Good morning and welcome to the Atalaya Mining 2024 Annual Results Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&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 received during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO, Alberto Lavandeira. Good morning to you. Good morning. Thank you very much. Good morning, everybody, ladies and gentlemen. Thanks for being here with our review presentation of the annual results of 2024, as well as some details in the last quarter of 2024, especially the financial side, because the operational side has already been pre-released. I will be following the presentation, which will be available in our web page, if I may. Let me see if I can do this presentation. With me, I have César Sánchez, the CFO of the company. If there is any detailed question at the end of the presentation in relation to financials or any other, detailed, details and numbers, he would be very happy to reply. I'm not going to re- read slide six, which talks about all the details that we are going to be looking at a little bit later, so I will just say that, in general, in this presentation, we'll be looking at operational numbers, the financial results, some corporate activities that we have, some things going on during the year, how are some of our assets doing, and of course, a few words in sustainability. Let me start with the corporate initiatives, and the highlights of 2024. 2024, of course, was a kind of a disappointing year, as we said before, with some low rates in general, although we had a good finish of the year in the last quarter. Although we had some, it was the first time we had in the last 10 years, a reduction of our guidance, a review of our guidance, I think it was quite a good year. In April, we moved to the Main Market, the Main Market in London, and we also this January, a couple of months ago, we moved finally, all our domiciliation from Cyprus to Spain. These things are quite important together because these two changes allow us to become eligible for the FTSE Russell Index. In early March, actually, the review of the index announced that Atalaya will be part of the All-Share Index, and we were very close, very close to be included in the FTSE 250. For some reasons, we were not included at the very end, but we are there. We, I'm sure we'll get back. Of course, these things, index inclusion is important because we believe that they will increase the company visibility to large investors, and of course, will help in the trade and liquidity. At our operations, things also went very well. As you can see in the slide, you can see the solar plant, basically built. It took some time, some delays, but finally, we are very proud to see that this is one of the largest, if not the largest, self-consumption solar plant for industrial activity in Spain, and also one of the large ones of the world. It basically provides all our power during sunny hours, and not only will reduce the Atalaya footprint, and will provide us a stable source of power for Rio Tinto operations, but it will also produce around 20%-22% of our energy needs at our plant once it's fully operational later in the year. Right now, we have like 80% running. As I always said, one of the big value drivers of the company's Touro new project that has been developed in, and in the north part of Spain, Copper Project. In June 2024, we were awarded the strategic status for this project by the regional government. This thing streamlines the permitting process. It basically gives the regional government one year to produce all the reports and permits, which will be due in June. Of course, it can still be some delays if they ask for additional time, some of the departments, but we basically are extremely optimistic. We are quite optimistic that the other total prospects of approval, and we expect, certainly we expect environmental decisions sometime in this year. Of course, last but not least, I mean, there's lots of things going on in our operations. A few of them are shown in slide seven. Of course, permitting of San Dionisio, the pit that's close to our Cerro Colorado operation, should be obtained. It's very advanced and should be obtained certainly this year, but really will be obtained probably in the next weeks or months, because we have already received some preliminary indications of that. At Masa Valverde, as a satellite deposit around 25 kms away, we are about to start the construction of a ramp accessing the high-grade copper zone, and we are just waiting to finalize the acquisition of some surface rights to install the portal, the box cut. We also will see the ramp-up of E-LIX after lots of issues start up being a new technology at our installation. In addition to that, we have been doing a lot of exploration in our ground, specifically in Masa Valverde area and also in Sweden, and we will be updating the market in due course, especially when we finalize the winter drilling campaign in Sweden, which, as you probably most of you know, they can only drill in the far north, you can only drill during the winter season because, in summer, the ground becomes very muddy and it's a little bit difficult to and not operational. You can still do it, but it's not operational. That is, I would say, the highlights of what happened in 2024. Before I continue with the operations, let me give you a few words to sustainability. There's lots of things that we have done, and we will be publishing those in the new report, sustainability report for 2024 in the next few weeks. Actually, it has already been