Ilika (LSE:IKA) — Post AGM investor Presentation

0:01 Good afternoon, ladies and gentlemen. Welcome to the ILIKA PLC Post AGM Investor Presentation. Throughout today's recorded meeting, attendees online will be in listen only mode. Questions are encouraged. They can be submitted at any time. Just simply use that Q and A tab on the right hand corner of your screen, type your questions and press send. As usual, given the attendance on today's call, the company may not be in a position to answer all the questions it receives. However, the company can review these questions, and we'll publish those responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll, and please do give that your kind attention. I'd now like to hand over to the management team from IKA, Jason,

0:31 Graham. Good afternoon. Hi, Mark, and many thanks to everybody for taking the time to dial into this update just after today's AGM. Well, you can see the results from the AGM. They've been published on our regulatory news feed on our website. Pleased to say that all of the resolutions were passed with a resounding majority. So many thanks for those of you who took the time to vote. So let's have a quick trot through some of the slides. Apologies to those of you who have listened to these presentations previously. You'll find that some of the material is familiar to you, but we do have to make sure that we cater for the full breadth of the audience and maybe some new followers of the company, and we wanna make sure that they understand the fundamentals of our business. But I will be dropping in some updates, what's happened over the last couple of months in particular, over the summer since we had our annual results presentation in July.

1:49 So first of all, ILIKA at a glance. We are a solid state battery developer, and we have two product lines. First of all, Steriax miniature batteries that have been developed for active implantable medical devices, so miniature medical devices and also for industrial Internet of things or basically wireless sensors. And then secondly, large format Goliath solid state batteries, which have been developed for the automotive industry and also for some interest that we've got from cordless consumer appliances. In terms of our business model, we have an asset light business model.

2:35 And actually, we have already proven that those products can be made on existing gigascale production equipment. Gigascale really more relevant for the Goliath product. We've got a long track record of successful research and development. We've got a a fine patent portfolio covering 78 patents. We're ready for commercialization, and we have been well supported through capital that has been invested in the company either via grants or equity funding and commercial funding to the total of 55,000,000. And many thanks to those shareholders that are out there and and listening to this presentation for your continued support.

3:30 So first of all, what are the the key milestones that we've seen over the past six months or so? On the top in blue, we've got the Sterex milestones, and then in green below that, we've got the Goliath milestones that we've delivered. Let's start with Sterex. So it's been an exciting year. We've completed commissioning of the equipment that we sent over to Certec for manufacturing Sterex. That's now been installed in Certex facility in Lowell, in Massachusetts in The US. We've also just recently announced actually that we've completed the engineering lots at Certex. So that means we've been putting through batches of our batteries through that equipment to make sure that the equipment is performing as we were expecting.

4:23 And the next thing that we've got to look forward to before the end of the year is the the commencement of our minimum viable products for SteraX, which we call our m 300, which is a a 300 micro amp hour battery. And that will be entering its product validation program shortly prior to commencement of customer deliveries towards the end of this calendar year. On the Goliath side, we've had a a torrent of news flow, really. We we started off the year announcing some validation of scale up activities at the UK Battery Industrialization Centre, which is a an open access government supported two gigawatt hour facility in The Midlands here in The UK.

5:18 And it was great to demonstrate that that the equipment that has been primarily installed for traditional lithium ion battery production there was also capable of handling our chemistry and format of batteries. We followed that with an announcement that we had reached a 50 amp hour capacity prototype, what we call our d eight. And then we went back to the BIC, the the UK BIC, to talk about some of the the further industrial process validation that we've had there, in particular relating to the deposition of electrolytes on one of our electrodes.

6:05 We've had some validation from third parties relating to our p one prototype, which was our two amp power prototype that we released. That was on the back of some testing that a third party had done for us. And then the the most recent news actually that came out just yesterday was the confirmation of some industrial steering support for latest bit of grant funding around our primed project as we call it, which is 1,250,000 of funding to push towards that p two rollout

6:50 as we get towards the end of the year. We've got some great news to look forward to. We've got release of our 10 amp hour p 1.5 evaluation prototypes. And we got the the building and testing then of the larger p two prototypes, which are based on learning we get from those 10 ampere prototypes and also the learning from the d eight development milestone earlier in the year. So exciting times at ILIKA. Just a few words on this business model. We have an IP generating business model. And and when we have that intellectual property, we license it to partners who specialize in manufacturing. And this is a bit different to a lot of battery development companies. We we take the view that, actually, we are specialists in product development, and and we are better served in terms of commercialization by partnering together with specialist manufacturing organizations, whether they are tier one manufacturers who sell products to OEMs.

