Ladies and gentlemen, welcome to the Kenmare Resources plc investor presentation. 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 can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, we would just 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 would now like to hand you over to the executive management team from Kenmare Resources. Tom, good morning, sir. Thanks very much. Thank you all for joining us this morning. We appreciate there's a lot going on elsewhere in the market, we're grateful for your attention. I'm joined by James McCullough, our CFO, and Katharine Sutton, our Head of IR. What we want to run through today is an update on our Implementation Agreement negotiations with the Government of Mozambique, and in particular, some developments over recent days and weeks that were worthy of announcement. Katharine, if we can move through to the first slide, please. Look, the IA has been a very significant focus for us for nearly three years. It's one of the governing agreements that covers our processing and export activities, including royalties and Industrial Free Zone, which effectively helps with efficient import/export of materials, and effectively the fiscal terms that govern our processing and sales. It was signed originally in 2002, expired nominally at the end of 2024, and it does contain rights of renewal for Kenmare on the same terms. It's an English law agreement rather than a Mozambican law agreement. Back in December 24, the government of Mozambique gave us written confirmation that we'd continue operating under the historical terms while the negotiations were ongoing. You may recall that that was around the time there was significant disruption in Mozambique following a presidential election. Certainly we were happy to continue the negotiations in good faith at that time. Important to stress that this doesn't impact on our day-to-day operations. Our team at Moma and our mining is completely unaffected. It's a separate regulatory framework and isn't impacted by the IA. We started the process to renew the IA back in 2022. We engaged with government. We highlighted the extent of our compliance with the commitments we made back in 2002, and we had indeed exceeded all of them, many by multiples of what we'd committed at that time. Look, I think we also realized that we got a good deal back in 2002. This was one of the agreements that effectively enabled Moma to be built. As you move into the second 20 years of existence and the project is proven, it's only reasonable for the Government to expect a slightly better return, and we certainly always felt that we'd be happy to provide that. Our proposal, our final proposal to the Government in April 25, included a number of concessions which were well beyond the contractual entitlements. Really we do want to ensure that the Government has a proper financial return from Moma. We proposed an increase in the royalty rate, which originally was 1%, for the first 20 years, starting at 2.5% and moving up to 3.5% over the course of the 20-year agreement. We proposed the application of withholding tax for services provided from outside the country, which again is equivalent to another roughly 0.5% of royalty, $3 million-$4 million a year, depending on the extent of those services provided, a lot of which come from Kenmare's head office. Of course, you know, in line with our commitment to what is a 100-year asset and maintaining it in the best way possible and maintaining good relationships with the communities and people, our neighbors that surround the mine, we've proposed further capital investments into our processing activities at Moma and also ongoing contributions to community development projects, infrastructure, health, sanitation, education, and so on to KMAD, our Kenmare Moma Development Association. You know, this is an important agreement and both we and the government have been treating it as such. The renewal period that we would be foreseeing or negotiating for was 20 years. If we can move to the next slide, Katharine. What's happened over recent days and what's happened more generally over the negotiations? We've learned over recent days that the Mozambique Tax Authority has sought to impose updated terms on our processing and export activities, effectively higher royalties. These terms were included in an internal resolution, which is approved by the Mozambican Council of Ministers in July 2025. They haven't been agreed with us, indeed they're quite different from the ones that we're contractually entitled. If they were to be implemented in whole or in part, they could be quite damaging to us and could be as important here, we'll talk a little bit about why that's the case. This is an unusual process. The internal resolution itself is certainly legally effective in Mozambique. A lot of things that would normally happen to give it full effect haven't occurred. You know, it wasn't, for example, included or referred to in the official record of the Council of Ministers in July. It hasn't progressed through the remaining approval processes of modification of the Implementation Agreement itself and the Administrative Court. It hasn't been to date or until