Thank you for standing by, and welcome to Stardust Power's fourth quarter 2024 earnings call. At this time, all participants are in a listen-only mode. After this speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star one one on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. Now I'd like to introduce your host for today's program, Johanna Gonzalez, Director of Investor Relations. Please go ahead. Thank you, Operator. Good afternoon, everyone. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the caption "Risk Factors" in our recent filings. You may get Stardust Power's SEC filings by visiting the SEC website at www.sec.gov. I would like to remind everyone this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Stardust Power's website. Now I will turn the call over to Stardust Power CEO, Roshan Pujari. Roshan? Thank you, Johanna, and thank you all for joining us today. Welcome to the Stardust Power year-end 2024 earnings call. I'd like to briefly discuss the macro environment before providing an update on the quarter and subsequent developments of Stardust Power's lithium refinery. The global lithium market has seen a slight improvement in pricing recently, with some experts forecasting a significant surge in prices around 2026 to 2027, aligning closely with the timeline for Stardust Power's refinery phase one to potentially come online. This pricing trajectory presents a promising opportunity for Stardust Power, as the current business model remains viable at today's prices, indicating profitability. Even with fluctuations in pricing, we see the long-term outlook for lithium remain strong, driven by an increasing demand across multiple sectors. The energy independence order signed by President Trump in January plays a pivotal role in shaping the current landscape for critical minerals in the U.S., including lithium refining. This executive order underscores the need for increased energy independence and the securing of supply chains for critical minerals within North America. This policy is advantageous for U.S. manufacturing, lithium refining, and in line with Stardust Power's vision of being a North American-sourced, refined, and end-customer-focused business. By bridging the critical refining gap in the lithium supply chain, Stardust Power stands to benefit from this shift towards domestic sourcing and refining capabilities. The emphasis on energy independence is further amplified by the U.S. government's prioritization of securing its energy resources, which could bolster local companies like Stardust Power. The company's differentiators, including its speed-to-market and innovative approach, position it well to meet the demand for domestically refined lithium while supporting the U.S. energy security goals. Tariffs are currently a major topic in the North American critical minerals market, particularly between the United States and Canada. With ongoing geopolitical tensions and trade negotiations, the tariff landscape is evolving fast. These tariffs may have significant implications for supply chain costs and profit margins for lithium producers in both countries. However, the U.S.'s push for energy independence could also lead to policy that favors domestic production and refinement. As a result, companies like Stardust Power, focused on North American production, may be well-positioned to navigate the complexities of these tariffs and leverage them for competitive advantage. The company may elect to leverage the foreign trade zone at Port Muskogee to offset future impact from relevant tariffs, if any, and may seek to include our site in Muskogee as part of a free trade zone. Despite President Trump's language on EV targets, which could temporarily impact demand for lithium and other critical minerals used in EV, analysts remain optimistic about the long-term outlook for lithium and EV adoption. Global demand for lithium is expected to remain strong, driven by applications beyond just the EV market, primarily energy storage systems, or ESS. Military applications, handheld devices, and fast-track data centers, especially for AI technologies, are all emerging as significant consumers of lithium, accelerating and diversifying demand. The multitude of applications provide a strong and expanding market base for lithium, ensuring continued growth in the industry. The lithium market is currently experiencing a dynamic period of rapid change, driven by shifting geopolitical policies, technological advancements, and evolving supply chain needs. As a result, Stardust Power is maintaining close connections with policymakers and industry leaders in Washington, D.C., to stay ahead and influence regulatory changes and cultivate strategic alliances. This proactive approach not only ensures the company's interests are aligned with national policies, but also helps establish valuable relationships that could open doors for government support or public-private partnerships. Currently, the lithium and critical minerals market is entering an exciting and complex phase, with both challenges and opportunities on the horizon. With its unique position, differentiated business model, and focus on speed-to-market, Stardust Power is well-positioned to capitalize on these