8:06 So that would be, in this case, battery manufacturers selling to the vehicle OEMs, the big brands that we know. For instance, in the past, we've talked about working with AgriTAS, which is a tier one cell manufacturer that might supply a company like JLR, for instance, which is an OEM. And in return for licensing that technology, we would receive licensing fees and and royalties.

8:36 In addition to that, of course, we can also license the technology to OEMs directly who may have the the batteries manufactured for them under license, and we would have a a similar relationship with such OEMs. So we believe that this is a really capital efficient strategy. We believe that we're better placed to develop our technology on pilot lines and then license it rather than trying to build gigafactories ourselves. So let's talk a little bit about Stereax. These are our miniature batteries, again, for active implantable medical devices. There's some really exciting applications that I'm not gonna go into detail this afternoon. There's loads of information actually on our website and in the the general media.

9:32 But they are very wide ranging applications where we're seeing rapid growth in a number of sectors that are really benefiting from, using smart implants. So they could be in orthopedics, and here it's mainly about data capture, from implants. Could be a neuromodulation, which, is stimulation of the peripheral nervous system. Maybe just a simple sensor where you might measure oxygen partial pressure in blood or perhaps blood pressure. Could be ophthalmic. There's all sorts of interesting applications where you can use tiny devices that are implanted in the eye or perhaps on the eye and contact lenses. And then perhaps one of the most accessible applications in orthodontics where you can have, smart braces or or aligners, where you can, monitor use of those aligners to make sure there is, patient compliance or perhaps measuring biomarkers in saliva to be able to give guidance on the patient's health.

10:50 So why would people bother using a new type of battery, a solid state battery like the one you see pictured here alongside some pharmaceuticals? Gives you an idea of the scale of these little batteries. The benefits that they offer are, first of all, reduced surgery time because they're so small. They can be implanted very rapidly. They can be put close to the point of therapy, so you don't have to worry about long leads. They've got a long life. They're a bit like a small electronic component, actually, solid state component. And they actually are very resilient, And and that's what you want with an

11:33 implant. You you want those devices, you know, to last at least ten years so the patient doesn't have to have further surgery to have it removed. You can recharge them at home using a inductive charging collar, and they're powerful enough to be able to power a little Bluetooth radio chip. So that means you can get the data out of the body and to the consultant surgeon would take that data and then advise the patient on their state of health. And this is actually a very exciting commercialization story. We we licensed this product to Certik, and they are a leading global provider of outsourced medical device and component design, engineering, and manufacturing.

12:29 They've been going the best part of forty years now, have a a large employee base, lots of successful projects behind them, and and 20 approved devices that are on the market at the moment. So these end users that I was just talking about, you know, we can roll them out to a portfolio of customers. We've got a series of orders that we're gonna fulfill. And while we're keeping our shareholders informed of implementation progress over in The US, and we look forward really to starting to demonstrate the commercial benefits of that relationship where we'll see wafer processing income in this financial year, you know, some profit share of the batteries as they're sold initially.

13:27 And then in due course, once volumes have ramped, we'll see a revenue share. And we believe that this agreement, was signed a couple of years ago now, really gives us good industry validation, gives us the ability to scale up our manufacturing capability. There's a fantastic business development team at Surtech that has got larger resources, we have to deploy to market and and sell our products often integrated in their own technology platform and thus enabling a faster reduction of the product. Jason, over to you for a few minutes just to explain a little bit on how we think the revenue from Sterex will develop.

14:16 Thank you, Graham, and hello, everybody. Yep. So picking up some of the points that Graham just mentioned then, what we've done here here is to try and give an understanding of the different revenue streams that we'll derive from Sterex. This isn't a specific forward forecast. For anyone who's interested in that, please do go on to our website where the analysts that support and look after ILIKA have done their own modeling for what the revenue streams could potentially look like in numbers so you can get some more detail there. But in terms of how we expect revenues to come through, the first part of revenue in the short term, and Graham talked about in the milestones and what to look forward to in the coming year is we'll start to derive wafer processing income. So we've retained one of

15:04 the production processes for the Sterex process here in The UK under our control, and as a subcontractor to Certec, under their license we will run that manufacturing process for them and we'll derive income from that. So we expect that to start this year, and that will move to some significant figures eventually, transferring over as volume takes off, and we would expect, SteraX to be eventually wholly manufactured by Certik in the fullness of time, but certainly revenue first coming from that wafer processing. Following very quickly behind that, we'll see revenue from the initial batteries coming through. We'd expect that to be, somewhat, small to start with, and you can see that in the, orangey red line there. So, as the batteries go through their approval process for those medical applications, we expect that to start to ramp up.

