Savannah Resources (LSE:SAV) — Investor Presentation

0:00 Good afternoon, and welcome to the SAVANNAH RESOURCES PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could 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. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can view all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Emmanuel Perencia, CEO. Good afternoon, sir.

0:32 Good afternoon, Lini, and good afternoon to everyone who is seeing and and watching us. Very happy to do one of these regular updates with you all again. I I think that there are a few new people that are following the story and that are following this presentation. Welcome awards to all those that are new. We will probably not be just re repeating everything that is associated to to the project, but I but I think that's the average knowledge of those that are seeing this is already quite quite high, and so it allows us to move on to the the news and to the recent developments. As many of you will know, we are still in the process of finalizing a raise as we speak. We have done the advanced the the accelerated book builds between Thursday and Friday last week.

1:29 So we have already announced most of the results that has come out from from the institutional participation. We are we still have retail the retail offer ongoing for another twenty four hours. If he is here with me and has been following that work and and in support of Faiza and the rest of the team. And we're we're actually very excited with with the results. So you will have seen that we have an oversubscribed round. We have to we scaled it back. So that means that more investments was willing to come into SAVANNAH than was that that we were able to to accept. So we did the the raise at the higher amounts that we thought was adequate as together with with obviously our board.

2:21 And that amount adds up to $12,000,000, £9,200,000, plus the retail offer that is that is ongoing as we speak as referred. And the fact that this round was oversubscribed is for us a very good sign, a very good reinforcement of where we are, and also a very good reinforcement of quality of the work that the team has been doing. And the fact that we are more and more close to the stages where we are fully risked and can start to work on the re delivering the projects in terms of construction and and then production. Given that we still have the efforts to go and project finance to go, this is for us a very good result.

3:12 Let me perhaps jump to a slide that these helped us update. You will have seen these slides a few times, but not with the updated figures to the left there. This is how our capital table looks like after the institutional route has been done on Friday. And what you will see is that the three key shareholders for this stage, AMG Critical Materials, and Tourism Investments have kept their their stake. I can tell you that two of them offered to increase their stake, but given the level of participation, we left them where they were, which I think is already a very good endorsement of of the round on the stage where the company is. On top of that, you you probably will see that this 11.5% figure on other institutional investors is a very significant increase from from where we were just a week ago.

4:12 And this is an even bigger increase if we look at, pre, June rates, in back in as early as start of this year, we were at about 3.5% of institutional investors, in the register. Last Friday in June. This almost doubles to six points, can't remember exactly, 6.4, 6.5, and it has now, almost, doubled again. And this is important because institutional investors are those who know very well what next steps the company will go through, know very well how to validate and value the company, have to pick between so many other investment options that they have. And at this stage,

4:57 this shows us that they are picking SAVANNAH and that they are over over investing in SAVANNAH and coming to the register more and more. Inside that number or behind that number is a few dozens a few dozen investors. So you we're talking about a quite broad range of of institutional investors, and this starts with battery specialists or battery value chain specialists and battery and critical raw material specialists. Also, mining specialists, so funds that know how to benchmark mining companies and how to see value and moment of investments in between them. And and we have there both existing shareholders who have

5:46 reinforced their stake and new shareholders who have come into the register. And you also have a second block, which has supported the company more and more over the last two years, which is Portuguese investors. Portuguese investors are more and more part of the in on retail story, but also on the on the institutional side. So we also have a few institutional investors who have either kept their position or increased their position and a few have come into the story. Two last notes on this. The first one to tell you that we also have started to receive interest from Spain. So we also have two new Spanish institutional investors in the register.

6:34 And the last point to say that one of the largest investors in these rounds was a Portuguese fund. According to our maths, that Portuguese funds will overcome the threshold of minimal the minimum thresholds for for announcements. So as we finalize these rounds and as we prepare to issue the the shares corresponding to these rounds, you will see confirmation of another name that we're very proud to have and that we're very proud to also have earned the trust of. So all in all, we're quite happy with this round. We're also quite happy with the fact that it has allowed us to get to a cash position that is strong and that allows us to move beyond BFS. So we're we're not only capitalized to get to BFS. We're already capitalized to do more things, and this is important for two reasons. The first one is that we need and want to prepare as well as possible for finalization of project finance and then start of construction, and for that, we need to have the means to do it.