approved, and it's the final printing, the glossy version is being printed, and once it's done, we'll be publishing this. We saw some nice improvements in this thing. First of all, the accidents, the lost time accidents were reduced. We publish everything, every small accident, even if it's just a twist on the ankle or a feet or a small thing, and it's quite lower than the industry, and I think we are very proud of that. Safety of our employees is really the most important thing in our operation. We also continue trying to make progress in water, in electricity consumption rates. Both have been reduced from previous years, and we will continue doing so. It's always good for sustainability, but it's also good from the operating point of view. We continue to be good neighbors. I think one of the good things that we have at Rio Tinto, and I think we are very proud of, is that we have had basically almost 11 years in our operation without the minimum problem, being not only accepted, but a very welcome partner, a very welcome stakeholder, without any strike, without any issues with the local communities. We have a foundation that makes significant investments in lots of social activities, cultural activities in the areas around Rio Tinto, around EUR 1 million that go directly to all kinds of things that are really not related to the mine, and people welcome it. Of course, we continue purchasing everything from Spanish suppliers, highlighting that we can make a contribution to the local economy. I think those things are very important, especially if you want to continue there for lots of years. Now let's go to the production results in the last quarter and also in the whole year. We had already published the production results, which were 12,078 tons of copper, slightly similar, slightly lower than previous year, but certainly an improvement versus previous quarters. Finally, we got better grades, substantially higher grades than the rest of the year, and also substantially higher grade than the previous quarter. Tons at the plant, the throughput did not go as well as expected, although we had a kind of record year overall, but we had some issues with the plant. We had to stop the plant for a while to connect a couple of times the solar plant, and that we would have produced slightly higher, but no big deal. We had recoveries. We had recoveries that were lower than average and lower than expected, including copper concentrate grades. This is really due to the nature of the ore where we were blending some of the surface material very close to San Dionisio, where we have an interim permit to start a small pit, and you have to adjust reagents. Right now, the only thing I can report is as a whole, we ended well. What we have seen, in the first quarter of 2025, two months and a half so far, indicates that we are improving these figures by substantial margin, and we will be well within our guidance so far, at least with what we can see. From those operational results, we can get the financial results. The financial results, the revenue was slightly lower than in previous year, basically due to lower production. The operating cost, it's important that were also lower because the cost per ton are low, are very similar to previous year, so we were able to maintain the cost per ton, but of course, you produce a little bit less, your EBITDA is slightly lower. The profits are better than previous year, but that's due to an impairment reversal in total of around EUR 7 million. Without that, it would have been similar to the previous quarter. This reversal of total is simply because auditors believe that after the project being declared of strategic interest, those costs that had been written down at a certain time for development prior to 2020 decision, we are optimistic enough that we believe that those things can be capitalized, so we return them back, so it gives slightly higher profits. Investments similar to previous year, and even with this lower production numbers, we ended with a very strong balance sheet, including EUR 35 million in net cash, which is and without debt, which is a significant, very good position. As a general review of the whole year, very similar to what I just mentioned for the whole quarter, the revenues were slightly lower due to the lower sales, but good cost control, the good cost control that we have, you can see that actually our operating costs were lower, even with the fact that we treated more tons, so our cost per unit per ton has been lower. We have made a big effort to even fight inflation. EBITDA decrease is much more modest than the revenue decrease. As a result of that, we had an operating cash flow of EUR 53 million, which helped us still invest EUR 66 million across our business, which includes the solar plant, the E-LIX, the exploration in Sweden, in Valverde, and maintaining a very good balance sheet. Looking at the breakdown of our costs, we, as you know, we provide always good guidance and very detailed guidance of how we do. You can see that the all-in costs and, well, the site operating costs were slightly higher than previous years, but this is due, as I said before, to the lower production. The cost per unit were similar, but when you consider that we had also always some, let's call it a good luck or a little bit better behavior on some other things, for example, the byproduct rates. When we were treating low grade, low grade copper at the pit, we saw since about two years ago, a year and a half ago, that we had an area with high silver content where we could