trends as the industry evolves. Turning to some recent announcements and updates, we have been busy. On December 17, we announced the purchase of our construction-ready 66-acre site in Muskogee, Oklahoma, which includes a right-of-first refusal on an additional 40 acres. We have secured the necessary stormwater discharge permit and are cleared to begin construction. We are in the process of air permitting. The Oklahoma Department of Environmental Quality has approved our stormwater pollution prevention plan. We have applied for and received the administrative approval for our air permit, obtained a permit number, and await the technical approval for the same, putting us on track for final approvals. Our refinery is designed to be only a minor source of air emissions and is such as aligned with our sustainability goals. We do not anticipate substantial regulatory resistance. Our team marked the start of the new year with our groundbreaking ceremony on January 22 in Muskogee, marking a major milestone in the company's history. We reached this point in less than one year of being a publicly traded company. It was a well-attended event marking the start of a brilliant future, with key local and state officials, including Lieutenant Governor Matt Pinnell, Mayor Patrick Cale, and former Mayor Marlon Coleman, in attendance. This ceremony represents the beginning of a project that will not only support America's transition to energy independence but also create hundreds of well-paying jobs and boost Oklahoma's economy. For Stardust Power, this marked the start of initial groundwork and preparation for heavy construction. We have seen tremendous support from the community for our project, for which we are extremely grateful, and we look forward to advancing our strategic and operational plan for the year. We were delighted to announce our agreement with Sumitomo Corporation. The offtake agreement outlines a potential long-term supply deal for 20,000 metric tons of lithium carbonate annually, with the possibility of increasing that amount to 25,000 metric tons, which represents 80% or up to 100% of our first line of production, or a total of 40% or up to 50% of our total projected 50,000 metric tons per annum capacity. The deal spans 10 years, with an option for Sumitomo to extend to 15 years. Pricing will be based on market rates published by Fastmarkets or another mutually recognized price reporting agency and includes provisions that would allow parties to adjust pricing as necessary to accommodate specific customers. Sumitomo is one of the largest trading houses globally, and this agreement struck with Sumitomo creates a strong strategic partnership. They add value in multiple ways and are a great partner for us. We are proud to be working together. While this agreement was non-binding, we are working towards signing a definitive agreement. For the full details, please see our corresponding 8-K filing. We made a preliminary announcement on October 8, 2024, regarding licensing concentration technologies belonging to KMX Technologies. We are happy to say all terms were agreed and the definitive agreement was signed on February 10, which now gives Stardust Power exclusive access to KMX's advanced vacuum membrane distillation, or VMD, technology across the U.S., Canada, and select international markets for the field of lithium. This technology may help Stardust Power reduce energy consumption, water usage, and logistics costs by efficiently concentrating lithium feedstocks while also enhancing sustainability in our operations. By incorporating VMD, we aim to improve the economic and environmental performance of our lithium production. We are excited to have this technology added to our tech stack as we continue to execute our operational planning. Turning to business updates, Primero USA continues to progress the FEL Level 3 study, a.k.a. our definitive feasibility study. We are now eight months into the study, and around 98% of the engineering study has been completed. The process design and CapEx draft have been completed, and work towards the final report is underway. In December, the Milestone 2 model review was held and reconciled Milestone 1 model review comments. Milestone Model 3 has been completed, and the layout is locked for the FEL 3 effort. In addition, What-If process review and risk workshops were completed, which identified and addressed potential risks to the project. Stardust Power, on November 26, 2024, received an executed permit from the Oklahoma Department of Environmental Quality authorization to discharge under the OPDES Stormwater Construction General Permit OKR10. The OKR10 permit allows owners or operators of construction sites to discharge stormwater runoff, provided they comply with specific requirements to minimize pollution and environmental impact. In addition to permitting activities, the site SWPPP plan, Stormwater Pollution Prevention Plan, has been finalized and approved. The month of December 2024 included efforts for the Oklahoma air permitting. Third Branch Engineering and Primero USA, working with Stardust Power, have progressed the application and data to internal review status. Once reviewed, the air permit application will advance to the