Savannah Resources (LSE:SAV) — The Barroso Lithium Project

0:00 Good afternoon, and welcome to the SAVANNAH RESOURCES PLC Investor Presentation. Today's recorded meeting, investors will be in listen only mode. The Company may not be in a position to answer every question received during the meeting itself. However, we can review your questions submitted today and publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Emmanuel Parentia, CEO. Good afternoon, sir. Good afternoon, and thank you for the introduction.

0:31 Thank you everyone to those that that have joined. Thank you to those that those many that usually see these these videos after they have they are published on all of our A pleasure to be here today with you sharing a bit more of the news. We're sharing also a different new format for the for the presentation. And so I hope I hope this helps convey the messages that we want to convey better and better. I'm sure that a lot of questions will come as we go. We are in a market scenario that's that's brings questions and doubts, and so you'll have plenty of those for sure. You will certainly also have a few as I, as I present. As usual, we're doing these presentations every, four months more or less. The last one has, was done, about five months ago. We'll try to re recover that month of delay.

1:27 The the objective is to update those that are that are to speed with with the story on the developments, but also to bring others on board. So the the first few slides are meant to recap on what SAVANNAH is, what the Ozolithium project is, and what we're here to achieve. But I think we have exciting news to share. The developments of these last few months have been important. We're progressing fast towards our goal of of delivering RDFS still easier and starting production still in '27. But at the same time, we still continue to have a few obstacles here and there. So we we'd like to to speak also about about that. Let me go through the presentation.

2:17 And, again, as you have questions, please do feel free to add them to the chat. I'll try to to answer as many as possible in yet. The usual disclaimers, you know, how this works. So I'll jump straight into what SAVANNAH is. SAVANNAH listed on name under the has become a company that has a shareholder structure that is becoming stronger and stronger. We in the last meeting, we shared the developments with AMG and the continuous support of Omar Jan and also the growth of the position of Maria Ferreira as one of the leading Portuguese investors. We can now share that SAVANNAH has also reached 10% of shareholding, and they they come together with a bunch of other Portuguese investors and go from retail to high net worth to one institutional also that is not in the list.

3:14 So this just reinforces that I hope we are being better understood in in country and that everyone is understanding that there is value to be to be captured here and that they want to be part of that value. You know about the Bohosso lithium project. You know that it's Europe's largest and most competitive lithium spodumene deposits. We are a 100% owners of the project. We continue to have majority of our offtake to be to be placed, to be used in support of other strategic partnerships on top of AMGs. So we continue to have that leverage and that opportunity to further our strategic partnerships, which we will likely play with as we progress to towards a full financial close for for this first phase phase of the project.

4:10 Now that we you have seen the annual report, you know that we continue to be well funded. We had at at the end of last year about $23,000,000 in in cash and zero debt. So we are in a strong position to continue to progress at appropriate speed to capture the opportunities that will come in the future. At the same time, that's the short term market conditions are not very favorable for others to develop the projects at the speed that they'd like. And I think that you, shareholders, are recognizing that the value ends the opportunity as the the share is becoming a bit more value. So we have been kind of counter cyclical in the last in the last year and a half.

5:01 We know that there is still a lot of potential to be tapped and a lot of value to be captured. We are still undervalued versus some of our international peers and versus many of our international peers, so we know that there is more value to be captured, and we're hopeful that we can continue to progress in that front. On the Behoza lithium projects as a summary, why is it so good and interesting? One, because it is a critical project in Europe. For Europe, it was recently classified by the EU as a strategic project under the Critical Raw Materials Act, and there are other projects that were classified as a strategic project. We see our responsibility even beyond being a strategic project. We know that we are one of the most relevant and important strategic projects that need to be delivered by the EU, and we want to be up to up to the challenge. The second reason for its value and importance is that it is expandable.

6:03 We'll talk a bit more about your bodies that remain open, the many other pegmatites that continue to be confirmed in the concession area and other sources of value. Third reason, because it's financeable. We're not talking about a $2,000,000,000 project like you have in other situations. We're not talking about harsh mineralogy. We're not talking about an underground mine that is harder to develop. We're not talk talking about other minerals that are not so bread and butter as spodumene is. So the CapEx is modest. The payback is expected to be quick, and we have already confirmed that tier one loan providers such as the German exports credit agency, and and the KSW would be willing to to support the project. So there is more to be done in that front, and we have reinforced the team in that front specifically to make sure that we deliver the best project finance possible, but it just reinforces that the project is financeable.