blend it, without much copper, we could blend it in through the plant and produce some additional silver, which is helping with around $0.20 with our byproduct credit. Overall, our cash cost is, is similar to lower than previous year, and we have been able to maintain a quite, decent cash cost, even considering that we had this lower production. These silver credits have helped a lot to offset. In the, in the, we always report all-in sustaining costs. We believe this is the honest way to do it, simply because we are capitalizing a lot of our stripping because we are moving more material to open the pit and to avoid any future problems. With that, our all-in costs were around EUR 326 for the year, slightly higher than previous years, but still quite good considering the lower production, lower production of the year. How do we look? We always like to compare ourselves with, try to be competitive, try to be constant, and here we are showing a little bit some of benchmark to compare other peers. We believe that our all-in sustaining costs, which is the right measure to measure your operation, are competitive and are within the industry guidance considering our position. We have been fighting inflation, and in the long run, we expect that the evolution of this all-in cost is going to be positive and going lower. Why? Because we are going to be producing higher grade, which reduces, so more production reduces your all-in costs. We are also seeing in the future a good evolution of the treatment charges, which is expected to be quite lower this year and in 2025 onwards due to the lack of concentrates in the world. We expect to see also a reduction of energy prices. With that, how do we see the year? We have been giving some guidance, which we believe is conservative, but we prefer to be conservative and say, look, this is what we believe we are going to be achieving. Around 50,000 tons of copper in the year. So far, the indication this first quarter, the year has started quite well, so this is encouraging. The cash cost we expect to have them a little bit lower than 2024, and the all-in costs we will have is slightly similar to 2024, simply because we are going to be having around $0.20 of capitalized stripping at Cerro Colorado. We need to do that. We need to do that because, we want to open the pit to make sure we have lots of fronts available for blending and be able to have a constant feed at the plant, which is good for recoveries, good for grades, and we will be able to blend with the material coming from San Dionisio, which is slightly, slightly more complex, although higher grade. We will be doing investments in San Dionisio, which will include a big pushback of the basically the hill. I will show you a picture a little bit later, which also includes moving of a road, and I'll also tell you how things this is progressing very well. We'll also start our ramp access ramp to Masa Valverde going towards the high grade copper zone that we have identified there. We have to finalize some works in the solar plant to be able to make it full to have it produced at full capacity and as well as continue with the tailings expansion. Overall, it's going to be a very busy year, but very interesting. Looking at the itself in this some of these big investments, everybody asks us about what's the progress of San Dionisio. You can see in the picture that actually the mining is progressing well, and what we are waiting for is a final permit basically to remove the hill that you see on the left side, which is imminent. In the meantime, we are mining with an interim pit that you can see there, and this contains much higher grades, and of course we need to make to move a lot of movement of around 13 million tons in order to get to this to the main area. This is the big part. We are in the last part of the administration to complete all the permitting stage. We want to make sure that things are done correctly, and as I say, we do not expect the issues. We will continue right now as it's not affecting us at all with the blending of our existing operations. As part of that, we are already advancing the move of a road. This road basically is behind the pit, so you can see it very clear at the far end, a white area is the solar plant. The road just goes around the pit, as you can see, it's very advanced and very neat and very nice, and we will expect to be finishing this road during this year. By the way, this road has been moved several times, so I know some people had questions we were able to move our national road. You can see we are, and this is what we are doing right now. We have the permits. We will be providing updates of how the work progresses as we go through the year. Another important thing we are going to be starting is an access ramp to Masa Valverde. Remind you that Masa Valverde is a set of group of deposits of VMS deposits. The main one is Masa Valverde, is shown in the picture at the left, very left, and in the right hand picture, it's also shown at the right, is the deeper one. It contains massive sulfides, polymetallic, but in one of the areas, it contains high grade coppers. This is the area where we are defining with infill drilling from surface, and the satellite deposit is located around 25 km straight line, around 30 km by road. We are basically in the final stages of getting the land to install the portal with all the permits, and after that, we will very likely start to drive the ramp as soon as possible. This year, we will be giving updates of the final drilling in this copper zone and in our