7:47 And second reason, because we don't want to be wasting any time in between steps, and there are a few things that we want to start working on that are post DFS, but we want and need to start working on pre DFS so as not to waste time in between DFS and start of construction. This includes front end engineering and design. It includes project finance with Inhig and and a few other efforts that are very, very important. Do you want to speak a bit, Ross, Henrique, before I speak about the third objective of this race? Sure. So so it was a success. So we end up with £20,000,000 or US dollars in cash. That obviously brings us to DFS, but more than that, on track for FID, a strong FID, meaning FID is project finance closing project finance.

8:42 For that, we will have the the old the detailed engineering design on track and still so for for that and and starting on long lead items that will allow us to to be on track. So that's a strong position to be and to bring the project to to FID. I totally agree. I was just standing up to to see if if it would make sense to to tell you another thing. It's just a curiosity, but I we we sometimes do these meetings out of boutique. The last time we did, I didn't tell you. We we were here, I think. And now I just wanted to to at least use this opportunity to give you just a glimpse of what's the boutique office for SAVANNAH RESOURCES. You will not see many people because it is now lunchtime in Portugal, but I think you will still see a few people there.

9:38 You have Maria Joao here. You have Anna. You have Brianna there. You have Isabelle. You have Antonio over there. Manuel de Cristiano. So these are all people who are parts of the SAVANNAH team and the SAVANNAH project every day, and it is also good for you as shareholders, investors, and and enthusiasts of the story to see a bit more what is happening behind the scenes. As I told you, you also saw a lot of empty empty chairs, but at least you get an idea. There's another window from the others to the other side where we have just puts together a tent, and we will have another one of these open events in boutique tomorrow.

10:26 And as you probably have seen, sunny Portuguese weather has left us for a few days and perhaps until next spring. So these events now require the use of a that it's actually the first time we put we put up a dance for for the event because we expect to have more people than than usual than they need and deserve to have some good level of comfort. I will not walk you around the office. There are a few other people doing meetings on the other side, but it is also I I fear that the the Internet network wouldn't wouldn't work there. But, anyway, sorry. This was just a curiosity, but I think an interesting one.

11:11 Back to the logic of the race, oversubscribed, very good investors in retail offering still ongoing for another twenty four hours, so we need to be cautious about what we can say at this stage. One new investor that will go over the threshold of disclosure, so you will have more news on that side of things. That's a Portuguese investor. You also will have new, Spanish, colleagues in the register, which is also something good for us. On use of funds, as Henrique referred progress to BFS and post BFS and preparation as much as possible of an FIND in construction. That's one very important step.

11:58 Second, ability to navigate through the complexities of these steps. So we being properly financed at this stage is also, allows also for the flexibility and ability to go through these stages without being too fearful of obstacles that we that we may have. And third, I will jump a few slides to tell you more about it. The preparation of the acquisition of the about the Audeo concession, concession that you have also heard of a few times, those who have followed the story for a while, but one that's for which we have an option to buy for a few years already and now has come the time to do it. If you look at this map in red, you see the the concession area of the main, of the main projects today, the C 100 concession area where you have the Pinheiro.

12:52 We've been down the Reservatory and the Noah blocks and also a set of additional pegmatites, and we'll talk about that afterwards. You will also have the the plants right here in between Pininfandel and the roads that will, go around in the villages so as not to go inside the villages going forwards to the north and then to the A 24 Highway, towards the left. What do you see in orange is what these rays allows us to acquire. It's another concession. Alder block b, alder block a, and alder block c. We will go through the work of of attempting to finalize that options contract and buy this this concession over the next couple of weeks. And this is important because the acquisition allows us to control the additional elements of value. It's a direct addition to the NPV of the project.