very recently, been disseminated within government or to the other government departments for implementation, and no guidance has been issued or no feedback has been issued as to what their intentions for implementation are. I mean, it's obvious it contravenes the Implementation Agreement and our rights. It's also quite confusing in that it references different fiscal regimes and could be very difficult to implement. We've pointed all this out to the government and I think many arms of government are aware of that. I think as part of that, the government have been clear with us through our negotiation, both in person and in writing, that the negotiations were ongoing and you know, no resolutions or no terms of the resolution would be imposed. You know, that goes from ministers right up to the president. We even had a review of our IFZ, our Industrial Free Zone status relating to our shipping activities in October with no comment in relation to this internal resolution. Look, while under Mozambican law it is binding there or is effective, there are lots of curious elements to it, and certainly there's been no action or no efforts or initiatives to implement any part of it until very recently. I think it's the fact that part of it has been implemented this or is being implemented that requires us to make the announcement today and highlight the potential effects of it. The resolution itself did grant the 20-year extension, but gave a slightly faster schedule for acceleration of the royalty from 2.5% to 3.5%. Reached 3.5% in 2031, Kenmare's proposal was a number of years later. Revoked the Industrial Free Zone that has applied and as I mentioned, that's important for a number of reasons. You know, the IFZ limits and excuse me. The rule of the IFZ limits exemptions from custom duties and import VAT to equipment and spare parts and accessories. There are lots of implications, and as I said, parts of these terms are quite confusing and potentially contradictory. We don't believe that all of the potential impacts were intended by government, and they might not ever be even be implemented. We haven't had any clarity from the government. We haven't had any specific feedback on their intentions to date. However, obviously the behaviors of the Mozambique Tax Authority do give us, do require us to highlight this exposure. If we can move on to the next slide, please. Look, I think the actions as well are quite surprising given we've had significant progress and encouraging progress over recent weeks. I was down in Mozambique in late February. The 19th of February, we met the Minister for Mineral Resources and Energy, the Minister for Economy, and a number of other senior government stakeholders. Effectively the takeaway from that meeting was that we would agree to focus on finalizing the renewal within a 30-day window running up to around the 20th of May. Look, we've been engaged with those representatives since that meeting as recently indeed as this morning to secure an agreement within that timeframe. You know, the Mozambique Tax Authority's request for us to pay a royalty rate of 2.5% instead of the 1% was a surprise and, you know, a concern to us. I should point out, of course, that the rate that they're invoicing or requesting is consistent with what we included in our proposal. We have accrued it in our financial accounts. I think we highlighted that our interim results last year and we've been accruing it since the start of 2025. You know, nothing is agreed until everything is agreed and we haven't paid the higher royalty rate pending formal completion of the IA renewal process with the government on agreed terms. That remains our preference. We're very open to negotiations with government. Our strong preference is to have a negotiated solution here. We are seeking to urgently engage with Government both as regards to the implementation and to conclude a renewal. I think, you know, as I said, as recently as today, we have been engaged with elements of Government to understand what can be possible and what could be achieved within the 30-day window or more generally. However, I think as we've said to many shareholders and others in the past, if we can't achieve a negotiated solution and, you know, we must always retain that possibility or the belief that that may occur, then we may have no alternative to bring international arbitration proceedings to resolve matters. This will, to be clear, be a last resort. It's not our preference. We believe it's not the government's preference, and certainly based on the tone and content of the meetings we had back in February, we believe that they're as motivated as we are to achieve a solution. You know, we have to achieve it, and we have to commit ourselves to concluding the discussions. This morning's announcement highlights some of the potential impacts. The only impact we've seen to date is that invoicing for the higher royalty rate. We have advised our lender group of this development. Indeed, they've been aware of all engagement, all correspondence, and all discussions with government throughout the process and since the Council of Ministers meeting in July. They've been very much up with events. You