Good morning, ladies and gentlemen, and welcome to the Ferro-Alloy Resources Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press Send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses, where it is appropriate to do so, and these will be available via your Investor Meet Company dashboard. Before we begin, if I may, I would like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I'd now like to hand you over to the executive management team from Ferro-Alloy Resources Limited. Will, good morning, sir. Yep, good morning. Morning, Jake. Good morning. My name's William Callewaert. I'm the Chief Financial Officer of Ferro-Alloy Resources Limited. Welcome to our first Investor Meet Company presentation. I'd like to introduce my colleagues first. Here with me I have Nick Bridgen, our Chief Executive Officer; and Andrey Kuznetsov, our Deputy Director of Operations. The way the format will run is that I will take us through the presentation first, and then after that we will have a Q&A session based on some questions we've already received through. Let's begin. A brief overview about us. We're a junior mining company, and we're listed on the standard list of the main market of the London Stock Exchange. We're a Guernsey company that's listed for historical reasons, but really the bulk of our operations are based down in Kazakhstan. There's really two reasons for our being. The first one is that we have an existing processing operation which was based on the test and pilot plant that was used for feasibility study purposes. Really what the main reason we're here is the Balasausqandiq deposit, a large vanadium deposit based in southern Kazakhstan, and the key part of that is for the metal vanadium, which I'm sure if you're listening, you're already fully aware of. In existing form, vanadium is a very useful metal and used generally in the microalloying, excuse me, of steels. Obviously, what we're all excited about is its future use in redox flow batteries, and we're hoping that's going to be a great success for the company. This slide here covers our strategic investment. We have a cornerstone investor called Vision Blue Resources Limited. This is Sir Mick Davis of Xstrata's famed battery metal and energy transition investment vehicle. They came in with us in 2021. As you see from the slide, they've invested $15.5 million with us already through a number of options, and they also participated in the equity fundraise that we completed last year. They have three further options, one for $2.5 million within two months of the publication of our feasibility study, and then further options for $10 million and $20 million further down the line when we get to the construction stage of the project. Just so to let you know, this presentation will be available on our website after the webinar, so if you feel I'm going too quickly, you will be able to revisit it. Here is just a summary of our key main shareholders. As discussed, we already have Vision Blue Resources in there. You'll also see that we have Nick, who's with us now, and Andrey Kuznetsov, who started the project, and those that are our main investors at the moment. It's worth noting that Vision Blue do actually have an outstanding loan note, and that'll be converted later on in this year, and so their percentage holding will generally increase. Moving on now is a brief summary of the vanadium market. On all these slides, we've taken this data from Vanitec, which is the trade organization for the vanadium market. On this slide, this is a good description of how vanadium is deployed globally and has been over the last five, six, seven years. You can see from this slide that primarily, vanadium really is just main use is for microalloying in steels to improve their strength. Probably the more interesting feature of this slide is just the generally increasing size of the blue blobs on the slide, and that's where vanadium's being used on a greater basis on energy storage in batteries, as I mentioned earlier. Coming across to the next slide. This here shows the use of vanadium in steel market to date and how it's expected to perform going forward. The area in blue is the expected changes or increases in the steel market going forward. Then on the brown or orange level on top shows you how the expectation is that the level of vanadium used in that steel would increase quite significantly over the next seven to eight years. Moving on to the next slide just shows you some other uses for vanadium within the global markets particularly with respect to chemicals. Again the key big one here is for energy storage. As we can see even over the last couple of years the demand for vanadium in battery storage or energy storage has at least doubled. Hopefully there's great things to come. Just moving on. As I think I mentioned earlier there are two real reasons for being. The big main one obviously is for the exploitation of the Balasausqandiq deposit. In the background and operating already at the moment, we have the existing processing operation. Let's first talk about the Balasausqandiq deposit. I mean, that's really why we're in business, and here. Really the big headline about our deposit is that it's an unusual type of ore. Vanadium itself is a mineral in the Earth's crust, is actually quite common. It's within the top 20. Vanadium is well known. What the real issue with vanadium is about how you can extract it as a resource. Now, most vanadium in the world appears in the Earth's crust as a titanovanadiferous