first company or the company that is closest to production in the region, but there are more projects. So it might make sense in the future to start conversations with those parties, see if they can instead of building their own facilities, they can sell us the eluets.

41:30 We would have more lithium carbonate production to sell to third parties, and they would reduce their CapEx. So I think it's a win win situation. But at the moment, at in today's PFS, it is purely the plus is purely focusing in our coming from Laguna Verde. Understood. In the future, the same site sorry, that. In the same in the future, the same site could host a second train, a third train if we build, for example, in the future, Viento and Dino or if we we bring Elwit for from third parties. So there is the capacity to grow that site. And how I should remember this, Robert. I don't it's a genuine question for my interest. Is it so how big a site have we secured, and and how what sort of percentage would a 15,000 ton a year plant? It this the the plant today uses around 10% of the site.

42:21 Okay. That's what's the. So, yes, it's it has growth potential. Okay. Now this I know I'm putting you on the spot. I know conversations of neither you or most CEOs like this one is the how sustainable do you believe the price of 22,500 per ton for lithium carbonate to be? Yeah. We first of all, we don't forecast prices. Yeah. Because prices are very volatile. What we do forecast and we can control is our, as I said, our production cost. If you are in the lowest quartile, you're always protected from ups and downs. And then we can also see demand and supply, and that should give you color on the price.

43:06 We use for this assessment Canaccord Genuity price estimation for the future and also benchmark minerals market supply and demand. Everyone is saying and you can read your own and have your own opinion, but everyone is saying, and I firmly believe that the this market in the future will be there won't be enough supply to meet future demand. I if you see the projects, there's a pipeline of projects that are being assumed as coming into production in specific dates, but that's never the case at least with lithium. Not all projects come online at when they were supposed to with the production that they were supposed to. And second, demand is growing more than than was initially forecasted because of energy storage, batteries for grids, etcetera. So there's another factor of growth, and then there's not enough projects in the stage where we are.

44:00 So I believe that in the future, beyond 2030, we will be seeing deficits of of of supply, and therefore, our product will be highly valued. And therefore, you can draw your own conclusions on whether that price is sustainable or not, but I believe, there would be a lot of, a lot of attraction. Our product would bring a lot of attraction, and many people will be will be looking for it. I mean, in fact, if we take a step back, why we all went into this and why I specifically went looking for a lithium project. And I think I've quoted before. I think it was it was Bill Gates wrote this wonderful line in in his book, the speed of thought, that people have a habit of overestimating what will happen in three years and underestimating happen in ten.

44:45 And the next five to ten years will continue to be the increased use of batteries and battery technology. And the big one in all the reports is going around energy storage. So, again, it's a problem with the wind farms. They need to be able store it when they've got it with solar, but increase it's not only just the EV market in cars. That's a significant part, but they're moving now to economies of scale to make battery storage, which everybody wants. The other one is so I I still believe very much, and we're gonna come on to a question here for Steve m about about the battery market. But I still believe that lithium is very much a commodity to be in. And then within lithium, I DLE is the way to go forward in my opinion rather than hard rock. Within that, Chile, I think, is one of the best jurisdictions to be in in terms of a mining environment versus some of the other countries.

45:38 And then particularly within Latin America, the free trade agreement with The US helps. So it's all very preliminary, but I think it's perfectly reasonable to say that I know, know, Ignacio, you've been having meetings with representatives from from various US state department and government bodies, and they're starting to have initial conversations about how they can help get involved in terms of securing supply. It's a very real issue, that I think will be there for the next couple of years. And all of these things and these conversations can now start to be had in a meaningful way that we have the PFS. So it's really the the sequence of events that come out of this. So as of twenty two and a half, what I would suggest, gentlemen, is I don't know if you ever see RK Equities.

46:23 They're rock stock channel. They're good guys. I've known them for about fifteen, twenty years now. They did some stuff with Steve. We're gonna be doing something with them soon, but they they got a great guy there. He used to be a battery battery metals magazine who's quite insightful. They got a guy there from Asia, who's really got a good handle on some of the lithium supply. And as Ignacio says, Ignacio was being very kind by saying not all projects start on time. In my experience, nine out of 10 don't start on time, for all sorts of reasons. And when you look at the supply demand curve, there's a lot of assumption about new projects coming on board, not just ramping up from existing. It's reliant very much on new projects, back of past in The US, a few others.

