Good evening, ladies and gentlemen. I'm Madhuri, moderator for the conference call. Welcome to Nava Limited Q4 FY 2026 Earnings Conference Call. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone telephone. Please note, this conference is recorded. I would now like to hand out the floor to Ms. Nidhi Shah. Thank you, and over to you, ma'am. Yeah. Thank you so much, Madhuri. Good evening. On the behalf of ICICI Securities, I welcome you all to the Q4 FY 2026 earnings call of Nava Limited. Today we have with us from the management, Mr. Ashwin Devineni, Managing Director and CEO, Mr. Nikhil Devineni, Executive Director, Mr. GRK Prasad, Executive Director, Mr. B. Srinivasa, Chief Financial Officer, Mr. V.S.N. Raju, Company Secretary, and Ms. Lisa from Corporate Communications. We will begin with opening remarks from the management, which will be followed by a Q&A. Over to you, sir. Thank you very much. Good afternoon, everyone, and thank you for joining us today. FY 2026 has been a strong and important year for Nava, both from an operational and strategic perspective. Our business continued to perform steadily across geographies, supported by disciplined execution, stable operations, and improving efficiency. At the standalone level, we reported 116% increase in profit after tax to INR 911 crore, marking one of the strongest performances in the company's history. The growth was primarily supported by healthy upstream dividend flows from our overseas investments and tax receipts received during the year. We also witnessed one of the strongest years of cash generation supported by these inflows alongside healthy operational cash flows, further strengthening our liquidity and balance sheet positions. On the consolidated side, profitability was impacted by certain accounting-led tax adjustments at MEL, which is Maamba Energy Limited, relating to deferred tax movements. To provide some context on this, the increase in deferred tax expenses, which is a non-cash item, was primarily driven by approximately 32% appreciation of the Zambian kwacha, resulting in unrealized foreign exchange gains. These unrealized gains create a timing difference between how income is recognized in the financial statements and how it is treated for tax purposes. As a result, a deferred tax liability is recorded. However, the underlying operational and cash performance of the business remains healthy and consistent. On this, it is important to note the following, and there are four points on this deferred tax provision. One, non-cash in nature. This deferred tax does not involve any immediate cash flow, cash outflow and is purely an accounting adjustment. The second is it's linked to the exchange rate movement. The deferred tax position will be reassessed during every reporting period based on the outstanding loan balances and the prevailing exchange rates. Third, that it's temporary and reversible. Since the underlying driver is foreign exchange fluctuation, the impact can be temporary. As exchange rates stabilize or move in opposite direction, the deferred tax liability is expected to reverse over time, and it has no impact on the core performance. This movement should be viewed as a technical accounting adjustment and not as an indicator of the company's operational performance or cash position. That being said, overall, we believe today Nava is in a stronger position operationally, financially, and strategically with stable core businesses, healthy liquidity, improving cash flows, and multiple long-term growth drivers in place. A testament to this is the dividend declared for the year at INR 8.55 per share, which is the highest in the company's history. With that overview, I would now like to hand over the call for a detailed discussion on the financial and operational performance for the year. Thank you very much. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and then one again. The first question comes from Aditya Shreeman from PCS Securities. Please go ahead. Hi, sir. Am I audible? Yes. Yeah. I had a few questions. Yeah. The first one is the status of the projects of the 100 MW solar project and the 300 MW thermal project, sir. The solar project commissioning is supposed to commence in the month of July this year, 2026. The phase 2, which is a 300 MW expansion at MEL, is to be commissioned during the early part of January 2027. Okay, sir. What is the status for the avocado and the sugar complex? Well, on the avocado front, in fact, this year we've had our first commercial harvest for about 150 tons. As we speak, the rest of the growth in the last division, Division B, is taking place. We expect that to be complete towards the end of this financial year. Post which, in terms of plantations, we would be fully complete with it. However, in terms of commercial sale, we are expecting next year there would be a harvest sale of about 1,000 tons. Good. -going from there, every year the quantity would double in nature, up until 2034. Sir, one last question, sir. What are the domestic realizations for power? Power for the current year, we estimated it around INR 5.55. Okay. Okay. Thank you, sir. Thank you, sir. Participants are kindly requested to ask two questions in the initial round and rejoin the queue for more questions. The next