Good morning, everyone. Welcome to Lithium Royalty Corp's Q2 2023 Earnings Call. I will now turn the call over to Ms. Jonida Zaganjori, Head of IR for Lithium Royalty Corp. Please go ahead, ma'am. Good morning, everyone. Welcome to Lithium Royalty Corp's Q2 2023 Earnings Call. Please note that our complete financial results are available on our recently updated website, lithiumroyaltycorp.com, under the Investors tab, and also accessible on SEDAR+. This event is being webcast live. A replay of this call and transcript will be available on our website. Joining us today are Ernie Ortiz, President and CEO of Lithium Royalty Corp, and Dominique Barker, Chief Financial Officer and Head of Sustainability at LRC. Ernie will begin with intro remarks, followed by Dominique, who will provide an overview of our financial results. After the presentations, we will transition to a Q&A session, where our executive team will respond to your questions. We would like to remind participants that today's commentaries may contain forward-looking information. For more details, please refer to our forward-looking information statement in our press release, dated 14 August 2023, available on our website and on SEDAR+. Please note that all figures referred to on today's call are in US dollars, unless otherwise noted. I will now turn the call over to Ernie Ortiz. Thank you, Jonida. Good morning, everyone. Thank you for joining us today on our inaugural earnings call to discuss LRC's Q2 results for the period ended 30 June 2023. 2023 has been a hallmark year for Lithium Royalty Corp. LRC is coming up on its 5th month as a public company, following its IPO on the Toronto Stock Exchange in March 2023. We are grateful for the trust vested to us from our shareholders, and we remain committed to executing on our strategy of investing in the highest grade, lowest cost assets with low levels of technical complexity. Lithium Royalty Corp has proven to be a partner of choice for over 20 counterparties globally, and since our IPO, we've remained acquisitive on both primary and secondary royalties. During our IPO marketing process, we received questions of our confidence in capital deployment. We have deployed approximately $52 million and have completed six transactions so far in 2023. In the course of our IPO roadshow, we presented an estimated opportunity pipeline of $130 million, and we're pleased to report that our pipeline has grown since then. We are continuing to pursue additional transactions that fit our strategic objectives. The portfolio has de-risked substantially in 2023, with Core Lithium and Sigma Lithium both starting production, and Core beginning to pay us royalties this past quarter on spodumene concentrate. We expect Sigma to begin paying royalties in the Q3. We are also pleased to see the progress on Tres Quebradas, which we expect to see online by the end of 2023. These are all key milestones for us as we transition from a portfolio of royalties to a portfolio of cash flows. On a broader macroeconomic level, the electrification thematic remains a bright spot of the global economy, with robust growth across all of the key electric vehicle geographies. In the H1 of 2023, Chinese electric vehicle sales grew by 44%. In the U.S., sales grew by 68%, and in the European Union, sales grew by 28%, which was slowed by slowing plug-in hybrid electric vehicle sales. If we look solely at battery electric vehicle sales in Europe, the figure was closer to 54% growth year-on-year. Albemarle recently commented that global EV sales remain on track for 40% year-on-year growth in 2023. The LRC team remains incredibly deliberate across our asset selection, fortified by our many years in the industry and the countless site visits we've participated in around the world. We continue to add industry-leading assets to our portfolio that we expect to be meaningful and attractive assets in the lithium industry, both in the near term and in the decades to come. The transactions we've added are all on world-class assets in industry-leading lithium jurisdictions, including Australia, Argentina, Brazil, Ontario and Quebec. The transactions are detailed in our earnings release and available on our website. Of note are the two recent acquisitions we have made. One is the incremental 0.5% gross revenue royalty that we added on Tres Quebradas asset in Argentina that is actively in construction. The second is a 3% gross revenue royalty that we acquired from Atlas Lithium across their Mina do Rai property in Brazil. These two acquisitions are notable because we expect Tres Quebradas will be cash flowing in early 2024. We purchased that royalty at what we believe is an attractive price. The Atlas royalty is underpinned by the Anitta pegmatite, which is a pegmatite trend of 2.3 kilometers, one of the longest in Brazil, with regional leading width and mineralization close to surface. Both of these acquisitions are value-enhancing. They were the two largest transactions ever for LRC. Within the LRC