7:14 It is also achievable. As I said, it's it's well advanced. We have the mining lease, the environmental approval, subject to final confirmation. We have projects that has conventional mining, processing, mineralogy aspects of it. It's fully ESG compliance in the most stringent legislation of the world, which is European, So very achievable. It is valuable because because lithium is so needed from today and especially from '27 and beyond, and it is investable. It's listed. It is a good project, and this EU location provides for additional potential value and so on. So we are on fast track to serve the shortage that is expected to come after '27, and we are excited to be part of these projects.

8:09 And those who have seen the scoping study now almost two years ago know the details of the project. We are today mostly focused on on decent block where the operation will develop in the first years of operation, but we're also focused in in speeding up the preparation as the water reservoirs, the drainage structures, the roads that we will build, the power line that will need to be the the offices and the plant, of course. We know that the scoping study level project was already very good. We're trying to make it as good or even better on DFS in many aspects. There's obviously a lot of work being done towards that end, and we hope that we'll be able to share some of the news as we go until the end of the year.

9:04 A small note to those who would like to to join us in on-site. Visits would be most welcome. We have now the experience of welcoming to sites hundreds of people. Obviously, it needs to be done without disturbing the regular work, but I think it's starting to become interesting to do the visit. So feel free to join us in the Boutiqueurs region. I've talked about how conventional the project is, and the flow sheets remains the same, although we are adjusting minor details here and there because we are learning as we go with the best and those that have been operating for a few years and are continuing to tweak their plans so as to make them even more efficient, so as to increase recovery, so as to reduce operational costs.

9:57 And so adjustments here and there will be done through the DFS solution, but the whole flow sheets remains the same and the potential value to be captured. Also, the strip ratio continues to be one of the best in the system globally. And the fact that we have these byproducts and we have an industry that can consume them is also good. At this stage, we are now past 40 millimeters of drilling, so there's a lot a lot of information that supports all of what we are sharing here. A lot of pilots stage work with with and a lot of additional work on all the engineering fronts with our partners, SAVANNAH RESOURCES, and the likes.

10:53 This was the first plant design. Again, a few a few adaptations until DFS, but we're very confident that this is the the backbone of what will be built. And combining the MS and flotation with rice stack tailings, a capacity of 1,500,000 tonnes, environmentally friendly reagents, good mitigation measures, good products, and a lot of renewable energy. So it is, by any standards, a very, very good project from any global perspective, from an ESG perspective, and also from a delivery, and, risk mitigation perspective.

11:39 It is unmatched, in Europe in size and in rates. And Calibre is also a very good project. We've spoken about it in the past. They're one year ahead, and they're now preparing to start commissioning. They have built most of of their new units both on the mining side and on the refining side. Our goal is to be as good as some of the best projects in the world, and we are seeing further confirmation that we can be in that championship. So we don't want only to be the best in Europe. We want to be one of the best in the world, and we want to be as competitive as some of these best. We've been following a lot of the work of Pilbara and Sigma.

12:25 So if she wants to look at benchmarks of what we want to achieve, it's probably two names that that you should keep in mind. Scoping study numbers shows that we can be very competitive even at low prices. And if we also confirm that the concentrate is very clean and that we can be operational in '27, that we're learning from the best in Australia, and that we can have a project that is more circular than average in the industry. We will be the cornerstone on one of the key cornerstone elements of delivering Europe's critical raw materials act targets by 2030. And, again, as I referred, we want to be in position to deliver that and what they're what they're expecting and potentially even more whilst remaining competitive in the global sea.

13:25 We have also talked about additional upsides. This is on top of the 28,000,000 tons, of course. We have talked about this additional exploration target of 11 to 19,000,000 tons. We have shared a few RNSs over the last few months that further confirm that this exploration target is on reach And there are more that there is more, in the pegmatites, that we're working on. We have also shared an RNS on, the new pegmatites that are to be tested on some of these groundwork that has been done inside the concession area. We've spoken a bit about the concession for which we have an option until the end of the year. We know that there is at least another ore body there that is particularly interesting.