plants, but this is something that's going on already as we speak. Of course, we will continue unlocking some value in E-LIX, which is working right now treating copper zinc concentrates with high content of zinc. By the way, in the picture that you can see, aerial picture that you see in this line right now, in the left side, you can see the road also that going around the plant. It's from another view. An important thing is Touro. Touro is the big value driver of the company. The public consultation has been completed in January. There's lots of support. Of course, there's allegations against the project by the opposition, as expected, like in any democratic country, but we have also had thousands of supports, written supports. We are quite active in that, and we believe we are going to be getting the permits this year, sometime mid-year. This project has some very good attributes compared to Rio Tinto, and I think it's important to mention how does it compare. It has a production of around 30,000 compared to around 50,000 of Rio Tinto. The capex is going to be around EUR 250 million, so we are talking about a capital intensive around $10,000 per ton. This is very low compared to what's around the world, and there are reasons for that. The reasons is that the project is located in a place with very good infrastructure, four-lane motorway running just 4 km north, three ports, people, trained people, house heavy industry in the region. Some of the equipment that we manufactured for the Rio Tinto project was built in this part of the area, and so that drives the capital intensity to a quite good and competitive number compared to other projects in the world. Besides that, it has a low strip ratio, slightly lower than Rio Tinto. It has a better copper grade, better recovery, better concentrate grade, which results in higher payability with no penalties at all. The concentrate is going to be a premium concentrate with a good demand from traders and smelters, and it's a softer, slightly softer. It's not a soft material, but it's slightly softer than Rio Tinto, which means it will consume less balls, less energy, and less explosives, and also the haul distance is quite low. We are not guiding yet the all-in sustaining cost, but I can advance you that it will be below the all-in sustaining cost of Rio Tinto, probably in the order of around $1 per pound. It is really quite good. Where are we going to focus in this year? Lots of work ahead. Continue stripping in San Dionisio, get the final permits, basically to get them out of the way, not because they are too much of a problem. Start or develop to the ramp of Touro, obtain the final permits at Touro, finalize the commissioning ramp up of E-LIX, finalize the full full capacity at the solar plant, although it's not so relevant anyway anymore. Let's see if we can make some new discoveries in either in Sweden or in Spain. We have lots of things going on, but of course, the big conclusion is that this company is a growth company. At the end, we are talking about having around 52,000-50,000 tons of capacity with our existing Cerro Colorado pit, but just treating the stockwork area at Rio Tinto, where we have in San Dionisio only the upper part, which is only copper, and also only copper in the area of Masa Valverde. These two areas do not require any additional change in the circuit of the mine. Basically, it's just mine and dump it there. That can give additional 10,000 tons of copper without any additional CapEx or relative CapEx. We will need a special addition of zinc circuit in the future to get the polymetallic phase, which can drive us another 20,000 tons of copper equivalent because it has a combined grade much, much higher. Of course, we will have the Touro project, which can give around 30,000 tons of copper, which will take us over 100,000 tons of copper in basically three years' time, which is almost doubling our existing production capacity. This is important because in London, we are the second largest pure play listed. Obviously, the big one is Antofagasta, which is much larger than us, but anyone who wants higher visibility, who wants some pure exposure to copper, I think Atalaya will provide a very good opportunity to invest. I think this is the conclusion and that we can end before we get into the Q&A, and I'm happy to take some questions now. Fantastic, Alberto. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. Alberto, as you can see, we have received a number of questions throughout today's presentation, and if I may now hand back to you to chair the Q&A, read out the questions where appropriate to do so, and I'll pick up from you at the end. Thank you. Okay, good. Let me start. I will try to reply to all the questions if we have time, as usual. The first question is, hi, some questions regarding cost. As you expect, the all-in sustaining cost to increase compared to 2024, even you have the PPA and solar operational, and some improved prices have decreased. Could you provide some insights on this? Additionally, what you would normalize and achieve all-in sustaining cost, we like in the medium term? Yes, we expect a little bit of increase of all-in cost, especially due to the capitalization and the stripping. PPA and solar, remember that are important but not so relevant. Basically, our cost of electricity, it's around not even $2 per ton of material, the cost of electricity global, with around, sorry, EUR 2 per ton, roughly a little bit less material, EUR 2 per ton versus a EUR 15 per ton total cost of mining plant in G&A. Even if