Ferro-Alloy Resources (LSE:FAR) — Investor Presentation

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

0:32 these will be available via your investor meet company dashboard. Before we begin, if I may, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to the executive management team from FERRO-ALLOY RESOURCES LIMITED. Will, good morning, sir. Yeah. Good morning. Morning, Jake. Good morning. My name is William Callowat. I'm the chief financial officer of FERRO-ALLOY RESOURCES LIMITED, and welcome to our first investor meet company presentation. I'd like to introduce my colleagues first. Here with me, I have Nick Bridgen, our chief executive officer, and Andre Kuznetsov, our deputy director of operations. So the way the format will run is that I will, take us through the presentation first, and then after that, we will have a q and a session, based on some questions we've already received received through.

1:27 So let's let's begin. So a brief overview about us. We're a junior mining company. We're listed on the standard list of the main market of the London Stock Exchange. We're a Guernsey company that's listed for historical reasons, but really the bulk of our operations are based down in Kazakhstan. Now we have there's really two reasons for our being. The first one is that we have an existing processing operation, which was based on the test and pilot plant that was used for feasibility study purposes. For really what the main reason we're here is the Balasel Skandik deposit, a large vanadium deposit based in Southern Kazakhstan, and the key part of that is for the metal vanadium, which I'm sure you're listening, you're already fully aware of.

2:24 But in the existing format, vanadium is a very useful metal and used generally in the micro alloying of steels. But obviously, what we're all excited about is its future use in redox flow batteries. And we're hoping that's going to be a great success for the company.

2:47 So this slide here covers our strategic investment. We have a cornerstone investor called Vision Blue Resources Limited. This is Mick Davis of Extrafamous battery metal and energy transition investment vehicle. They came in with us in 2021. As you see from the slide, they've invested $15,500,000 with us already through a number of options, and they also participated in the equity fundraise that we completed last year. They have three further options, one for $2,500,000 within two months of the publication of our feasibility study, and then further options for 10,000,000 and 20,000,000 further down the line when we get to the construction stage of the project.

3:40 And just so you let you know, this presentation will be available on our website after the webinar. So if you feel I'm going too quickly, you will be able to revisit it. Here's just a summary of our key main shareholders. As discussed, we already have Vision Blue resources in there. And then you'll also see that we have Nick who's with us now and Andre Kuznetsov who were the who who started the project. Those are our main investors at the moment. It's worth noting that Vision Blue do actually have an outstanding loan note, and that will be converted later on in this year. And so that that percentage holding will generally increase. So moving on now as a brief summary of the vanadium market.

4:29 On all these slides, we've taken this data from FANETEC, which is the trade organization for the vanadium market. Now on this slide, this is a good description of how vanadium is deployed globally and has been over the last five, six, seven years. So you can see from this side that primarily vanadium really is just main use is for micro alloying in steels to improve their strength. And then probably the more interesting feature of this slide is just the generally increasing size of blue blobs on the slide. And that's where vanadium is being used on a greater basis on energy storage in factories as I mentioned earlier. Coming across to the next slide, this here shows the use of vanadium in steel market to date and how it's expected to perform going forward.

5:28 Area in blue is the expected changes or increases in the steel market going forward, and then on the brown or orange level on top shows you how the expectation is that the level of vanadium used in that steel would increase quite significantly over the next seven to eight years. And moving on to the next slide, just shows you some other uses for vanadium within the global markets, particularly with respect to chemicals. And again, the key big one here is for energy storage. And as we can see, even over the last couple of years, the demand for vanadium in battery storage or energy storage has, at least doubled. So hopefully, there's there's great things to come.

6:19 So just moving on. As I think I mentioned earlier, there are two real reasons for being. The big main one obviously is for the exploitation of the balacage candidate deposit, and then in the background and operating already at the moment, we have the existing processing operation. So let's first talk about the Ballast House Candic deposits. I mean, that's really why we're in business and here. So really the big headline about our deposit is that it's an unusual type of ore. Vanadium itself is a mineral in the earth's crust. It's actually quite common. It's within the top 20. So vanadium is well known. What the real issue with vanadium is about how you can extract it as a resource.