magnetite. Essentially as a form of iron ore. The issue with this is that it's very expensive and very energy intensive to extract the vanadium from this type of ore. However, at Balasausqandiq, the deposit is completely different, and our deposit is sedimentary in nature. That gives us a huge number of advantages. The number one main advantage is that where you have a magnetite-based ore, in order to get the ore into an oxidation state where you can extract vanadium, you need to roast that ore up to extremely high temperatures in excess of 1,000 degrees. Then obviously the result of that is it's hugely energy intensive and therefore expensive. On top of that, there's often the need for ore to be pre-concentrated before it's treated to get it anywhere into a decent state for extraction. Our ore is very different. We don't need to roast it. The vanadium can be extracted by a simple pressure acid leach. We don't have to do any pre-concentrating at all. And what does that mean? Well, that means we have reduced capital costs, we have significantly reduced operating costs because we don't have the energy requirements, and it's a very accessible type of ore. On this slide, there's a few more reasons about why Balasausqandiq is such a good deposit. It's very accessible. We have some great geology there. It's most of the ore bodies outcrop at the surface, and so we're able to mine the ore by open-pit. It's also a very large deposit. For those of you who've read the Competent Person's Report from 2018 will understand the number of ore bodies or potential ore bodies that we have on site. It's a very large deposit indeed. Of course, obviously that's come up in the highlights from the recent revised mineral resource estimate for OB1. We've also been blessed with some great infrastructure and transport links. The site for the deposit is very close to a main road that is on the main transport route going from east to west. We're very close to a town called Shieli, where access to that road is easy to get to. We also have very good access to rail links. On top of that, we also have good power links. We have some of that key infrastructure that is already there and ready to be used. The other side to it, which is obviously of great importance, is the ESG characteristics of the project. The expectation is that from all the ore that is mined, there'll be no residual tailings or waste left at the end. There's no displacement of farming or habitations. The land will not otherwise be disturbed. Really the big bonus is probably around the levels of carbon dioxide emissions compared to other producers. We expect ours to be a fraction of those. That'll have onward benefits for our customers that use our products within their supply chains. Now then on top of this, of course, we have some exceptional financial statistics. Those are all laid out in the Competent Person's Report from 2018. Obviously those will be updated when we release phase I of our feasibility study later in the year. Based on the CPR, we have a net present value project of about $2 billion, a 79% operating margin, and we expect there to be a operating annual cash flow of about $430 million after tax each year going forward. Now with respect to the feasibility study, through the various announcements, we've released parts of the study as we've moved forward through them. Obviously the most recent one has been the MRE that I talked about earlier, where that's confirmed that the indicated mineral resource has increased to about 33 million tons. Included within that is a significant increase level of V2O5 in the ground. We're expecting the MRE for ore bodies two, three and four to be released later in the year. We'll be able to collate all that into the feasibility study. Full metallurgical test work is going to be available a bit later in the year, but testing to date has gone well, and recovery through leaching has been within the company's expectations which is good news. Obviously, a key part of the project as well as the vanadium is the carbon. At the moment, we're pursuing, and we'll cover this off in the questions, the potential uses for the carbon silica concentrate that we'll produce. The most promising. Perhaps one of the most promising at the moment is for substitution in making of tires, because the carbon black within the concentrate is very similar to a carbon black called N550, which is regularly used within the tire manufacturer industry for sidewall tire production. As I just mentioned earlier, the beauty of our carbon concentrate is just the reduced level of CO2 emitted through its production. Currently to produce carbon black, carbon black's produced through the incomplete combustion of hydrocarbons, so we don't have that and therefore, you know, our emissions are much lower. I think the other point to note about feasibility study is that once Vision Blue came on board in 2021, it decided to increase the study to cover both phase I and phase II, and so therefore covering all ore bodies one, two, three, and four, albeit this will be done in two phases. Those phases will now include a sulfuric acid plant, and a carbon concentrator plant for the carbon concentrate I've just talked about. This slide here is just a summary of the MRE that we released a couple of weeks ago. I'm sure we'll talk more about that in the Q&A session. Briefly just moving on to the existing operation. Here you can see there's a picture of the factory that we already use. Now the factory came about because as part of the pre-feasibility