you reduce a little bit your cost due to the solar and PPA, which is, let's say, you can get it from 2 to 1.8, it's not so relevant in the overall cost. What's more relevant here is the all-in sustaining costs. How do we look long term? It's a very good question. People asked about what happens with your continuing investment in tailings. You can see there that every year we have like $0.10 coming from tailings. This thing is expected to decrease in the future, and future being around three years, because we expect to permit a new deposit of tailings, which will require lower ongoing additions of waste every year. The reason for that is that we have more reserves and resources coming from Masa Valverde, San Dionisio, San Antonio, and also we believe we are going to be expanding the minable open pit reserves at Cerro Colorado with our recent drilling. We will eventually require some additional space. We are in very, very well advanced already with the permit, with the project being discussed, to try to get a place permitted with much lower capital intensity in a year than the one that we have right now. That's where I see things going. In the future, we also see more of our concentrates going to Spain and Europe due to the fact that will probably take transport costs of around $0.10, and due to the fact that there is a lack of concentrates in the world and specifically in Europe. With new smelters coming on stream in Indonesia, that will also help because they will deviate some of these concentrates to that area, and the conditions in Europe should improve. I think in the medium term, we will see those improvements. Other than that, I don't see a huge increase or decrease in all-in sustaining costs because we have what we have, low grade. When we get higher production from San Dionisio in a blend and we have an average production of 60,000 tons-65,000 tons of copper, of course, we'll see a decrease, which is more or less automatic. Another question is, could you provide more insight into our rates and recovery rates to 2025? We have already passed the most challenging phase of quality. Yes, we have passed most of the challenging phases because we were basically blending the surface in this interim pit. We are, as I said before, already getting into better grades as we see in January, February, and March. We have to be careful though to blend the material. We cannot just put high grade only for several reasons. One is that we don't have enough capacity in the filters. We cannot depress too much of the sulfite, so we will be blending a certain amount and we'll try to optimize, obviously, that. This is quite, quite, we expect an improvement in recoveries and grades in the next few months and in the year. Very interesting project, César. Do you consider the recent developments in the macro-cellulose project in Galicia to be positive for you? For those of you that are not familiar, the regional government has approved the environmental pack, positive environmental impact declaration in a cellulose plant around 20 km east from Touro in the same river shed, which has been in theory highly contested socially by some, by the typical opposition and the sea people, and also very supported locally. I think the fact that the regional government has approved this requiring a good investment, an investment of around EUR 800 million, I think is a very positive sign that the regional government is serious imposing, of course, good conditions or strong conditions for operations, but is serious to take difficult decisions because this project obviously implies a heavy higher utilization or plantation of eucalyptus trees. There is already a second cellulose plant in Galicia, and forestry is an important industry, and in some cases it is a little bit contested. I think this is a very positive development because we believe that our project compliance. It was also a project that was considered strategic, and our project, we believe it is a local project, also very well supported by local population and certainly with a much limited impact regionally. I think it's quite positive, and we believe we are the second in the queue. Another one is, when do you expect San Dionisio, San Antonio to start production? What's the estimated mine life of this and expected tons of copper from each? Well, a bit difficult to say this, but San Antonio is an underground deposit of around, depends on the cut-off, around 15 million tons. It's open towards the east, and this year we are doing some infill. It's already been approved to do some infill drilling there. It will be mined underground through a ramp. The ramp will start from the existing Cerro Colorado pit. This is not planned until at least three-four years from now, and the mining rate very likely will be around 1 million tons per year of polymetallic material. This is all polymetallic material. In the case of San Dionisio, we are already mining, as you know, and it's basically two zones. One, the upper part is copper only, and the lower part, it's copper only stockwork. Then we have a copper only, but with some massive sulfides interbedded, and the lower part is polymetallic, and it's part open pit, part underground. The underground is also around 20 million tons of polymetallic, grades of around 1.5% copper, plus around 3% zinc and lead. Those will require the mining using underground methods. Rock is very good, and we expect the mining rate to be in the underground around 1.5 million tons per year, mining with a contractor, and it will not happen also until we have the zinc