7:11 Now most vanadium in the world appears in the earth's crust as a titanium vanadiferous magnetite essentially as a form of iron ore. And the issue with this is that it's very expensive and very energy intensive to extract the vanadium from this type of ore. However, Paracelskandik, the deposit is completely different, and our deposit is sedimentary in nature, and that gives us a huge number of advantages. The number one main advantage is that where you have, a magnetite based ore, you have in order to get the ore into a oxidation state where you can, extract vanadium, you need to roast that ore up to extremely high temperatures in excess of a thousand degrees. And then obviously the result of that is it's hugely energy intensive and therefore expensive.

8:10 And then on top of that, there's often the need for ore to be pre concentrated for treated to get it anywhere into a decent state for extraction. Our role is very different. We don't need to roast it. The vanadium can be extracted by a simple pressure acid leach, and we don't have to do any pre concentrating at all. And what does that mean? Well, that means we have reduced capital costs, we have significantly reduced operating costs because we don't have the energy requirements, and it's a very accessible type of ore. On this slide, there's a few more reasons about why Paracelskandith is such a good deposit.

8:58 It's very accessible. We have some great geology there.

9:03 Most of the ore bodies outcrop at the surface, and so we're able to mine the ore by open pit. It's also a very large deposit, and for those of you who read the Compton Post report from 2018 will understand the number of ore bodies or potential ore bodies that we have on-site. So it's a very large deposit indeed and of course obviously that's come up in in the highlights from the recent revised mineral resource estimate for for OB 1. We also have we've also been blessed with some great infrastructure and transport links. The site is the deposit is very close to a to a main road that is on the main transport route going from east to west, and we're very close to a town called Shealy, where access to that road is is is to get to.

9:56 We also have very good access to rail links, and on top of that, we also have good power links. So we have some of that key infrastructure is is already there and ready to be used. The other side to it, which is obviously of great importance, is the ESG characteristics of the project. The expectation is that there'll be from all that is mined, that there'll be no residual tailings or waste left at the end. There's no displacement of farming or habitations. The land will not otherwise be disturbed. And and really, the the big bonus is is is probably around the levels of carbon dioxide emissions compared to other producers.

10:44 We expect it ask to be a fraction of those, and so that will have on benefits for our customers that use our products within their supply chains. Now then on top of this, of course, we have some exceptional financial statistics, and those are all laid out in in the competent competent persons report from from 2018. And obviously, those will be updated, when we release the stage phase one of our feasibility study later in the year. But based on the CPR, we have a net present value project of about $2,000,000,000, a 79% operating margin, and we expect there to be a, operating annual cash flow of about $430,000,000 after tax each year going forward.

11:34 Now with respect to the feasibility study, through the various announcements, we've released parts of the study as we move forward through them. Obviously the most recent one has been the MRE that I talked about earlier, where that's confirmed that the indicated mineral resource has increased to about 33,000,000 tonnes and included within that is a significant increase level of V2O5 in the ground. We're expecting the MRE with ore bodies two, three and four to be released later in the year, then we'll be able to collect all that into the feasibility study. Full metal test work is going to be available a bit later in the year, but testing to date has gone well and recovery through leaching has been within the company's expectations, good news.

12:28 Obviously a key part of the project as well as the vanadium is the carbon.

12:34 At the moment, we are pursuing, and we'll cover this off in the questions, the potential uses for the carbon silica concentrate that we'll produce. Most promising, one of most promising at the moment is for substitution and making of tyres because carbon black within the concentrate is very similar to carbon blackboard n five fifty, which is readily used within the tyre manufacturer industry for sidewall tyre production. And as I just mentioned earlier, the beauty of our carbon concentrate is just the reduced level of CO2 emitted through its production. Currently to produce carbon black, carbon black is produced through the incomplete combustion of hydrocarbons.

13:19 So we don't have that, therefore, our emissions are much lower. And I think the other point to note about feasibility study is that once Vision Blue came on board in 2021, it decided to increase the study to cover both phase one and phase two. And so therefore covering ore bodies one, two, three and four, albeit this will be done in two phases. And those phases will potentially will now include a sulphuric acid plant and a carbon concentrated plant for the carbon concentrate we've just talked about.

13:55 This slide here is just a summary of the MRE that we released released a couple of weeks ago. I'm sure we'll talk more about that talk more about that in the q and a session. So then briefly just moving on to the, existing operation, here you can see there's a picture of the factory that we would use. Now the factory came about because as part of the pre feasibility study, we built the factory as a pilot plant to test the metallurgical processes that we'll use for the big project to make sure that they worked and the testing went successfully.