47:12 And I struggle to see a lot of these projects coming in on time, more from environmental issues in many cases than technical issues. And therefore, I think that the the forecast for the supply side the analysts have to take the data. So most of the spices, they take the data that's put out there. They don't necessarily go in and risk weight the individual mines coming on. They will just say based on all these projects coming on storm, this is where we think supply demand the well, demand will be and supply will be. So there's a lot of opportunity, I think, for the prices to go to the higher side, but we'll see. Quick one. Ignacio, what date will the environmental studies begin? We want to well, we have done some studies in the past. As Steve probably mentioned many times before, we did environmental baselines back in 2022.

48:03 What we need to do is start revisiting those baselines, see what else we have to do in order to prepare the AIA and submit it. My plan is to to restart that process as soon as possible, but we don't have a firm date at the moment. Okay. But okay. Well, we'll give an update, and we'll come back to that in due course if we may. We'll have a highlight. We'll certainly come back. Right. With the reduction way, Steve was saying there seems to be a risk around battery technology changing dramatically in the next five years. I have my views. We could write back and forth. But, Ignacio, what is your your views about the changing battery technologies and proposals?

48:49 What we've seen in the past few years is, first of all, a reduction in the total cost of lithium batteries. I was just take looking at a chart. From, I think, from a decade ago or so, price has gone down 90%. That and but, also, batteries have been are being built more efficiently, and there are companies further improving the the total capacity and and energy density of lithium batteries. So lithium is the best, the best metal to build batteries, and they are getting more efficient and cheaper. So it it will be very difficult to replace. I think there's an a space in some specific equipments, power tools maybe, where, sodium ion batteries could be supplementing lithium.

49:45 But, all in all, I think given the deficit that we're we're seeing in the market for the future, that is helpful, and it will, allow lithium to be focused on higher density batteries, which will be, will will be the core of transportation and energy storage. So all in all, I I don't think lithium can be replaced at not definitely not by 2030, not even in ten or fifteen years. So I would I would be calm with that. And and I think lithium batteries have still a lot of growth and improvement, and they will definitely solid state batteries, solid separators, electro replacing electrolytes. There's a lot that can be done on a technical level and is being done by Asian and and European companies to improve that, and I think we'll see more of that in the future.

50:38 For if I may from from my understanding I mean, even if they well, a, there's nothing there that's really come out so far. I mean, there's some benchmark ones, but getting batteries to work at industrial scale is very different from having technologies that work in a lab. Secondly, you can't just replace a lithium battery with a battery. The the power output and stuff means that you it would be very difficult to swap into existing products. The investment that you have and the investment that people are making into existing, battery chains, unless there was unbelievably cost advantages that you wanna go out and then respend the billions and billions and billions of dollars. I'm sure there will be other technologies that will come over the next, you know, fifteen, twenty, twenty five years, and they will start to be, you know, one, two, three, four percent.

51:28 They may end up being a part of it, but it will take a significant amount of time for that to come through. So I I don't think it would be an impact in terms of our project, in terms of going live, and they're having a commitment, and it's not like they would go away overnight. I think it was Sony that fame over the first LPF battery in something like '84 or something. Yes. In the Sony yeah. In the l l f LFP battery that they they did. Great book called Volt, which actually Gordon put me onto, which is well worth a read, talking about the electrical revolution and how it came about. Right. So next, moving on. Same question actually from from both Steve m and oh, sorry. We combined it and put it through. Sorry. There was another person that asked.

52:18 Oh, from Tim, a, will we be publishing the PFS document in full to the public? Is it a public document? We no. No. It's not a public document. It will be available to parties under NDA and especially Mhmm. Specifically for the process that will begin with CAT field freeman. We are what we have released is a summary, or the executive summary or highlights of the PFS that will be available for everyone, not only shareholders, in our web page are is already available. But Okay. Thank you. And Tim's also asking, the main factors onto contributing to the OpEx is that well, basically, what are the main factor? Why are we in the bottom quartile?

53:03 What is good about our project that allows us to be in the bottom quartile, which might and I'm suggesting here that Tim might be asking is what's to to stop a bunch of other people coming in and having projects in Chile in the bottom quartile? First of all, you need a resource. No. But but in in particular, we have chosen a technology that is is very efficient. The the carousels, the DLE carousels, are simple that makes it cheaper, and then we have it's a standardized process. So the flow sheet that we have, everything that we use is mostly off the shelf equipment that is, that is put in a way that helps it be being very efficient. And then our comes to be very, very clean, very pure, so the conversion step is not that significant vis a vis evaporation projects, which have much more impurities in the eloids, so they have to go through a lot of purification processes.