13:48 It's a direct reinforcement of the quality of the DFS that we will want to deliver, and that is because we have already drilled these ALDAIA block here that you see here just in the middle. And only there, we saw in the first stage 3,500,000 tons at 1.3% lithium contents, and this is just around the corner of the plants. So very effective holding times and costs and a very good pegmatites that is almost a at surface, so that is a very important addition to the project, one that was already heard of in the past, but will now be confirmed with with this process should everything go through well over the coming weeks, which we expect it will.

14:37 If we zoom in to this one, you see something else that is interesting, which is that inside our concession area and this additional concession area, you see another set of pink dots here and there. All of these pink dots are additional pegmatites that's surface or pegmatites off pegmatite offcrops at least. We haven't done drilling apart from from one or two points here and there, But there is very firm indication that there could be more more lithium there on top of the additional lithium that we can find underground when we will work in the ore bodies that are already planned, in Viejo and in Azerbatorian in Nouwen, in Aldeyen mostly.

15:26 The ore bodies are not only open. We see that they are may still have the best to come. And it is on this basis that the auditor that follows our project has confirmed that our the auditors, the various auditors have confirmed that the additional exploration targets could go till '35 to 62,000,000 tons on top of the resource upgrade that we did in September, and that has made our old resource go from the 20,000,000 tons that we have around the stage of scoping study here to 28,000,000 tons afterwards, and now it's 39,000,000 tons of resource.

16:14 With this resource measured and indicated that almost 70% with the additional inferred and the additional exploration target of 35 to 62, we're now looking at one of the big projects of the world. And that is also very important and very encouraging for us, not only that resource is big because it allows us to live and work out of this project for many decades, which is also very important for the region. It also allows us to serve much better the energy transition in Europe and in the world by providing high quality spodumene at very competitive prices to the market. These are some of the main reasons why we have done these additional rates.

17:08 Two additional ones before I move on to to first questions perhaps. One of them to tell you that

17:17 that we have also welcomed the words and a few more more team members or are welcoming words, a few more team members. These are most these are all associated to the next stages of the project. The stages where we need to have very good experts at building industrial projects of this complexity and then at operating industrial projects of this complexity. This includes Boris Naza, who has come from fifteen years of of mining and processing lithium in Western Australia, he's now in in

17:53 in between Lisbon and Boutiqueurs with us. It also includes Jean Nunj, who is coming coming to join us and who is one of the biggest experts in mining in Portugal. It includes a few more people out of which some of those that you saw behind us

18:12 right now. So we're very happy with the quality of the team. I think I have a slide in the presentation that's that has more information there on on this slide number three. So we this is not this is not, only a geology, team and project anymore, by any means. It is a team, with a project that can be delivered and a team that is preparing to, deliver it at the highest standards, with the highest quality, with the highest assurance of goods, competitive, and environmentally friendly delivery in a region from where we will want to hire most of those who are parts of these future projects.

19:00 In that point, also, another set of developments, we have welcomed the board in the last few months. Anna was part of the team who was a Polish foreign person and left the region for for almost twenty years if I recall, I think, something like that, and was coming back for this project and to live in Kopsh in particular. Yes. We also have Diogo who has moved with his wife into Canada only a few weeks ago. So this is a new generation of people who either didn't think they could come back or didn't think they could have a good, life in interior Portugal, and they are now part of these projects. And we certainly are working a lot to make sure that the numbers and the quality of the team just increase with as many locals and regionals and experts as possible.

20:04 Maybe I'll I'll take a few questions. I'm I'm sorry I'm not going through all of the slides, but I also think that it may be easier to to do the presentation like this. But do let me know in the questions if you want to if you want me to dive into any of these, and I'll use the slides accordingly if that works. Okay? So one question is really associated to this race, and the question is what are the conditions and prices for new shareholders to enter to enter the project? And so that's part of the the the information that has been provided to the market and that you can find both online on the long stocking chain websites and on our own websites.

