Welcome to the Savannah Resources Plc investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses when it is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to Emanuel Proença, CEO. Good morning, sir. Good morning. Good morning, everyone. Uhm. I am sorry it took us a few more minutes than usual to get started. I think we are just being in time. It is exciting times for the Barroso Lithium Project and for Savannah Resources, as you know. We published our DFS mid last week. Finally, after almost more than nine years of work, extensive work on the fields, extensive work on the resource, on the geology, on the mineralogy, on the metallurgy, on all of these aspects that are so important for the development of a project like ours. We are now part of the select group of projects that has moved to post-DFS stage. It is a very important moment for the Savannah Barroso Lithium Project, and it is also a very important moment for us and for all of those who follow the story. I would say that most of you will have seen the highlights of the DFS. Important note to refer that this is the DFS of phase I of the project, covering the construction of all the key elements of the project and work through the first 14 years of life of mine. Those who follow us will remember that the resource was upgrading in September last year. It covers not 20 million tons of reserve now, but 39 million tons of resource, and that it has an additional exploration target on top of that. It is certainly a very good, very solid starting point, a very good first phase of work in a project that we hope will endure for and operate for generations for the benefit of those who are part of it in the region. Anyway, let me go through some of these slides that will help you have a better idea of what is behind the very interesting numbers of the DFS and what we are expecting to deliver over the course of the next couple of years. Again, as Lily referred, please do throw in the questions so that we can answer them at the end of the presentation. Key messages of these DFS. Before that, just recalling you where we are in terms of the shareholder structure and in terms of shareholder performance. On the left-hand side, you see the current register is fun. The only change from the last version is that the institutional share has continued growing. The free float is still very strong. These strategic sector specialists, AMG, the long-term holder, the two Portuguese industrial conglomerates that support us and all the other sector specialists that are involved have been very supportive of the development of the project. They have kept their steady shareholding in the company and have supported us in the last raises done last year. It is very good to have them on board, and we are certain that we have a register that supports the development of the project through the next stages that are so important for its future. You will also have followed the evolution of trade on our shares. You will have seen that value has improved over the last year and a half significantly, and that we are now trading at about GBP 160 million at around 6-6.50 GBX. We know that there is plenty to go. We know that a few global peers are trading at levels that are a bit above this. But we also know that DFS was an essential element of delivery that everyone was waiting for to see the numbers on the DFS. Now that we have it is normal that we progress to other stages and that the valuation hopefully adjusts to the peer group. This slide kind of summarizes some of the key numbers of the DFS, and I would highlight a few. On top of the 20 million tons of reserves now finally, and we finally have a reserve statement out. These allow us to operate for 14 years as referred, but on top of those, it is important to stress the C1 and the all-in sustaining costs. A C1 cost below $500 per ton means that we can continue to operate even under the most pressing market conditions. We can still pay our bills, we can still make sure that everyone on board continues to focus on delivering, and then we can reap the benefits of that as soon as the markets recover. You will remember that spodumene and lithium in general, it is a very volatile market. It is one that has gone up to $8,000 per ton. Only three years ago, it has gone down to $600 a ton, significantly above the C1, which is important, but it was a very tough moment for the industry. It has now recovered and is trading above $2,000, around $2,200 per ton. That volatility will continue to exist, and it is very important that projects are prepared to endure those tough market conditions. At the C1 of $473 and an all-in sustaining cost of $646 per ton, we are one of the most prepared projects to endure those conditions in the world. That is also something that is worth highlighting. A position in the second quartile of the global cost curve while being in Europe, while complying with all European regulations, while complying with all European obligations, while delivering a very good project for the region, is a very good place to be in. Some of the projects that are to the right of our cost curve, they include some of the best names in the world of lithium. You have a PLS, Pilgangoora projects, for example. You have a Manono projects, you have a Bikita projects. You have Jianxiawo, owned by CATL, one of the world's largest mines, based in China, owned by the largest producer of lithium batteries in the world. They have an all-in sustaining cost that is higher than ours at this stage. It is very important to be in this position of the cost curve. The other numbers that I would highlight out of all of those that you see on the screen are those that you see to the right-hand side. One, the price at which this study was run, $1,788 on the spodumene 5.5%. This is below $2,000 on the spodumene 