circuit constructed. The zinc circuit constructed will have to be constructed in the next three years because right now we only have copper, so we do not need to rush to construct the zinc. What are we doing now? We are basically optimizing the grinding rates, the recoveries in order to improve what is in our PPA, which is based on historic recoveries and in historic test work. It is around 58%-60% copper recovery. We want to see how we can improve that and also how we can improve the zinc recovery. Rare earths. Spain does have some rare deposits in a place called Matamulas, in Ciudad Real, considered one of the most promising monazite sites, making Spain potentially largest in Europe after Finland and Sweden. It was blocked in 1990 due to environmental concerns. Has Atalaya explored opportunities in this region, giving you a track record with permitting and previous environmental issues? Do you think you would have an advantage? Probably would, but we have not contacted them at all, simply because we have so much in our plates. To be honest, we don't have visibility, at least I don't have to be humble visibility on how we to treat rare earths. I remember somebody telling me that rare earths are basically gravel unless and are should be paid as gravel unless you have a recovery system to remove the oxides, especially the high value rare earths, heavy neodymium, praseodymium oxides, which are what are used for the magnets. I think this project in Ciudad Real, although it's very interesting, by the way, I don't think it's a problem of, personally, I don't think it's a problem of environment. The place is not environmentally sensitive at all. It's a problem of local opposition, very vocal, but really no big deal. Unless there is a processing plant somewhere in Europe in order to produce these oxides, which otherwise most of the downstream processing has to go to China. As far as I know, I think they control 80% of the downstream facilities, although there are some new things in the United States and in Australia. The next question also related to rare earths. Sweden has one large rare earth located in Kiruna, discovery announced in 2023 by LKAB. Does Atalaya deal with mineral prospecting? Very bring us any closer to rare earths? I don't think so. I don't think I don't think we are in an area that's basically a VMS deposit with prospects of copper and zinc. This case of LKAB is an iron deposit of magnetite, which has is an iron with high phosphorus content. In one of the satellites around the Kiruna mine, they contain a lot of phosphates, and these phosphates are what contain the rare earths. Actually, the monazite is a phosphate, if I remember well, although, as I say, I'm not a specialist. By the way, we have to be a little bit careful with rare earths because the market is much I know it makes nice headings, but the markets of rare earths is minuscule. It's very small compared to what's surrounding copper. Another question is Atalaya's land use post-mining. Azora launches Tillion platform with 300 MW data center in Zaragoza, EUR 2 billion in development of campus. Does Atalaya management recognize has clean energy, expandable water land infrastructure that we could that could be used for data center revolution? What active steps are taken to capitalize on this opportunity? This is a good question, and actually we are looking at these things. We are looking at what can we do because we have basically solar and we have the ability of more solar, and we are quite close to an area with good winds in the southwest of Spain, in Portugal's border, where there's good winds but required infrastructure to get cheap power into our position. I know that the local, the regional supplier is developing some electric lines to connect to that area of the wind because solar only runs during the day. What are we doing? Yes, we are looking at something not related totally with data centers, but how can we use in the future our tailings, old tailings pond? Is it possible to install batteries? Battery prices are going down, and we have a team investigating that to see if there is opportunity to have abundant solar because we do have lots of sun hours and we can capitalize by having good storage facility and we can get some really cheap power. It could be used for data centers, but it could be used to any other thing. We are studying the possibility of batteries and we are watching the evolution. In the case of sustaining CapEx total terms, what's the ballpark number that you are expecting in 2025? Do you expect the change in 2026 and 2027? We have given already the guidance, and as I said, it's not very different in 2026, 2027. We expect to have much less sustaining CapEx as soon as we get at the moment we start with the new tailings, with a new tailings pond. Also, we will not have the pre-stripping of San Dionisio. Atalaya's land use post-mining management. Is Atalaya looking at opportunity given data centers, how data centers are funded? Would Atalaya consider creating a new legal entity for the sole purpose of developing funding Digital Spain 2025 in the data center space? Right now, as I said before, the only thing we are looking at is how we can get cheap power because if we don't have cheap power and good infrastructure, data centers are not, it's only one part of the use. Once we have cheap electricity, I'm sure we could have good opportunities for our land. In the case of Touro, what are the next key milestones for the project after the consultation process is completed? Right now, we are in the process of