20:54 These these raise has been done at 3.7 p a share, and retail shareholders can still come in for another twenty four hours. They obviously can be part of the proposal project anytime they they want by buying on market. But if they want to come in at these conditions and in these rates, it needs to be part of this of this process that we are going through right now. Perhaps I'll use this question to highlight something, which is, I think, also good progress. We did the last race in June at 3.5. So about four to five months afterwards, these additional raise is complement of the previous raise.

21:42 And being done at 3.7 is not a huge increase, but it already is an increase to the previous reference of about of about 7%, if I recall. We also are happy that the share has traded and seems to be trading at at slightly higher levels, which seems to signal that there is more interest than that as soon as we finish this this process and continue progressing towards the other major milestones that we have ahead in the following months. These will hopefully continue to improve. Another question on, what's the next value creation milestones or news points, that could happen, are, over coming months. So I'll tell you about what are those milestones for any project at our stage.

22:44 We are now at the stage in which we need to do geotechnical work to finalize the effects. We are seeing already a few pieces of the effects exercise being finalized, we need to have geotechnical work to finalize the others. So we want we will be doing geotechnical work as soon as we can over over the next few days. Hopefully, days to weeks. That should take me to work will be finalized, hopefully, at the start of next year. We want to deliver the BFS in the first half of next year and probably somewhere in the middle of that first half of next year. That is a very, very important value creation milestone for for any of us.

23:30 It will make it much, much stronger, the the the level of certainty of what we will be delivering when we when we build and then operate. The FS is validated by many external entities. It is it will be of high quality, and it will be the the elements that helps us also finalize project finance. And he he has referred that we have started the work on project finance, and we will accelerate the work on project finance over the coming months and hopefully deliver it around late summer next year. Is that correct? Exactly. We did. So after. I would say after summer. Exactly. October. Exactly. We are now in the process of starting a whole journey, which is a project finance journey.

24:19 Decides in relations with development banks, we are now starting a market sounding with the with the help of the consultant with that is working with us for so it's couple of weeks or and then we'll start this process, which is to see where the market stands for the project in terms of project finance, in terms of funding on overall, and that's so it's a starting point. It's a long journey that's that we hope we'll get we'll be prepared even before the FS comes today to start due diligence process and trying to anticipate the as possible the the timeline from the project funds. Exactly. This includes, obviously, commercial banks, but it also includes ECAs, development banks.

25:09 And that funds. That funds. And that is so suppliers on subordinated debt and other instruments that we typical from the mining industry that we are approaching in in CD three. If at this stage, just to understand there's a market summary, just to understand what we have there prepared to to support this project. Correct. This also goes in parallel with further discussions on potential strategic partnerships. We can also tell you that we have today a Japanese entity on the grounds doing a site visit with us. That's one other avenue of potential additional partners to to AMG Critical Materials. There are a few others that we're working with, and these discussions become more and more pertinent and relevant as we approach EFS. We want to make sure we strike the best deals possible for our shareholders so we're not gonna rush. And I have told you that this at various times, we're not gonna rush into any deal. We will want to do good deals for our shareholders and for our projects and deals that support as much as possible the development of the value chain from which we can further improve our our projects over time. So all of this is important work that we'll need to go through over the next eight, nine months. Is that correct?

26:40 We have seen very good first indications from some. Those who follow the story know that the KFW is one of the entities that's that is interested in looking at the project in detail. That's certainly work that we will continue doing with them, and there are additional alternatives that we need to put together for this all to make sense and for this all to free up as much value as possible for the shareholders and for the projects. So I mean, another very important work there with various sub milestones that are associated to it. Then there are other milestones that we see as important for us as as this, which are those in which we start to deliver value for the region. I've told you and shown you part of that new generation of the villages that's that is just standing behind us. But the more we do this work of being open in the local community, of opening our doors to these events where we speak about everything that people want to speak about. So the more we engage with the municipality, the local associations, the local representatives of other entities, other companies, the more we engage with everyone on the streets, the better because the more we will be able to do a project that serves very well the region and and the people at the same time that it serves our team and our shareholders. And the more we also prepare people in the region to work with us,