study, we built the factory as a pilot plant to test the metallurgical processes that we'll use for the big project to make sure that they worked and the testing went successfully. Once that testing was completed, we converted the plant into a factory that was capable of taking catalysts that are used in the oil industry to refine the oil. Within those catalysts they include metals such as vanadium, molybdenum and nickel. We treat those concentrates to extract the metals and then sell them on. That I think is going very well. It has some key benefits that all the raw materials are recovered, and more importantly, we have no tailings left on site. Everything is sold on. This slide here just covers our monthly production, and I can leave you to review that after the presentation. Lots of people ask this question, why do we still have the process plant? Well, we have it for several reasons. The one of the main reasons is as a useful source of cash flow to keep the entire project running. The next important reason is that it keeps our technical team together. We have a very strong technical team, and I think it is actually probably one of the strongest vanadium technical teams in the world. By keeping the operation running, we keep these guys together, and keep all of our technology in-house. What's really important about this is that actually when we start the big project, we're not starting from scratch. We have the team in place, we have the experience in place, and you know, that really will de-risk the project once phase I has been commissioned and is up and running. Briefly moving on to next steps. This just summarizes where we're at the moment. As I'm sure you're all aware, having read our various annual reports and previous announcements, phase I is the current focus. This is looking at mining 1 million tons per annum of ore from ore body number one to produce just around 5,500 tons per annum of V2O5. The feasibility study for that, as I mentioned, is coming out towards the end of this year. Once that is up and running, we will use the earnings from phase I to finance the construction commissioning of phase II, where we'll be mining up to 4 million tons per annum, producing just over 22,000 tons per annum of V2O5. In terms of funding for phase I, the likelihood is that it'll be a combination of equity and debt and obviously we expect that Vision Blue will exercise some of their options to finance that as well. This is just a brief overview on timing. Once the feasibility study comes out at the end of this year, we'll be starting to work very hard on the financing for phase I in Q1 of next year. Concurrently, we'll be starting the front-end engineering with a view to commissioning phase I at the end of 2025. Once that's up and running and the earnings from that are available to construct and commission phase II, we expect phase II to be commissioned at the end during the middle of 2028. I've run through the presentation, there, and I think we can move on to some questions and answers. Jake, if you're anywhere. Will, absolutely. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the top right-hand corner of your screen. Just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your Investor dashboard. Nick, Will, Andrey, we did receive a number of questions from investors, and thank you to all of those on the call for taking the time to submit their questions. Will, perhaps if I may hand back to you just to chair the Q&A session with the team, and then I'll pick up from you at the end. Thank you. Yep, sure. Thanks, Jake. We've received a number of questions prior to us going live on this webinar now. We've taken those questions and tried to broadly place them into categories, so sort of the answers were a bit more coherent and sort of cover the subject properly. First of all, the area to cover, we'll talk about the questions that we received around carbon. What proportion of your carbon production is saleable as carbon black for tires, and which grade is closest to the mine's output? The main reason for the difference in the grade in the latest mineral resource estimate compared with the CPR is that it was done on a different methodology. The original CPR was blocked out, the mineral resource was blocked out on the basis of the geology. We know which strata in this deposit contain the vanadium and the carbon and the other metals. It was modeled on the basis of the geological cutoffs. Now, what's changed is that the new resource estimate also includes the medium-grade vanadium, which surrounds the strata which originally contained the vanadium. That new area, although there's quite a lot of tons and the vanadium grade is quite good, it doesn't tend to contain the other minerals that are in the geological strata that we originally focused on. The grade of everything else has gone down. When we do the mine planning, which is the next stage, remember, this is the resource, and the next stage is that from this resource, we will then select the areas which are economically the most advantageous to mine. Of course, it has to be done in detail showing roadways and access and things. At that point, we'll then know what the final mined grade will be. My guess is that the carbon grade will be somewhere between the two figures, because we'll probably mine to a cutoff grade on the vanadium, and that will have less carbon in. Most of what we mine will be within the geology that we originally targeted, so it'll be a little bit higher. Perhaps I can move on to