portfolio, we hold many of the most attractive producing, construction, development, and exploration royalties in the industry. While the focus is on near-term cash flows with regards to acquisitions, we will continue to add assets across the development cycle in line with our proven track record of excellent asset selection. Our portfolio companies continue to invest, explore, and construct the assets that will power the global electrification thematic. Across the portfolio, we are seeing a record amount of meters drilled and rigs deployed, which is leading to exceptional successes at the drill bit. Key project highlights include: at James Bay, Allkem recently increased its mineral resource to 110 million tons, making it the largest spodumene deposit in the Americas. LRC's royalty covers the northwest and the southeast portion of the deposit. Allkem acknowledged that the northwest sector remains open along strike, with excellent growth potential. In essence, the ore body is extending more and more towards the LRC royalty area. At Moblan, Sayona Mining upgraded the mineral resource to an NI 43-101 compliant resource of 49.9 million tons. Sayona expects to release an updated definitive, definitive Feasibility Study in November 2023, and a further resource upgrade in the H2 of 2024. At Yinnetharra, Delta Lithium has done an exceptional job, having discovered six well-defined pegmatites at Malinda. Mineralization is present from surface to a depth of at least 350 meters. Two of the pegmatites have consistent mineralization of, of over 1.5 kilometers and remain open. Several intercepts have returned widths between 20 and 55 meters. At Winsome Resources' Adina project, the company had drilled approximately 22,000 meters as of June, with continued works on site expected throughout the year. Winsome Resources is aiming to publish a Preliminary Economic Assessment and a mineral resource of global significance by year-end 2023. The company has reported some of the widest intercepts in Canada, with one of the assays showing 107.6 meters of width from very close to surface. The company has recently reported that it is back on site following the Quebec wildfires. Finally, with Atlas Lithium, they continue to progress its Neves Project in Minas Gerais, Brazil. The company was granted priority review status from the state of Minas Gerais, that the company believes will expedite permitting and licensing. On the back of encouraging drill results, the company is now estimating production capacity of 300,000 tons per year spodumene concentrate, up from 150,000 tons per year at the time of LRC's investment. Atlas is guiding to releasing a maiden mineral resource in the Q3 of 2023, to be followed by a Preliminary Economic Assessment shortly thereafter. Importantly, Lithium Royalty Corp. has already had two assets in its portfolio, each announced a maiden mineral resource in 2023. Green Technology Metals, which we believe has one of the leading exploration teams in the world, announced a mineral resource of 12.6 million tons at its Root Project in Ontario. This complemented Seymour Project, for which LRC also holds a 1% gross revenue royalty. Green Technology Metals is aiming to start production at Seymour in 2025. In Manitoba, Grid Metals announced a 6.8 million ton maiden mineral resource at its Donner Lake property. Grid Metals is attempting to fast track to production via toll operations that could have spodumene production start as early as 2025. Across the portfolio, we are seeing real-time dynamic improvement across our asset base. We expect to see additional announcements with regards to production ramping, mineral resource announcements and increases, and additional drill campaign successes. Overall, we are the most excited we've ever been about the future of our portfolio. I will now pass to Dominique, who will discuss our financial results. Thank you. As Ernie said, welcome to our inaugural earnings call. Our royalty revenue this quarter was $838,000, up from $708,000 last quarter, and compared to $424,000 for the same period last year. The main reason for the increase in both periods is related to Core Lithium's Finniss Project coming online in Q1, as well as their increased production in Q2 over Q1. Depletion was $147,000 in the quarter. That compares to $237,000 in Q1, and $242,000 for the same period last year. The amount expensed this past quarter is reduced because the life of mine at Mt Cattlin has been extended, which means the amount of depletion dollars per ton of ore mined is less. Our gross margin was 82% in the quarter. That compares to 66% in the Q1 and 43% a year ago. General and admin expenses was $1.8 million in the quarter, and that's the same as last quarter. G&A includes IPO-related costs of approximately $600,000 in Q2, and that relates to one-time IPO non-cash stock-based compensation. We've 2 cash flowing royalties so far. One, Mt Cattlin, which is based in Australia, and it's been a fantastic base for us to expand on and can be