question comes from Saket Kapoor from Kapoor & Co The next question comes from. Please go ahead. Yeah. [Non-English content], sir. Hope I'm audible. Hello? Yes. Yes, you are audible. Yeah. Yes, sir. Sir, if you could just explain to us the allowance of expected credit loss that we have factored of INR 20 crore for this quarter and an amount of INR 137 crore for the entire year. So- Second FY, please. It, it is on account of, just for use, which were outstanding around 31st March 2025. We have received during the year about, like, $15.5 million. That the provision made in the previous years were reversed. Okay. sir, these are gains that we have booked for the current year? Yes. Sir, going ahead, will this be any recurrence of the same? How much more will be reversed back going ahead? We have left with $1.3 million, which will be reversed during the next. Sir, if you could just give some understanding of how the core business aspect in terms of the different verticals are behaving with the Silico Manganese, the Ferro Silicon, and the type of the expected realizations going ahead. Sir, as you mentioned about the cash flow from the subsidies and the buyback program, what should one anticipate going ahead? How are the power realizations going to shape up? I think so in your note, in your presentation you did allude to the fact of lower reduced realizations for both ferroalloys as well as the Indian energy increased switch costs, which was mentioned in the financial highlights. If you could just give us the in brief, the setup of the business environment for all the verticals. Going ahead, what should we anticipate? That's a very broad question, but let me try to answer it the best I can. I think, first, with respect to the ferroalloys vertical, yes, there were many pricing pressures on account of two major possibilities. One was the fact that India now produces about 4 million tons of manganese alloy, out of which approximately 1 million is dedicated for export. The main export destinations are Europe and Middle East. Over the course of the last year, the European Union has imposed safeguard duties against Indian imports into the country. That coupled with the geopolitical situation going on in the Middle East has definitely put a strain on Indian exports. As a result of that, we are seeing a lot of that material being dumped in the domestic market, which is essentially causing the prices to come down. I think when it comes to Nava, we are fairly well-insulated from these volatilities because of, one, we have a long-term arrangement, a yearly contract with the two major Japanese mills, which essentially accounts for 40% of our production. In addition to that, we also have quarterly fixed price contract with some of the big steel producers, private steel producers in India, which again accounts for another 40%-50%. Our level of volatility or exposure to the spot market is only to the extent of 10%-15% per se. Going forward, I do see that there should be a slight improvement even in terms of the metals vertical. Coming to the power side, you know, this year is definitely in terms of our entire cost structure, it would look very different from the preceding years because we have the drop in coal prices by Singareni Collieries, whom we are essentially drawing 100% of our coals from in the Telangana operations. This allows us to essentially have a better cost structure and be able to participate in a lot of these bilateral tenders, even during the non-PPP bids, which was not the case earlier. As a result of this year onwards, we're gonna be looking at a fairly better overall PLF. Sir, if you could just dwell further. We are expecting lower coal prices, sorry, cannot hear. I missed. Sir, I'm very sorry to interrupt. In the interest of time, I request you to rejoin the- Yes, ma'am, I'm joining. Yeah, I'm joining the queue, sir. Only what sir has told, I could not get his point. I'm joining the queue. No issues with that. Okay. Thank you. Please clarify one second. I didn't get your question. Sorry, can you repeat that? Sir, only for the coal prices, I could not get the correlations you were trying to explain for The Singareni Co. coal mine. If you could just repeat what you said, I'll join the queue. Our offtake for coal, which is the sole raw material for power generation in Telangana, is coming from Singareni Collieries. Okay. Over the course of the last year, sometime in September of 2025, they have decreased their coal prices to be more in line with the international market. This essentially has had a big impact on our operations, where now we are able to operate year-round with a higher PLF and gain more contracts. Right. I join the queue, sir. Thank you. Thank you, sir. Participants are kindly requested to ask two questions in initial round and may join the queue for more questions. The next question comes from Viraj Mahadevia from MoneyGrow. Please go ahead. Hi, Ashwin. One is the financial assets and investments of INR 1,347 crores. Is that cash-like in nature, i.e., is it in debt products, NCDs, et cetera, like it was the prior year? What is the planned use for this? The major investments are in liquid participants under debt products. Right. I'm sorry, what is the planned use for this money going forward? Yeah. I