know, obviously anything that needs to be done with our lenders, we will do, and we've had a very effective and supportive and pragmatic relationship with them over the period of our facility. Look, I think that's the overview. I'm sure there'll be many questions. Please, however, if you could confine the questions just to matters relevant to the Implementation Agreement. As many of you may be aware, we're doing our full year results in just over two weeks' time on the 25th. We will cover, you know, all our more general operational updates, 2025 results, and forward outlook at that point in time. Today, we're hoping just to focus on the Implementation Agreement and any queries people may have related to that. Thank you. Tom, that's great. If I may, just jump back in there, and 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 right-hand corner of your screen. Just while the team take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your investor dashboards. Guys, as you can see there, we have received a number of questions. Katharine, at this point, if I may just hand over to you to chair the Q&A with the team. If I pick up from you at the end, that'd be great. Thank you. Thank you. First question. Contrary to what government ministers conveyed during the meeting with Kenmare's management, the Tax Authority appears to be moving forward with enforcing the resolution. Do you view this as stemming from a lack of coordination among Mozambican government officials or as a strategic move by the government to enhance its financial returns? Maybe I'll start that and James, perhaps you could jump in. Look, this is a complex agreement and it does involve multiple arms of government. It involves investment promotion, it involves the mining regulator, it involves the Tax Authority. And because it's a historic agreement, there aren't many people in government who understand all elements of it and all aspects of it. I think that's shown in, as I said, some of the potential challenges of actually implementing it. From a tax authority perspective, obviously, I can't speak on their behalf. You know, we would hope that we'd be in a position to at least understand the basis of implementation. Obviously, it's consistent with, as it stands today, consistent with the rate that we have proposed for this period. Accounting impact. You know, the whole objective of the renewal process and completion of the renewal process is to determine and finalize and resolve the operating terms of Moma for the next 20 years. The sort of piecemeal implementation is without further guidance, is very challenging 'cause it's very hard to interpret the actions. As I said, we've been seeking urgent clarification from government. Ideally, we would get that and have, you know, some moratorium or some form of further negotiation, and ideally, we'd have that quickly. As I said, we've been engaged on that as quickly as today, as recently as today. James, anything you wanna add to that? I think that covers it for that one. Thanks, Tom. Okay, next question. What is the absolute expected cash outflow under the government's proposed terms? James, do you wanna cover that? Look, I think maybe one element to stress here is we don't know the extent to which all those terms would be applied, and we haven't had guidance on it, but there are certain areas where we can give some insight. Go ahead, James. Yeah. Thanks, Tom. Look, I'd add to Tom's caveat there that it's not just that we don't know to what extent the terms would be applied. There are some areas where we just don't know what the terms would be under the resolution that they've proposed. If I sort of step through the main areas, I suppose the first is the royalty rate itself that Tom mentioned and a faster ratchet up to 3.5% than we had envisaged. I think that's relatively easy for people to estimate and, you know, it's effectively straight off our top line. It would be an extra, call it 1% or a fraction of that of our revenue. Looking at potentially a few million dollars there of extra royalty versus what we had proposed ourselves. The VAT issue, the loss of the IFZ. The IFZ arrangement effectively exempted us from VAT on purchases of domestic goods within Mozambique. The removal of the IFZ means that we would be exposed to VAT payments on purchases from within Mozambique. Now, again, very unclear how this would be applied, but the main elements of this that we're sort of thinking of in a, in a worst case scenario would be imposition of VAT on the transfer of heavy mineral concentrate between our mining company and processing company, as well as VAT on key inputs like power and fuel. If I step through those, I'll point towards information that's already in the public domain. We currently and have always paid a royalty on our HMC transfer, on the heavy mineral concentrate transfer from the mining company to the processing company. That royalty rate in recent years has been 3%. We publish in our payments to government report how much that, how much that's worth to the Mozambican government. Between 2020 and 2024, that's ranged from between sort of $3.6 million and $5.9 million at a 3% rate. It's unclear if we did have to pay