Good morning. Welcome to the Nativo Resources plc 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. Please type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to Executive Chair, Christian Yates. Good morning. Morning. Thanks so much for the introduction. Really good to have the opportunity to present to our shareholders and other investors interested in what we're doing at Nativo Resources. An exciting platform in Peru, focused on near-term cash generation through primary mining, gold ore processing, cleaning of tailings further out. On here today with me is Stephen Birrell, our Chief Executive. The two of us are really the day-to-day executive of the business and focus our time on building out the platform in Peru. We just move to the next page, Stephen, just to provide a quick overview of what we have established and what we've got in Peru at the moment. We have our primary mining concession at Tesoro, where we've run two pilot mining schemes, the first at the back end of 2024, and where we achieved grades up to 63 g a ton. Average of what was sold, 17.6 g a ton. We ran a further pilot mining scheme early this year from March onwards on the Bonanza vein. We'll go into more detail on the Tesoro concession later in this presentation. Just to remind you, we have three arms to what we do. One is primary mining at an artisanal small-scale level. The second is gold ore processing, and we'll go into more detail on this. This is the sort of key part of our strategy and what we're doing. We have secured a part-built, fully permitted gold ore processing plant called La Patona. We are currently in the process of securing project finance to build out the plant. We'll go into more detail again on this later in the presentation. We're very attracted to this. I think part of what we're doing in Nativo, much of what we're doing is managing the risk to facilitate the biggest upside we can achieve. Running a gold ore processing plant, we're not taking underground risk. It's very much about processing risk and operational risk, which we can control. We like this. The margins are very clear. We'll elaborate further. You might have seen the RNS we put out, the recent ones we put out, going into the study we've done on the competition and the source of ore, which is key to keep that plant operating 24/7. The third aspect of what our strategy is is cleaning historic tailings, being either polymetallic or gold and gold equivalent silver tailings, where there's still meaningful amounts of gold in the tailings. It also has an environmental benefit as well. We have identified seven tailings dumps with an estimate of nearly 5 million tons. Our first deposit we have secured is 1.8 million tons tailings deposit. We secured that in March 2025. We can talk a bit about that. We think it is a very scalable business in Peru. We look at sort of the key focus for us for the remainder of 2026 is project-level plant funding for La Patona to get that project built. We are seeking about $3.5 million. Secondly is to agree and finalize a plant takeoff agreement, a formal takeoff agreement with a sort of commodities group or trader who is interested in taking our gold doré. We will talk a bit about that further in the presentation as well. We are also looking at potentially announcing a new tailings cleaning project which we can secure with a major Peruvian mine and plant operator, which is part of the sort of pipeline we have identified. We want to add to the 1.8 million we have already secured. We are looking at further opportunities in Peru which can generate cash in the near term through acquiring rights to gold production at an artisanal level, but also further plants. That was part of an exercise we announced in May, where we are looking at a number of new opportunities in Peru. That was a six-week process. We have identified two or three opportunities there, but they are some way off. That will develop through the remainder of 2026. Finally, obviously, last but not least, is actually advancing the mining at the Tesoro concession on the Tesoro_1 vein, which is the highest grade vein of the four veins we have on the Tesoro concession. We move to the next slide, Stephen, please. Stephen, why do not you just talk a bit about the Tesoro concession, just to remind people what we have and where we are at on this? Tesoro sits in the Nazca-Ocoña proven gold belt. It is part of what is called the Coastal Batholith. Which is where all the gold generated from. These are sort of epithermal and mesothermal quartz calcite veins. In Tesoro itself, it is a thin-veined project. We are targeting ore grades of 5-25 g a ton. We have had maximums above that. We provided our maiden JORC earlier this year, and that indicated a range of between 6,500 and 195,000 gold ounces across four major vein systems, and we are currently de-risking the other three. Bonanza is one of those veins, and we are looking at de-risking the other three. We have got 46 tons of vein material stockpiled for now. There is no question about there being gold across our concession. The question is the grade and the cost to mine it. Thank you, Stephen. Just to remind people of some of the questions that came in. We have actually