54:10 And then we have the infrastructure, the highway. We don't have to build a road. We are close to a substation. This is not a 400 kilometer, power line, so infrastructure also really helps, the project be be efficient. Noted. Thank you. Okay. Any further question that we please add them on from that one? Right. Steve, I I do like Steve. He likes to write a lot of good questions here. So Steve, big chunk of the cost seems to be electric. We all agreed. Would it make sense at any point to consider putting in our own solar farm? EFS considers a power line to supply a 100% of the energy. We have done studies with third parties regarding having solar farms, and we'll continue those into the DFS. That's all I'm gonna say, but there is a there are possibilities, as I said, from the PFS to the EFS to make, the project more efficient.

55:11 But it's also a lot of the electricity, in Chile, it already comes from renewable sources. So it's it's it's as you say, the the large part of it is the energy consumption. So one of the things we is there is we do have attractive power in terms of some of the other projects around the world that one's looking at. But, again, as Ignacio just said, that would come out as a DFS furthermore. Right. Steve M again is coming up. Any, any update on the sale finalization date? And just wanna remind people what's required. Yeah. So well, as as, we we have publicly said, the sale has been approved by the ministry, and then the process is it goes to the controller's office to get the rubber stamp.

56:01 That is usually an eight to ten week process. Since we entered March 10, it means we should be, looking at getting the, controller's approval by the second half of May, and then it's just signing the the the contract with the government. So, I hope before the end of May, we'll have that signed. Before the end of May. Okay. Thank you very much. Expectation with the eight to eight to ten week process. Okay. Now I'm working through it. So Crispy has come up on any comment on Metals One share sale. He was saying it makes no sense, and that's a problem somewhere. I think there is a problem. I think the problem potentially is in metal one share price. Ignacio, shall I just answer this so you can be diplomatic?

56:55 Obviously, it's disappointing that they use liquidity and used to sell out. I saw on some chat room I I try and avoid the chat rooms because they just infuriate or something there, but the same way I try and tell my ex wife not to take news about the bombing in The Middle East from Twitter. But there was something we were saying that we had told them that would make no sense, that it would be not in our advantages, and there's no relationship between anybody in Metals One. So that was an absurd one. But Metals One came in at five p. They were there when we needed the money to get the Minergy licenses, which unlocked the sale allowed to be forward. You hope that people will stay on the register for as long as forward, but everybody has the right to sell. So they were at five. They got out of the mid teens, so they made a 130 odd percent.

57:48 They started at nine to almost a 100%. Now if you look at them as a company, and I I called them yesterday at the close and was I was somewhat disappointed that they didn't give a heads up because we could have tried to maybe try to cross out it. But when they invested in CLEANTECH, their share price was 4.5 p. I know they're looking at new projects. I know they're looking to get cash. They're trading today at one point eight p, so they're down, what, roughly 65%. So they had a market cap hold on one second. Where are we? Right. So they've got their market cap of 21.

58:34 I'm not sure what their cash is, but by doing this, it's given them another 2 and a bit million cash back. All the company would tell me is they're looking at products, and they were looking to to raise cash. So they are happy investors. They are there to invest in companies. They're a public company. They're there to make money for their shareholders too just as we're trying to do for our shareholders. They saw an opportunity with the liquidity. Are we wild about it? No. But they're out now. It's, you know, their prerogative. Everybody has the right to sell. Everybody has the right to go and do it forward. It's a bit of a pain, but the share price will sort itself out on the results. So I'm really not that fussed so much.

59:22 As I was saying earlier, the PFS and the sale allows us to revisit things such as all the partners, but significantly, it allows me to go out to new investors. One of the things about these webinars is when we look at the attendance, we're we're mostly it's obviously existing shareholders, these forms. And when I try to get to new people, you know, they always say, well, I wanna see the sale. I wanna see the PFS. I wanna see what the numbers are. So Ignacio and I are about to start on a a a virtual, but, you know, don't deal with going back to a lot of the the institutions, including several people who are on the register who made money, who sold it earlier on, who may be looking at lithium. I've been looking at some of the institutions that are on the register of some of our peer groups, Lake Resources, CLEAN, many of whom are in Europe.