Oklahoma Department of Environmental Quality administrative review process. In recent months, Stardust Power has participated in key national, local, and state-level events such as PDAC, Port Muskogee Business and Industry Awards, the Oklahoma Business Roundtable, the Environmental Federation of Oklahoma Annual Meeting and Trade Show, and the Federal Reserve Annual Energy and Economy Meeting. Turning to upcoming engineering milestones, we are progressing to the completion of the FEL 3 study and into the final FEL report, followed by FID efforts. We have been working with our lead financial advisor, MUFG, for the refinery project finance for both debt and equity. We are working to complete the accompanying reporting materials for institutional investors. We are sharply focused on risk removal through value engineering and taking advantage of the local and state contracting and service providers, along with guidance and action from local and state governments. We are excited to announce three additions to the Stardust Power team. First, Chris Solano joins us as Chief Operating Officer. With over 20 years of experience in executive leadership, particularly in the energy sector, Chris brings a wealth of expertise to our team, having previously served as the President and CEO of IHI E&C International Corporation. He holds a law degree and is a graduate of the prestigious MIT, which complements his broad experience in the legal, energy, and engineering sectors. Chris brings extensive international experience in the oil and gas industry, with a strong background in drilling operations management, technology, and well site development. In his new role, he will oversee the company's refinery development and the upstream lithium supply initiatives and processing operations, including discussions around sourcing and site development. He is instrumental in advancing operational efficiency and driving the growth of our lithium projects as we continue to scale. Secondly, in the finance team, we are pleased to welcome Nithya Ramesh as an Accounting Manager. Nithya is a certified public accountant with over eight years of experience in external audits, financial accounting, and internal controls, having worked with leading firms like Grant Thornton, Deloitte, and AMD. At Stardust Power, Nithya will leverage her extensive background to enhance financial operations and contribute to the company's continued growth and success. Third, we are pleased to welcome Martyn Buttenshaw to our Board of Directors. With extensive experience in the metals and mining industry, Martin has held leadership roles at companies like Mackay Precious Metals and Pala Investments. His track record in driving growth, overseeing strategic initiatives, and leading transformation in the mining and raw material supply chain, particularly for electric vehicles and renewable energy sectors, will be valuable as Stardust Power aims to scale and innovate in the lithium market. During the quarter, we raised a total of $4.1 million of capital, $3.55 million in debt, and $550,000 in a PIPE offering, which were both accompanied by some stock and cash warrants. We were also able to raise $5.75 million via a public offering with a large institutional holder in January 2025, and an additional $2.9 million in March 2025 through a warrant inducement with that investor. We have been thoughtful of capital allocation so as to balance shareholder dilution and current cash needs to take us through the FID stage. Uday will cover this in more detail in his remarks shortly. In recent weeks, a select number of Stardust Power insiders sold a limited number of shares to cover the tax liability associated with Vested Employee Stock Plan awards. These shares were sold pursuant to a prearranged 10b5-1 plan. In Q1 2025, we made public filings to disclose these sales. These automated sales are designed to avoid conflicts of interest or market timing concerns and were established before recent market changes, so they do not reflect any shift in management outlook or business fundamental. The sales, which are a small amount relative to the total float, were planned to be executed orderly and with minimal impact on liquidity, as we remain committed to compliance, good governance, and long-term shareholder value. Our focus continues to be on executing our strategic initiatives and positioning Stardust Power for future growth. Management and insiders continue to be significant holders of stock, and we will continue to be going forward. Now, turning to the share price, we thank all of our shareholders for their continued support and long-term belief in Stardust Power. We understand the recent volatility and price depreciation in our stock can be concerning. We believe that this decline is largely due to certain business combination dynamics, the expiry of the lockup for our initial investors, the effect of recent financing, and broader market uncertainties, including political factors and weaker sentiment in the larger macro space. This volatility is in line with trends noted with other business combinations and to be expected as old investors make way for new investors to buy into the stock envisioned going forward. We believe that certain shareholders