the next question 'cause they're all rather related. Oh, the next question is, of the measured carbon resource of around 8%, what is the recovery percentage into concentrate? Well, remember, it's not just the carbon grade because as Andrey said, if you were listening to it, if you were able to listen to it, I mean, the concentrate we make is carbon and silica. We expect to recover about well the whole of the tailings, which is most of the ore that we treat, will go through the carbon concentrator process, and we expect to recover about 22% of that into this carbon silica concentrate. At the current estimate, but depending entirely on the way the mine plan comes out, we expect about 200,000 tons a year of that combined concentrate. Yes, the next question. The significance of the carbon elements to the overall project has been more evident through various announcements over the last year or so. Please can you explain what steps are being taken to add this to the overall value of the project? Actually, probably this is. Well, I'll start. We have already done a lot of test work in Kazakhstan and at a technical university in Minsk, which proves that we can concentrate, make a concentrate, and that it can substitute for, well, without any loss of performance, a proportion of N550 grade carbon black. It can substitute to some degree for a lot of other grades with some ups and downs in the various measures of performance that are used to test quality. We know it has a value. We know we can calculate what the substitution value is when you substitute it for N550 grade of carbon black. That's very high. What we're doing now is we're starting a new test program with specialist rubber consultants in the U.K., and that will give us a whole load more information that we'll be able to take around to the various tire manufacturing companies to try and get an offtake agreement. Obviously, this is not carbon black, so we can't guarantee we'll get the same price. Even though we've proven that it can be substituted, there will be a negotiation, and we don't at the outset know what that price will be. Thanks, Nick. Yeah. The next broad section to cover off where the questions came in was under the topic of financing. The first question was: Are you likely to seek loans from local banks, presumably in Kazakhstan? The only bank that we're likely to approach in Kazakhstan is the Kazakhstan Development Bank. We've had some initial discussions, positive discussions with them, so they will probably be the only Kazakh-based bank that we'll approach for the financing. The next question is: Are Vision Blue going to invest more money to fast-track the product above their last purchase price? As far as we're aware, Vision Blue are not. We've set out Vision Blue's options, and where they're coming at and various share at various prices. We're not aware of Vision Blue providing further funding ahead of that to fast-track the project. I mean, that said, you know, the project has its own timeline, and whether throwing more financial resources at it would speed it up is up for debate. That's where we're at with Vision Blue. The next question is: Does the company now make business transactions within Russia, and can you use Bitcoin for this? We as a group have limited transactions with companies based in Russia. Where we do, it is to source the reagents that are required in the processing plant for the metal extraction that I mentioned earlier. We do not use Bitcoin for these transactions. The next section is under current operations. The first question on that is: By how much have mining equipment prices risen since the CPR? 50%? We've looked into this and, you know, clearly, there has been a global inflation increase across the board. Actually having drilled down into it, and roughly looking at the various bits of equipment that we'll need to employ on the mine site, there's been a big variance. Some items there's been no increase in prices. Some items have gone up 30%-40%. It's a bit of a lottery. We'll be able to clarify those prices more, when we publish the feasibility study at the end of the year. The next question is: The company advised at the end of January, and again at the end of April, that supplies of concentrates had been secured for the processing plant, that additional capital expenditure had been made and things were being ramped up in order to help provide a positive cash flow to help finance phase I. When will we see monthly results from the processing plant to support these announcements? Nick, would you be able to answer that? Yes. Concentrate supply has been a problem for us originating with COVID and then our own domestic riots here in January last year and then with Ukraine. It's been used as a universal excuse by suppliers and the transport routes have been elongated and difficult with long delays. We've responded to that really by doubling up on our concentrate suppliers. We've got a bit of geographic diversity as well as different companies. The second new supplier, which I think is extremely reliable, is direct from source and a very big source at that. Those concentrates have not yet arrived. The first quarter has been still affected by unreliable supplies, but we now are in a very good position. We have a lot of concentrates on site, and we've got a pipeline of concentrates coming in. We really do expect from the second quarter onwards that is a problem of the past. Monthly results really from May onwards should be chalk and cheese from everything we've ever had