mined, if we look at the pilot mining scheme, the back end of 2024 into beginning of 2025 and the pilot scheme we have just run. We have actually mined over 600 tons of material, and we have bagged about 94.5 tons, of which we have 46 tons of vein material stockpiled, which we are keeping. We have moved it actually to La Patona ahead of processing that as and when the gold ore processing plant is up and running. I would just add to that, one of the questions that came in asked how much have we mined was on target with our forecasts. These are thin veins. They are between 10 cm, 15 cm, 20 cm. They vary. They thicken and thin. For us to gather the over 90 tons of vein material we have got, which has been sorted, we have actually mined well over 600 tons to date from these mines. Yes, we have been on target. Great. Let us move on to the gold ore processing plant, just to give a recap on what we have here. Stephen, do you want to run through where we are on this? This is a part-built plant. In terms of the design evolution, we've got the concept design. We did a study with our engineers earlier in the year. The plant has already got groundworks done, it's already formed the tailings pit, a water pit, an area for blending, a receiving area. As you can see in the picture, we've got concrete poured, and that particular picture represents where we would be doing the post-milling. We'd actually have the flotation tanks, and we'd also have the leaching tanks. To the left of that picture, you use gravity to go from one process to the next, and to the left, further up the hill, we've got concrete already poured at what would become the primary crushing and the milling area. We've got a concept design. The basis of design that we have already prepared gives us our feed. The next step is for us to commission an EPC contractor, single contractor, to project manage, engineer, plan, and design and complete the plant. That's our design EPC. Taking them on will be subject to our next round of funding. We're still targeting second half of H2 2026. At the moment, we can still expect first production by the end of the year. That is obviously subject to us getting financing in place and agreeing that in the next few weeks. Obviously, it's quite a demanding timetable, but we think it's achievable. We've been given sort of estimates of constructing the plant. These were some of the questions that came through that would take three to four months. Stephen and I are tending to be a bit more cautious than that and conservative. We know all the equipment is available. We've sourced it. We've identified it. We've priced it. We've very firmed everything up. As soon as we can get the financing in place, we're ready to go. It is still possible to have the plant built in this year. Just turning now quickly to the plant specification. There are three phases, phase I, I-A, and II. Stephen, I just want to highlight these points again just to remind people of what we're trying to achieve here. The concept design that was prepared for us was a dual circuit flotation and cyanidation with on-site smelting. What that meant is that we'd be selling doré rather than, say, concentrate from the plant. A lot easier to sell and a lot easier to transport. The phase I is all about the cyanidation. They will be processing oxide ores from the artisanals. Mostly the artisanals around us provide oxidized ore to the processing plant. Looking from the market study, we understand that most of the artisanals are providing pretty high grade. We're planning for 15-25 g per ton as a head grade going into the cyanidation. Once we fill the phase I to capacity, we will build on the second part of that, increase capacity to 110 tons a day. That'll allow from anything subject to the head grade, that'll allow for between 1.5-2.5 kg of gold per day from the doré plant. That takes into account all of the recovery ratios and the losses through the circuits. Phase II, at this point, we're planning on adding phase II to take it to 350 tons a day. That's a 240-ton flotation unit, which will be used for low-grade oxides and sulfide ore. When we reach complete capacity of 350 tons a day, given the recovery proportions and the losses through the plant, we would expect to get anything between 2.5 kg and up to almost 6 kg of gold a day. Very good. We're very excited about this project. Needless to say, it will generate a huge amount of cash. That's what we're all about at the end of the day. The sooner we can get this financed and built, the better it is for everyone. Certainly for our share price, I think that's what we're hoping or we expect. Stephen, do you want to switch to the next few slides? Basically, this one here just summarizes the sort of phase-by-phase process flow of the three phases. Phase I, really, it's the cyanidation, which is the first step in what we're doing. Phase I is just expanding that to full capacity, increasing from 70 tons to 110 tons in phase I-A. Phase II takes in the whole flotation circuit, which enables us to take lower grade ore and process that. Anything else you want to add on that? No? We can go straight to the next bit, which talks about our market study. We published all this data in the RNSs, the