elected to sell, creating substantial selling pressure on our stock. Despite these challenges, I want to reassure you that the fundamentals of Stardust Power remain strong and unchanged. We continue to be laser-focused on executing our business plan, and we are confident that as we reach key milestones with our project, we will create significant value for our shareholders. The true test of a great company is not how it performs in good times, but how it navigates through uncertainty and adversity. We have some exciting upcoming catalysts for the company over the next six months. As mentioned, Primera will complete and finalize our FEL Level 3 engineering study, which was started in July last year, and will outline what the refinery will look like, its full spec and cost breakdown. We continue to work with our financial advisors, MUFG, and other financing partners to line up project finance, which will culminate at FID, and then enable us to move forward and start building out phase one of our refinery, which had been previously anticipated to take 18-24 months to build. We will also have more updates and news on securing our upstream supply, which will enable us to reach 50,000 metric tons per annum refining capacity once at full production. As mentioned earlier, we are not sitting still and have been busy. Our objective is speed to market and to be achieved with an optimized construction schedule, value engineering, and a stable supply chain. With that in mind, we are working day in and day out to build an ecosystem that can help us become source secure, technologically robust, and ready for the next stage of growth. All of these upcoming catalysts are important for investors as they are potential inflection points to become shareholders and see additional value creation and to be part of the Stardust Power story. I now turn to Uday Devasper, our Chief Financial Officer, for his remarks on financials. Uday? Thank you, Roshan. Good afternoon, everyone. Thank you for joining our earnings call for the year-end 2024 earnings. Before we begin, I want to clarify that we will not be providing forward-looking guidance or estimates during this call. Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information. First, a quick update on some developments from the quarter and subsequent events just after quarter end. We utilized our synthetic ATM facility during Q4 2025 and raised approximately $0.3 million at the market on high-volume trading days. This money has been used for cash reserves and to fund operations and engineering expenses. On December 31, 2024, the company entered into binding agreements to sell up to $550,000 in common stock and warrants to investors, with proceeds to be used for capital expenditures, working capital, and general corporate purposes. Additionally, the company entered into binding term sheets with lenders to borrow $3.55 million secured by shares from the company's founders, which have been repaid subsequent to the year-end, which puts the company in a debt-free position as of date. As mentioned earlier by Roshan, subsequent to the year-end, we engaged Alliance Global Partners on a reasonable best-effort basis, who raised a total of $5.75 million in a follow-on public offering, with the investment coming from one large institutional investor. The funding represented 4.792 million shares of common stock at an offering price of $1.20 and 4.972 million cash warrants with an exercise price of $1.30. The transaction closed on January 27, 2025, and the amount raised will be used to fund our operations and general operating costs, including short-term debt repayment. Most recently, on March 17, 2025, Stardust Power entered into a warrant inducement agreement with an existing institutional investor for the exercise of certain outstanding common stock purchase warrants of up to 4.792 million shares at a reduced exercise price of $0.62, generating gross cash proceeds of approximately $2.9 million before fees. In return, the investor will receive new unregistered warrants to purchase up to 9.584 million shares at an exercise price of $0.70 per share, exercisable upon stockholder approval. The new warrants will expire five years from the approval date. This arrangement allows us to monetize the warrants now for working capital and general corporate purposes. The transaction has closed, and the funds were received March 18, 2025, and were subject to customary closing conditions. In January, we received new equity research coverage by Alliance Global Partners, and more recently, in March of 2025, by Maxim Group. This brings our equity research coverage to five analysts, for which we are grateful for their work and interest in following the story and distribution to their retail and institutional audience. In December 2024, the company acquired 10 million ordinary shares of Iris Metals Limited, representing over 5% of the equity in the ASX-listed company for $1.6 million. This investment positioned the company to explore potential strategic partnerships, including a commercial offtake arrangement for intermediary lithium feedstock financing or other investments in Iris Metals and its affiliates. As of December 31, 2024, no formal offtake agreement has been