14:23 So all in all, we're we're looking at trying to develop a resource that goes beyond the 50,000,000 tons at some points and is able to, operate for, decades to come. We're still a 100% focused on delivering the projects that we have right now, but we know at the same time that there is there is tremendous additional potential. And so this slide just tries to summarize a bit of that. Just to, elaborate a bit on, today's RNS because it was delivered, just a few hours, ago. It mostly speaks about the developments in the drilling campaign that we are doing. This is the last drilling campaign before. And the FS, we're now at more than 8,000 meters and more than 75 holes drills out of a 117.

15:11 The the results that have been published corresponds to 42 of these these holes. The program is focused on defining the resource from a George's perspective to be fully financeable and to support the best possible DFS. And the news of the morning were that we continue to find high grade shallow zones in the Pinheiro Pit. And if you recall on the scoping study, Pinheiro was measured as around 2,000,000 tons and 11% of leaking contents. We now have seen intersections big intersections that go close to 1.5%, and Pinheiro Pit is continuing its depth with the pegmatized technique. So good news, in Pinheiro. And it is also important to, refer that Pinheiro will be the first ore body to be exported, so good news for the NPV side also.

16:15 On Reservatorio, same thing. An ore body that was measured at an average of point 9% at scoping study, we now are reinforcing or seeing very good signs of high rates on in the region of 1.5%, and the mineralization is seen continuing at depths. And for those who see the detail of the RNS, you will see that the the shape of your body is particularly interesting and easy easy to work there, which is also a good and as a plus, there was also a bit more information on Rendell, although we know now almost everything that is to be known by around Rendal, it's also further confirmation that we are seeing the results that we were expecting.

17:04 Why all of these matters and why is this product important? Because it's the foundation of the European lithium battery value chain or one of the key foundations. I've shown this this slide if we look at the whole value chain that can be developed from the proposal lithium projects current phase as defined. We can be supporting a full value chain that includes various refineries, various battery plants, various electric vehicle plants. We now have this partnership with AMG Lithium, which we consider to be one of the best position, if not the best position company, to capture the opportunity of, the value chain in the refining space, the refining steps. So we're very happy to have them onboard and to continue to progress with them. We are able to work with more and, to help develop this value chain that is so important for a 14,000,000 job industry, in Europe that is automotive and for so many other industries that are starting to be developed, like BSS, like robotics, and many others that depends on batteries.

18:10 So we know of the responsibility here, and we know that we can be part of something even much bigger than the Bohos Olekian project. At the same time that the Bohos Olekian project is a tremendous project for the region, we're talking about a thousand to 2,000 direct and indirect jobs locally in a region that today has in the municipality has less than 6,000 people. It has plenty plenty of people that have that had to emigrate. Some of them are coming back or starting to think about coming back because of our projects. We want them to come back with us. We want these families to be reunited. We want more value to be delivered to the region. We want the region to prosper. And I think we're coming right on time.

18:57 Only three, four months ago, another very small village in the region, eight kilometers away from us, died, became deserted. And it's because the the last couple that was living there passed away. So that is the scenario that we have in the region. Imagine 1,000 to 2,000 direct and indirect jobs, what they can do to revive the whole region, and we are very strong on being a force for goods in the region and ensuring that that revival is a good revival for those that live in the region. This value chain that we're talking about was just a a plan or a sketch only one to two years ago. We're starting to see it unfold now. We're starting to see it being implemented now. This is only information related to Portugal mostly on, on the left side of, the slides. A bit of information on, Spain also to the right hand side of the slide, but only this year, SAVANNAH has confirmed that it is progressing well.

20:05 Lithium in a Portuguese company has confirmed that it is progressing well in its in in towards its potential FID on refinery. AMG has confirmed that they have done another smaller deal in Portugal and that they are progressing towards one day having a refinery, hopefully, for us in country. CALP, the Chinese battery manufacturer, has confirmed that they will start building the plants in the coming weeks in Portugal, so they're not announcing that they are studying the project. They're announcing that they're starting to build it. Volkswagen has announced that the ID everyone and this and the the low cost EV that they're planning to produce from '27 onwards will be produced in Portugal in Oto Europa in Sittobal.