VAT on the HMC, what the base value for calculation would be. Assuming for now that, you know, that would be applied at the same base value as that royalty is applied, you would have effectively take that, you know, that range of numbers, $3.6 million to roughly $6 million, divide by 3% and multiply by 16 to move from your royalty rate up to your VAT rate, which gets you to a VAT requirement of, call it between $20 million and $30 million per annum. I'll come back to that in a moment. Just the other sort of main item that I would kinda highlight, I suppose, is the fuel and power that we buy within Mozambique. At our H1s last year, we reported that fuel and power costs in the half were around $22 million, previous year, $23 million, so around $45 million on an annualized basis. If that was to be applied on that, you'd be looking at about $7 million. Then look, there are other things obviously that we buy that would be applied on, but they are the major elements, those two things, HMC and then fuel and power. You could see a VAT requirement of somewhere between, call it $25 million-$40 million, depending on the year. That is, you know, that's really as we see a worst case scenario. We just don't know if that's the intent or if that's how it will be applied. That, of course, given we export our products would be recoverable. What you're talking about there is a sort of a working capital requirement to fund those VAT payments between the time of payment and the time of recovery. The other element to mention from a cash outflow perspective, again, it's uncertain and hasn't been referenced, is whether corporation tax would apply on our processing and export company. To date, that hasn't been the case. We do pay corporation tax on our mining company, and if corporation tax was to be applied on our processing company, it would be at a rate of 32%. Look, our total profits are a combination of the mining company and the processing company. That wouldn't be applied on our, you know, top line or consolidated PBT, but a fraction of it. Those are the main potential cash outflows under the proposal. As Tom said, highly uncertain at this stage, to what extent, if any, those would be applied. That's something that we have been seeking to get some engagement and instruction on, and we'll continue to do so. Is there any risk that exports could be halted? Maybe I'll take that. Look, I think that's very unlikely. I think first of all, we are paying our normal 1% royalty. We are exporting consistently. As I said, we had a review of our export and shipments activities pursuant to the IFZ status back in October, which went off in a pretty straightforward manner. We're actively, you know, making shipments even as we speak. That hasn't been a comment or hasn't been a suggestion from any stakeholder in government at any point in time. Look, you know, maybe to go back to the previous question, you know, we know more generally that, Mozambique has had financial challenges, you know, is, you know, has a number of obligations that it needs to service. Effectively, removing the source of existing royalties would be an unusual step to take and very unlikely in our view. Next question. Given what has happened since your 19th of February meeting, how confident are you that the IA could be concluded by the 20th of March? Look, I think the. Maybe I'll go back before I go forward. The feedback we got from the Council of Ministers during 2024-2025, and this was before July, was that they approved the renewal. The only issue outstanding was the royalty rate. You know, we believe that more generally in our discussions, that's one of the issues effectively under negotiation. It doesn't take a long time to conclude these discussions if, you know, we have effective engagement. It doesn't take a long time to go through the ratification process by the Council of Ministers of Mozambique, which meets regularly. So, you know, obviously the 20th of March is a deadline that we agreed on. I don't think we'd die in a ditch if it took a few days or a little bit of time longer than that. I think there was certainly clear intent and desire on both parties' side to try and move towards a conclusion when we did meet in February. you know, while this is disappointing, and obviously we want clarification of what's happened from the Tax Authority, you know, by the Tax Authority. You know, hopefully this is more a speed bump than a roadblock. That's certainly the way we're looking at it. As I said, you know, the fact that we've had engagement with senior stakeholders in government, you know, as recently as this morning in relation to the process, you know, certainly supports that interpretation. Obviously nothing's done until everything's done. Does this situation put your debt in any risk of default? James, do you wanna cover off that one? Sure, yeah. Look, as Tom said, I mean, we've been speaking with our lenders throughout this process, and, you know, they've been aware of the existence and of the terms in the internal resolution since we've been aware of them. In reference to the covenant reset that we had, that we announced for the year-end, you know, they've been supportive. Obviously, this