16:01 And once they get through their full approval process, really it takes off in a hockey stick type approach. So Graham already mentioned that's a profit share in the early, days of that up to a volume break, and thereafter it moves into a high single digit royalty revenue generation. We also expect there to be non reoccurring engineering. So this very much is a common theme within the medical sector, and Certik have actually guided us very much on this kind of activity that they already do and drive a proportion of their own income from. So we expect as we are dealing with those customers that we have in that order bank, and we talk about implementation on their specific applications that there'll be requirements for us to develop variations of the m 300 to suit their particular needs, and that will come with hundreds of thousands of dollars maybe into the low millions of dollars of income, for those particular projects.

16:55 And then at the very bottom there in the blue section, as we expect we will see more licenses for stereocs either outside of med tech, so in the field of industrial Internet of things, or in the fullness of time for high volume applications or on the renewal of the Certi contract we would expect license revenue to come through from reissuing those licenses as we get further into the commercialization. Thanks, Jason. So let's change gear a little bit, talk about Goliath. These batteries, of course, have been designed for EVs. Despite some of the doom and gloom you might read about in the Daily Mail about EVs, in fact, last year saw record electric vehicle sales across the world.

17:47 And although the rate of growth in The US and Europe may not have been quite as strong as people had hoped, it's still very much a rapidly growing market. However,

17:59 there are still people that are hesitating about making the transition from a traditional car to an EV, and these are the reasons that they often quote. First of all, it's costs, but also it is how long it takes to recharge an EV when the battery needs to be recharged. What's the range? Some people still have driving range anxiety. And what is the risk of of battery fires? And, you know, whether you

18:37 believe that these reasons are rational or not, they are still reasons that people cite. And therefore, we should do our best to try and address them. And, actually, we can do that using solid state technology. So we actually commissioned a company called Balance Batteries, which is a UK pack designer. They they design battery packs to model what would happen if you inserted a Goliath battery pack into a state of the art EV. EV. So they chose a Hyundai IONIQ five. And these are the the vital statistics that they came up with. So first of all, you can save £2,500 on the bill of materials.

19:29 So that goes a long way towards offsetting that persistent price differential between EVs and traditional cars. You get a big weight saving of 20%, which translates into an increased range because, obviously, the light of the vehicle for a given amount of energy that you have in the battery, the longer the range. And then thirdly, you can charge it more rapidly because of the temperature tolerance of solid state batteries. So the charge time drops from eighteen minutes down to twelve minutes on a 10 to 80% state of charge cycle. So this is a a big saving, and

20:16 it's a a significant saving from a percentage perspective. And we also have had, you know, validation from the head of battery development at UK based tier one, supplying OEMs that we are actually in that leading cohort of solid state battery developers. They are engaged with us in terms of evaluating further prototypes.

20:46 I mentioned earlier about that derisking of scale scale up up at the UK Battery Industrialization Center, and there you see some of our team together with UK BICS team. We we had that successful coating of the electrode and electrolyte composite gave a a high manufacturing yield. And actually, the the batteries that we produced ended up having a higher capacity and faster charging protocols. And that may seem a little bit detailed, but this is really important because, actually, if you charge your battery more rapidly, then the capacity of that battery, the effective capacity that you can access drops.

21:34 So So if you end up with higher quality batteries that have a higher capacity when you charge them rapidly, that's a really big selling point. We have demonstrated that we can use these standard gigafactory industrial equipment items, and that therefore reduces manufacturing CapEx when we go to implement in an existing gigafactory, and it reduces that manufacturing risk at scale. Wastage is really important. We need to maximize yield. And, of course, end up with that improved end user performance, you've got a product that people want to buy.