20:56 Stellantis is producing EVs in Portugal. EVCO is producing EVs in Portugal. The DST group, Northern, Portugal, construction group has, a black mass recycling project that is progressing well. ICES, the foreign investment support body, has a specific program for our sector. Even fast markets, is planning to do their European conference in Portugal this year in September, by the way. For those who, didn't know, invitations for you to join us in Lisbon at fast markets in September. So there is a lot happening, which not only aligned in Mario Draghi's reports that says that this is important and McKinsey that says that this is a great opportunity.

21:42 It's all of these players starting to develop their projects. And this is only the Portuguese sites. You have CATL with Celantis in Spain. You have PowerCo in Spain and a few other projects there. In strategic projects out of that list of European strategic projects, one in every four projects is in Iberia in between Portugal and Spain. So the opportunity that was mapped is starting to be delivered at scale, and this is important for Portugal and for Iberia. And we are an important part of that, and we want to make sure we do things right, so as to deserve the responsibility that we have. A bit more of additional, recent news, progress in the last few months. So we've talked about soliciting projects being being awarded strategic project status, and we hope that that will improve further improve our access to European finance and future permitting support on the permitting side.

22:42 We have progressed on the BFS. I've talked about that. We have confirmed that on the grade and on the tonnage side, but also on the new targets, we have more encouraging news there. Please refer back to the RNS specific to these two points. We've progressed on the recap. We have submitted the IA, the the environmental assessment for the bypass role that was expected. We've done the detailed roles design that supports it. That's that EIA. People in the region are starting to understand that this role will be built, and they know that it is an important role for them. Also, it's not only for the project, so that's good. We've struck the first the very first friendly expropriation deals. We've we've done a few more purchases of land plots.

23:32 The second is in progress. An expropriation a full expropriation process is in progress for the remaining land plot. So progress also there. Very good progress on the local engagement sites. This does not mean that we will not continue to have an opposition group. It just means that it is becoming smaller and smaller. Unfortunately, at the same time, sometimes a bit more radical as it becomes smaller. But on the positives, we have hired new people from the villages close to to our projects. We've done new events with about a 150 people participating in, in a few of them. We have done site visits with more than a 100 people in the last few months. We have a new office in the region, a new house in Kovac.

24:17 We're building another housing. We have more local providers. I can count at least five, new, local providers for everything between food for, the teams to, maintenance and repair work, for example, in construction. The team has expanded. I'll talk a bit more about that in a few slides, and the Portuguese support continues to build. As I referred, we're now past 20%. We are we are actually getting closer to the 25% of the company in Portuguese hands, which further reinforces that project is seen better and better in Portugal. So the timeline remains, and, we remain focused on delivering, this project, completing the FS still this year and starting operation still in '27. There's a lot to be done here, and there's a lot of work in a variety of fronts. There's a lot of obstacles and challenge to challenges to overcome, but we are sticking to the timeline, and we know that we could we can deliver it. So very focused on this and excited to deliver the project. That's the main goal.

25:34 And what we are seeing is that there is a lot of noise around the sector, especially in regards to the short term outlook and to the prices that that are at which spodumene, but mostly even more than spodumene, the chemicals that come out of the refineries are trading today. At the same time that we see that I had told you in the last three meetings that I expected '25 to be the year in which EV sales reaccelerated in Europe in particular. We're seeing the just that. In the first quarter, we have Germany going up by almost 40%, The UK surpassing 40% and a 100,000 units in the month of March, Italy going up by almost almost doubling the market.

26:26 Globally, we're seeing sales going up by almost 30% in the quarter, and even The US and North America in general has gone up in sales despite the whole turmoil of the first hundred days of the Trump administration. We're also seeing DSS continuing to confirm that it is growing fast. And so we're seeing DSS some as a subsegment of the market that is not fully understood, just yet and can provide for an additional upside to, demand, expectations, from, well, from from '26, '27, and beyond. We've seen the EU act with the strategic projects.