getting the responses from what they call each of the bodies of the administration, so sectorial projects, so sectorial bodies: water, air, land, forestry, culture, and so on. We have obtained already, or we have received, or know that they have been processed, around half of them. That is the activity. In the meantime, in parallel, we as Atalaya or the teams of Touro are with their consultants answering each and all of the allegations that have been received, and those form a body that goes into the final impact declaration. Basically, it includes all the complaints or impositive or allegations, positive or negative. The response, summarized response from the company, plus all the summary reports of all the allegations of all the bodies of the administration. It is quite a long process, which basically takes a couple of months, at least two or three months. Any update of resolution on the relation with Trafigura? Is it good relation? Do they contribute anyway? Do they still have offtake agreements? Do you know if they want to remain long-term shareholder? We do not know what they want in the long term. If you look at history in the past, they have been in and out because that is how the nature of the business. They have been loyal shareholders since August 2014, so it is going to be 11 years. They came in at a very good price, buying a stake of a fund, so they're well in the money. They continue to be traders of our concentrates, but they only take around a little bit less than 20% of our concentrates in fair terms, in market terms, and they have been quite supportive. Actually, when we have a spot sale that's out of the specifications of the contract, we always tender it out to all the tenders, sometimes a new one, and sometimes they have been awarded the tender, sometimes not. I only say that the relation has been quite good, and they contribute a lot in this sense, no conflicts at all as far as I know and always very supportive. In relation to E-LIX, has the relation changed? Will you be negotiating a better deal with E-LIX considering the delays? We'll see it in the right moment. Depends. Obviously, right now, until now, we have been given loans, and some of the cases are loans with certain conditions. In some of the loans also are have some warranties with equity, and if some additional funds are required, we'll speak in the moment. Depends on the conditions. Certainly, we have taken a lot of development risk, and I think we should be compensated in some way for taking this risk. When will E-LIX start to have an impact on driving down all-in sustaining costs? Is there a finite time cost that you come online before shutting the project down? Look, the instructions have been very simple. We will not allow this to be a cash drain. E-LIX will have to be self-sustaining from the operating cost point of view and have a future. So far, the numbers in theory show that is the case, but if that's not the case, certainly we're not contributing, we'll not continue contributing to the operating cost. It doesn't mean the thing is not economic. It doesn't mean it cannot be economic for other third party. It doesn't mean we cannot change the, and instead of using our own concentrate, we can use a third party concentrate. It's very difficult. The case of E-LIX is still very valid, but certainly we have a very clear instruction that after this year, we don't want this to be a cash drain for the company. Did you get a response from FTSE Russell as how went wrong with the entry to 250? The decrease in share price does not explain no entry. There are other groups that entered. Yeah, we did write to them and they gave us an explanation. It was not very clear in relation that it was not only the market cap what they looked. It did not convince us too much, but I do not think it was the right, we did not believe that it was the right thing to start fighting with this because eventually we believe we are going to be getting in in the next review in three months. In any case, the all indexes also require a lot of liquidity, so there is not such a huge difference between being in the 250 and the 350 or all in. Yes, we did get into them and we did get into them and the reply was not totally satisfying, but we leave it there. We believe we are going to be getting there. Gold hits new highs. Does Atalaya have any gold prospects in the portfolio or Ossa Morena with Alconchel copper gold prospects? You are 100% right. Alconchel is a copper gold IOCG and we are waiting for some drilling permits and also at the same time getting this project into a mining concession because it already has a small resource that can be mined. In addition to that, we have the place called Guijarro area, which contains between 200,000 and 500,000 ounces of gold likely open pittable. That is one of the areas where we are exploring. We will be looking at either developing and permitting ourselves or farming in that into a junior that can get in exchange of shares where we can get more added value sooner because it is not something major in our portfolio. BHP Anglo abandoned Rio. Glencore just in talks. What do you think of these potential deals? Have any majors approached Atalaya? No, we have not had any majors approaching Atalaya and I do not think they will. We are a small company. We have to be modest. Sometimes good is beautiful. I do not expect the shares of Glencore to be able to multiply by 100% in one year, which I think this thing can happen in shares of Atalaya. I think we have not been approached by big companies, but of course we