22:22 So this is bridging the gap. We've still got a a little way to go through the rest of 2025 and into 2026. We've hit some great milestones over the last twelve months. I've talked about some of them earlier on. Stuff to look forward to, and that's in the the green dashed boxes on this chart. We will be announcing completion of the installation of assembly line, the release of our p 1.510 ampere second generation prototypes. Remember that last year, we released our first generation prototypes.

23:08 We'll get some feedback from customers on that, and then that will educate us about what's required for our larger prototypes, our 50 amp hour third generation prototypes. And that'll open that commercialization and licensing window with tier ones and OEMs. And we've got a pipeline of them waiting to receive samples from us. So this is what the scale up plan looks like. We are manufacturing on a pre pilot line at the moment. We're just finalizing installing equipment in our pilot line for greater automation.

23:54 And, of course, we continue to work with UK BIC, which has got some even bigger equipment, bigger than our pilot line. We've had a technology collaboration agreement that's in place with AgriTAS. But the the next bit of the scale up, as I was explaining right at the beginning of this presentation, is is through partnership rather than us doing it independently. So we expect that potential licensees will scale up and develop the processes through what the automotive industry calls b and c samples before implementing that at gigafactory scale. So, Jason, how does this then reflect with the revenue buildup?

24:45 Thank you, Graham. So very similar to Sterex. We expect there to be multiple streams of revenue coming through. At the top there, grant funding. So Graham has talked about the primed funding and the announcement only yesterday of the addition addition of, you know, very important steering, partners there to help guide us through that process. So we expect there to be continued grant funding, throughout the Goliath project, not only at our current stage, but also as we move to producing pack modules. And that is a really key route for us into working with those automotive partners who use that as a a very, good opportunity to secure non dilutive funding for them as well as for us to do that testing process. So we see that continuing on and are working through some of those application and discussions already.

25:39 There would be elements of nonrecurring engineering as well. So once again, very similar to the Sterex revenue build, we do expect if there's any requirements for specific formats to suit a particular customer, there will be chargeable activity. Or once again, looking to the spin offs around consumer electronics or other markets that might need variations of size or power that we would need to, develop that will require investment that would come from the potential customers. Building on top of that, then we have battery royalty revenue. So as we start to produce these batteries, at the a, b, and c sample stage, there would be revenue that would be flowing to us. So that's not just waiting until ultimately the cars are on the forecourt with the Goliath battery in it, But through all of that development cycle, as we work with those partners that Graham just talked about, we would be receiving revenue.

26:35 So it's not just waiting to the end of the period when cars are driving around with Goliath batteries in. And then the bottom section, once again, going back to that previous slide that Graham talked to around that a, b, and c samples, those licensing opportunities really open up, and we would expect there to be license fees probably staged against those a, b, and c sample stages so that they're phased with, the performance and the the rollout of the batteries. But we do expect to derive those revenue streams as we enter into those license agreements with either the automotives themselves or their associated tier one partners who will actually be the gigafactory manufacturers. Sitting, to the side of that just to give an idea of where our discussions are at the minute, we are talking through a number of different applications. Automotive is by far the greatest of 15, companies that we're dealing with there. But we are talking to, as I said, consumer electronics, aerospace, and some tier one support manufacturers, in that sector. And that's a variety of different customers. There's 21 different customers, but spread globally, so not just focused in The UK, so across Europe, The US, and in fact, rest of the world into Asia as well. So really positive that interest coming out of China despite them being global leaders in the battery segment.

27:57 Thanks, Jason. So let's just have a quick wrap up of the slides before we move across to the q and a. Five key points to remember for reasons to consider investing in ILIKA. First of all, we've got this great patented portfolio for our technology across multiple jurisdictions. Secondly, we are diversified across two markets with near term opportunities for commercialization. So relative to a lot of battery companies, we have a reduced execution risk. We've got our own in house purpose built pilot line and fabrication facilities as well as partnerships to validate those plans.

28:46 We've already demonstrated that we can make this business model work. We have a license and royalty agreement in place with Certik Medical, which is set to deliver the economy of scale that we need. And then finally, we have already shipped Goliath batteries to automotive customers, And we've engaged with a a wide portfolio of OEMs and tier ones on commercially sponsored trials. So many thanks for your attention while we've trotted through these slides. That's great. Jason, Graham, thank you very much indeed for updating investors. Ladies and please do continue to submit your questions just using the Q and A tab situated on the right hand corner of the screen. But just while guys take a couple of moments to review your questions submitted already, I'd like to remind you that recording of this presentation, along with a copy of the slides and the published Q and A, is accessible via your investment company dashboard.