considered steady state. The project is owned and operated by Allkem, a $6 billion market cap chemicals company based in Australia. Mt Cattlin is one of the longest-producing lithium mines globally. Mt Cattlin is a low-cost spodumene project using conventional techniques to extract and process the resource. This royalty generates payments based on the volume of ore mined and not on the revenue, like the rest of our royalties. Still, it's been a consistent producer for us, producing revenues of approximately $300,000-$400,000 per quarter to us. Second, we have Core Lithium's Finniss Project in Australia. Core Lithium is a $700 million market cap company based in Australia. We began recognizing revenue from Finniss in Q1. During this past quarter, our royalty rate increased from 2.115% of gross revenue to 2.5%. That's because Core met certain milestones on their Finniss Project, which triggered a payment by us of AUD 1.25 million in the quarter. As a result, we will begin collecting a 2.5% royalty rate in Q3. Core continues to ramp up its mining operations at Finniss, according to their own disclosure. Subsequent to quarter end, Core Lithium announced that it was loading and preparing a shipment of approximately 13,500 tons to leading lithium converter, Sichuan Yahua. Core recently released guidance and said it expects to have sales of 90,000-100,000 tons of concentrate at Finniss for their fiscal 2024. Remember, their fiscal year ends June 30th, compared to ours at December 31. I want to go on to Sigma's Grota do Cirilo Project. Recently, Sigma, which is a $4 billion market cap company based in Brazil, commented that it expects to produce 130,000 tons in 2023, with an expectation of reaching design nameplate capacity of 270,000 tons by September 30th on an annualized basis. A quick reminder that while production is a great indicator of commercial volumes, it does not equal shipments, and LRC recognizes revenue on shipments, or only when the producer, in effect, transfers control of the product to the buyer. For Grota do Cirilo, they produced spodumene concentrate in Q2, but only shipped in Q3. We will begin recognizing revenue from Grota do Cirilo in our own Q3 results. Specifically, on July 26th, Sigma announced its first shipment that includes 15,000 tons of spodumene concentrate and 15,000 tons of 1.3% lithium oxide byproducts. Last week, Sigma said it plans a second shipment by the end of August 2023, of 15,000 tons of spodumene concentrate, and another 18,000 tons is planned for September. That production will result in royalty revenue for us beginning in Q3, and we, as Ernie said earlier, we have a 1% royalty on that asset. Now moving to our royalties that are in construction. For Tres Quebradas, after our acquisition of an additional 0.5% made in July, we now hold an effective 1.4% interest. Zijin, a $46 billion market cap mining company based in China, is the operator and plans to bring Tres Quebradas online by the end of this year. At its last Investor Day and on its website, Zijin says it is scheduled to bring phase one, and that's about 20,000 tons of concentrate per year, plans to bring that online by the end of the year. We're really excited to see that. We also expect 2 additional assets to start producing in 2024. Mariana, which is operated by $15 billion market cap company, Ganfeng Lithium, is a brine project in Argentina. We expect 17,000 tons per annum of production on a Lithium Carbonate Equivalent, or LCE, basis. We expect production to begin in mid-2024. Horse Creek, based in BC and operated by Sinova, is a fully permitted project. Currently, the company aims to start production of high-grade silica quartz in 2024. In other finance-related events, in this past... in the quarter, sorry, post the quarter, to note in our financial statements, we instituted a Normal Course Issuer Bid. We can add that to our tool of options as we make decisions on capital allocation and value maximization for shareholders. Last month, we signed a three-year credit agreement with National Bank for CAD 25 million. The interest rate is dependent on our leverage level. We want to thank them for partnering with us. Our current liquidity position is strong. After accounting for the $25 million cash portion of the 0.5% royalty acquisition at Tres Quebradas made last month, we currently have $15 million on the balance sheet. We also have access to a $25 million credit facility described earlier. We currently have zero debt on our balance sheet and have not yet drawn on the credit facility. The combination of our current cash position, our ability to draw on the credit facility, and a strong outlook for cash generation, gives us continued confidence in our ability to internally fund our growth ambitions. In summary, the cash flows are starting to come in. We have two projects that are generating cash. A third begins generating revenue for us in Q3. As Ernie alluded to earlier, I think the theme for us right now is that we're a company transitioning to