6%, and it still is a good number, a solid number to work with over the course of the next few years. We tried to use as many external providers of data as possible to use a robust price deck. If I recall, it's seven price curves that we have used coming out of some of the most reputed investment banks in the world that cover the lithium space, and also coming out of the two most reputed PRAs in the space. When you put all of these price decks together and you do the average, you come down to a number as the one that is used. Again, below $2,000, we have seen other DFSes in the industry being used and using the price decks that are a bit more aggressive than this one, but we believe that this is a good one to go with for this stage. It's also significantly below the current spot prices. Just below that number, you have the post-tax IRR. A post-tax IRR for a project like ours at DFS stage that is above 30% is certainly a very good IRR and one that just gives us a bigger obligation and a bigger responsibility to deliver in quality and on time, because that's post-tax payback period of less than two years and those $900 million of post-tax NPV needs to be materialized and delivered through the benefits of everyone involved in the project, obviously from shareholders, but also to future debt holders, to society at large, and to the local community. A responsibility at hand with very good numbers to work with. Physically speaking, the image at center of this slide gives you an idea of what we're trying to achieve. It has a bit of AI simplifications there, but it recalls us of the basics of the project. An open pit mine, which is important for safety, for operability, for costs, It also allows us to do recovery as we build and rehabilitation. That's an important feature of this project. At center of the image, you see the industrial facilities. To the top and center, you see the offices and the entry and exit road of the system, and then you see a sequence of paths starting with the ramp path. In the middle, you have the crushing facilities, and just below you have the DMS and the magnetic separation unit, the deslimer also, and the flotation units. To the right, you have the tailings facility, and you will see afterwards the other structures of the project. This infrastructure allows us to deliver lithium for more than 7 million EV batteries in the first 14 years of operation. Plenty to capture of additional value on top of that, but these are also already very significant numbers. What is also very significant is 500 on-site jobs, more than 1,000 indirect and induced jobs, most of them hopefully in the region. It is a very big positive impact for this region that should re-energize it for a couple of generations at least. It is also one important part of the elements that motivate us to deliver these projects. Overall. As you read at the top end, it is a high-quality, low-cost, low-risk, and low-impact project. One of the very interesting projects globally that helps feed the energy transition at scale. If we zoom out in terms of value, it is important to reinforce that this DFS covers phase I, the box that you see in green at your left. Our expectation is that with more geology work, we can grow the reserve over the course of the next years. A potential phase II, if it was to be delivered, would hopefully get us beyond 40 years of life of mine. At some point, be beyond 100 million tons of resource and 10 potentially reserved. There's obviously a lot of work that needs to be done to deliver these numbers, but we have a solid ambition and a well-sustained and rounded on data ambition to get to that phase II and then potentially to a phase III of industrial expansion, duplication of capacity of the plant, and so on. If we go back one slide, you will see that the flotation structure has enough space to duplicate with time. It is also important to say that in the CapEx of this phase I, you already have a significant amount of elements that would support a phase II. This is important because you want to keep optionality at this stage, and you want to make sure that a potential phase II and phase III can not only be delivered, but they can be delivered also at a very good and competitive cost and with the ability to implement them at an appropriate speed. We are very confident that over the course of the next few years, we can continue to bring good positive surprises in terms of growth on top of the initial $ 900 million of NPV. A set of key messages that I want us all to have in mind before I pass on the bat to Henrique for a bit more detail on the numbers of the DFS is, one, that this is a globally competitive project. It's better in terms of costs than most producers at this stage, even some of the best names in the industry in Australia, China, and Africa. Not all of them, of course, but some of them, and that's I think an important confirmation of value and future value for Savannah. The second message is that it's Europe's largest project, but it is also a globally significant project. It's not only that we are the largest in the region, it is that it is globally significant. There's plenty of additional work to be done that should, with time, release more value out of the grounds and into the system. The third message is that it is validated and supported, I would say, at all levels at this stage. It doesn't mean that it's consensual. No mining project is consensual. No project, be it in any other industry or any other element of society, let's put it that way, is consensual, in the sense that you don't have support by 100% of people ever. This project has significant supports right now. It has changed dramatically from where we were three years ago. Today, the European Union and the European Commission support the projects. The Portuguese State, through