27:14 We've seen The US worried about lithium, making it exempt from the reciprocal tariffs, And we continue to see the short term supply imbalance, but we see it more and more as something that will be absorbed by demand growth until we, SAVANNAH, start production. And, this short term pressure is also making, life harder for more marginal projects, than ours. And so, that may also help us, be even more needless when you come when we come online. The curve, the supply and demand curve that we're presenting here was, published in Canaccord's March 25 sector notes. It's seeing the imbalance stay until '27 and be fully corrected at the end of twenty seven and start of twenty eight. So right on time for us.

28:07 We speculate on a few demand upside trends on a few supply downside trends that may affect these balance slightly sooner and may make the imbalance that we expect from '27 end of twenty seven and beyond even more pronounced. But, obviously, each of us will have its own, views of where all of all of this is, is having. But we we continue to be very positive about what we we will expect to see when we come online. As all of you have seen, we have recovered from the lows a year and a half ago. And given the current market context, we are now a bit better values. But from a price to net asset value perspective, we still have some way to go before we are values at at peers or comparable to to peers.

28:59 So we expect our valuation to continue to be reinforced, and we expect other investors to be attracted to, the story because it is a very, good story, and it's starting to be more and more understood. It is also getting closer to delivery, which is most, the most important for us. And for that delivery, I had, presented, the the revised boards. This was part of the work done last year. So the boards, welcomed, Rick Hanson as someone who's very experienced in delivering value in the lithium industry and is, our chairman since, mid last year. Mike Connor, as a representative of AMG, he brings a wealth of experience, to, the world discussions, and it's very important to also rely on his advice. Bruce, Diogo, and Mohammed, continue to support both L and I, almost on a daily basis, and it's great to have them, on boards. And this is a board that's, is fully focused on delivery, focused on delivering the project and adding value to all of our shareholders. But on top of this, we have continued to reinforce our team with very critical roles.

30:16 This is reinforcement at the same time that we adjust. We the comp the team today is way less international. We have taken out a few staff members that were a bit spread all over the world, and we're not fully focused on, on the project and on the local reality. Today, I think we have more and more a great balance between very experienced, sector veterans and people who have seen these projects being delivered and have learned a lot from projects like PLC, and and the likes. At the same time that we bring very solid, experience of Portuguese nationals to the projects. EG, for example, is joins or puts together the two elements experiencing the sector with Aurora Lithium and and Portuguese nationality.

31:14 Enrique has just come in as the CFO of the company. He brings a lot of experience from his past CFO role in the listed VDP Brazil, a big company in the energy sector. We continue to have Michael's support. We have added Boris, who has almost twenty years of experience in mining and in lithium in particular. Add this to Brett and to to Mash that I have already shared this, helping us a lot in building better community relations. We're also now adding Mike Tamlin, for example, with thirty years in the lithium industry and helping us a lot on the commercial and offtake side of the equation since, only a few weeks ago. Altogether, this company has almost two hundred years of the community experience in mining geology and lithium, and, so that means that we are very experienced as a team to deliver, these projects. We will continue to reinforce the team with, a few, critical roles for mining operations.

32:20 But we are also at the same time more and more local. And almost half of our team today is located in Boutiqueurs in the municipality that hosts and the project, which is also very important for focus, for delivery, for value delivery, for relation with with the region. All in all, before I go to the questions, I would say that this slide tries to summarize a few of the reasons why you should remain and potentially reinforce, your investments in, in SAVANNAH. There's a lot, happening. There's a lot, to, be shared over the coming months, and we know that we are on the right track to deliver one of the best, if not the best projects in Europe and one of the best value opportunities in the world in this space.

33:15 Fantastic. Mario, thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to the presentation. Just while Emmanuel Emmanuel, takes a few moments to review those questions submitted today, I'd like to remind you the recording of the presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard. As you can see, we've received a number of questions throughout today's presentation. Thank you very much to the investors for sending those through. Can I just please ask you to read out the question where appropriate to do so, give you a response, I'll pick up from you at the end? Thank you. Sure. Thank you. So I have one one question that I would like to to address first. It's probably easier. It's what process is needed between the raw end products that SAVANNAH can provide on the lithium side, I imagine, until it is delivered to a company that makes the battery. And are they all operational at SAVANNAH begins operation in '27?