1:00:14 I'm gonna be attending this Zurich conference in the den the Denver Gold Conference in Zurich, which is a stupid way to have it in my opinion. But, anyway, it's a good conference of European investors. Will be there late looking at those people just to raise the awareness of people. And and those institutions, you know, many of whom will buy on market, but they wanna sit down. They wanna sit down with Ignacio. They want to look at the publicly put out RNS today. They want to read it. These are not firms that just buy on speculation. As you say, the current UK market is not in the most optimistic of moods, which is why I think the ASX would do much better for us. I think the whole UK environment is a little bit down. So people have talked about we're not having a huge rally. We got a great rally on the CL.

1:01:06 It got clobbered. It happens. This is a really strategic, achievement for the company, and a really, really important milestone in terms of now being able to do over the next couple of months and continue to go marketing. We've been very limited, as I say. So I think those things will address the share price, but it's not gonna happen in twenty four or forty eight hours. It will happen with ongoing awareness campaigns and marketing, and I know that Ignacio is doing a lot of other IR work because we've now got something fundamental we can go and tell the world. And and Yeah. Just like with when we talk about the lithium price, it's all about fundamentals. And for CLEANTECH, the fundamentals are alright. We have the PFS out with the information on on the value of the project.

1:01:52 We have the COL, which is what will allow us to produce lithium in Chile. Let me remind everyone. We will be the first or one of the first companies to receive a COL to produce lithium in Chile. There are only two companies producing here. We we could be the third because of all the work that we have done. We are closer to production than anyone else. We have the we have the PFS. We have done environmental work. We'll start the environmental studies. So the fundamentals are alright, and that will take care of the long term. That and that that's my view. We don't care about the short term. Let's look long. The project is very attractive, and it is going to be producing in late twenty thirty, 2031, and that's what would increase the value of the company anyways.

1:02:38 And, also, I mean, the PFS now allows Canaccord put out a a brief note. We are we always set off the PFS that we would be putting out a reinitiation note. That will happen imminently. Early one morning, I'll have some just final proofing of the numbers because, again, the analysts only get sort of crossed within a shorter period of time. But there's so that only gives us, you know, some proper materials to then go out. And now we're also on the back of the PFS. We'll be updating the company's sort of generic company presentation, and you'll see us get back in doing work with not only the usual ones of the the box and the armchair and a few others in terms of trying to reach out. But, specifically, I'm looking to go to the The US, Canadian, European, and Asian investors that are into our peer groups that are already on the ASX. And just saying that we think this is a fantastic opportunity to get involved with the company.

1:03:44 And if the company then makes a commitment to the ASX, this is where you're gonna get a rerating as well. So there's a lot for for myself, and as much time as Ignacio can spare me to go and do, but we've really been hamstrung until today. Stuart asked a question about that about the raise and the positions and the comment disappointing. Stuart, I I hope that sort of covered it off. If you wanna add anything further, please add a a fresh question at the end. But the PFS is we were excited by the technical by the the sort of what we could do with the industry and research and getting out institutional, not what I think the retail was gonna necessarily do on the day. Right.

1:04:30 In Canada, they legally have to release the full feasibility study. I didn't know that. Is it something special that you're showing in the data room or is there anything could be released in the full time just because AIM's a bad market? Yeah. So what's Ignacio, I mean, I I don't know that about Canada, so I'm gonna take George's. He's well in that. But what's the thinking? I mean, obviously, you don't really wanna put it out to parties. As I mentioned, there's data there in the plan that you might not want to share. Oh, the the thing is, Dan, that we're following there are two major reporting regulations. One is n I forty three one zero one, and the second one is JERC.

1:05:15 Since we have seen we had planned to to list in Australia, and we may revisit that, We have done all of our our PFS under jerk regulation, and that if you look at the RNS, it would be evident. So and and that really doesn't require the whole PFS. It's it's more than 400 pages long. So what we are releasing is more than enough information to be there out in the public domain. Yep. I suppose the point is, although it it's, I think, interesting, I think from a commercial point of view, it doesn't really benefit you to publish. It's not a legal requirement. And unless you're under NDA, there's no specific strategic advantage for CLEANTECH for making it a public document.

1:06:07 So, yeah, I don't think the the benefits I mean, I would understand it would be nice from a shareholder point of view, but from an industry point of view, you didn't wouldn't necessarily want to be bearing everything to everybody. Right. So Tim was asking about, Tim H here is asking, is the student fund expected to fund all the CapEx and the OpEx going forward, or will there be capitals? I'll touch on what might be in a you'd you'd have to do to meet the listing requirements in Australia. But do you just wanna talk about strategic partner and and what the company would hope for? Yeah. So the the process, first of all, is going to be at or the partnership will be at project level. So we protect our shareholders from the from the head company, from the listed company.