28:10 also the better for everyone. And we want to do some work in that regards over the coming months. We want to continue doing more work in that regards in the coming months. You may have seen an announcement that was a bit more shy than the others in which we told you that we struck first agreement with or group. That's a hospital group. It's actually the largest hospital group of the region. It is a small hospital group with one that does work with very good quality and knows the region very, very well. We struck these first agreements to us to prepare a a good quality health care solution for our people because safety in our operation will be paramount, but also for potentially for the families and and for the region if the conditions are there for that to happen over over coming months. So that's also an example of other things that we will want to do as we progress. And then it's all the other steps that get us as close as possible to start off construction, and that's where things really accelerate.

29:28 And we certainly see a lot of work to be done until then, but we start to see that as, one of the milestones that we have ahead of us, and we see that with a lot of enthusiasm.

29:49 Maybe I'll pick another question here. With the FEED process the progress, is any significant revision of the estimated CapEx for the proposal project expected in relation to the previously disclosed values, and what impact do these have on the financing strategy and the overall economic evolution evaluation of the projects? It's a it's a very good question and a very pertinent one, especially when we are preparing for the DFS at the same time that we are starting to prepare for front end engineering and developments. The answer there is we're we will certainly you will certainly see all the numbers in the DFS. But at this stage, and I have told this to in a variety of settings, at this stage, we see that CapEx is within the boundaries of what we would expect adjusted, of course, to inflation since we showed it at the scoping study and also adjusted to a few tweaks that we have done to the projects, but all these tweaks are obviously thought of so as to make the project even more competitive and prepared for the future.

30:57 So I would not see any major blowouts as you perhaps have seen in other projects, in other regions from where we are. There are adjustments to be done, but the numbers remain numbers that can deliver a very robust robust product. Would we dare to to refer numbers at this stage? I don't think so. It's only a bit too soon for that. But let's say that a good guess would be to update the the basis the the client on on on inflation, so in that range around that that number. And so some more additional investor that's mentioned this a few tweaks that we'll have to do, but it's not so it's fine to make. Okay. On top of the CapEx, of course, you will need to to add financing costs and working capital costs. So the final figure will obviously be different from CapEx. Is obviously that you need to have the overheads during construction and then also going to a project final structure. You you will have to leave with the interest that have to be financed to to the project.

32:10 Yep. Construction fence, please. Exactly. There there are two questions that I think are particularly, interesting. One went one is associated to, to licensing infrastructure and, European programs. I understand these will be European funding programs. So I'll take this one first, and the second one on the importance for the region. So, on that first one. So I'll I'll read the question. Given the national and European importance of the project, can the administration clarify the level of involvement and concrete support from the Portuguese governments, both in terms of facilitating licensing and infrastructure and in terms of any institutional participation or inclusion in European critical raw materials program.

33:03 So I'll I'll take or recall you of three things that are thing I think are very important here. One is the project has has a strategic project stamp. It has become a strategic project. And on top of that, afterwards, we have been named in in speeches by mister president miss commission president, who's sort of on the client. I think I can think of twice in the last two months that just shows how well and importantly the European Commission sees the project. If that was not in itself alone, a good indication of that, we were asked by mister, European Commissioner, Stephane SAVANNAH RESOURCES to join in in in a visit to Japan only late September to early October, if I recall. That visit was to meet the Japanese prime minister. It was attended by four companies in this space, four companies associated to critical materials and to batteries and all the the revolution, the economic and industrial revolution that is behind batteries.