34:10 I have I I went through slides that explains just that, so I'll come back to it. It's just easier as well. K. So we will deliver spodumene. That spodumene is the perfect feedstock for for the spodumene to carbonate or to hydroxide refineries that's then build the chem produce the chemical that feeds the various chemistries of batteries. So that means that spodumene is the first and most important ingredient of any good, well performing battery, be it an LFP, an NMC, hydroxide based, carbonate based, lithium metal based in the future. So you require refinery or or set of refineries in between.

35:03 They can be they can have the first steps of the refining or the latter steps of the refining or both, together. And from then on, you have a chemical that can feed cathodes, manufacturers, battery plants, and and a variety of other, players. At this stage, what we expect is that in '27, Europe will have, two to three, functioning, refineries at least. That will be Caliber. It will be AMG, potentially another. We also expect many of the battery plants to be, in construction. We know today that there are already battery plants. There are also already cathode and anode producers.

35:51 There are already small recyclers. So what we are seeing is that many, as this slide explains, are either already operating or starting to build to, operate. Most of the projects will come online between '27 and '30 to '32, I would say. So that's where I see that most of the value chain will be, in place. So if the question is, do we think that we will, be selling everything on day one in Europe? I would say that I hope that, we are as close as possible to that, but it is likely that in the first one to two years, the product needs to be, shipped elsewhere. For us, the most important is that the medium to long term perspective is that, all the product stays in Europe and serves European market as best as possible.

36:42 Another question was on, our view on m and a in the lee in European lithium sector, and as a the question was as an acquirer or as a target. Well, first thing, we've seen m and a activity globally in the sector, and it's and it's it makes sense. We after a very high spike in prices in '22, we had a hangover, and that hangover brings good opportunities for the best players to to acquire. And so Peel Robots projects in in Brazil. Rio Tinto brought number the number three in lithium minerals chemicals in the world, Arcadium, from which our chairman comes. So and and a few other deals were made in the in the recent past. I would say that a few more deals will probably be made be made in the next in the next few months.

37:38 Are we a target? Well, let's say we are less of a target today because we the the the share is starting to be a bit less undervalued and also because our our our shareholder structure is very supportive of us and includes a few blocks of significant blocks of shareholders, but but it is obvious that all of the bigger international players or players that have developed their projects faster are looking at opportunities like like SAVANNAH. Our focus is a 100% on delivery of the projects. As an acquirer, I would say that we will be good acquirers in a few years' time because we'll be one of the first producing in Europe, and we'll be very well placed in the global cost curve.

38:27 And we'll have a very good project, but our focus will remain for now in the region. We have talked about Alveia. In a sense, it is a small step on the m and a side. That's a hon that's all of our proceeds are to be used in developing our projects. We have also seen AMG coming into our register, and you would you could consider also that as a as an acquisition with with with ARRISE and reinforcement that we are an important project for many in we have a very important project for many in the industry. I would say that m and a activity is likely to to continue in the sector, but for us, the path is very clear. We want to deliver, and we see a great, great opportunity to deliver a lot of value in the long term, way more value in the long term than flash sale in the shorter term. So that's where we are focused.

39:31 Another question is curious. So those that have followed the news in the last few days have seen that we had a power outage in Iberia. And the question is, what does the recent power outage in Iberia demonstrate about infrastructure in the region? Is there a need for more power storage like batteries? I would say that it does reinforce to me that the world is is adapting to a to a different electricity mix and to a a different way of serving the whole society and economy of of electricity. I can tell you that most of our team continues to work while we were while we had no power for about ten hours in Portugal. The problem came from the Spanish tribe, as as you know.

40:17 And we continue to work because operations on the grounds were not reliant on electricity and because we had batteries fully charged in our computers, in our mobiles, and in so many of our other work tools. So I I wouldn't read too much out of these episodes apart from the fact that it was a nuisance for many, and it was even a situation that's that generated problems here and there that were that were significant in emergency services and the likes. But I would just reinforce that the world is changing, that the electricity mix is changing, that the mobility systems are changing, and that lithium is, an important part of that. And that SAVANNAH's project as a strategic project is an important part of making sure that that transformation comes to the benefits of everyone in in Europe and in the world.