various entities, know that we are doing the right thing, continue to have a close look at everything that we do, but do support the way we are doing things. We have support from sector specialists. We have solid local ties and presence. Here I would highlight these more than 10 partnerships that were done in the last 12 months. I will tell you a bit more about those, they do reinforce that we have good friends in the region. We have plenty of people who have understood that this is a great opportunity for the region, with them and with our team, we can deliver these projects. Fourth message, to reinforce that this is a low execution risk and high optionality project. The very traditional flow sheets, the open-pit features, the stable jurisdiction, the balance sheets, and cash position, all of these mean that we are in a very good position to develop the project and deliver significant value out of it. On top of that, we have 100% control of the project, that's something that is not as frequent for junior miners at this stage, and it's certainly something that we want to continue to work on top of. Fifth message, as we deliver DFS and as is normal, things do accelerate. Do continue to follow the story because there's plenty of additional news flow that will come over the coming months. We continue to progress the project for delivery in 2028. Next year, we will be in construction. In 2028, closer to the end of the year, we should see first concentrates coming out of the project. Again, as referred, still this year, completion of partnerships, completion of conditional project finance, the build-out of the construction team, and many other developments are on track to be delivered. Stay tuned, I would say. Main elements of the DFS, starting with CapEx, OpEx, and other financial numbers. Henrique, do you want to lead us through those? Yeah. Sure. A few on this. Just on the CapEx side, the sharing, going through all these details with the proper level of engineering. We have reached to a final number of GBP 283 million. This is before contingency. The contingency that we are considering for this moment is GBP 40 million, based on the level of engineering we have and all the still aligned, like equipment by equipment and facility by facility. We reach this number, which I would say is a conservative approach. This is net of the grant, of the 75% of the grant that we award from the Portuguese government that will be disbursed during the construction period. Looking to the numbers on overall, we see that we have on the processing plant, we included the logistics, around GBP 150 million of this number. We have to consider another number that went up from the synthesis scoping study, which is the bypass road. The bypass road, as you remember, is connecting the project to the highway in Portugal. This has become, following the national standards, it became more expensive, is now in the range of $60 million to be built. Remembering that this will have to have the DIA until the starting operations of the processing plant. They will have to have it, but not exactly finished in terms of building. Anyway, in terms of all others, internal, all the normal power supplies and all that. Altogether, you reach the number of GBP 470 million with the contingency and without the grant. Can we move to the next one on the OpEx side? This is the good news for the project. I think we stay on the second quartile of the cost curve of the spodumene producers. That is a very good place to be. That means that the project will remain as resilient in the bad times that we will face, like we had one year ago, we would be producing and making money, even at very low levels. We reach below GBP 500, GBP 472 on a 5.5% spodumene concentration for the C1 cash cost and all-in sustaining cost of GBP 646. That means GBP 705 on the 6% concentration for spodumene. That puts us on the second quartile, very close to very well-known Australian-based projects, which is a very good place to be. Remembering that even for pricing and all the costs, we are considering FOB in Portugal, which we estimate based on the logistics, based on the international pricing and indexes that were available, since that will be the port of delivery for our product. Please, on the sensitivity analysis to the NPV of the project, obviously, the project is quite sensitive as expected to spodumene price. With a 10% change of prices up or down, you have an impact of around 19% of NPV. This is obvious, this is a very strong impact. This is also true for recovery rate. With recovering rate going up or down, it has a very huge impact. We have been conservative in this for recovery, and we believe it can be improved as the project goes. On the other side, on OpEx, the impact is moderated also for CapEx, although very important for the beginning and very important to deliver and raising funds and all that. A 10% change on CapEx impacts like 4%. Just highlighting that for power costs, which is now everyone very worried about power costs, the variation is slightly, so the impact is less than 1%. Give to you back, Emanuel. Thank you, Henrique. We reinforce it's not only power costs, it's also fuel costs, for example. The impact on the NPV is quite immaterial, just reinforces that the project is very robust at those levels. Something that is perhaps worth highlighting, it's a detail, but it's potentially relevant. In Iberia, it's not fossil fuels that set the price for power, it's renewables. That also gives us an additional element of resilience to shocks in this project. Other projects would be tremendously impacted or more impacted by fuel prices, diesel prices, coal prices, and so on. This one wouldn't on the power side of things, and even on the fuel side of things, given that the country's quite heavy on taxes on fuels, and