34:19 And they asked us to join, and I think that meeting and that visit was very, very useful. On top of that, afterwards, we went with ICES, the Portuguese foreign investment body to Japan again and being part of that group of entities that's that was asked to join this visit with ICES is also an endorsement by Portuguese entity that is important. You may have also seen that in August, I think it it was in August that we announced that we are now followed by KAPAI. KAPAI is a permanent committee to of support to strategic investments. And it's a mechanism that is frequently used for important projects in Portugal for a variety of projects. And it is simple follow-up by ISAF and all the other entities that are involved in assessing and in confirming the progress of these projects at a national level. They all gather regularly to look at the list of projects that are part of those.

35:30 And that in itself is also a further confirmation that the Portuguese state wants these projects to progress and progress well within law, within the rules, and within the the setting that allows the country to benefit from the projects as much as possible through the royalties, the taxes, and the job creation that it involves, but also through the use of these projects so as to, increase the odds of attracting other international projects, into the country. So that was in itself another clear, endorsements of the project and another important tool so as to navigate through the complexities of the Portuguese bureaucratic, system.

36:17 And the last, point that I'd like to raise is that the current minister of environment was the the signatory of a letter of a fundamental resolution in April this year. And that's an amendment resolution is a very, very clear testament of how the Portuguese governments understands that these projects is important and that it needs to progress for the benefits of the region, of the country, of, Europe, and of the various value chains that we can, support. And so I would I would encourage you to look at that fundamental resolution.

37:03 It's a a publicly available, document. Those who don't cannot find it, but but wants to have a look, do let us know. We will point you towards the right link. And that document is very clear in how it approaches the the Portuguese state approaches this project. This said, are we going fast enough and are we progressing at the speed that we would like in all the interactions with the Portuguese states? The answer is unfortunately, no. Okay. We would certainly hope that Portugal would be capable of being a bit less bureaucratic at this stage and a bit fast faster in, in, going through, the administrative and political, steps that are required for projects like this.

37:51 Unfortunately, this is something that is not only associated to us. There are issues of speed with solar projects, with wind projects, with battery projects, with other industrial projects in the country at this stage, projects that are very important for the for the materialization of so much value that, these various value chains can deliver for the country. It is very important progress that needs to be made so as to Hi, Emmanuel. We've just lost your audio momentarily.

38:38 I'm just gonna refresh your browser and bring you back through. Hello? Hi, Emmanuel. We can hear you now. Thank you. Can you tell me where this stopped? I think you were just covering one of the questions. Okay. So as as stated, the endorsements of and support of Portuguese state is clear and of the European Commission has referred. But there are things that could certainly go faster and serve the the country better, both for this project and for other projects associated to industrial developments mostly associate associated to the ministry of between finance. But there is progress, and I am certain that's for the benefit of the countries, Portuguese governments will have be a bit more prone to acting faster as it's as it goes. It's certainly something that the Portuguese prime minister has said repeatedly, and and so it is something that we expect

40:08 to see. In parallel to that, there will certainly also be more news as we progress. We're seeing good developments in other areas of interaction with the Portuguese states, but we will update you on those when due time comes. There is also another question here from that that's that I think goes directly to these points, and it comes from from mister Luis from SAVANNAH RESOURCES. The question is, why isn't the government in Portugal speeding up a project that will create jobs in this region? Do they understand how desperately the rural regions in Portugal need investments?

40:56 And I I was I think it it it's a question and a statement, and and I am totally empathetic towards the statement. And I think that it is more clear today for everyone in Portugal that more investments and more developments and more jobs in the interior of the country is something very important. It's something very important and very useful for the future of our of our communities and of our country. I'm very, very happy to see a question like this coming from someone from the region. It just reinforces that we're doing some things that I hope are being done right and are better and better understood by the region. I can tell you that I am seeing Portuguese state progressing at a speed that I would want to be faster, but at the same time, I'm seeing progress.

41:55 And we are seeing progress in the relation with many Portuguese entities that are putting their efforts so as to streamline their procedures at the same time that they keep the rule of law and order as well as possible. So I am I am more positive than that these next decade or two decades will be much better for Portugal and for the interior of Portugal in terms of opportunities of development and in terms of job creations, and I am absolutely certain that we will be part of that. And I think that everyone in the Portuguese government also understands that, and it applies to our project, but it also applies to other projects in the value chain that are as important. I hope I answered the question.