would be, you know, this is an escalation, and it's something that we will continue to talk with the lenders about and work with them. As you saw in the announcement, you know, we will look at any requirements for waivers, et cetera. To be clear, at this stage, there is no event of default. It hasn't occurred. We're clearly sort of monitoring that very, very closely and we'll continue to engage closely with the lenders around it over the coming days and weeks. Next question. Will the implementation of these terms, as suggested in the internal resolution today, result in a liquidity challenge to the balance sheet? Well, I think, you know, maybe James covered some of the potential implications of it under different interpretations earlier. The only one that we're absolutely certain of at the moment is, you know, upon agreement that the outflow of the incremental 1.5% royalty since early 2025 and for 2026 to date. The other potential impacts we'd require clarification on. Look, of course, if everything is applied and are implemented and, you know, there is a long interval in terms of that receipt recoverable, that will have an impact on the balance sheet, but we have not had any clarity on that to date. James, anything you wanna add? No, I'd say exactly the same, Tom. It really depends on how it's applied. We, you know, we will continue to do what we can to keep the balance sheet in the best shape possible and, we'll sort of manage the situation as we go. Is it possible that the government are using this as a stick as part of late negotiations given the approaching date of 20th of March? Look, everything's possible. I think, you know, I think the important thing here is to focus on the big objective, which is to conclude the renewal. The renewal is important to Mozambique. The renewal is important to Kenmare. The renewal, you know, unlocks substantial investment, not just in the asset, but in the communities. The renewal unlocks, you know, the higher royalty rates for the renewal period as well that give the government a multiple of the return they've had in the past. You know, whatever tactics, whether they are tactics or whether it's a lack of coordination, it doesn't really matter. It's happened. We just need to work our way through it, and that's what we're aiming to do. Next question. Mozambique is tackling an insurgency and simultaneously trying to attract massive investment to unlock the monetization of extensive gas resources. Is the government demonstrating an understanding that the optics of a row with a massive FDI provider, Kenmare, is unhelpful for the broader macro outlook for Mozambique? Well, I can't speak for them, but I think the government is aware that to achieve the economic objectives, you know, that I think the president and the cabinet have, will require investment from external sources and obviously the investment environment generally in Mozambique will be an important component of that. You know, I think we do believe that they understand those challenges. We do believe that they understand, you know, that an investor like Kenmare, who's been in the country producing for nearly 20 years and operating for nearly 40, that there'll be a lot of eyes on that process and a lot of eyes on the resolution of it. You know, I think that goes to the point that I made earlier that, you know, they like us are likely to be motivated to conclude something, through negotiation rather than otherwise. I think that the challenge here is, and the question kind of alludes to it, Mozambique is facing, a number of issues that it needs to address. I mean, you know, we will have heard, many of you will have heard in recent weeks and months of the challenges around the Mozal plant in Maputo. Equally, there's been quite tragic, and widespread flooding recently and obviously some of the trends in aid budgets generally, most notably out of the U.S., has impacted on the health budget. I think the government has quite a lot of challenges that it needs to address and I'd be hopeful that they'd recognize that partnership with, you know, an external proven investor like Kenmare that is a good employer, that has good social programs, that has a good benefit for the community and, you know, is very transparent in all its operations is a beneficial thing. That they're certainly the themes we've been emphasizing in all our discussions. Are you getting support from the Irish and/or the British governments in your discussions with the Mozambican authorities? We've had excellent support actually from the diplomatic community generally. The Irish ambassador, U.K. high commissioner, the E.U. ambassador, and we should bear in mind the E.U. is, you know, via some of those major oil and gas projects, is probably the biggest investor in Mozambique over the next 20 years. Even the vice, the Omani consul, who the Oman Investment Authority being our biggest investor. We've had lots of stakeholder support, and indeed those parties are actively involved in or supporting the discussions that we're having over recent weeks as well. You know, again, I think the wider messages, not just the Kenmare message, but the wider messages in relation to investment environment