14:43 Once that testing was completed, we converted the plant into a factory that was capable of taking catalysts that are used in the oil industry to refine the oil. And within those catalysts, they include metals such as vanadium, molybdenum, and nickel. And so we treat those concentrates to extract the metals and then sell them on. And that I think has been going very well. That's some key benefits that all the raw materials are recovered. And more importantly, we have no tailings left on-site. Everything is sold on.

15:29 This slide here just covers our monthly production. And I can leave you to review that after the presentation. Lots of people ask this question, why do we still have the process plant? Well, we haven't for several reasons.

15:47 One of the main reasons is as a useful source of of cash flow, to keep the entire project running. The next important reason is that it keeps our technical team together. We have a very strong technical team. I think we probably think is actually probably one of the strongest of native technical teams in the world. And so by keeping the operation running, keep these guys together and keep all of our technology in house.

16:17 And what's really important about this is that actually when we start the big project, we're not starting from scratch. We have the team in place, we have the experience in place, and you know that really will derisk the project once phase one is, has been commissioned and is up and running.

16:37 Briefly moving on to, next steps. This just summarizes where we're at at the moment. As I'm sure you're all aware, having read our various annual reports and previous announcements, phase one is is the sort of is the current focus. This is looking at mining a million tonnes per annum of ore from ore body number one to produce just around five and a half thousand tonnes per annum of V two zero five.

17:06 The feasibility study for that, as I mentioned, is coming out towards the end of this year. And then once that is up and running, we will use the earnings from phase one to finance the construction commissioning of phase two, where we'll be mining up to $44,000,000 tonnes per annum producing just just over 22,000 tonnes per annum of v two zero five. In terms of funding for phase one, the likelihood is is that it'll be a combination of of equity and debt. And, we expect that Vision Blue will exercise some of their options to to finance that as well. This is just a a brief overview, on timing.

17:56 So once the feasibility comes out at the end of this year, we'll be starting to work very hard on the financing for phase one in Q1 of next year. Concurrently, we'll be starting the front end engineering with a view to commissioning phase one at the end of twenty twenty five. And once that's up and running and the earnings from that available to construct and commission phase two, we expect phase two to be commissioned at the end, during the middle of twenty twenty eight. So I've run through the presentation, there, and I think we can, move on to some questions and answers, Jake, if you're FERRO- absolutely, and thank you very much indeed

18:55 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. Nick, Will, Andre, we did receive a number of questions from investors, and and thank you to all of those on the call, for taking the time to submit their questions. Will, perhaps if I may hand back to you just to share the Q and A session with the team and then I'll pick up from you at the end. Thank you. Yep, sure. So thanks Jake. So we've received a number of questions prior to us going live on this on this webinar now. We we've taken those questions and tried to broadly place them into into categories so that sort of the answers were a bit more coherent and sort of cover cover the cover the subject properly. So first of all, the areas cover, we'll we'll talk about the questions that we've received around carbon.

19:45 What proportion of your carbon production is saleable as carbon black for tires, and which grade is closest to the mine's output? So the the main reason for the difference in the grade in the latest mineral resource estimate compared with the CPR is that it was done on a different methodology. The original CPR was blocked out, the mineral resource was blocked out on the basis of the geology. We know which strata in this deposit contain the vanadium and the carbon and the and the other metals. And so it was modelled on the basis of the geological cutoffs. Now what's changed is that the new resource estimate can also includes the medium grade vanadium which surrounds the strata which originally contained the vanadium.

20:42 And and that new area, although there's quite a lot of tonnes and the vanadium grade is quite good, it doesn't tend to contain the other minerals that are in geological strata that we originally focused on. And so the grade of everything else has gone down. But when we do the mine planning, which is the next stage, remember, this is the resource. And then the next stage is that from this resource, we will then select the areas which are economically the most advantageous to mine. And, of course, it has to be done in detail, showing roadways and and access and things. And at that point, we'll then know what the final mined grade will be. My guess is that the carbon grade will be somewhere between the two figures, because we'll probably mine to a cut off grade on the vanadium, and that will have less carbon in. But but most of what we mine will be within the geology that we originally targeted, so it'll be a little bit higher.