think as you're aware now, we have the agro projects in the pipeline with both the avocado and the sugar, which are to be funded essentially from the corporates in the Indian accounts. Understood. What is the equity contribution still pending for all these new projects coming on stream? How much incremental debt is likely to be taken to complete all these projects? Delta on equity and delta on debt. Right now, I think, if you look at the total commitment, I'm talking about, for the group as such. Okay. Total commitment is about $130 million in terms of equity. In terms of the agri side- debt, we're looking at about $100 million. For Maamba, we've already taken on the debt for the phase 2. I think for the solar, $30 million is pending. That is pending. These are for existing projects that we're currently implementing. As you kind of know, you know, we're always looking at other projects that, you know, could probably shape up during the course of a year. Those are not considered. Understood. If I just to clarify, $100 from agri on- debt remaining to be taken and $30 on solar debt remaining to be taken, $130 million incremental debt, and $130 million equity contribution into agri still remaining. Not into agri. In agri, it is about INR 100. Then we have some equity contribution that needs to go into Maamba. Sorry. The Maamba is about $17.5 million. Not solar. Solar, we made our entire equity contribution. I'm talking about for phase 2. We have a large tranche that needs to go in, and the remainder of that is for the agri, which includes the sugar and the avocado. Understood. Very clearly. I'll come back for more questions. Thank you. Thanks. Thank you, sir. The next question comes from Abhinav Nalawade from ICICI Securities. Please go ahead. Hi, sir. Thanks for the opportunity. My first question is, what is the cost of 100 MW solar plant and what are the tariffs? Yeah. Yeah, I mean, I'm not going to go into the cost of the solar plant now. In terms of the tariffs. $0.078. It's $0.078. $0.078, sorry? $0.078. Gotcha. Gotcha. Second question is on NBL. What is the revenue EBITDA and PAT for FY 2026? I'm sorry, revenue and profit after tax. It is INR 442 crore. EBITDA is INR 80 crore, PAT is INR 69 crore. Sorry, didn't get the PAT number. PAT is INR 69 crore. Understood. Thank you, sir. Thank you, sir. The next question comes from Jhalak Jain from Chhattisgarh Investments Limited. Please go ahead. Hello, am I audible? Yes. Hello. Yeah. My question is: How is the situation in Zambia currently? Due to West Asia crisis, do we have any power disruptions in Zambia? Are there any problems in receiving the payments from DISCOM? No. The situation in Zambia is fine. The only change there is Zambia is going into elections. The elections are due to be held in the month of August. I mean, the power situation is fine. With currently what's happening, there are no major disruptions. I think the only disruptions is what the rest of the world is facing, which is increase in fuel price. Okay. With regards to receivables, we've been getting it on time. Okay. My second question is: Due to the West Asia crisis, are you anticipating any increase in supply of coal in Zambia? From mines. From mines. Sorry. Due to the West Asia- We have our own captive. [audio distortion] We have our own captive mine there, right? It's a mine-mouth power plant, so we're not dependent on import of coal. Sir, are you thinking it to sell even more? Like, as the demand is rising. No. We have a large customer base. Our sales for our coal business is very healthy. Definitely, as opportunities arise and there is a good market, we will definitely explore it. Okay. Thank you. Thank you, ma'am. Dear participants, if you have any questions, please press star and 1 on your telephone keypad. The next question comes from Saket Kapoor from Kapoor & Co. Please go ahead. Yeah. Thank you for the opportunity again, sir. When we look at our EBITDA margin, excluding of, I think so, the one-off also before that, the EBITDA margin for the quarter has declined on a consolidated basis from Q-on-Q basis, sir. What should be the number that we should factor in for the current financial year and also with in terms of our the subsidy, MEL Zambia. There also we have seen that the PLF on Q-on-Q basis was down. What should we penciling in, sir, in terms of how the trajectory for the EBITDA margin is likely going to trend going there? That is the first question. Give us a second. Yeah. I think I just wanted to get the numbers before I answered your question. Yes, sir. In terms of the EBITDA delta, it's because the last quarter actually there was other income. Hence the EBITDA was slightly higher. No, I'm talking Q-on-Q. Sorry, sir. I'm talking about the Q-on-Q part only for quarter three, December quarter versus the March quarter. If that comparison works, sir. There was a decrease in the other income by INR 18 crore in Q4. Right. The other reason, sir, Q4, Maamba Energy power plant had a planned shutdown because of which there was an increase in the manufacturing expenses and depreciation maintenance. These are the major reasons for decrease in EBITDA. Okay. Then for we as investors, what should we penciling in terms of a steady state EBITDA margin trajectory for the foreseeable