most recent RNSs that have come out. This is just to demonstrate some of the work we've undertaken here. It's the sort of work that financiers want to see and expect to see. It was critical for us to de-risk the whole project to make sure that we were confident that we could source the feedstock. We're confident we can. We've visited other plants as well, I should say, over the past 18 months. We have a deep understanding of what it takes to run a successful plant. There's two lessons learned. From the study that we did and from the benchmarking, there's two key lessons to mitigate the success operationally and from an executional point of view. One is you don't want to be running a plant that's over capacity. You want to fill your plant to capacity, that's why we're starting at 70 tons a day and then building up. The second one is that the artisanal miners who bring ore are completely agnostic. There's no loyalty. It's all about terms and money. We know that as long as we give them the right terms, competitive terms on a fair basis, and pay them in time, we should be able to attract all of the ore that we need. Anecdotally, I'm going to point out here, we've spoken with quite a number of quite large commodity traders, and they've indicated to us that this area is a really good area. There's a shortage of capacity. Even given the competition you can see on the map in the area, there's a shortage of capacity, and some miners are having to wait several weeks to process their ore, and that's quite critical. We're very comfortable with the way the gold market is at the moment and where the gold price is and is going, and the level of artisanal mining that we're seeing in the area that our plant can be and will be successful. The other thing I'll say as well, we looked out about 150 km. These are crow fly, not actual trucking. We've looked at trucking economics. It's good to see the oil price coming back down because everything is trucked, and the cost of diesel is very important to being able to truck lower grade ores distances and still make a profit. When you'll start looking at high grade ores, which is typically artisanals that we've actually met are mining up to 60 g a ton. On average, they'll bring you 15-25 g a ton, but some will bring you 60 g, 70 g a ton. Very rich ores, which we will blend and smooth through our plant. When you're looking at those kind of ores, some miners are transporting their ore 700 km to get to a plant that gives them the best terms. Great. We move to the next slide. This is really part of the study that we've referred to in the RNSs, the recent RNSs, about looking at the competition and looking at the business model, and sort of understanding the sort of margins, the operating margins of running a gold ore processing plant. We think it's a very attractive business to get into, but key to making it successful, as we've already said, and the previous slide alluded to that, was actually ensuring that you've got enough feedstock to run these at 24/7 at the right rate, and the area's good for that. I'm not sure there's much else to say about this, Stephen, on this page. This sort of summarizes the five companies we've looked at who are active in the area and the major players in the area, some of which are listed as well. I think what I'd say here is one of the early pointers that helped us to refine our business model, those three streams, was Dynacor. Dynacor started off with small artisanal primary mining and built small plants to get to where they are today with almost $400 million in revenue in 2025. We see them as a peer who we've planned to follow and then improve and work past. The key upside for us compared to companies like Dynacor is that we see a huge opportunity with recovering gold and silver from tailings, which although it's being done at small scale, there's increasing interest because of the ESG angle, and the lower carbon footprint of tailings recovery rather than primary mining. There's a big interest in getting this through. We see that as our upside and bringing us a great deal of value in the future. A lot of this is gold price driven, it's good to see. You would've all known or seen what's happened to gold price in recent days. It's moving in a positive way again. That sort of underpins what we're doing. Stephen, do you just want to allude to sort of on all our models and financial modeling we do, the gold price we've used? We're using a gold price of $3,500 an ounce at the moment. We do sensitivities down to $2,700, to make sure that the projects we've got are still investable and will generate free cash flow. We also look forward and say, well, an upside case is going to be $5,000, $6,000, which is the kind of price that is being forecast at the moment by some of the big gold investment banks. Great. Nat just summarized the sort of advantage and strategy of La Patona. I think just a couple of things I want to add to these is one is security. We do often get asked about concerns about security and how safe is it where we are. Most of the security concerns in Peru are very much in the north. We've sort of focused our operations and all the projects that we are looking at very much in the south, mainly in