21:41 Of the perhaps perhaps I can move on to the next question because they're all rather related. The next question is, of the measured carbon resource of around 8%, what is the recovery percentage into concentrate? Well, it's remember, it's not just the carbon grade because as Andre said, if if you were were listening to it, if you were able to listen to it, I mean, the the concentrate we make is carbon and silica. And we we expect to recover about well, the the whole of the tailings, which is most of the ore that that we treat, will will go through the carbon concentrate carbon concentrated process.

22:27 And we expect to recover about 22% of that into this carbon silica concentrate. So at the current estimate, but depending entirely on the on the way the mine plan comes out, we expect about 200,000 tonnes a year of that combined concentrate. Yes, the next question. The significance of the carbon elements to the overall project has been more evident through various announcements over the last year or so. Please, can you explain what steps are being taken to add this to the overall value of the project? Actually, probably this is well, I'll start. We have already done a lot of test work in Kazakhstan and at a technical university in Minsk, which proves that we can concentrate, make a concentrate, and that it can substitute for well, without any loss of performance, a proportion of n five fifty grade out of black. And it can substitute to some degree for for for a lot of other grades with some ups and downs in the in the various measures of performance that, that are used to to to test quality.

23:49 So we know it has a value. We know we can calculate what the substitution value is when you substitute it for N550 grade of carbon black, and that's very high. Now what what we're doing now is we're we're we're starting a new test programme, with, specialist, rubber consultants in The UK, and that will give the whole load more information that we'll be able to take around to the various time manufacturing companies to try and to get an offtake agreement. Obviously, this is not Carbon Black, so we can't guarantee we'll get the same price even though we've proven that it can be substituted. There will be a negotiation, and we don't, at the outset, know what that price will be.

24:41 Back to you, Will. Yep. So so the next, broad section to cover off where the questions came in was, under the topic of financing. The first question was, are you likely to seek loans from local banks presumably in Kazakhstan. The only bank that we'd likely to approach in Kazakhstan is the Kazakhstan Development Bank. We've had some initial discussions, positive discussions with them, so they they they will probably be the only Kazakh based bank that we'll approach for the financing. The next question is, are Vision Blue going to invest more money to fast track the project above their last purchase price? As far as we're aware, Vision Blue are not we've we've we've set out Vision Blue's options, and where they come in coming at and various share at various prices, and we're not aware, of Vision Blue providing further funding ahead of that to fast track the project. And I mean, that said, you know, the project has its own timeline, the three more financial resources at it would speed it up is is is up for debate.

25:55 So that's where we're at with Vision Blue. The next question is, does the company now make business transactions within Russia, and can you use Bitcoin for this? We, as a as a group, we have limited transactions with companies based in Russia. Where we do, it is to source the reagents that are required in the processing plant for metal extraction that I mentioned earlier, and we do not use Bitcoin for these transactions. The next section is under, current operations. The first question on that is, by how much have mining equipment prices risen since the CPR?

26:43 50%, question mark. We've looked into this and, you know, clearly, you know, the there has been a global inflation increase across the board. But actually having drilled down into it and roughly looking at the various bits of equipment that we will need to employ on the mine site, There's been a big variance. Some items there's been no increase in prices, some items have gone up thirty-forty percent. So it's a bit of a lottery and we'll be able to clarify those prices more, when when we we publish the feasibility study at the, at the end of the year. The next question is, the company advised at the end of January and again at the end of April that supplies of concentrates had been secured of the processing plant, that additional capital expenditure had been made and things were being ramped up in order to help provide a positive cash flow to help finance, phase one.

27:46 When will we see monthly results from the processing plant to support these announcements? Nick, would you be able to answer that? Yes. Concentrate supply has been a problem for us originating with COVID and then our own domestic rights here in January last year and then with Ukraine. It's been used as a universal excuse by suppliers and and the transport routes have been elongated and difficult with long delays. We've responded to that really by doubling up on our concentrate suppliers. So we've got a bit of geographic diversity, well as different companies.

28:40 And the second new supplier, which is, I think, extremely reliable, it's direct from source and a very big source at that, those concentrates have not yet arrived. So the first quarter has been still affected by unreliable supplies, but we now are in a very good position. We have a lot of concentrates on-site, and we've got a a pipeline of concentrates coming in. So we really we we really do expect from the second quarter onwards, that that that is a problem of the past. Will, so monthly results really from from May onwards, should should be chalk and cheese from everything we've ever had before.