and confidence are certainly being conveyed by more than just Kenmare. Was there anything in your contact this morning with the government that gives you any renewed hope of agreement? I won't go into the specifics of content with government, but I think it's important to stress that the occurrence of it and the openness to it is generally a productive sign, but I wouldn't want to tempt fate or invite people to draw conclusions. What are the options with banks to finance this potential new working capital need? I can take that, Tom. Well, yeah, I'd sort of highlight the potential word in that there, Katharine. It's uncertain at this stage. Obviously, as we said earlier, we're sort of, you know, working through this with banks and we'll look at options for how we fund that, whether it's through existing or potentially new facilities. Have you had any discussions regarding covenant waivers, especially the $25 million minimal liquidity commitment? As I siad, we're sort of, you know, we are very close to the banks. They're very close to what we're doing and what our outlook is. So if and when any waiver discussions are appropriate, we'll have had them well in advance of the need for a waiver in that regard. As the tax authority appears to be taking steps towards enforcing the internal resolution, it seems increasingly likely that additional impairment may need to be recognized. Could you comment on the potential magnitude of such an impairment loss and the likely timing for when it might be recognized? Look, I think there's too much uncertainty in the mix at the moment to say when we might need to recognize an impairment in light of this development and what the magnitude of that would be. I would share that you know, we guided towards a $300 million impairment that we'll take in our prelims. You know, that is market related rather than related to the developments that we're talking about today. It does include the higher royalty rate that we've proposed. Obviously we would need to look again at what the magnitude of an impairment might be, should these terms be pushed through in whole or in part. If you have to move to arbitration, would you have to pay the tax requested by the Mozambique Tax Authority during the period of arbitration? Well, firstly, if we had to move to arbitration, the first thing that happens it would be that an arbitral panel would be assembled. As soon as the panel was assembled, we could apply for what's called interim measures, which effectively would seek to suspend the application of the internal resolution pending the conclusion of any arbitration. Obviously, it would be a matter for the panel to determine whether that application will be granted or not. I suppose so the answer is not automatically, not certainly. It would then depend on the panel that could be constituted within a short period of months. What conditions or developments would trigger the initiation of the arbitration process? Look, I think as you can probably detect from the tone of the agreement, firstly, arbitration is not our preference, it's not our priority, and it would be a last resort. It would be a very clear signal and a quite explicit signal that the government intends to implement the terms of the resolution, without further negotiation. The government, you know, views the negotiations at an end. Obviously, if something contravenes our rights, and those rights are very unambiguous, then we have a choice to make. You know, as I think we've said in the announcement today, we're certainly nearer that point, than we would have been a number of weeks or months ago. We're by no means there yet. That will be a matter for the board to consider if and when it needs to. Look, as I've said earlier, and just bears repeating, we don't believe it's the government's desire either. I don't think disputes for many reasons that we've covered in this Q&A are a good, a good look for anybody. Certainly our priority would be to avoid one. Have you seen the authority seeking to implement the proposed VAT changes in recent times? I'm not sure I understand the question, but James, maybe you do. Look, at the borders, yes. As we said in the announcement, our customs officials were instructed by the Tax Authority to restrict exemptions that we're entitled to from VAT and customs duties on imports into Mozambique. Those are relatively minor in terms of impact. We haven't seen any move to impose VAT on the other items that I mentioned, the domestic purchases of HMC power and fuel. Hope that answers the question. How would the scenario look if Kenmare does push through its right to international arbitration? How long would the agreement then last? What happens to the asset thereafter? Can they block exports or make life difficult in other ways? Obviously there's a lot of what ifs in the question and while we wouldn't wanna speculate, I think we do recognize the importance of this asset to Mozambique and the importance of the revenue that it generates, from, you know, taxes, royalties and so on, at a critical time. The arbitration itself would certainly take, you know, no less than 18 months and probably two years or more. You know, again, depending on the previous