29:44 Jason, Graham, as you know, you had a number of questions submitted by investors ahead of today's event, and you've had a number of questions throughout. If I may just hand back to you just to take us through that, and I'll pick up from you at the end. Thank you very much. So the first question we've got here is, do you feel able to bring forward your Goliath commercialization production date 2033. Well, you know, the the reality is that those timelines are, to a large extent, driven by new platform launches the OEMs that we deal with. However, you shouldn't confuse that date with the start of revenue generation for us because earlier than that date, we we will have licensed the technology. In fact, you know, we're saying that that technology licensing agreement, the window for that really opens effectively from 2026 onwards.

30:47 So the company will benefit from licensing revenue long before the batteries enter the mass market and go into large scale production. The next question we've got is how far developed is sodium ion battery technology, and can it be used for solid state batteries, and will ILIKA be using it? Yeah. This is a really interesting question. You know, sodium ion battery technology, on the one hand, is being flagged as a a potential replacement for lithium ion. I mean, some really big players, biggest of all, right, cattle in China is talking about using sodium ion technology, probably primarily initially in China in smaller vehicles, low cost vehicles that are used in an urban environment.

31:45 But on the other hand, we've seen some high profile failures of sodium ion technology. There's a US company, Natron, that recently shut down because of a lack of commercial momentum and investor interest. I would say that sodium ion technology is at a fairly early stage, and it will have specific uses for inexpensive low cost vehicles, not performance vehicles. Because one of the problems, of course, of sodium ion technology is that it has a a pretty pretty low energy density. So the amount of energy for a given weight of battery in a sodium ion battery is much less than the lithium equivalent.

32:37 Sodium is quite a heavy material relative to, lithium, And so it hasn't got some of the advantages that you look to lithium ion for. It it may have broader use in stationery storage, actually. Maybe a better market for that. What are the dimensions and weights of a 50 amp hour battery? Well, you know, it depends on on the geometry of the battery and and how it's packaged. In general, we have gone for a footprint that is 30 centimeters by 10 centimeters.

33:25 This is a a standard sort of industry footprint. Remember, we're making pouch cells. And typically, you know, we are delivering energy densities in excess of 300 watt hours per kilo. So you can do the conversion and and work out what the weight of a pouch cell of that capacity would be. Next question is, is silver used in any of the final products that incorporate Steriax batteries? I'm not quite sure how much we've disclosed actually in terms of the bill of materials, but I'm happy to say actually that we don't use silver in steriacs.

34:18 But that's not to say it's not a useful material in other context. Next question is reference slide 11. Do you know approximately how many companies are in the leading cohort? That's a good question. I would say that, you know, across the globe, you've got solid state battery developers in Asia, in The US, and relatively few here in Europe. In fact, IKA is perhaps one of the the last men standing here in Europe. There's been some difficulties in the industry here over the last couple of years.

35:03 But I would say, you know, probably maybe 10 companies, including some very large ones like CATL that are investing in solid state. So, you know, a reasonable cohort of organizations. If I take the next one to give Graham a chance to draw breath. So what does the company expect cost cost to manufacture Goliath would be compared to existing lithium ion batteries of similar power? So there's been, as you would imagine, a lot of work and studies have been completed by us and across the industry as to what future pricing is expected to be. And I'm happy to say that from our modeling and other modeling that's being done, the projections are that at gigascale, and that's why they are projections because no one is manufacturing at that scale yet. There is an expectation that based on the bill of materials that are being developed that, solid state batteries will be equal to or slightly cheaper to manufacture than the existing generation of lithium ion batteries for a same given power. So clearly, that puts them no more expensive, but giving all of the benefits that both we've talked to and other people are talking to, so clearly allowing for that to come in. But as you would expect, new technology is always expensive to implement and that's why we amongst others are targeting specific sectors that are best suited,

36:34 to taking our batteries on at that smaller scale as they are being rolled out before they become mass market. Thanks, Jason. Next question. If I remember correctly, you had Sterex revenues at approximately 15,000,000 US a few years back. What happened? Too expensive per yield something else? Well, the reality is we are still deploying the technology to manufacture Sterex batteries through our partnership with Certik. And, you know, if you look at the analyst expectations, if you go actually to our website and take a look at the investors page, you'll see there is plenty of research coverage on there. And Sterex revenues are expected to get to that level and beyond. So it's just a case of waiting for implementation and that commercial rollout to get to those levels of revenue.