29:37 Thanks. Sorry, haven't covered the part of the question on capital expenditures. The programme for development of the plant is complete. Everything that we wanted to do has now been done. We're waiting on maybe 1% of the final commissioning of some of those things. But essentially, the plant is in very good shape now and operating well and doing everything we promised. So that is a problem of the past too. Thanks Nick. The next topic area is the mineral resource estimate And the first question is as follows. Is it true to say that OB one has now been fully investigated and everything there is to know is now known, or could there be additional resources still to be uncovered?

30:31 Is the MRE the final one? Yeah, I can take that one as well. Yes, it has been fully investigated to the extent that we planned and we think worthwhile. The MRE for all body number one is the final one. The only possible addition, we may in future be able to recover rare earth elements from it. We do have information on that, but it's not in the current plan as we haven't really solved all the extraction issues. But that is the final one. Okay. Thanks Nick. Next question is, the MRE of OB1 appears to show additional vanadium when compared to estimates in 2019, but less molybdenum, uranium and carbon. Is this true?

31:25 It appears that about 9.33% of the ore from OB1 will contain the four valuable materials listed above. What value, if any, is derived from the remaining 90.67% and what will be done with this? Yes, well I think I've partly answered this already in that the different methodology has included more of the the mineralization, which is not in the original strata that was identified as of interest. And including that additional material, doesn't include generally the molybdenum, uranium and carbon, has diluted those grades. But when we do the mine planning, we may focus on the original area and those grades are likely to go up a bit.

32:22 If I can explain the process, we will mine the mineralisation to a vanadium cut off and with the vanadium will come molybdenum and uranium which will recover in the same process. The carbon is different. All the remaining material that hasn't been extracted in the vanadium extraction circuit will then go to the carbon concentrator and all of that material will be further concentrated to recover the carbon concentrate that I've already talked about. And the remaining tailings, which is mainly silica and depleted carbon, also have uses.

33:13 And so I'm sure eventually will be sold, but we don't expect the markets for that to be as big as for the main product. So that will be stored in a tailings dam and probably sold for various purposes over a number of years after the project continuing after the project has closed. So, in some respects, all of the constituents of the ore are potentially products and will eventually leave the site. Thanks, Nick. The next question is, to what extent does the MRE of OB1 change the value of the overall project, assuming all other factors remain constant?

34:01 This is an interesting one because what the addition of this medium grade ore, which was not in the original, competent persons report, mineral resource estimate, It gives us optionality. Certainly it's profitable, that's why it's in the resource. Probably it's profitable at a lower level than the higher grade material which contains the carbon molybdenum and uranium. So the next phase will be interesting. We'll see how we can optimise it. I'm not sure at this moment how that will work out. But certainly, it should increase the value because it's there. It's it's got high vanadium values and and certainly adds to the value. But but how much in NPV terms remains to be seen.

34:56 Okay. And the last question under MRE. Exactly how many other ore bodies are there as we hear that the drilling findings of OB two, three, and four will be announced later this year, But in the past, there's been reference to org bodies five, six, and seven. What, if any, estimates can or will be drawn with regards to their resource potential value? Well, the resource is potentially huge and in the old Russian Soviet classification, there was a prognostic category which is about 10 times more than we originally estimated. But that requires a lot more exploration to bring home.

35:43 But seven ore bodies have been identified from at least trenching on surface. Now, all these ore bodies are essentially, the same strata that, so ore body one, all of them are the same. They contain the same sort of deposits, the same very similar grades. So, the new ones, five, six and seven, that have had very little exploration done on them, we don't know how deep they go. We know the width, we know the content, you know, the quality of the content, or we have a good estimate because it's very similar to the existing, but we don't know the depth. We know from their spacing because the general shape of this of these ore bodies is U shaped, what's called a syncline.

36:30 And obviously how much is there depends on the depth. Well, they've never been drilled to depth, so we don't know the depth. But judging by their width, you can sort of guess the depth and they look good. The five, six and seven look from that very, very skimpy evidence with so little known it's difficult to say anything, but they are not insignificant, put it that way. We picked on ore bodies two to four because we needed to target enough ore to give notionally a twenty year mine life to the phase two project, which is 4,000,000 tonnes a year. So the sort of there's no magic in the number, but we picked on exploring four ore bodies to get to roughly 80,000,000 tonnes, which gives a twenty year mine life. Now, there will be phases three, four, who knows many more once we once we explore these other ore bodies and find new ones by exploration that haven't already been found.