41:17 How do we assess the profitability of the project at current at current volume in prices? I there was a reference to to that in one of the slides or two references to that in the presentation. It's that there's no way of of saying it differently. This the current spot prices are depressed. They are obviously depressed for most, if not everyone in the industry. Battery makers are continuing to make good money, but refiners and, you know, producers, the miners are struggling at these prices. Most most of them are breakeven or and many are below. But there are a few that continue to generate good value signal released results, and and they were positive in the current context and producing from Brazil. And we, in our scoping study, have confirmed that our breakeven price, including CapEx remuneration, would be around 600.

42:19 So if scoping study numbers are to be used, the answer would be that we could be producing and making a profit at current prices. But we do not expect to be working at current prices. We expect to be working at prices that are consistent with the development of an industry that will continue to grow beyond 20% per annum for the foreseeable future and will catch up on the demand side versus the supply that is that is available today. I hope I responded to the question. If not, let me let me, know, and I'll try to respond better. Another question, do we have a solar farm proposed at the mine as far as the future development plans as finance becomes available to provide a reliable local energy source?

43:13 The answer the short answer is in the very short term, we don't need it. And the reason for that is because solar is is an application of our proceeds of our cash that would be of lower returns, significantly lower returns than what we expect on, the mining side. And so we are focusing all of our investments, in the area where we see that we can deliver disproportionate returns for our shareholders. And the second reason for that is that, there is plenty plenty of renewable in country and in particular in the region. Very close to us, you have one of the biggest gigabatteries of the the the Iberian system. It's a sequence of three dams owned by Iberdrol in the Tamaga Tamaga River. You also have solar plants in the, for example, and in in other places, you have wind farms in the region. So it is quite easy for us to just get the electricity out of the network, the the the grid, and to complement it with with the PPA if required and useful for our for our shareholders.

44:30 For the medium term, it will be a different game. After we start, producing and generating solid cash flows, discussion will, will be different. There are a few interesting opportunities on the electricity side, there, but that's another another discussion. And for sure, it will take into account the returns that we want to deliver for our shareholders and the needs. Two other questions that are important, one on the local opposition, the other one on the legal cases. So the first one, there remains some local opposition which you receives media coverage. How concerning is this to you? It it it will continue to be concerning to me until there is only one single person that opposes the projects, to be clear. And that means that it will always be a concern to me and to the team because we want to make sure that as many people as possible in the region and in country understands how good this project can be for them, for the region, for the country.

45:31 But we will continue to have an opposition group. That is obvious. We will continue to have the same leadership of that opposition group and the same the same couple leading its sides. It's also quite quite obvious or quite expectable that that will happen. And there are reasons for people to oppose anything. There are also reasons for people to oppose this project, and sometimes they don't even relate to the project specifically. And we have to accept that that that is the case. We also have to accept that from a media perspective, sometimes stories around around series series of conspiracy or fears are they sell, and and they make the headlines. At the same time that that is true and at the same time that we will continue to have these opposition groups, as I referred, I'm very happy with the progress made in the region.

46:25 I'm very happy to see that more and more people are working with us as our team, as our partners, as our providers, as just simple bypassers that we see on the streets and to whom we say hi and with whom we share the news. I'm happy that we are leaving and that's more that some of us are already living in Kovac or living in the other villages in the region. I'm also excited that we're starting to deliver visible, tangible value for the region, although still at a small at a small scale. And I'm also happy that many in the media themselves have started to understand that there's more in this story and that perhaps the what makes the headlines is not what makes the, what makes the story. And so we've also been able to capture good media attention and to share the good sides of our story and to have more and more people endorsing our projects. So that's also exciting and important. So I would say that, although there will continue to be opposition, we are on the right path, and we will continue to progress our projects.