future? Sir, second question was also with respect to the volume in terms of the silicon and the ferroalloy. What kind of incremental volume can we expect in terms of shipment sales for the next year, if an understanding could be shared? These two were my points. With regards to, you know, what can you expect? I have to say, I don't think you should be looking at quarter on quarter. There are lots of variables and so on. I think you should look at basically annual performance. Yeah. Base your forecasts, on that. Then? No, sir. For the year as a whole, what should we penciling in terms of the EBITDA margin trajectory, sir, then for the current year, for 2023, sir? It's very dynamic, right? Yes on a year-on-year basis you have various things coming up. We have phase 2 coming up. We have tax holidays that we are losing for phase 1. It's very hard for us today to give you an exact number until we get everything up and running and everything is adjusted. Okay. Even a trajectory, sir, you must have worked out on a trajectory, of say 35%-40% or 42%-45%, wherein we should be in that, sailing through that period with the type of adjustments which you have just talked about. Yeah. You can assume 35%-40%. Okay. Now for the volume increase in terms of the ferro and the silico manganese part of the story, what are the utilization levels and any incremental offtake that we may anticipate for the current year? With regards to ferro alloy production, the total production will be on the same line when, like last year, because the Odisha plant was under shutdown for, first quarter of the year. The sales quantity will remain like in the previous year. I think in total we're looking at about 130,000 tons for the next year. Okay. This time we did 134,000 metric ton for Silico, and Ferro was 8,000 metric ton. We've actually discontinued Ferro Silicon because the market for Silico Manganese is more favorable at the moment. I'm just talking about Silico Manganese being at 130,000 metric tons. Okay. That will be flat, sir. FY 2026 we did 134,000 metric tons. Sir. Sorry to interrupt. Yeah. Definitely. We have 10 minutes more. Yes, ma'am. Thank you, ma'am. The next question comes from Sai Shreyas from Scientific Investing. Please go ahead. Good evening, sir. Am I audible? Yes. Sir, thank you for the opportunity. My first question is, can you please help us understand why is there a sudden jump in the employee costs year-over-year? It is like partly on account of like ESOP fees, like we are giving RSUs to employees. To some extent, on account of the labor force and the normal wage hike like to the employees we are giving. Okay. sir, will this be the sustainable cost or is there any expected increase? It will be like sustainable subject to like incremental usual due to the employees. Okay. Sir, my next question is, sir, can you please help us understand what is the revenue potential from the agrochemicals, agro sector, from the avocado as well as the sugar? With regards to avocado when it is in peak, the expected revenue is $22 million. Sir, is it yearly $22 million? From when will it start contributing, sir? Yeah, like already the commercial operations have begun. Like we start harvesting some fruit, but it will be incremental. The revenue will be like it is not static, like equal over years. By the time it reaches peak, the total revenue will be $22 million. Okay. The peak revenue is $22 million. From when will this commercialization start? Is it from FY 2027 or FY 2028, sir? I think the peak we can look at post, 2032, but until then you're going to definitely have incremental revenues flowing in every year. Okay. Okay. Thank you, sir. Just to add, we've already started selling fruits. It just commenced. It starts in a small way and then slowly picks up as the trees grow. Thank you, sir. The next question comes from Viraj Mahadevia from MoneyGrow. Please go ahead. Hello, can you hear me? Yes. Yeah. Ashwin, the way I look at your financials, there seems to be a bit of a structural cross-currency issue, right? Historically, you had the benefit of dollar billing in Zambia, and dollar weakening against the rupee and the local currency also weakening against the rupee. Higher revenues and lower costs. That seems to have swapped more recently, which is why you're seeing massive cost escalations and a jump particularly in employees. Is that the right understanding? Secondly, if that is the case, then it's probably better to build in some natural hedge on currency where local employees are paid there in dollars since your revenue are in dollars. Yeah. You know, it's a good thing, by the way, that the Zambian kwacha has appreciated because, that means the country is doing well. Sure. I also think that it also ensures that we get paid on time. Sure. You know, the GDP is growing very healthily. Yeah. Your cross-currency translation to INR, you take a hit, you know? Yes. Well, the thing is we. Exactly. Even in Zambia we have to report in Zambian kwacha. Correct. Once the dollar balance sheet gets converted to Zambian kwacha, you have these issues. Yeah. that sometimes are notional in nature. In terms of employees, you know, the Zambian government passed a law or a statutory instrument late last year where it said that all local employees, local