cash-flowing commercial operations. This is an exciting time to be a facilitator and global leader in the energy transition. Lithium is at the nexus of that transition. It's worth noting that the IEA, or the International Energy Agency, put out a report in mid-July on the necessity for critical minerals. They make specific mention of hard rock lithium plays in Canada and Australia. Of our 32 royalties, we have 24 in both those jurisdictions, and all are hard rock. On the sustainability front, we're pleased to share with you that LRC will be attending COP28 in Dubai as part of the official Canada delegation. We will be hosting a panel on the benefits of investing in critical minerals in Quebec, where we hold eight royalties. We will provide more details as the event approaches, and we intend to publish a white paper on the topic that will be made publicly available. I will now pass it back to Ernie for closing remarks. Ernie? Thank you, Dominique. Lithium Royalty Corp is continuing to focus on what it can control, executing on our strategy of investing in the highest quality projects with attractive rates of return that get compounded by the optionality afforded by drilling and operational success. We remain comforted by the strength of the lithium market, with global electric vehicle sales proving to be very robust despite the macroeconomic volatility, heightened inflation, and geopolitical tension. We continue to attract leading individuals to our organization. We are pleased to announce the hiring of Rob Weir as Vice President of Corporate Development. Rob was previously the Head of Sales and Trading and Head of Institutional Sales at Stifel and GMP Securities, respectively. Rob will help us amplify our corporate initiatives and broaden our investor outreach. In closing, we are incredibly excited about the path forward for Lithium Royalty Corp. I think the following tailwinds will help drive shareholder value going forward: the secular growth of the lithium market that is growing at 10 times GDP, industry-leading assets that are high grade, low cost, and have low technical complexity, growing cash receipts from Core Lithium and Sigma Lithium as those projects continue to ramp up, complemented by the pending startup of the Tres Quebradas project in Argentina, and an attractive pipeline for LRC to continue to deploy capital in, in a creative manner, and optionality from our portfolio assets that are de-risking by the day and will provide attractive returns. I will now pass it back to Jonida to open the question and answer portion of the call. Operator, we are now ready to answer questions. Can we please open up the lines for Q&A? Thank you, ma'am. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by one on your touch-tone phone. If you would like to withdraw your request, please press star followed by two. Please stand by while we compile the Q&A roster. Your first question comes from the line of Patrick Cunningham from Citi. Please go ahead. Hi, good morning. I appreciate the update on the four assets under construction. Could you provide a little bit more detail on the other two assets, specifically, Horse Creek and Mariana, in terms of timing of cash flow? Are there any other assets for which you are projecting a 2025 startup production? Thank you. Sure. Thanks, Patrick. On, on Mariana, I think the company is guiding to middle of 2024 startup. The company has over 1,000 individuals actively on site helping with the construction of that asset in Salta, Argentina. Similarly, with Sinova, that project is fully permitted. They are on track to start operations likely in the middle of 2024. As you know, it is a private company, as we receive additional updates, we'll continue to update the financial community. Both of those assets should be on track to start production by the middle of 2024. Then as far as assets that we see heading into production in 2025, or at least the public disclosure, it has been from Green Technology Metals. That company has disclosed that they are aiming to start production with its Seymour project in 2025. Similarly, Grid Metals is now discussing starting operations at its Donner Lake property in 2025, and that could be through 2 different tool operations. They just signed an agreement with 1911 Gold Corporation to retrofit a gold asset and turn it into a spodumene concentrator. Then they are looking at other alternatives as well. Then as far as other potential assets, Atlas Lithium has disclosed that they are aiming to start production, or aiming in 2025. We'll just continue to track all these various assets and continue to update as the new information comes in. Thank you. Your next question comes from the line of Ben Isaacson from Scotiabank. Please go ahead. Good morning, congrats on the quarter, thank you for taking my questions. I have three. I'd like to ask them one by one, if that's okay. The first one is on Argentina, based on my math, I think you're about one-third of your NAV has exposure to Argentina. Given