those taxes usually their burden doesn't change with fluctuations on brand prices. That also means a bit less sensitivity to that. Henrique rightly referred that the processing recovery rate is very important, for that I would restate the simplicity of the process that we have. It's the same as we have at scoping study with a set of adjustments that I will refer to. It's a crushing unit at start, a set of screens, deslimes, and DMS processes. A regrind structure just before a magnetic separation and deslime, then you move into the mica and spodumene flotation structure. Crushing DMS, magnetic separation, deslimes, and flotation. Very simple from one end to the other, but obviously the devil is in the details. The 70% recovery rates that we have used for scoping study is quite achievable with the technology that is used, quite achievable with the level of knowledge that exists both of the resource itself and of the process. I would say that as we progress in production over the course of the years, hopefully we will be able to deliver what other projects in the system have delivered consistently through their first years of operation, which is a growth in the recovery rates. Let's hope we are capable of doing that. We will certainly be able to deliver 70%, as is estimated in the DFS. Improvements will be an upside to the numbers. I already referred that we adjusted a few things from scoping study, not in the flow sheet itself, but on the robustness of the flow sheet. Because we added on-stream analyzers, which have become mainstream in the industry and help a lot, and also because we added redundancy in some of the equipment that is key for availability. Those two things should help and make the projects even more robust. On the industrial area itself, I gave you a very brief summary of who we have in the last slide that we saw both. If you want to have a journey through the process plants, in the future, you will come from the north through the access road. It is 11 km through the highway. It is an access road that is built for the project. You will first see the power substation. Then you will start to go down and down and down through the valley. Will see first the offices, the support facilities. Then the dispatch units where we press the products. Then put them onto trucks to exit the premises. You will see at the right waste facility and the Grandão pits. Where we have drill and blast excavation, truck loading, and hauling operations as is usual. Part of those hauling operations are of ore that comes into the ramp path at top of the industrial area. The ore comes down through the crushing facilities to the DMS, the deslime, the magnetic separation units. Then the flotation units at the bottom. To the left, you have the lab, the reagent structure. In the middle, you have the water treatment structure. You have a conveyor belt that brings the product back up and to the dry stack tailing units. A reference to what you have to your right, the mining schedule profile. Quite stable throughout the first 14 years. More important than that, a strip ratio of 5.2: 1. This is a strip ratio that is top of the industry, one of the best in the industry. It is one of the elements that make these projects very competitive. Something that is very important to keep in mind. When you zoom out from this area that we were seeing, just in the middle, the plants and the offices facility, you see that the project is more extensive. It includes the various pits. You were seeing Grandão. Just to the south, you have Pinheiro. To the right you have Aldeia. To the left, about close to six kilometers away by road, you have a Reservatório and NOA. In brown, you see the roads. The road that accesses to the left, the occidental area of the project. Also the road that goes up these north access independent roads. You also see in yellow the power lines. There is already this power line, the high voltage power line that goes from southeast to northwest of the project area. The project includes a diversion of that power line to allow the plant I am going to announce to be installed. It also includes a new medium voltage power line that goes to the right-hand side, to the eastern side of the map. It also includes the power substation in the middle. Then all the water-related facilities and other elements of the project, such as the waste dumps and the TSFs. To the right, you see the 7 km shared Boticas bypass road that we will also build in sequence to the main elements of the project. That will allow a direct connection to the A24 local highway. From there, a very fast connection to five options, of course, of which one is used as the best option and the basis for the project DFS. Another reference to reinforce that the additional resource that is not a reserve yet and the additional exploration targets are all within hauling distance from the plant area. NOA and Reservatório are less than 6.5 kilometers away from the plant area. Some of the other pegmatites surface are seen closer than that, or just at a very similar distance from that. The growth in the project can be done with hauling distances kept short and with competitiveness kept at its best. Let me just go through the Q&A, the questions that you have there. I'll answer a couple of them before we move to the other fronts that are in progress, if that works. We can do that. I can feed in if you want, Emanuel. Good morning to you. Thank you, guys. I'm looking at these first ones. The reason with holding the share price back, while this is on share price, that's on the DFS. I'll keep that one for later. Sure. There's a question there about land, which we haven't touched on as yet. Yes. What land needs acquiring before we can get into development? I think that's a key topic. It is a key topic, an important question, and an important