before. Okay. Thanks. Sorry, I haven't covered the part of the question on capital expenditures. The program for development of the plant is complete. Everything that we wanted to do has now been done. We're waiting on maybe 1% of the final commissioning of some of those things. Essentially the plant's in very good shape now, and operating well, and doing everything we promised. That is a problem of the past too. Thanks, Nick. The next topic area is the mineral resource estimate, and the first question is as follows: Is it true to say that OB1 has now been fully investigated and everything there is to know is now known, or could there be additional resources still to be uncovered? Is the MRE the final one? Yeah, I can take that one as well. Yes, it has been fully investigated to the extent that we planned and we think worthwhile. The MRE for ore body number one is the final one. The only possible addition, we may in future be able to recover rare earth elements from it. We do have information on that, but it is not in the current plan as we haven't really solved all the extraction issues. That is the final one. Okay. Thanks, Nick. The next question is, the MRE of OB1 appears to show additional vanadium when compared to estimates in 2019, but less molybdenum, uranium, and carbon. Is this true? It appears that about 9.33% of the ore from OB1 will contain the four valuable materials listed above. What value, if any, is derived from the remaining 90.67%, and what will be done with this? Yes. Well, I think I've partly answered this already, in that the different methodology has included more of the mineralization, which is not in the original strata that was identified as of interest. Including that additional material, which doesn't include generally the molybdenum, uranium, and carbon, has diluted those grades. When we do the mine planning, we may focus on the original area, and those grades are likely to go up a bit. If I can explain the process, we will mine the mineralization to a vanadium cutoff. With the vanadium will come molybdenum and uranium, which we'll recover in the same process. The carbon is different. All the remaining material that hasn't been extracted in the vanadium extraction circuit will then go to the carbon concentrator. All of that material will be further concentrated to recover the carbon concentrate that I've already talked about. The remaining tailings, which is mainly silica and depleted carbon, also have uses. I'm sure eventually will be sold, but we don't expect the markets for that to be as big as for the main products. That will be stored in a tailings dam and probably sold for various purposes over a number of years after the project, continuing after the project has closed. In some respects, all of the constituents of the ore are potentially products and will eventually leave the site. Thanks, Nick. The next question is: To what extent does the MRE of OB1 change the value of the overall project, assuming all other factors remain constant? Well, this is an interesting one because with the addition of this medium-grade ore, which was not in the original Competent Person's Report, mineral resource estimate, it gives us optionality. Certainly it's profitable. That's why it's in the resource. Probably it's profitable at a lower level than the higher grade material, which contains the carbon, molybdenum, and uranium. The next phase will be interesting. We'll see how we can optimize it. I'm not sure at this moment how that will work out. Certainly it should increase the value because it's there. It's got high vanadium values and certainly adds to the value. How much in NPV terms remains to be seen. Okay, the last question under MRE. Exactly how many other ore bodies are there, as we hear that the drilling findings of OB2, OB3, and OB4 will be announced later this year? In the past, there's been reference to ore bodies five, six, and seven. What, if any, estimates can or will be drawn with regards to their resource potential value? The resource is potentially huge and in the old Russian Soviet classification there was a prognostic category, which is about 10x more than we originally estimated. That requires a lot more exploration to bring home. Seven ore bodies have been identified from at least trenching on surface. All these ore bodies are essentially the same strata that ore body one, all of them are the same. They contain the same sort of deposits, the same very similar grades. The new ones, five, six, and seven, that have had very little exploration done on them. We don't know how deep they go. We know the widths, we know the content, you know, the quality of the content, or we have a good estimate 'cause it's very similar to the existing, but we don't know the depths. We know from their spacing because the general shape of these ore bodies is U-shaped, what's called a syncline. Obviously how much is there depends on the depth. Well, they've never been drilled to depth, so we don't know the depths. Judging by their widths, you can sort of guess the depths, and they look good. Five, six, and seven look from that very skimpy evidence, with so little known, it's difficult to say anything. They are not insignificant, put it that way. We picked on ore bodies two to four, because we can't. We needed to target enough ore to give notionally a 20-year mine life to the phase II project, which is 4 million tons a year. There's no magic in the number, but we picked on exploring four ore bodies to get to roughly 80 million tons, which