executed, and no significant due diligence expenses have been incurred for the year. Now, turning to the financials for the full year 2024, the company is pre-revenue currently. As previously reported in our filings, our ability to meet working capital and capital expenditure requirements for the next 12 months is dependent upon our plan to raise additional capital from issuance of equity or receive additional borrowings to fund the company's operating and investing activities over the next year. As of December 31, 2024, we had cash and cash equivalents of $0.9 million on hand, compared to $1.3 million as of December 31, 2023. As of the current year-end, we had no long-term debt. For the year-end of December 31, 2024, i.e., the current fiscal year, the company incurred a net loss of $23.8 million, compared to the period from March 16, 2023, inception date through December 31, 2023, i.e., the prior period, the company incurred a net loss of $3.8 million. Since the company is yet to start commercial production of battery-grade lithium, the operating expenses are expected to increase as the company starts to recruit more personnel to perform general operational tasks and set up the facility. We have devoted substantial efforts and financial resources to raising capital and organizing and staffing the company, and as a result, have incurred significant operating losses. As of December 31, 2024, and December 31, 2023, we had an accumulated deficit of $52.6 million and $3.8 million, respectively. Loss per share was $0.55 for the current year, compared to $0.09 for the prior period, driven primarily by higher general and administrative costs due to personnel-related costs and finance charges for short-term loans. Net cash used in operating activities totaled $9.7 million for the current fiscal year, compared to $3 million for the prior period, driven by continued investment in operations, hiring of key talent, and certain expenses related to the close of the business combination. Net cash used in investing activities was $4.8 million for the current fiscal year, compared to $0.3 million for the prior period, driven by the purchase of land, engineering, our initial capital investments made in the anticipated building of the refinery, strategic investments, and promissory notes given to our partners. Net cash provided by financing activities was $14.1 million for the current fiscal year, compared to $4.5 million for the prior period. The increase was driven primarily by $11.6 million in cash received from subscription agreements entered around the time of closing of the business combination, short-term loans, and exercise of our warrants. We used the funds to meet our working capital needs and pay for some of the transaction costs related to the business combination. Our business is moving forward with significant speed and momentum, which our recent announcements demonstrate. We are confident, as we continue to bring our facility closer and closer to commissioning, that we will add shareholder value. The best path forward is to continue to execute our business plan. That concludes my remarks, and I turn it back to Roshan. Thanks, Uday. With that, we are now happy to take your questions. Operator? Certainly. As a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. Our first question comes from the line of Nick Giles from B. Riley Securities. Your question, please. Good afternoon, everyone. This is Henry Hearle asking questions on behalf of Nick Giles. I wanted to start by asking about the lithium markets in general. We're obviously in a challenging market environment for lithium pricing. In your view, what are the necessary factors needed to see recovering in pricing? What are also your expectations for supply and demand dynamics in 2025 and 2026? Also in 2027, when you expect to start commercial production? Roshan has rejoined. We have Nick Giles at B. Riley Securities in the queue. Nick, could you repeat your question? Sure. Can you hear me? Yes. All right. Thank you, Operator. This is Henry Hearle on behalf of Nick Giles today. I wanted to start by asking about the lithium markets in general. Obviously, we're in a challenging market environment for lithium pricing currently. In your view, what are the necessary factors needed to see recovery in pricing? What are your expectations for supply and demand dynamics in 2025 and 2026? Also in 2027, when you expect to start commercial production? Thank you. Hi, Henry. Thanks so much for your question and your patience while I had a little bit of technical difficulty. Thanks for the question. There has been a lot of speculation on the current lithium price market. Some would say that there is oversupply in the market as China ramped up production, but that is a hard position to fully understand as there is limited information from the Chinese market on production. Others might argue that there is some sort of price manipulation on the market as China seeks to fend off future competitions by keeping supply prices low during this period. What we can say for sure is that there is consensus about demand for battery-grade lithium, especially in 2026 and 2027. That is when we see prices really start to rebound, although there has been slight improvement in 2025. 