37:34 Next question is how do Sterex and Goliath compare to Chinese competitors? Well, yeah. I mean, you know, some Chinese companies are, you know, really leading edge of producing some of the best lithium ion batteries in the world. In fact, ninety percent of lithium ion cells are manufactured in China at the moment. So there are some, you know, fantastic reference companies and indeed competitors in China. We believe from the feedback that we've had from the people that have seen and tested our batteries, our prototypes to date, that we we are in that leading cohort.

38:19 So, you know, we are making comparable progress to what's seen abroad. But don't be, you know, fooled into thinking that actually there is just one battery that is likely to be the dominant battery. Actually, as we've seen in lots of other situations and indeed with with lithium ion batteries at the moment, that you can optimize batteries for different applications. And it's usually the case that you take the unique properties of the battery that you've developed often driven by your chemistry selection. And you can find applications for those batteries. You know, the the solid state and lithium ion battery market is, you know, a massive market growing very rapidly, and there are opportunities in all sorts of segments that will be materially significant for ILIKA and other people who are active in that segment.

39:25 Next question is, will the problems at JLR have any effect on your short term prospects? I think the answer is firmly no here. We we have got no information that any of our confidential know how has been compromised. And as you've seen, JLR continue to interact with us and and support us on our ongoing programs. Next question is, what's your confidence level in achieving your your prototype timeline? Well, at the minute, that is our expectation outcome. We have a p 1.5 batteries on test at the minute. We are evaluating the data that's coming out of that testing, making sure that those batteries do what they say on the tin. You'll remember that when we sent out our p one prototypes last year, that that was one of the main things that we wanted to achieve, that we we had companies and partners that confirmed that what we'd sent them was what they tested, and we're looking to achieve the same outcome this time. And so far, we're on track.

40:37 Next one. Have you had any interest in Sterex batteries from companies involved in the robotics sector? That's an interesting one. Well, robotics typically have quite a high energy and power requirement in order to operate them. Sterex, you know, is typically more useful for sensor and AIMD applications. So I would say robotics is not good fit with Sterex at the moment. That may change if sensor technology starts to move towards being battery operated. But for the moment, I'd say that that isn't a focus area.

41:23 Next question. Can we expect to see Goliath in automobiles by 2028? Well, look, you've seen the timelines. We've been through the slides on that. Obviously, you know, Goliath will be put into small numbers of prototype vehicles in the next few years. But But in in terms terms of of mass market rollout, that will have to, you know, take the the usual timelines that are needed for new automotive deployments. But that would that's certainly the direction of travel. Next question. Lithium sulfur batteries are a real competition, would you say?

42:12 I'd say lithium sulfur batteries are really interesting. They have some useful properties. You know, they have they're they're quite lightweight, and they could be used for, you know, applications where that that weight but not the volume is important because they are actually quite bulky. So although they've got a high gravimetric energy density, they have a per volumetric energy density. So most of the applications that we've seen for lithium sulfur batteries are in drones, UAVs, or where, you know, perhaps in defense, an infantry person has to carry a significant weight of batteries or a significant amount of battery capacity.

43:05 I'd say because they generally cycle very poorly, we won't see them in automotive anytime soon. Typically, you only get a half, maybe even a quarter of the cycle life out of lithium sulfur batteries relative to lithium ion. So most of the automotive companies don't consider them to be an option. That's great, Graham. Jason, as usual, you've covered off every question from investors. So thank you to everybody for your engagement this afternoon. We did have some pre submitted questions as well that the company have prepared responses to. And once we've transcribed today's Q and A, we will share those with all of you on today's call. Graham, I know investor feedback is particularly important to you and Jason. I'll shortly redirect those on the call to give you their thoughts and expectations. But before doing so, I wonder if I may just ask you for a couple of closing comments.

43:59 Thank you, Mark. Thanks everybody for engaging with us today. It's been fantastic to see such a great stream of questions and interest in the battery sector in general and and in ILIKA's activities in particular. So please keep that support coming. That's great, Graham. Jason, thank you very much indeed for your time. Ladies and gentlemen, please don't close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the team can really better understand your views and expectations. This may take a few months to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of IKA PLC, we'd like to thank you for attending today's presentation, and good evening.