have been receiving interest and especially some of our larger holders have been receiving interest from the different parties in our company because we are very good. We offer very good value. Somebody's asking about the potential increased capacity of the solar plant. It depends if we can store. If we can store electricity, we can really expand the solar plant to 200 to 150. What we are not able is to be able to sell into the grid in economic terms. You can probably be able to produce 100 MW and store the 50 and then use this 50 if it's economic based on the battery. It's a matter of batteries are now starting to be potentially interesting. In the case of we have lots of land in the space, so there's not a problem of land. It simply has to make sense. In the case of San Dionisio, when do you expect to receive the final permit? Could you delay the impact of the mine material in 2025? No, it will not affect the mine plan because we have already a stockpile of material that we are using and we have already received what we call Dictamen Ambiental, which is like a preliminary version of the permit that they submit so that you can correct the facts. We know this thing is imminent. It could be weeks or one month, but it's not going to affect us at all. What was the start and end date in relation to the Strategic Declaration? It was the 24th of June when it was declared strategic. Basically, it's one year from that, so the end of June. Of course, the administration could request additional time if there is some, it depends on what the reports that are missing. If there's a non-substantial report, then they will issue the Environmental Impact Declaration anyway. If there is something missing, like the water department or something that's really very important, they can request some additional time to issue that thing. They have not done that in the case of the paper mill or the cellulose mill. They were able to do it, but in our case, it's 25,000 pages. It's quite complex. Of course, not everything is water, but that's something that's, yeah, I think we will get it before that. Why mining waste increases from 32. 24 to guide at 37. 42? Does it include the waste outside Cerro Colorado? Basically, no. This is basically the capitalized stripping. We want to open the pit a little bit more to be able to access several fronts and make sure that we have several fronts to be able to blend. The strip rate of the pit itself doesn't change. Actually, we are going to be working this year to update the reserves, and we already have some preliminary numbers. The overall strip rate of around 2:1 is not going to change at all. When do you expect Masa Valverde to commence initial production? I would say around two years from the start of the ramp, which is likely going to be mid this year, maybe a little bit faster. Can you please provide a bit when do you expect Touro to start production of copper concentrate and when you expect to feed in the P&L account? Look, if we get the permits by mid-year, we will be in position to start putting the first production in a year and a half from that. Basically, it will be the end of 2026, start of 2027. It depends if it's delayed one, two months or whatever. It will be sometime in 2027 for sure. The startup of Touro, we do not expect big issues. Very similar to what we have here. Has the company received any revenues from E-LIX production? Yes, we have sold a couple of things, but not really relevant to provide any update on that. We have lots of stockpiles of zinc precipitate stored, but nothing relevant. What's the contribution in 2026, 2027, and 2028 for E-LIX? Some numbers could be appreciated. It is very difficult to say at this stage until we get it up and running. What are the prospects for dividend growth? Where do you think we'll be in 12 months? It depends on the production. If copper prices go as I believe, it's going to be very good. I think we will be providing 30%-50% of the free cash flow as we said in the past. The moment we get a little bit more of cash flow, we will be doubling, tripling whatever the dividend. Really, this depends a lot in the copper price. And that's all. Thank you. No, there's another one. No, there's another one here. No, it's the old one. It's the data centers. Another one. Perfect. That's great, Alberto. Thank you very much indeed for addressing all those questions for investors today. Of course, the company can view all questions submitted today and will publish those responses on the Investor Meet Company platform. Before we direct investors to provide you with their feedback, which I know is particularly important to the company, Alberto, if I may just ask you for a few closing comments. As usual, very many thanks for your support. I like to see names in the questions of long-term supporters. They know our effort. They know that we are doing the best for the company and for the shareholders. I really like their patience and their continuous support. I think we are in a great company and we will be updating. This is going to be a very good year. Thanks very much for being there and look forward to continue chatting. Alberto, César, thank you once again for updating investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback in order that the board can better understand your views and expectations? This will only take a few moments to complete and I'm sure will be greatly valued by the company. On behalf of the management team of Atalaya Mining, we'd like to thank you for attending today's presentation and good afternoon to you all.