contractors and transactions have to be transacted in Zambian kwacha. Have an employee there getting paid in dollars. Understood. I mean, this used to benefit us before when the kwacha was appreciating. That's what I said. Yeah. Now it is. You know, it's kind of become stable. I think it's appreciated extensively in a very short period of time. We may see some correction later. I look at this as a good thing. Yeah. I guess then the next question is can you change your PPA from dollars to kwacha at the current rate? You know, it's like- for- like hedge, right? Right now you're on the wrong side of the currency equation in terms of the INR financials. If the rupee continues to weaken and the kwacha continues to strengthen, then you'll continue taking a hit on your consolidated P&L. The kwacha appreciation, like we from cash flow point of view are not affected at all. This only affects the tax position. Trust me, you want to keep the PPA as USD. In fact, when the law was passed, the statute instrument was passed to move all local transactions, they actually exempt power assets and so on, where they can continue at USD. All our expenses, O&M expenses, everything are USD-based. Apart from just tax purposes, because we have to convert our balance sheet from USD to kwacha, there really is no effect of this appreciation. Why not on your employee costs? Because the kwacha cost of your employees translated to INR is getting more and more expensive because the kwacha is strengthening? Yes. Yeah the INR is weakening. That is hedged with my coal sales, right? My coal sales today is in kwacha now. While the cost of the employees is kind of going up to a slight extent. Is the coal sale value? Does that cover it? Exactly. The revenue generated from coal sales. The delta is hardly anything. In terms of my core employees there, it's not much. Understood. Very helpful. Sorry, my next question is. By the way, congratulations on collecting 90%. The 10% that's remaining, when is that likely to be due from ZESCO? So we- Also FY 2027? Yes, definitely. I'd say in the next six months we should get it. Okay. Perfect. The next question comes from Jhalak Jain from Chhatisgarh Investments Limited. Please go ahead Yeah. Hello. Thank you for taking my question. My question is, can you please shed some light on the mining activities in Africa like MnO and lithium? I think with respect to manganese, we are focused on Ivory Coast. The second mine which has been allocated to us, which is 360 sq km. In fact, we have just completed the exploration work recently in a 2 sq km area. We have found promising results where we are able to take this forward for towards an exploitation permit. That's what we are currently working on. I think, hopefully in the next one year we should be able to achieve that. Yeah. On the, with the lithium front, as we have informed before, exploration is underway. Although the initial exploration results in certain parts were fairly positive, we did come across a certain obstacle where there was another company, one after seeing our activity, had claimed some of that area for a different license, a tin license. That is currently under review by the Ministry. What we have indicated is until we get clarity and clearance, we won't proceed further. It's currently underway, but it's under review by the Ministry to overcome this. Okay, thank you. Thank you, ma'am. The next question comes from Keta Joshi from Nikkei Asset Management. Please go ahead. Hello. Hi. Am I audible? Yes. Yes. Thank you for the opportunity. My question is, what is expected incremental revenue and EBITDA from Maamba Solar project, a 100 MW? Solar. Sorry. The top line expected is $20 million-$22 million. The bottom line expected is $6 million-$7 million. Okay. Okay, thank you so much. Thank you, ma'am. The next question comes from Saket Kapoor from Kapoor & Co. Please go ahead. Yes, sir. Only an understanding of how the power realization per unit would shape up, I think. You have alluded to the fact of talking of the Indian energy business. What should be the outlook for the on the tariff front? Second question was, sir, again, pertaining to the volume for the ferro silicon part wherein you mentioned 130 metric tons per day. We will be flattish for this year, sir, since last year was 134,000 metric tons per day, the sales number for silico manganese. In terms of the production volumes, we are expecting a slight uptick in it. With respect to pricing, again, that's an extremely fluid situation. Month-on-month it does vary. I don't see any reason for it to fall compared to the preceding year as of now. For the power part, sir, what should we anticipate in terms of the realization? I think on the power side, you know, although India has reached, the expected peak demand is supposed to touch 277 GW, you are also seeing a huge capacity addition in the form of renewable energy, which is serving as a deterrent for prices going up. If you just look at the exchange, year-on-year there's been a 13% drop. Our strategy has been more to rely upon the bilateral contract, where the net realizations are faring better than what it is on the spot. Given the situation, I think we can expect somewhere close to INR 550. Okay, thank you. [audio distortion], sir. Thank