gives a 20-year mine life. Now, undoubtedly, there will be phases III, IV, and who knows, many more, once we explore these other ore bodies and find new ones by exploration that haven't already been found. This project will probably go on and on for an awful lot longer than we're currently planning. Nick. The final area of questions is around Balasausqandiq and the feasibility study. The first question is. Will you have to wait for the full bankable feasibility study before you order long lead time equipment? I can answer that one. Yes. The idea is that once the feasibility study has been published, we'll concurrently start the front-end engineering, and it is at that point that we will be able or be in a position to order long lead time equipment. The next question is. Is the company seeking offtake agreements for the vanadium resource, or is there a large enough spot market for sales, and are offtake agreements long-term? Nick, would you be able to answer that? Yes. Once we've selected a lending bank for this project, part of the negotiations with that bank will involve to what extent we need to have offtake agreements for the main product, vanadium. Offtake agreements can often be rather value destructive in that they you commit to large upfront costs, and you don't know who your customers are in certain forms of them. We will aim to have an offtake agreement where our customers are visible to us and on the best terms that we can. We have started negotiations with or at least exploratory conversations with a couple of trading organizations for vanadium that may well satisfy the banks. For carbon, it's a slightly different matter. Because carbon is a non-standard product that nobody knows the value of, we do need to get offtake agreements to prove its value and to include it into the feasibility study economics. That is our objective. That's why we're doing the test work that we previously talked about so that we can negotiate with principally tire manufacturers to get offtake agreements. The molybdenum and uranium, well, in terms of uranium, there is a state-owned organization, Kazatomprom, has a monopoly right to purchase. Uranium obviously is controlled for security reasons. Because the molybdenum comes out with the vanadium, we have already started talking to them and almost certainly they will be the buyer for that. We expect to get some sort of exchange of letters on that fairly soon. Yes, that answers the question really. All right. Thanks, Nick. The next question: How do operating margins compare between Balasausqandiq phase II and existing plants on your long-term projections? Will you be looking at expanding the recycling operations in the future? I can answer that one. The margins for the existing operation and for the main project are very different. The expected margin on the existing plant is around 40%, whereas for the main project, the CPR gave an estimated margin around 79%. There is a big difference, and that's obviously primarily driven by, you know, they do two quite different things, you know, the main project will process the raw ore that we have, whereas existing plant only deals with at the moment the purchase concentrates that we bring in for treatment. Now, the second part of that question, will you be looking at expanding the recycling operations in the future? We've got an open mind about it. It's not really a priority. Obviously, our priority is the feasibility study and getting into phase I of the project. Given that the existing operation is reasonably small, I think in the presentation earlier, we noted it's only around 4% of the NPV of the overall project. We're very open-minded and we'll take a view as the main project develops. Next question is: When will the company be able to provide an amended timetable of events to come, such as the financing of phase I, build of phase I, and production from phase I? Hopefully we answered that in the presentation earlier. We'll be really cracking on with the financing as soon as the feasibility study is published at the end of this year. The financing will be starting in earnest in Q1 of 2024, with build and production phases following that. Then the final question is: What, if any, contracts have been signed to date, the production of phase I output across all materials? I think Nick's actually probably already answered that with respect to the offtake agreements. I think from a question perspective, that was all we had. Will, Nick, Andrey, if I may just jump back in there. Thank you very much indeed for being so generous of your time there, and addressing all of those questions that came in from investors. Of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended, just for you to review, to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the Investor Meet Company platform. Will, perhaps before redirecting those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Yeah. No, sure. Thanks, Jake. Well, hopefully this morning's presentation has been a useful introduction into us and our operation and where we're headed with the deposit. We're very excited about the prospects of where we can go with this. Certainly, you know, this was our first outing with IMC. We'll certainly be looking to do more of these to keep, you know, investors abreast of developments and look forward to being able to delve into more questions in the future. Will, that's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Ferro-Alloy Resources Limited, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.