1:06:54 And and that project will need to be funded both with equity and debt by both partners at the at the time that comes, but we are looking for a partner that has the capacity to undertake debt to finance the project mainly. So we want to it it would be, of course, in the end, decided, we will see different offers, and we'll see which one is the best for the company. But in all cases, it it will be done at a at a project level and looking for a strong partner that can deliver both equity and debt finance for the for the construction. But just to be very clear, so that's at the project level. So they come in as as a partner.

1:07:40 The the the project level of what we can do remove. There's no anticipated one. Although, if the company was to pick up other projects in the region, that may be at a top go level. But, again, that's all things to look at next year. And from from a counterpoint, if we if we go on the ASX, there is a minimum number of shareholders you have to go out with and an numeral package. So there's some debate. It's three hundred and three hundred and fifty or 300 you have to have on the register with a minimum, I think, of 2,500. Maybe it's two. Some of the existing shareholders will count, some won't, so that's something that need to be reviewed. But upon an ASX listing, you would need to bring in some capital to put onto the ASX register because they're not fully fungible.

1:08:38 You'd need stock in Australia to provide there for liquidity. But the internal entity is that the a strategic partner will come in and and fund. And it may even be possible that the company can negotiate getting some back costs back. You know, don't no deals. You can usually get them to contribute something towards what's been spent in the PFS. But all of these things will be for Ignacio, for Steve, Gordon and Dermot to to sort of sit there with the various partners and with Cutfield. Right. What percentage of the Aquifer remains unassessed based on the new minute g licenses? Well, minute g, amounted for around 30 something percent of the polygon, so it is not insignificant.

1:09:26 Okay. And that's an assessment. Once we bring in a partner, you get a budget, we'll look at further exploration in. Okay. Ben, why great work to be with us. Could you put some color on the rationale for a full carbonate plant? There was a consideration for going for selling LITL first and then move to LITO similar to what SQM in the early days and now in line with the likes of Galan? Yes. So the the market has changed since SQM started their production thirty years ago. Lithium carbonate seems to be the most attractive compound or lithium compound for for investors. We have if you analyze versus hydroxide or or chloride, chloride is an intermediate product, and, it has a discount, over carbonate. So carbonate, we believe, is is the product that will continue to be mainstream for most companies looking to produce batteries, and that's where we want to be. Because because the battery industry is what's going to really drive the the and it's driving us whole has driven the growth in demand for lithium products.

1:10:43 Okay. And, Nick Simmir, I mean, we're trying to answer everything. I mean, people can leave. They've gotta last, like, four or five questions, but I think they're very good questions. So we're gonna and get through them and the opportunity here while having Nasi's time. But I will try and speed up. E and D, what's the necessity to split the two processing plants? More efficient, the lithium carbonate plant in Coquepo requires raw materials that otherwise would need to be tracked up into the mountains. It is much better. We have, also, it's closer to the city where we have we don't need a camp. We can have more skilled labor, so it makes all the sense to split the plants. And it's exactly what SQM and other models do today in Salado Da Cama, so it's not nothing new. That one. But it's It's just purely the economics. It's it was run on the PFS. I mean, it will get revisited on the PFS, but that's just the way the numbers came out. Okay. Wayne H, can you describe the planned further testing of DLE and what goals does CLEANTECH expect to achieve?

1:11:40 How many further meters of drilling are anticipated at what cost? I think that's specifically around Laguna Verde. Does CTL have a detailed resource level project management plan, such that a realistic timeline exists for the project to move to an operational state with no further timeline slippage? So in general, we are we we haven't well, we have done TLE testing. We have selected for the PFS, the technology, and we intend to do a little bit more testing in the future. We'll be we'll keep you informed about the those updates, those processes. The management plan is always there. As Dan said, nine out of 10 projects are usually late. So what what we want to do is have or what what we have, actually, is a timeline with all the critical dates that we need to comply in order to be ready by the date that we committed, and and we are are doing our best to order that. Of course, that requires more work, the environmental impact study that we will begin soon. So we'll also keep you updated on on any news that we have on that front.