you, sir. The next question comes from Vedant Sarda from Nirmal Bang Securities. Please go ahead. Am I audible? Yes, sir. First of all, congratulations to the management for a good financial year. My question is with respect to volume. Like you said, the production would be this, a bit high, but over a long-term horizon, three to five years of timeframe, how we can see the volume growth in our ferroalloy business? At full capacity utilization, we are able to produce about 160,000 metric tons with the current setup in place. However, we are always evaluating which vertical is it better to produce alloys versus export that power to the grid? Right now, given that it is peak summer, where power tariffs are on the higher side, we have decided to exploit this time by shutting down the furnaces in Odisha in lieu of power export while we are also carrying out all the preservation activities and so on. This is an ongoing situation where we assess where the enhanced profitability comes from and as such take a call. I would not be able to give you a fixed number in terms of what the projection would be. It's a very dynamic situation. Okay. Like you said, on pricing you can't comment, but, can you give some more color on what the factors which can drive the prices upwards or downwards on the ferroalloys? Yes, I think so it's directly linked to steel because this is the feedstock that goes into steel production. If you see an uptick in steel prices, ferroalloy prices also invariably go up. Although there is healthy increase in the steel production in India, there is a lot of surplus alloy supply in India too because of the lack of export markets, which I touched upon earlier. As a result of that, you're seeing a lot of pricing pressure right now. Hopefully, if the situation in Europe and the Middle East improves soon, we can probably look at a rebound. Thank you so much, sir. The next question comes from Viraj Mahadevia from MoneyGrow. Please go ahead. Hi, Ashwin. Going back to our earlier point, the financial investments would be enough to cover your equity contributions required for the projects. You'll incrementally have roughly about INR 1,200 cost of debt that you take on during agri and solar. You know, you'll obviously generate free cash flows next year, any plans on the land sale, the land bank in India? It's obviously a privilege to run a thermal business with zero debt. Yeah, definitely. I mean, in terms of the land, we're exploring different options. Now, we have two, we have the Nacharam land, which is in Telangana, and then we have the Dharmavaram land. That's more, you know, could be used for, like, industrial use and so on. On the Nacharam land, the value has been appreciating. You know, if you were on the previous investor call years ago, there was a lot of pressure to sell it, and thank God we held on to it because now the value is a lot higher. Now I think we are exploring options of, you know, possible JVs and so on in terms of developing that land. Once we have something. Will be like a [JV] kind of out as opposed to outright sale? I mean, both options are available, but we are essentially what we're trying to look at options and we're probably gonna engage a third party to give us options in terms of sales, JV, and whatever makes sense we will take it forward. Understood. Would I be able to ask what would be the rough value of that land today, approximately? It's hard for me to say. I mean, you can ask me a question. No, I mean a broad range. Are we talking INR 500 crores- INR 800 crores? Is it more? Just a broad range. I wouldn't want to speculate on this call. Understood. You know, sorry, still on your last point on Africa mining, the line was unclear. I think you mentioned one of them had encouraging results and lithium was on hold because the lease is contested. Is that right? Yes. If you can just repeat that. Yeah. Which one has had positive results and what's the way forward? The manganese mine that we were exploring, you know, we were exploring certain areas at Ivory Coast. Yeah. One seems pro Yes. One seems promising, which we need to take forward, and the various steps involved there. In terms of the lithium, you know, we started the exploration. The initial part was done. There were certain areas that were slightly promising and, but that area or some of these areas have been contested by another company that has a different license, it's actually a license. This is the Kalumo district, right? The lithium, amethyst, tantalum thing. Yes, Mapitisia, that area. Right. In Zambia. It's actually fairly close to where our thermal plant is. Understood. Okay. All the best. Nothing more from me. Thank you. Thank you, sir. There are no further questions. Now I hand over the floor to management for closing comments. Thank you, once again for joining us today and for your continued trust and support in Nava. We remain committed to build a strong, sustainable and future-ready business through disciplined execution, prudent capital allocation and long-term value creation. Thank you, and we look forward to interacting with you again next quarter. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Do-It-Yourself Conference Call service. You may disconnect your lines now. Thanks and have a pleasant evening.