question around interim measures, depending on how those interim measures or if they were granted or not, that will dictate the operating conditions during that period. Look, I think we should look to the wider picture here. You know, the agreement itself nominally expired in December 2024. We've been operating under the legacy terms very effectively since then until very, very recently. Only in one isolated area has the Government sought to impose new terms or the Tax Authority sought to impose new terms. In all my meetings with, you know, Ministers indeed up to the present, that's been emphasized that, you know, we want to renew the agreement. We want you to, hence we're allowing you to operate under the old terms. You know, something's changed. In recent days, we don't know whether that's isolated within the Tax Authority or more general stance of Government, but I'm sure we'll find out. Beyond that, I think we just have to take one step at a time. If we enter arbitration, what will be the impact on the operation? Sorry, I probably didn't touch on that earlier. The arbitration would only be relative or relevant to the Implementation Agreement. It doesn't impact on our mining activities at all, as they're covered by a separate license. There should be no day-to-day impact on our operations at Moma. As I said, we'd be very surprised if there were any impact on our exporting activities. Nobody's mentioned that during the process. We wouldn't expect, and there's no basis for any impact on our mining activities. Is the Government of Mozambique in similar disputes with other resource companies? i.e., is it a systematic push for a greater piece of the profit pie, or is this a unique situation for Kenmare? Look, I, I think generally we have to recognize that governments are always seeking additional revenues and are always seeking what they regard as a fair share of the natural resources of the nation. You know, we've certainly seen back and forth with Total and with Eni in relation to their very significant mega projects in Cabo Delgado. We understand, you know, from our various diplomatic reporters that it's not unusual to have back and forth with government in relation to finalizing investment agreements. You know, I think that that's, you know, certainly we respect the rights of the government to try and secure the best deal for their for the nation. That we, you know, I mentioned earlier the Mozal situation. Kenmare is, you know, Kenmare is a little different. We've been operating for nearly 20 years. We've been producing for 20 years. We employ 1,700 people. We've been very compliant. You know, the Minister is present, and indeed, stakeholders generally have nothing but good things to say about how we conduct our business in Mozambique, and I think regard the partnership that we've had over that period as a very good one and would like to maintain it. I think you always have to balance those competing objectives if you're in government, and I think, you know, the stakeholders with whom we engage have an appreciation of that. This is hopefully a commercial matter. Kenmare's mining license is due to come up for renewal in the coming years. Have you opened talks on renegotiating that, if so, how are those talks progressing? That's right. It has and, our application for the renewal of the mining license will be done in the normal course. I'd like to stick on the IA at the moment. We haven't had any, you know, substantive discussions in relation to the mining renewal to date. That was the final question. Back to you, Tom. Thanks very much. Look, guys, I know we've... Thanks for taking the time. As I said, I know this is a busy day. you know, this announcement contains a lot of what-ifs and a lot of uncertainty, but what we wanted to do and what we needed to do is effectively to give clarity on what has happened, clarity on what could happen to the extent that we're aware of it, and highlight the fundamental objectives that we have, which are to you know, to secure an agreement to continue our operations. Because, you know, the big picture here is that, you know, we've invested over the last couple of years, you know, nearly $300 million in the future of Moma. It's a 100-year asset. We've had nearly 40 years of really good partnership with the government in Mozambique. It's, it's a pretty much a textbook case of how an international investor and government can work together. We, you know, it's our preference and our aim and we think the government's to continue that. Hopefully we can, we can reach that conclusion before too long. Whether it's by the 20th of March or whether it takes a little longer, we don't know. You know, you should certainly be assured that, you know, we're sparing no efforts to engage constructively and try and understand what is possible, and, we'll keep the market updated, as we progress. Thank you. Perfect, Tom. That's great. If I may just jump back in there, and thank you all, once again for updating investors, this morning. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback. On behalf of the management team of Kenmare Resources PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good morning to you all.