42:51 Another question on the spodumene price we would use in the DFS, and it is it is a bit too early to tell you exactly the the number. These the prices spodumene that are used in these studies are usually supported by PRAs, by the the the public entities that's the the published price reports and price assessments and price estimates for the future. And given that we still have a few months to go, we will probably wait for those months to pick to pick the the reports because it is also normal that these PRAs update their figures when the spot markets improves. And given that the spot market was under tremendous pressure in the first half of this year, it was normal that PRAs decreased a bit their estimates for the future, even though they kept the logic and they kept their prospects that that the medium to long term price will be a price at which a project like SAVANNAH can be very, very good and deliver a lot of value. But it may also come come that as we as as the market now readjusts to a price level that is higher, these reports will also adjust. You will have seen that only in the last four four to five months in between the last race and these race, the price has gone up by more than

44:22 50%. The spodumene price in the market has gone up by more than 50%. So now up from a bottom of $600 that we personally see as the price level at which the market doesn't function well. And I think that was seen with so many announcements of adjustments to production or to projects or events stoppages. We're now at in the mid 9 hundreds, and the market seems to show some signs of of recovery. There is certainly a long way to go, but we clearly have set kind of references in twenty twenty two, eight thousand dollars max. Now start at 25, bottom at 600, fast progress to mid 9 hundreds, and PRAs signaling 12 hundreds to 12 to 2 thousands in the medium to long term. So in all those numbers, we are confident that we have a very good project. We want to be producing at costs that are below any of these numbers and to be, one of the most solid projects in the system.

45:39 Let me take another question from Peter. Lots of discussion with EU are moving quickly in relation to critical battery metals, yet we are toiling to receive land easements. Where is the support to get this over the line? And I think that part of the answers I gave before response to this, But, but I can confirm that we are seeing a lot of progress in talking, and we want and hope, to see even more progress in action, although we have seen some of that progress in on the action side of things also. We're not fully there yet. Both European entities and Portuguese entities still have improvements to go through, but they are also conscious of that. And I think that they are focused on becoming less bureaucratic and more investment friendly, which is important for this project and for so many others.

46:41 So I would divert this and the other question also to the Portuguese state, but my vision is that we are progressing. We're getting better, and there is a lot to do still. But the country and Europe are certainly putting their act together. You are now hearing more and more about, a new program, by ResOURCES EU. It is a program that's they are building on the basis of the success of the REPOWERED EU program, and I certainly see better setting for the development projects like ours over the next three to five years. There are a lot of questions today, so I hope you can bear with us. And I hope I can also still stay inside the hour, but I'm happy that that I that we have so many of these.

47:39 Another question. We had a win in a court case recently related to the project. Are you confident as the other legal cases will be dismissed in the same way? So there is an RNS on that, perhaps three weeks ago, something like that. This it's it states that this court decision was the eighth court decision, decision number eight, and it was also favorable decision number eight. So it was the eighth time that a Portuguese court reinforces that we are doing the right thing. And I think this states two things. This speaks about the responsibility, the level of responsibility of the level of seriousness with which our team does its work every day.

48:32 And you can rest assured that we are very aware not only of the responsibility that we have, but also of the many eyes that we have on us. And we can we want to rest everyone assured that we want to deliver a project of the absolute highest quality. And as we progress, these and other mechanisms of control are just saying and reconfirming that that is the case. So these court decisions are an important reinforcement far way forward. The other thing that it says is that some of these cases were put a couple of years ago at the stage where the the media have seen and the awareness around this project was not as it is today. And it is normal that these court cases take a bit long to to get to decisions.

49:31 But at the same time, I think that even when the project was misunderstood, the situation of the opposition group was similar to what it is today. There are people who have totally understandable concerns that we need to address, And there is a small group of people who are who have this this kind of idea that we shouldn't be here and that the country should not be a free country and that they should dictate what should happen or should not. And I think that that opposition group, we also we all need to be aware that it will continue to exist, but we also need to be aware that they do not represent the majority of the good people of this project, of the Behozu region, of the Trasos Mont region, and of the country.