37:39 So this project will probably go on and on for an awful lot longer than we're currently planning. And the final area of questions is around Balausa and feasibility study. The first question is, will you have to wait for the full bankable feasibility study before you order long lead time equipment? I can answer that one. Yes, the idea is that once the feasibility study has been published, concurrently we'll start the front end engineering and it is at that point that we will be able or be in a position to order long lead time equipment. The next question is, is the company seeking offtake agreements for the vanadium resource, or is there a large enough spot market for sales, and are offtake agreements long term?

38:36 Nick, would you be able to answer that? Yes. Once we've selected a lending bank for this project, will part of the negotiations with that bank will involve to what extent we need to have offtake agreements for the for the main product, vanadium. Off take agreements can often be rather value destructive in that you commit to large upfront costs and you don't know who your customers are in certain forms of them. We will aim to have an offtake agreement where our customers are visible to us and on the best terms that we can. We have started negotiations with or at least exploratory conversations with a couple of trade trading organisations for vanadium that that may well satisfy the banks.

39:37 For carbon, it's a slightly different matter. Because carbon is a non standard product that nobody knows the value of, we do need to get offtake agreements to prove its value and to include it into the feasibility study economics. So that is our objective. That's why we're doing the test work that we previously talked about so that we can negotiate with principally tyre manufacturers to get offtake agreements. The molybdenum and uranium, well, in terms of uranium, there is a state organisation, state owned organisation, because Atomprom has a monopoly right to purchase uranium, obviously, is is controlled for security reasons.

40:23 And because the the molybdenum comes out with the vanadium, we we we have already started talking to them, and and almost certainly, they will be the buyer for that. We expect to get some sort of exchange of letters on that fairly soon. So, yes, that that that answers the question, really. Alright. Thanks, Nick. The next question: How do operating margins compare between Bellowsa phase two and existing plants on your long term projections? Will you be looking at expanding the recycling operations in the future? I can answer that one. The margins for the existing operation and for the main project are very different.

41:12 The expected margin on existing plant is around 40%, whereas for the main project, the CPR gave an estimated margin around 79%. So there is a big difference, and that's obviously primarily by driven by you know, they do two quite different things that, you know, the main project will process the raw ore that we have, whereas existing plant only deals with at the moment the purchase concentrates that we bring in for treatment. Now the second part of that question, will you be looking to expand the recycling operations in the future? We've got an open mind about it. It's not really a priority. Obviously, our priority is the feasibility study and getting into phase one of the project.

42:04 And given that the existing operation is reasonably small, I think in the presentation earlier, we noted it's only around 4% of the NPV of the of the overall project. We're we're very open minded and we'll we'll we'll take a view as as the main project develops. Next question is when will the company be able to provide an amended timetable of events to come such as the financing of phase one, build a phase one, and production from phase one? Hopefully, we answered that in in the presentation earlier. We'll be really cracking on with the financing as soon as the feasibility study study is published at the end of this year. So the financing will be starting in earnest in q one of of twenty twenty four with with build with build and production phases following that.

42:57 And then the final question is, what if any contracts have been signed to state production of phase one output across all materials? I think Nick's actually probably already answered that with respect to the offtake agreements. So I think I think from a question perspective, that that was that was all we had. Will, Nick, Andre, if I may just jump back in there. Thank you very much indeed for being so generous of your time there and addressing all of those questions that came in from investors. And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended just for you to review, to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the investor meet company platform. But, Will, perhaps before, redirecting those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Yeah. No. Sure. Thanks, Jake.

43:54 Well, hopefully, morning's presentation has been a useful introduction into us and our operation and where we're headed with the deposits. We're very excited about the prospects of where we can go with this. And certainly, you know, this was our first first outing with with IMC. We'll certainly be looking to do more of these to keep, you know, investors abreast of developments and look forward to being able to to delve into more questions in the future. Will, that's great. And thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, but I'm sure will be greatly valued by the company.

44:44 On behalf of the management team of FERRO-ALLOY RESOURCES LIMITED, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.