Arequipa region. There aren't those issues or concerns down there. You obviously have to work very closely with your local community, and that is something we've managed both at the Tesoro mine, but also here at La Patona. Those are very manageable and aren't a major concern, it is important factor that you have to consider when entering into these operations. The other factor is from a logistics sort of access perspective. La Patona is served by a very good road, a metal road mainly. The nearest town is a town called Acarí, which is where we stay when we go down there. The main mining center of Nazca is about 65 km, 70 km to the north, about nine and a half it takes to get to us. That is very good for sourcing materials, plants, supplies, et cetera, to support both our mining operation, but also the future build-out of La Patona. Do you want to just run through the other couple of points here as well? We've talked about it already. Disciplined phase building sequence 70 to 110 to 350 to make sure that we don't repeat the issues that have caused some other gold tolling plants to fold. Inca One is a case study. They built about 500 tons per day of capacity, and were only able to fill it to 25% capacity. We start at 70 tons a day, and that has two benefits. One, it's a much lower fixed cost, lower CapEx, then we can build it up to capacity through our marketing and sales teams. We go to 110 and 350, and we've got that choice of going from 110 to 350 as a flotation unit, or we can actually just build out the leaching or the cyanidation if what we're finding at that point is that all the ore is in fact, oxide. We work on a lean workforce model. We've shown that. We work with very low corporate costs in the U.K. We've got a very lean workforce in Peru. When we benchmark ourselves against the other companies, we can see that we can actually operate the company across all three streams, at a much lower sort of volume of people than required, which is a structural advantage. It avoids bloating overheads. Absolutely. We're building out some of our corporate resource and capability in Peru rather than in London. It has obviously huge cost advantages doing that, but that's where our operations are, it makes sense to do that. Christian talked about security. We're a couple of kilometers up a valley, we've got good community relations at the end of the valley where the villages and the water and the farms are. We've also got a neighboring plant, a copper plant, which is owned by quite a large conglomerate in Peru. We've got good relations with them, as our neighbor, We'll be working with them to make sure that all of the utilities, the gas, electricity, water, security, roads, everything works well. Very good. Next slide, just move on to the tailings cleaning projects, just to sort of summarize why this is attractive to us and why longer term we think this is potentially hugely accretive in terms of value. Well, if we start with the basis that there are thousands of legacy tailings deposits across Peru. Right now, a lot of these are identified as environmental hazards, that's because the sort of environmental legislation for tailings dams changed over the years and now to be compliant, you've got to have a fully lined deposit dump pond, full impermeable layer, and then once it's finished, you have to close it off and remediate it. A lot of the legacy tailings dumps, so we'll look, say, 10, 15, 20, 30 years back, don't have that. Also, if you look back at the recovery rates that many of these tailings were deposited from, so the processing plants that were depositing the tailings, they were working at recovery rates that were down at, say, 50%, 35%, 60%. Today, with the processes that are proven, we can get between 75% and 90% recovery, that varies. Silver's usually lower. Gold you can get up to in excess of 90%. These tailings are sitting out there. There are thousands of them, addressing the legacy tailings where we find high grades and the ability to establish a plant close by to recover the tailings, there's a huge win there. The other thing that's come to our notice is that many plants and operators who are currently processing tailings, they're running out of space in their tailings plants, we've had approaches by a couple of miners to say, "Could you actually process our current tailings output as well as reprocess our legacy tailings so that we don't run out of space?" That to me indicates a massively scalable opportunity whereby we pick away at the legacy tailings, we start looking at processing of the current tailings output. What we do is we apply not just proven technology, but we'll also be looking at new technologies, any of those technologies we look at are really for us about increasing recovery rates. Being scalable to an industrial level, we're talking, say, up to 1,000 tons a day and maximizing recovery rates. Put this on. Flipping to the next slide, path to production. I think just summarizing sort of key activities, financing facility. I'm seeing some of the questions coming in. How are we looking at financing this and what are the sort of discussions? I think what we're looking to be as non-dilutive as we can, and we think certainly the discussions we