50:20 And so at the same time that we respect them, and that we respect the right of opposition, we will respond to any claim and any obstacle that they put forward, be it in courts, be it street, be it in the media, or somewhere else because we are confident that we are doing the right thing. And that's what we are doing is very important for many. So we will continue to do things right and, progress. Given that this decision was the eighth and that it was the eighth positive, in regards to us, yes, the expectation is that any pending case, will go, through the same process. But that expectation needs to be lived every day with responsibility so as to continue doing things right, so as to continue to deserve the trust of everyone and the confirmation of quality of work by everyone.

51:22 There's a question on on the Aurora lithium refinery project. I will not repeat too much of the Aurora lithium project because it's been now a year since that project has been put on hold. And and back then, I said what I would say today, which is that our project is strong enough so as to develop be developed in any circumstance, and it was certainly absolutely not dependent on a single refining project. But I will also draw your attention to other projects that are being developed. The AMG project that was developed and was put into into gold commissioning in Germany. The Kallibre project in Finland that is now in its final stages of construction both of the mine, of the concentrator, and of the refinery.

52:13 The Sijuan Yahua refining project in Morocco. Morocco is just around the corner for us. It's just it's it's just around the corner, really. That is also another project for a refinery. The lithium project in Portugal. By lithium, part of one of the largest and most respective industrial groups in the country that is progressing, although, under, current market circumstances that are challenging. The AMG refinery project for Portugal, and we saw, one of the AMG representatives in the Portuguese media only a couple of months ago talking about it and talking about their efforts to make sure that other bits and pieces of their decision are put together so as to accelerate these developments. And so I we are seeing developments and potentially more developments closer to us in Europe and in particular in Portugal than one would guess. At the same time that we're talking to Chinese players that can buy our products, to Japanese players that can buy our product, to South Korean players, to American players, to South American players, and and to Australian players. So there is a myriad of options for us. The important is that we strike the right partnerships at the right time, And that's in the process. We tell everyone what we've been saying, which is that Portugal is a great destination for investment and that this battery value chain is best

53:43 developed with more projects and more people developing it, and we've seen a good response to this challenge by more and more projects. Only I think it was last week or two weeks ago, we heard of another cathode project that is in the cars for Portugal. Three months ago, we heard of another battery project in the North Of Portugal by a German company. So there is movements throughout the battery value chain, and I think that that movement will develop a full industry that will serve the country and the region, the European region well. There's another question on the second easements and making the process more expedited. Think I have covered that. Obviously, part of that responsibility rests with Portuguese government. I hope that there will be progress in the next few days. I hope I can also tell you that we have seen progress in the last few weeks.

55:02 And finally, just to wrap up if there are no other questions, I would reinforce that we are now finalizing a race that has already been confirmed as a big success and oversubscribed around at this stage of development is something good. It is confirmation that many see the projects as one of very good quality, one in which they want to bet and one that they want to support. That is a very good progress. They also certainly see news flow aheads and further developments ahead that will further derisk the project, further materialize value, and with that, potentially improvements in the overall valuation of of the company so that we become closer to the international peers in some of the metrics.

56:08 Hi, Emmanuel. We just lost you momentarily. I'm just gonna refresh your browser again. And as we progress Hi, Emmanuel. We can hear you now. Thank you. We're just going to finalize by saying that those international investors who sometimes fear that Portugal is not capable or that Europe is not capable, well, will be proved wrong as we progress because we will deliver very high quality projects from within Europe to to serve Europe and the world. Anyway, I hope this was useful. I'm very happy to answer any other questions offline and to tell you more about the results of these rates and the results of the subsequent efforts that we have over the coming months.

56:58 That's great. Thank you for updating investors today. Can I please ask investors not to close this session as you now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This may only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of SAVANNAH RESOURCES PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.