the volatility of the Argentine peso and the election process, can you just remind us how the company and shareholders are protected? Sure. Thanks, Ben. Correct that Argentina is seeing, I guess, their elections coming up, so it's something that we're tracking very closely. For us, I think the strength of the royalty agreement are something that give us comfort. First, the Zijin royalty is denominated in US dollars, and that's strictly a gross revenue royalty with no deductions for transfer for any types of costs or transfer-related events and so forth. The Mariana royalty is denominated in Canadian dollars. First and foremost, we have no exposure to the Argentine peso. There are we do have a friendly dialogue with both of those companies. There, there is a potential for those companies to potentially pay us from outside of Argentina, given that some of these contracts have corporate guarantees, and, and, and the like. As these assets get closer to production, we'll continue to optimize that dialogue with, with, with the company. Overall, the royalty agreements are very well structured, so we, we're in a strong position right now, and we have no exposure to the Argentine peso. That's really helpful. Thank you. My second question is on primary versus secondary royalties. From a shareholder point of view, all else equal, is there a difference, when it comes to, the value for shareholders if everything is, is kind of, priced the same? Or is it really... Are we seeing different trends and themes, in primary versus secondary? Is this something we need to pay attention to? Yeah, good, good question. I think there hasn't been a huge, I guess, evaluation difference between a primary or a secondary royalty. Typically, a primary royalty, the counterparty may be more sophisticated because they are actively in conversations with different individuals within the battery supply chain, so that they have kind of direct information on where the trend is going, which kind of options they have on the table, and so forth. So they tend to have a better line of sight and, and can probably price royalties in a more discreet manner. Whereas secondary royalties, sometimes it could be the case that it's an individual who doesn't spend a 100% of their time within the battery sector. There could be asymmetric information with regards to secondary royalty counterparties. Overall, I would say that there hasn't been a huge valuation difference. We do see a strong path forward for both primary and secondary royalties, we've grown the pipeline for both. I think a good anecdote to share with everyone is that since the IPO, we've added to, to both primary and secondary royalties, and despite kind of the growing interest in lithium, we are still seeing and, and acting on additional primary opportunities. We're, we're still very bullish on both. Great. Sorry, I think I was- Thanks. cut off. Oh, am I still on? Yes, sir. Proceed, please. Great. Thank you. Last question is, do you, Ernie, do you advise any of your companies in your portfolio in terms of strategy? So maybe an example is, let's say you like the spodumene price here, and maybe you're concerned it's gonna, it's gonna ease a little bit over the next six or 12 months. Would you recommend to your companies, you know, to hedge or, or I just want to understand the kind of active dialogue and relationship that you have with your companies once a transaction has been completed? Sure, good question. We have a passive financial interest when we get involved in the any of operations. But of course, we are a knowledgeable stakeholder in the industry. To the extent that the company requires advice or has questions about the best path forward, knowing that we've looked at hundreds of assets and, and have a lot of insights in the space into what's kind of an ideal path forward for, for various companies, and at different timelines, we're happy to be vocal when we need to, but it's more of a passive instrument for us. We're always available to take their calls, but much more passive, passive for us. Great, thanks, and congrats again. Thank you. Your next question comes from the line of Katie Lachapelle from Canaccord Genuity. Please go ahead. Hi, good morning, guys. Thanks for taking my question. Just on terms of pricing, given that we've seen lithium prices be quite volatile so far this year, can you just walk us through what your current price assumptions are when you're assessing new royalty opportunities? What gives you confidence in those numbers in the current environment? Sure. The, that's a very good question. When we underwrite any new transactions, we are underwriting at much more conservative assumptions than prevailing market conditions. Right now, we are using and since the last few years, we've been using much more conservative assumptions. Today, we're using the long-term average consensus price, which I believe is around a third of the current prevailing market price, for both carbonate and for spodumene. We feel that's