1:12:53 Thank you very much. George, CTLAP, yes. We did try an OTC listing, George. It was probably too early days. We've got there. I mean, the only way it really works, if you really want US liquidity, you have to go to Nasdaq. It's a 1 or $2,000,000 exercise. And, the US government money doesn't require you to be Nasdaq listed. I've seen them fund a number of Australian and London listed companies where they got critical metals in Africa and other parts of the world in terms of putting soft money in and given our assets in Chile. So their their concern is more about to use supply, but they've become much broader. It wouldn't be a prerequisite around the US government money to be on a US exchange.

1:13:40 Same question George asking, is the share price too low? You've gotta be at 20¢ Australian. We'll be out marketing on the back of this. Three days ago, wasn't. It was. If for any reason at the time, what you do is you do a share here oh, sorry. One one unit in Australia because they're not actually listing shares. You're listing a unit which is then underpinned by an underlying shell held in the registry. So you can just do a one for two. So you end up trading it twice the price on the FX way, but it it doesn't prohibit in the listing. But I very much hope on the back of what we're gonna be doing over the next month to two months, in anticipation that we would see the the share price get back into the low to mid teens. David l, do you need to raise money for the environment? Oh, by the way, I forgot to say congratulations on getting the the million and bit quid back from the government.

1:14:36 So well done on that. Always helpful, and I know that significantly improves the company's cash position because we've got very limited burn at the moment. Do you need to raise funds to the environmental study, Ignacio? So with the as as you said, with the the money that we have received from from the IRS, we can do some studies. And and then, we we plan to, you know, to do the bulk of the studies once we have engaged our strategic partner to make sure that they are also aligned with the process and with the technology. So that's that's why we have done we are some things are waiting until we have selected the partner too. Noted. Thank you. And, Ian, so another question. The the at the moment, the if I can I'll just jump in, Frenasio, for you. The it's 15 Ian was asking, is the plant a single nameplate of 15,000? How could we upgraded? It's a single plant. If we were to do further drilling between now and then and the economics made sense to go back to 20 and the resources moved to reserves, you could come back and make it a nameplate 20.

1:15:39 And I think that's part of the process between the PFS and the DFS. And then last one, Chris was asking, is metals went out? Yes. They are fully out of the company. I believe they sold to a market maker who sold most on market and then has got rid of the rest of it, I think, yesterday evening and this morning. So they are now out of the company, and they were approximately 10%. So, again, it's resetting the average entry price for the whole shareholder base, which, you know, I'm always happy just to see the volume. We're 200,000,000 out. Again, half a percent to 1% every single day is is really quite respectable, and and I'm very happy with those numbers that keep going. So, yeah, they're out. Ignacio, is there so thank you very much. Thank you. We ran on longer than we thought, but I thought there were some excellent questions come in, and we very much appreciate the opportunity and the time here, not only to give people color on the PFS, but to delve into these other areas.

1:16:44 And I know that I certainly and a lot of other people do appreciate the company's attempts to engage with its more general shareholder base and answer this. Is there anything else that you think we should add on? First, it's always a pleasure to do this. I am pleased with you and to try to answer all the questions from our shareholders. It takes time, but thank you everyone for attending. It's it's great to see your support and your continued interest. The company is, I said the first quarter would be very exciting and that we would have the sale and the PFS out before the end of the quarter. We committed we we fulfilled our promise. It's out there. Now the real exciting times can begin starting for to look for a strategic partner in a great market environment broader.

1:17:40 You see that demand is very strong. Geopolitically, it's very exciting too from the perspective that we bring supply from Chile. Free trade agreements are in place with most countries and regions. And so this year will be definitely very interesting for the company. This process, the EIA, potentially, as you said, Dan, looking into listing in Australia. And then by the end of the year, announcing the partner that we selected to join us in the development of the Laguna Verde project is everything is mounting up to make it the best year in our history. So be confident. Look. Don't I know everyone wants to look at their investment. I do. I every five minutes or six times every hour. But look at the fundamentals, and the fundamentals for this company and for the Lagunavelle project are very strong, and we'll continue to get a lot of interest from third parties. And we'll be keeping you updated of any developments developments that we have in the near future.

1:18:42 As always, thank you very much. I'm sorry. I ran it on. I'm gonna we're gonna do our very best, and I'm sorry. We may probably only just talking to ourselves now. The next one, we will keep it to an hour. As always, thank you very much, and we'll hand back to IMC. Thank you both for your presentation this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations? On behalf of the management team of CLEANTECH LITHIUM PLC, we would like to thank you for attending today's presentation, and good afternoon to you all.