work front. We have, I think we're very close to reaching 150 land plots already bought from locals. The process of friendly purchases has, I think, been good and progressed very well in the last year. It has a limit because there are obviously a few land plots that will have to go through expropriation. We have spoken about that in past references. An expropriation process is exactly what projects of magnitude in the region go through always. Usually there is no friendly acquisition process. There is only expropriation. That is what happens with dams in the region. It is what happened with roads, with highways, and with other structures. We will have to go through that process for those plots that were not purchasable. You have a variety of reasons for that, because there are inheritance issues, because there are border definition issues, because paperwork is not in order, or just because there is visceral opposition to the project by a few of the landowners. That process is expected to happen over the course of the next months. We have announced it to the markets more than a year ago. We have started that process formally a long time ago, and it is going through the typical steps. Everyone in the region knows that it is happening, so it is not news. What is news is that we also had two land easement procedures that were approved. These have allowed us and continue to allow us to work in land that is not ours yet, but is already part of the concession area. On top of that, over the course of the next few weeks, we will tell you a bit more about some of these agreements in the region, and some of them also relate to land. There is also very positive progress in that front. Can we get another one, Asa? Yeah, of course. Well, I think we've already touched on it. Yes, there's a question just asking about, are we expecting to sign contracts with clients? I'm assuming this is in reference to offtake. Are we expecting to sign contracts with clients before mining begins? I don't know if you just want to reconfirm on that front. Yes, of course. I think, Asa, you just published an RNS before this presentation. The RNS refers to some deals that have been done on the ceramics and on the byproducts portion of the project. We already have five of these deals with both national and international ceramics players. That's very good news because it reinforces the quality of these byproducts, although they are at LOI stage and ceramics is not a market that works with long-term offtakes. What we have at this stage is what best you can have in terms of certainty for commercialization of those products. The total volume that is implied in those five deals is 865,000 tons per year of byproducts, which is very significant. Note that in the DFS, only 600,000 tons of those have been included. We try to be slightly more conservative than what these agreements could potentially support. The other front that is obviously of utmost importance is spodumene off-take contracts. In that front, we have told the markets that a process has been started, that we have accepted preliminary offers that are quite exciting. We have a set of those that are in analysis or in advanced discussion right now. Yes, before the end of the year, you should have some news in that front. I cannot hear you, sorry. More questions now, or do you want to carry on with your presentation? Let's perhaps close the presentation and then go through the other ones. Great. That's okay. These other two fronts in progress, the first one is financing. Right, Henrique? Certainly one of the key topics for the coming months, and so perhaps worth diving a bit more into where we are at. Sure. I believe that everyone is very interested about what are we going to do in terms of finance, and are we moving to FID now that we have delivered the DFS. Let's say that on the backstage, lot of things has been happening, and we cannot share everything, but at least here we would like to share with you some flavor of the work we're doing and how we plan to structure it. We'll be doing working with project finance. In the past, we have mentioned a lot of times the KfW relation with the support of the German ECA, which is a way. It's also possible to go through a pure commercial banks approach. That can be slightly more flexible eventually. We also working on these two options. That's what I can share at this stage. For that, so the basis and that's the requirements on the off-take that Emanuel was just speaking about. We have also on the off-take strategy, based on the lenders' requirements. Lenders have some requirements because the project finance is based or will be based on the off-take. The requirements, just very briefly, so we plan to have 70%-75% of the product under off-take agreements on a take or pay structure. That this is very important. Floor price may be required for part of the contracted volumes. That doesn't mean that is for all, and definitely not a fixed price. I think that's good news. Typical tenures around the off-takes is like five years. You would expect to have the project finance with a grace period below 10 years, with grace period for construction, but can range from 8-10, depending on some other conditions. Let's say that we still have plenty of 25% for 45,000 tons per year as still to sell on the spot price. This is a good news in terms of gives us flexibility both from a commercial, also from operational point of view, which is very good news. We are moving on the due diligence with the DFS in our end. We have moved already before the DFS was delivered on the technical and environmental and social due diligence. Just starting also the market DDs and legal DDs. We engage already consultants and we engage lawyers and are moving in these fronts. As normal, typically required by a project finance. That