a very comfortable using those assumptions because our view is that the marginal cost would be supportive at those prices, actually, potentially even higher now with the addition of lower grade ore bodies and assets around the world to help supply demand. Overall, we do see that for the market being still very robust. We are heading into the seasonally stronger period of the year in the H2 of the year, so which could support market prices. At the end of the day, for us, the real upside comes from the volume growth that we see in the portfolio. You can see it across Sigma from Core as they continue to ramp up and talk about expansion, the mineral resource optionality that our investors get for free, and so forth. Of course, price is, is an important element, but we're using much more conservative prices, and then on top of that, you have the dramatic volume growth that we see really driving LRC going forward. Great, thank you. Thank you. Your next question comes from the line of David Deckelbaum from TD Cowen. Please go ahead. Thanks for taking my questions, Ernie. Good morning, and congrats on the inaugural earnings call. I was curious if I could ask just on the new CAD 25 million credit facility with National Bank or line of credit. How do you think about that as a source of funds in terms of just broader financial management? When you think about, you know, maybe you could give a little bit of color on how the pipeline looks today for deals versus where it was post-IPO, how do you think about that as sort of a source of funds for M&A, or should we think about that as a baseline for liquidity? Yeah, hi. Sure. Oh, go ahead, Dominique. Go ahead, sorry. No, you go ahead, Ernie. Yeah, we view that as another tool in just to continue to grow the business. As Dominique mentioned, our cash flows are looking quite robust going into the H2 of the year as the mines continue to ramp up. I think it just enhances our liquidity position and continues to give us different tools that are available to continue to grow the business should certain opportunities arise. Given the cash flow profile, it does seem like we'll be able to fund several deals from our internal cash flow. It is another tool in that is very that could be useful in the coming quarters or years. Overall, we expect to have additional new deals in the pipeline for 2023 and 2024. We do still remain overall in discussions with different counterparties, and we do see a strong and robust acquisition pipeline. At the same time, we're very judicious on the balance sheet, and we wouldn't want to stress our balance sheet nor our capital structure. Importantly, when we're looking at new acquisitions, we're looking for them to be accretive, both on a qualitative basis and on a financial basis. I appreciate that, Ernie. Maybe just a follow-up. I was hoping to get a little bit more details on just Horse Creek. Maybe, I know since it's private, you can't disclose a ton, but, as we think about, I guess, the 50,000 tons a year capacity there, is silicone inherently different in terms of ramp timing to nameplate capacity in your understanding? You know, is there a shorter cycle from production to first sales versus, say, spodumene concentrate? Yeah, good question. They're, they're fully permitted for over 1 million tons of production, and their prior nameplate was 600,000 tons per year of production. There is room for growth. Of course, as any mining operation starts up, they want to have an initial, the initial mine, have a steady state, and get to steady production levels. Then I think it will, it might take time to get to those much larger figures. Yeah, overall, the company has communicated to us that they expect to be in production in 2024. There is a growing market for these kind of products, especially with geopolitical tensions across the space. Given that this is in British Columbia, in a friendly jurisdiction, it is a very sought-after product. The other thing to mention is that the company is looking to vertically integrate with their smelter in Tennessee, and that would be the majority of the base load volume and probably growing volume over time. We do have third-party transfer pricing protections in the royalty agreement, but I think the company would like to start production in 2024 for the silica quartz, and then grow over time as they have the silicon metal smelter in Tennessee that is seeing a lot of political support, just given that it's also a critical mineral in North America. Thanks for your color, Ernie. Thank you. Your next question comes from the line of MacMurray Whale from Cormark. Please go ahead. Good morning, Ernie. I'm wondering, could you speak a little bit to what you're seeing in opportunities in other jurisdictions than you normally are focused on? I know, you want to stay with those sort of premier regions, but is there a difference in opportunity, size, or pricing for royalties, say, in Africa? Good question. While we're not looking to expand in certain jurisdictions, we