are having looking like a sort of streaming royalty or project finance are the sort of approaches that we're engaged with potential financiers in. We think the returns to them are particularly attractive given that these plants are very cash generative they can get payback in a relatively short period of time. I'm slightly restricted about certainly some of our modeling in terms of the sort of payback that we've seen, certainly it's within two years and that should be very attractive with great cash flow being generated. We're looking to as soon as we can get that in place, we'll kick off on the build. There are other questions coming in about the commodity, the takeoff agreements. We have got offers in front of us. They are attractive. The terms are acceptable pretty much, what we can't announce which one we'll go with until, because obviously the finance provider for the plant will actually want to have a say, and we need to agree that. There is huge demand for what we intend to produce here, be it concentrate or doré. Our preference is for doré, some of the larger commodities has preferred concentrate, we think doré is a better outcome for Nativo, and that's what we're sort of trying to stick with. There is no shortage demand from commodities traders who wish to acquire what we produce. We will further down the line advance the Toma La Mano tailings project through a feasibility study. We need to do that to formulate the plan. We're also looking at, I mentioned earlier, alluded to the joint venture opportunity project that we kicked off in May. We've concluded that. We're now looking at three opportunities and how we may progress that and come up with a plan before the end of 2026. That's what we look to do. Of course, we wish to go back into Bonanza or onto the Tesoro concession and start mining at Tesoro 1. That is what we have said, we have a plan for that. Why is this an exciting time? Well, I think our share price is pretty low, it's very frustrating for us. We think we're completely undervalued. We think the upside potential of this business is significant. We understand what the catalyst will be. The immediate catalyst will obviously be securing the financing for the gold ore processing plant. What Steve and I have built over the last two years is a diversified gold platform in Peru across three activities: primary gold mining, gold ore processing, and recovery of gold and silver from legacy tailings. We have a gold construction-ready plant, which is fully permitted. The questions have been about the permitting. The permits are in place. We have access to power initially will be through generators, but longer term through connecting to the grid, but also through using solar and battery power. We can generate sufficient energy that we require from day one from generators. Water is also available, which is an important component there. Indeed, there has been a small reservoir built already ready to fill as well at the plant site. On the project financing, we're trying to optimize the structure of how that will look and what's the best outcome for Nativo, obviously, and make it as less dilution as possible at the Nativo level. We're pretty confident that we can achieve that in the next weeks and make a further announcement on that. We've already talked about the different phase build-out of the plant. We think it's disciplined and funded from cash that's generated, so it's self-funding expansion. I think the attraction of what we're doing at Nativo is multiple revenue streams. We're trying to mitigate risk here. Obviously, primary mining does have risk of when you go underground. You can do as much mapping as you want, but actually, there is always uncertainty underground. We're attracted to the gold ore processing model as we probably sort of describe it internally as a bit of our hedge, really, from revenues. In summary, that gives us a potential huge re-rating potential for the company. It is frustrating some of the questions coming in about our current market cap. It does make things more challenging for us. I think when we're re-rated and we see the value of the company increase significantly, it opens up more conversations to be had. Steve, is there anything you want to add on that slide? What I was going to point out is that we've always focused on the early cash flow. I want to put that into context. Typically, within the mining industry, you might go 8-15 years between discovery to production. Obviously, that's from the mining front. We actually produced and sold our first gold within seven months of starting the joint venture. We've always focused on that. That's why we're looking at the tailings because we can get that up and running within about two years. That's because you've got to go through a feasibility study and a mineral resource assessment first to de-risk it till you get to FID, and then in parallel, you run the permitting. That's typically going to take a couple of years. It's still four times faster than the low end of the average for getting gold production from discovery into production. On the tolling, it's a very proven model, as we've shown. One question asked, do we have competition? If you look at slide nine, you'll see