we intend to close, let's say, to put a date on that, end of fourth of this year, beginning of the first quarter of 2027. Finally, on the funding enabler, let's say that we are funded to deliver FID, but we are not funded to deliver so long lead items, or even pre-financial close works that might be required for some of the CPs. If more equity is still to be required in between, so the sizing and timing still to be defined, but that's something that we are analyzing at this stage. Finally, on the government grant, as I already mentioned, so this is under EUR 10 million. That 75% will be during construction. How it's all the grant integrates with the commercial banks in terms of security package and all that. Although remembering that the grant is not reimbursable and not bearing any interest, so it's a pure grant. Still how it fits into the funding structure is still under review and negotiation, that will obviously might impact the level of leverage, more or less leverage that we might get at the end of the whole picture. I think that's the summary of it. Perfect. Thank you, Henrique. I think it answers some of the questions that were on the Q&A board also. Thank you for that. The other very important front for us is the one associated to local engagements. This is because, let's be clear, three, four years ago, three to five, six years ago, things were tough in these fronts. Also, and more important, because we want to be a force for good. We want to be one of the main reasons why this region in which our project is to be developed benefits from the project, prospers from the project, moves away from a death spiral in which it has been trapped over the last 30, 40 years. There's a lot of work and a lot of energy that we put into making sure that we do things right in these fronts. We have announced to the markets four deals, three of them with hunting and fishing associations that basically cover all the area of the project, all the area impacted by the projects. This was with the associations of Boticas and Cóvos, the association of Caneiro, of Torneiros. We have also announced to the markets partnership agreements with the regional hospital group to study a new local healthcare facility. You will know that a mining project like ours will always need some healthcare-related facility, and what we're planning here is to use it as a basis for use by the broader community in the region. These two deals have been announced. The other partnerships haven't been announced yet, I can tell you that they will be shortly, and they cover a full spectrum of potential partnerships with local entities. This, I think, is very clear evidence that we are very far from where we were a few years ago in terms of local engagement, and that most in the region already see this project as the force of good that it wants to be. More exciting and even as impactful for us is the fact that we are already touching lives and transforming lives for the better. We're kind of breathing new life into the Barroso. This just gives you obviously anonymous, so as to respect the privacy of each of the persons, but it gives you a few of the cases that are part of our local team right now, the team that works with Savannah every day. On top of these impacts, you have plenty of other stories with the subcontractors and many others in the region that already benefit from the project. We have a first-time mom since this month. We have a lady in the team that has come back with her family from Ireland for many years of work and life in Ireland, back to her home region. We have another family that has come back from Porto. They also have a baby. When you put this together, it's a new generation for these villages that haven't seen babies or have only very rarely seen babies in the last decades. You have a couple that has given up immigration and has moved to Carreira with us. You have a person that has come back from immigration in France. You have a couple that has moved to Caneiro. You have another person that has moved to Cóvos, another one to Boticas. We're in our third new house rehabilitated or used in Cóvos, our first new house in Caneiro, another village in the region, and this is just the tip of the iceberg and just a starting point. Already today, even before we are formally in construction, a lot of lives already are positively impacted by this project, and this really motivates us to keep going. Main takeaways, again, before we move into questions. This is a unique project, I think it is fair to say at this stage, and one that is already validated by DFS. It's progressing fast. It's supported, it's validated by all key external parties. There's plenty of news flow ahead. If I can leave these five key messages on the screen as we go through the questions, that's probably the most useful. Asa, can you help me with the most. Yeah. Questions? Absolutely. Thank you for the presentation, Emanuel and Henrique. We've just got a few more questions, and if people want to send more in, please feel free. We've got a few minutes left. Amalgamating a few questions here, and I think we've covered the topics a little bit here in terms of there's a question about how to minimize dilution for existing shareholders through the financing that we're planning. Obviously, I think Henrique touched on that with project finance and the grant and offtake finance. If there's anything else you want to add on that front, please feel free. Henrique, I will respond on your behalf. I think those are the instruments that are at our disposal, and obviously, we will be using all of those wisely and in the best interest of current shareholders. To be clear, the three members of staff that are presenting here today are also shareholders, and they are tremendously motivated to not only deliver the project, but deliver it