obviously still look at those transactions and look at those assets for information purposes and the like. We do see a fair amount of difference in the geology in certain regions. Certain regions have hard rock, but none is necessarily spodumene, so they tend to be a lot more lepidolite, a lot more petalite. So that does impact our overall levels of technical complexity, which is another reason why we've shied away from certain regions. Overall, I think we have seen a greater government involvement in some of these regions. Whether it's Central America or Africa, there are some limitations now on whether there could be export of raw, of the actual ore itself. That does impact just how we think about risk and how we think about the revenue coming from these operations. I would say, we are very comfortable with our current geography. We think it is, again, the best, best-in-class, both by grade and just by all of the supportive mining laws that are being enacted and have been enacted to continue to develop these resources. Of course, we are looking at different regions just to stay informed. Okay. How about your thinking on, exposure to different resource types? You know, there's a lot more activity happening increasingly with the sedimentaries or with the really low PPM brines in the, in the hydrocarbon space. Like, what are your thoughts there? Have they evolved at all, or do you still, do you still think your mix should be sort of skewed to, to what it is currently? Sure. I think overall, our key guiding factor is high grade, low cost, low technical complexity. By default, some of those lower grade operations and the operations that require huge levels of technological innovation are not really our bread and butter. That said, the industry is evolving and is continuing to grow, in the event that there could be advancements in technological innovation and some of these assets, if they were to become economic and technically proven, then we might look at those particular opportunities in a different light. So far, we do see ourselves staying in the higher grade assets, predominantly spodumene, brine. Then to, to the event, if there's attractive sedimentary opportunities, we'll, we'll, we'll be interested. We still see a lot of low-hanging fruit in the, the spodumene and the brine projects. That, that's where we expect to add additional transactions. Okay. And then you spoke and you at the beginning, your comments just about the how strong sort of the H1 of the year has been in all three major markets for EVs. I guess recently there's been more sort of concern about economic news in China. How do you think as EVs penetrate, they should start to respond more like the normal vehicle sales, particularly in China? Are you concerned at all about the economic headwind China's facing, or do you still think the level of year-over-year change growth is possible in the H2? Yeah, good question. EV sales have been truly a bright spot of the global economy, but as you said, there is uncertainty in macroeconomic tensions. For now, we're just continuing to track the data. The data out of July for EV sales in China was also very robust, up 32% year-over-year. Chinese exports have been weak, but if you looked at the July numbers, while they were down 14.5% year-over-year, motor vehicle sales were up 83.3% year-over-year. The weakness has been related to other sectors of the economy. Of course, in the future, it can't just be one sector that's strong. It's something that we're continuing to track, but so far, we remain very encouraged by these trends for EVs. Keeping in mind that we're still at the very early innings of electrification overall. If, if, if global EV sales were 12% last year, there's still a whole bunch of electrification that can occur for the balance of the decade. No question, we're tracking the macroeconomic conditions globally. But so far, governments are still very supportive of EVs, especially with the Inflation Reduction Act in the U.S. last year. China just had an additional commentary of wanting to co-continue to promote electric vehicle sales heading into 2023 and then back half of 2023 and in 2024. Something that we're continuing to monitor, but right now we're comforted by the strength of the overall EV sector. Great. Thanks. Thanks, Ernie. Thank you. Just a reminder, ladies and gentlemen, should you have a question, please press Star followed by the number one on your touchtone phone. Please stand by while we compile for additional questions. Again, everyone, it's Star one to ask a question. There are no further questions at this time. I'd now like to turn the call back over to Ms. Zaganjori for any closing remarks. In Jonida's absence, I want to thank everyone for attending this call. We will be having our next quarterly results on 14 November, and we'll be hosting a call on 15 November. Please diarize that. Thank you very much for everyone for participating. Thank you, ma'am. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.