that we've identified where the competition is. Ironically, we've also seen two competitors come and go. We visited one plant a year and a half ago, which went bust mainly because it didn't pay the miners on time and as agreed. Another plant, which we talked about, which was over capacity, went bust because it was only filling its plant to about 25% capacity. Have a look at slide nine. Steve. Our market. Yeah, go ahead. I think you can have a look at that. I'm just keen to answer some of the questions pre-submitted and other questions that are coming in as well. Go ahead. Yeah, go ahead. I'll just pick a few of these as we go through. What is the all-in cost estimate of production at the gold ore processing plant? Yeah. We buy the gold in at a 70% discount. The AISC is the one. Just let me find the answer to that because it's in our model. It's about $1,700. Yeah. AISC is about $2,700 based on a $3,500 per ounce gold price. The majority of our cost is buying in ore. That's an important point I just wish to make, we haven't mentioned it on this call, that this is primarily a tolling plant initially. We're not relying on our own ore production from the Tesoro concession. Most of the ore will be coming from third-party artisanal miners. I think it's important that we actually make that clear. I'm just jumping about a bit here. Do you have an updated resource estimate for Tesoro? We did publish that with a JORC compliant exploration target of between 79,000 and 316,000 tons, containing approximately between 6,886 and 195,434 ounces of gold across four vein systems. That was previously published in June. May 11th. That target remains unchanged. It is conceptual. I just want to make that clear. Looking at some other questions. Is there a gold ore processing plant? We've just answered that. Initially it will be generated. Longer-term we will connect to the grid. Also looking with pricing and costing at the moment, use of solar with battery as well. I think it'll be a combination of all of those going forward. There's been a few questions on where we're getting the equipment from. We're buying local equipment, some of it manufactured locally. We're also looking at Chinese equipment, which is already in the country, and we're also in discussions with owners of equipment where they've either bought the equipment, built the plant, but it's been shut down. We're looking at that. All options available. Ultimately, it has to be the right spec. We need to have a supply line and a maintenance line so if the equipment fails, we can get it fixed quickly. That negates purchasing some Chinese equipment because you cannot get parts or maintenance on that, so we've got to be careful. To answer multiple questions that have come in on equipment, we're looking at second-hand equipment from plants that are no longer functioning, second-hand equipment from plants that it was purchased for but never actually got built, so it's now in storage. We're looking at new equipment, and we've been out to suppliers. There's a huge supply line, or chain of supply in Peru. It's actually one of the reasons we preferred going to Peru rather than, say, places like Zimbabwe or Africa, just because of the supply chain. The local expertise is there, the manufacturing, the ability to maintain the equipment, and the ability to work the equipment is all available and ready. I think you mentioned a point referencing Africa there, why we like Peru. There's a strong regulatory framework there. You can get your money out, and you can get your gold doré out of Peru as well. There are restrictions on that. You are not forced to sell to a sort of government-backed or affiliated entity, and you don't have to take payment in Peruvian soles. You can get paid in dollars. Do you want to mention anything else on that? That's one of the reasons we were very much attracted to Peru, apart from the fact they've been mining for 500 years there, and that's why the Spanish went there, to seek the gold, and there's huge industry there. Yeah. For me, the geology is right, the supply chain is right, the expertise and the people are right, and the fiscal regime is as good as you'll get in any country. Better than most, in fact, because it's not exploitative. We've had some questions come in on two things. Just one on political situation. We saw the change of president as anything but negative. It was what the mining industry wanted, so that was positive. I think we might also Stephen, do you want to talk a bit about the artisanal miners in Peru? It's a huge employer, artisanal mining in Peru. That said, the last time there was an issue which affected the artisanal mining sector, I think it was in, was it December 2024? Yeah. The government then, I think they've had two presidents since then, this is the third one. They tried to change some of the rules around what's called a REINFO system, the artisanal miners raised up and quite similar to the farming community in France, they blocked all the roads and nothing moved. They shut off all transport links from north to south and south to north, the government backed down within a week. The point is, it's a very strong community. A lot of people employed in the sector. It accounts