with value generation for retail shareholders, which they are part of. What I would add is that this project is in a very good position because contrary to many other projects out there, it still has control. It has 100% control of its assets. It has 75% control of its offtake. It has control of its balance sheet. It has control of its pathway forward. That control means that we can work with all the options on the table and then use the best ones at each moment, of course. That depends, obviously, on what is available, the costs associated to each tool, and the effects on strategic independency and future robustness of the whole project. Excellent. Thank you. I think just an opportunity to reiterate some other previous comments just about how we see opportunities to extend the life of mine or the annual production rates or both. I don't know if you just want to touch on those key points again. Sure. I think that there was a slide on that specific topic. I can tell you that even when you look at the resource statements in September last year, you see elements of that resource that we want to transform into reserves in the future. There is a bit of indicated material that is in there that hasn't been transformed into a reserve just yet. It will be over the course of the years with a bit more of an adjustment to the concession area. There is a very significant amount of inferred material that is in the resource statement. With a bit more drilling, some of it, or a significant portion of it, should move into reserves with time. You have these additional pegmatites at surface inside the concession area that we will want to study further and dig further so as to transform into a resource and then a reserve. Excellent, thank you. There's also a question about dual listing. Obviously, we've put out a little comment about a dual listing process this morning, there was a Bloomberg article about it. Yeah. Question is, you've talked about looking at European markets or one of the major mining markets. Can you explain why we're doing that and perhaps where we are in the process? Yes, I will come back to the previous question afterwards because I have forgotten to add another element. Sure. Answering to that one specifically, everyone knows that AIM is a good starting point for resource projects, but that it has had stiff competition from the Australian and Canadian market in the last decades. Everyone knows that a project, as it progresses, benefits more and more from being also listed in a regulated market on top of AIM. When we look at the options that help us deliver more value to shareholders, increase liquidity, increase the performance of the share, and the transformation of the long-term value of the project into shareholder value, we firmly believe that adding another market on top of continuing on AIM is something that helps. We could potentially move from AIM to LSE main market. That was also a possible path forward. What we have seen in the last two years is that there is very significant support for the story coming from outside the U.K. also, and we want to make sure that that additional support can have a home that is potentially more flexible than AIM and more capable of attracting and developing further shareholding positions. We believe that continuing on AIM is important. We also believe that adding a regulated market that gives us access to other pools of capital is also important. Back to the previous question, Asa? Yes. Go ahead. I answered to the resource and reserve part of the question, but not to the capacity part of the question. As you look at the resource and the additional exploration target potential, you're looking at a project that can have a very long life, that can go through generations of work on the ground. When you start to see that life of mine expanding very significantly, you start to ask whether adding further capacity to process more is an option. What we wanted to make sure was that at these DFS, we kept that option as open and as prepared as possible. It is hard to compare, for example, DFS numbers with scoping study numbers, or even C1 and all-in sustaining cost numbers now with C1 and all-in sustaining costs that will materialize over the course of the next decades because CapEx for DFS is also higher because it has more elements that could potentially allow duplication. Also because C1 and all-in are constrained within the 14 years of life of mine, it is more heavy on costs in these 14 years. If we expand the mine life, we obviously also dilute some of these costs with more volumes and more years of operation, that in itself makes the project even more competitive. Very true. I suppose on the same theme about adding value or creating value, yes, there's some questions, and I'll amalgamate them. It's really a question of what's going to drive the share price in the next 12 months? Which milestones are we looking for, which is going to deliver the value for shareholders going forward? Future share price depends on shareholders. I would say that the news flow that we have had is particularly exciting, and we've gone through some of the elements. Henrique has referred a lot of fronts associated to project finance and also associated to commercial off-take deals. These when delivered, will be important sources of additional information and will also be important de-riskers, further de-riskers of the project. These are certainly two fronts to be very attentive to. On the community front and on the local ties front, we also believe that we have entered a stage of delivery that is very important. We know today that we have many more people in the region that want to be part of this project, directly or indirectly, and we want to make sure that we use that energy of the Barroso positively, that we cherish it, that we support