47:37 On the other question was on the legal cases. Where are we exactly with these legal cases that have been in the background for a while, but still seem to be inhibiting the share price by all the exciting process that progress that has been made? So two answers to that. The first one is that the legal cases today are not not anymore those that were filed in the past by the opposition group and are still to be decided. They also include or start to include a few cases that we have, put forward against, some that are not just opposing. They're doing unlawful things, while opposing. And so opposition is understandable, and it's something that we need to work with.

48:26 Criminal, activities or unlawful, actions are things that we, cannot accept. And for and for those, we will obviously file, legal cases to have to have all the consequences, implemented. Unfortunately, the Portuguese legal system is, a system that takes its time, before, deciding. But, fortunately, we have done all of the assessments that were required in regards to the merits of the claims, and we can continue to tell you and confirm that we are on the right path and that none of these legal cases is with, merits. So that's the good part of, of the response. The additional response is that, all details of the legal cases that are relevant are in our accounts, and the accounts were published only a few weeks ago. So, please do refer to, the accounts because you will see all of the details there, and you will confirm that, there is nothing there that, deters us or reduces, our ability to deliver this project.

49:39 Another question on updates on new clients or sources of capital we could shed some light on. The the the answer is no. Not today. Although I've, I'd love to, to share, it is not, they they're not at the stage, in which they can be shared to, to our shareholders, according to the regulations of of the stock market. So, as of today, I can only tell you that and confirm that we are continuing to make, good progress, in that front. And you have seen some of the additions in the team, on the project finance side, on the CFO side, Mike on the off take and commercial side are people that are very experienced at helping us bring the best deals possible for for our shareholders and for our projects. So in due time, they will come. For now, it's better that we do things right than that we anticipate too much things. The other part of that same question was, what expectations do we have on new lithium refinery, sites in Portugal, and on whether AMG is coming to Portugal.

50:50 So it's a it's a good question that should be first addressed to to AMG, but I can confirm what I have already confirmed that there is interest of SAVANNAH and AMG to to improve the likelihood of future AMG refinery coming to Portugal, and I hope that good progress is being made in that front. I have also seen lithium confirming that if they will do a positive FID on their projects, that they will do their refinery in Esterhesia in, in Northern Portugal. And I can tell you and confirm that there are more international parties that we have talked to and continue to engage with that would consider getting another refinery in due time to to the value chain in country or in region. So our expectations are positive, but we also know that for these refineries to come, some of them needs to have the mining project in operation. And so the sooner we get our project into operation, the better for the refining step of the value chain and for all of the other steps of the value chain.

52:07 Another question on the legal cases I've covered, the the project financing strategy. Do we will we consider that equity partnerships? The answer is yes. We will consider a mix of those, including, on top of those, prepayments, funding from, European, projects, and a few other finance financing tools. So there is a mix of options on the table. We will want to make sure we build the best mix from a cost of capital perspective and from a value delivery perspective, But it is too early to, say more about that apart from what we have also already shared on the interest of, entities such as the KFW and, Alien Straits in supporting the projects with debt with debt that is actually quite quite competitive because it would be backed with an export credit agency guarantee.

53:15 Emmanuel, I think you've covered off an awful lot of questions there. And every time you answer, there seems to be another one pop up. So thank you very much indeed for covering off those questions you can today. And of course, you can review all those questions. And if there's any further questions, we can publish responses on the Investor Meet company platform. And just before redirecting investors to provide you their feedback, which I know is particularly important to you and the team, could I just ask you just for a few closing comments, please? Well, I continue to be excited and motivated and proud of being part of this project, alongside, the team. So, I hope I will be able to keep you as updated as possible on developments. I welcome, you to, join us in the proposal if you come by. And I also, am looking forward to the next of these, meetings, in only a few months' time.

54:06 And, in the meanwhile, please feel free as referred to, drop us a line and ask us additional questions. We'll try to answer all of them. Thank you. A pleasure. Emmanuel, thanks indeed for updating investors today. Can I please ask investors not to close the session to be automatically redirected to provide your feedback in order the team can better understand your views and expectations? This only takes a few moments to complete and are greatly valued by the company. On behalf of the management team of SPANNAH RESOURCES PLC, we'd like to thank you for attending today's presentation. That concludes today's session, and good afternoon to you all.