for 20% of gold output for Peru, therefore that huge lobby, which is direct on the streets, helps to keep the government on track and helps to keep the government's thinking about policy sensible. Very good. Just looking at some of the other questions here that we might have. There was a question here, yeah, about the recent fund raise, a question from one shareholder who said the take-up of the retail offer was lower than expected. Are the board aware that a large number of brokers were unaware of the retail offer and warrant issue? They were unable to take part via IG. We did put out an RNS, the whole process was run by BookBuild, who contacted all brokers. That is disappointing, and we will follow up on that to understand what went on and work out what's what. If that shareholder wants to contact me or Stephen directly, we can have a discussion about that. Thank you for alerting us to that, and we will follow up on that. I'm just sort of looking through some of the other questions. Permits and logistics, I think we've covered that, both at Tesoro, we're fully permitted there. We were using, and we had alluded to that historically, industrial pyrotechnics because our explosive license hadn't come through. This was a logjam across the whole of Peru. Good news is that we received our explosive license a couple of weeks ago, so that has gone away, and should reduce some of our production costs when we recommence mining on the Tesoro 1 vein, which we will do. We plan to do before the end of the year or during the course of the year. Let's have a look. Is it possible to buy failed plants? The answer is? I think we've answered that, Christian. We've answered that. Not really. Some of the costs are huge. I think it's important, one of the advantages of La Patona is that this is part-built and fully permitted. The costs of people trying to establish new plants, we're looking at, so the competition is north of $10 million. We're doing this on a much lower budget to generate the similar returns. That's why it's so exciting. I've just had someone else come in and say they couldn't come in, they couldn't participate through Halifax, and someone who couldn't participate through IG. Please contact us directly and we can have a discussion about that, but we will follow up on that. Any other questions, Stephen, we think we need to? A lot of questions about dilution and use of funds. I think we've discussed that. Given our focus on the plant at this point and how attractive that plant is for either streams, funding through a stream, funding through royalty, project finance, or offtaker finance. That's what we're focusing on, and that allows us to look at non-dilutive finance for the plant. Okay. I think we’ve sort of come to the end, Stephen. Yeah. Thank you everybody for those questions. There was a lot of pre-submitted questions, and there was quite a few questions come in as we talked. All very helpful. We’re always open to talking with individuals. We do try to be very transparent. There’s updated major holders lists. Yeah. We’ll talk about that and see what we can publish the latest we can do. We can’t, at this stage, speculate on who the potential funding partners are or put that out there. I think we’d rather announce. We will announce something as soon as something is agreed. All we can say is we’re having ongoing, as we’ve disclosed, positive engagements with a number of different parties. We remain highly confident that this can button down in the next weeks. Indeed. On the shareholding, if you look at the most recent TR1s that have been published, there was a couple this week. You've got Yorkville hold 12%, Premier Miton are in at 11%, Spartan are at 5%, Not In Public Hands you've got 16%. All of that's on our website, it'll be updated as new TR1s come in. That's great, guys. If I may just jump back in there, thank you for addressing those questions from investors today. Christian, before I redirect investors to provide you with their feedback, which I know is particularly important to yourself and the company, could I please just ask you for a few closing comments? Thank you very much for taking the time to listen to what we have to say with Nativo. Stephen and I are really excited about this business. We think it has huge potential and deserves a significant re-rating. We're very focused on achieving the sort of key milestones we've outlined in this presentation. First one being financing the gold ore processing plant. Our objective all along is to sort of generate steady cash flow as soon as possible, we think with the financing the gold ore processing plant, we could look into 2027 with huge confidence that this will become a very cash generative business, that should be reflected in the share price. Thank you for participating. As Stephen said, both Stephen and I do speak with a number of shareholders, always happy to engage one-on-one with people, give the time, provide more background to the extent we can without bringing you in the inside. Thank you very much. That's great, Christian. Stephen, thank you once again for updating investors today. Could I please ask investors now to close this session, as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.