it, that we encourage it, that we see the society in the region react positively to the tremendous opportunity that they have at hand. There will also certainly be more newsflow associated to that. There's the preparation of the construction team. There's hiring that will happen in the next months. There is also news associated to buying first long-lead items, to hiring the companies that will support the first stages of construction and other elements as such. No, great. That's great. We had a question about recruitment, actually, but you've touched on that, so that's great. I suppose, just really a last question is can you just give us a quick summary of what the European Commission have been doing recently in terms of critical raw materials? What else is happening in Europe, in the lithium space? Just to sort of round off on those matters. Sure. The European Commission continues to see critical raw materials as one of the most important topics out there right now. It's because of the critical raw materials themselves, because of the value that they can deliver, but also because of the impact that they have on very important value chains for the whole of Europe and on the very important impact they have for the environment and for future generations. For all of those reasons, the Critical Raw Materials Act was only one of the elements of regulatory pieces that came out in the last couple of years. You also have the Industrial Accelerator Act, for example, only a couple of months ago, reinforcing that industrial development and industrial preservation in Europe is very important for everyone. It has plenty of measures that further support the development of a battery value chain within Europe and further encourage investments in this area. That's an important topic for us, of course, because we know that it is hard and challenging to develop a new value chain, that it takes years. We also know that having more clients and more partners and more developers with this value chain close to us is of additional value to us and is of additional value to the system. Nothing of that is embedded into the DFS. The DFS has nothing associated to carbon credits, to Carbon Border Adjustment Mechanism, to further incentives, to keeping the product closer to home and not requiring shipping to other places in the world. It has nothing of that, which means that all of these things are potential upsides on the numbers. Second part of your question, Asa, was on what is exactly happening out there in Europe. I think that what you see is, I would highlight perhaps three things. The first one, you already have a spodumene mine in European territory. This is a big news for us. It is the Keliber project in Finland. It has entered delivery stage. It is already producing, and that is very encouraging for us. It shows that the Finns have understood the value of delivering a project like this. We know that the Portuguese state is very aware of that and wants to make sure that Portugal does not lose the opportunity to develop projects in this space. We also know that we are very well positioned to be the second in the system. You have seen movements in other more side projects in the system, with Zinnwald in Germany, with Lishe Valley in the U.K. You are seeing a bit of movement in Spain and in France with the Imerys project. You are seeing action, and you are also seeing more financing flock into the system. You have seen major financing deal struck by a very capital-intensive project and higher risk in terms of technology, that is Vulcan, in Germany. You are seeing significant movement. On top of us seeing one of our partners, AMG, further developing its industrial footprint in Bitterfeld. What you are seeing also is more and more big industrial projects further down in the value chain. In Portugal, you are seeing CALB that has started, or is starting construction, is hiring the constructors right now, big battery plants. You are seeing CATL in Spain progress. You are seeing five new electric vehicle plants in Spain alone being prepared, built, repurposed for EVs. A massive industrial investment just around the corner for us, just on the other side of the border. I hope that Portugal will also be able to capture some other projects in the space. There is movement. We have tried to make sure that our project is not dependent on the development of the European battery value chain. We also want to make sure that the European battery value chain develops as much as possible and as fast as possible. We want to be also a force for good in that front. A lot of coordination work with some of these projects is already happening on the background. It will continue. Excellent. Thank you very much. I am aware of the time. I think it is perhaps time for some concluding remarks. Then we can hand back to the IMC team to close off. Perfect. Thank you, Asa. We wanted to give you more on the DFS today and to give you more on so many things that we want to deliver over the course of the next 6- 12 months. It is a very important stage for these projects. Obviously, the DFS is a complex document, so I invite you to go through that executive summary that we have published. It is almost 100 pages, but gives you already a good flavor of what we are doing. On the background, we will continue to progress for the benefit of everyone in commercial, in financing, in communities, and in preparation for construction. Thank you. That is great. Thank you for updating investors today. Can I please ask investors not to close this session, as you will now be automatically redirected 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 and I am sure will be greatly valued by the company. On behalf of the management team, we would like to thank you for attending today's presentation and good morning to you all.