2025 may continue to be a little bit choppy, but we see substantial demand. As mentioned, that demand is now being diversified from not only EVs, but into ESS systems for data storage, for example. The demand for lithium continues to grow and to diversify. As mentioned, we see prices really rebounding in 2026 and continuing to improve in 2027, closely aligned with the timeline of our refinery. Great. Thanks for the color there. For my second question, it is mostly around EV markets, which have been recently in the headlines with BYD announcing the launch of its fast charging system. Obviously, this new development should increase EV adoption rates. What does it mean for the U.S. EV market and for domestically produced lithium? Thanks. Yeah. Thanks for the question again. The EV adoption rate is in the conversation quite a lot. Month- over- month, quarter- over- quarter, year- over- year, there continues to be more EVs sold. We see this demand only increasing. Further improvements in infrastructure, such as, as you mentioned, the charging infrastructure, will only help EV demand and continued adoption. Even in 2030 to 2035, if we see one of every three new cars sold, that creates substantial demand, which will most certainly outpace supply. Got it. Thanks for the commentary and continued best of luck. Thank you, Henry. Thank you. Our next question comes from the line of Jake Sekelsky from Alliance Global Partners. Your question, please. Hi, guys. Thanks for taking my question. Hi, Jake. Thanks for being here today. Sure. Just looking at the KMX licensing agreement, now that that exclusive license is in hand, are there any plans for additional test work there, or what are the next steps as far as that partnership goes? Yeah, with the KMX Technologies? Yeah. Yeah. That's an agreement that we're really excited about to have exclusive concentration technology for the lithium field of use as a hub-and-spoke refinery. Okay. That's helpful. In building on that a little bit, can you touch on your sort of medium and long-term feedstock procurement strategy and provide any color that you're able to on that front? Yes, happy to. As disclosed previously, we control over 38,000 acres of premium brine assets in North America, primarily in the Southwest, that we see as potential sources of our supply, along with that, which we can develop and co-develop with strategic partners. Along with that, we have been very aggressive in upstream investments, where we have made investments, as mentioned, into IGX, IGL, Jackpot from Jackpot Lake as part of Usha Resources. So we have been continuing to source feedstock from multiple sources. We've also been very diligent about securing from near-term producers, and I look forward to sharing some more information on that as it becomes publicly available. Perfect. Okay. That's all for me. Thanks again. Thanks, Jake. Thank you. Our next question comes from the line of Greg Mesniaeff from Kingswood Capital Partners. Your question, please. Yes, thank you. Question for you, Roshan. Regarding your feedstock situation, I'm wondering how the impact of freight costs, which are rising in different ways in different places, how that would impact your operational outlook. Have you modeled any what kind of price increases on freighting the feedstock have you factored in? Also the same pricing on logistics and transportation for the output of lithium as well. Thanks. Sure. Thanks, Greg. Thanks for joining our call today. A good question. I think that should be understood that the question of logistics should be understood in the current context of global lithium refinery, where up to 85% of lithium feedstocks are sent back to China for refinement and then to the OEMs, if not in China. In that context, from creating a North American ecosystem for both raw materials and refining, we see the potential significant savings versus other competitors who have to transport their goods to China. Also, as mentioned earlier, the exclusive VMD technology from KMX Technologies gives us the opportunity to reduce the freight loads by concentrating the lithium brine stock substantially to reduce how much that we have to move. As part of our FEL Level 3 engineering studies, we did detailed estimates of logistics, freight, and transportations, and we look forward to sharing more information on that report as it becomes public as well. Okay. Great. Thanks for the color. That's all I have right now. Thank you, Greg. Thank you. As a reminder, ladies and gentlemen, if you do have a question at this time, please press star one one on your telephone. Our next question comes from the line of Tate Sullivan from Maxim Group. Your question, please. Thank you. Good evening. You have some good background on the KMX vacuum membrane distillation technology. Will that be eventually used exclusively at the location of the lithium brine production as opposed to at your facility in Oklahoma? Please start. Sure. Good question. Thanks for being here today, Tate. While our first use for it would be closer to the wellhead from an upstream perspective, concentrating the lithium feedstock, there are opportunities to use it across the flowsheet that we will continue to explore and look. Other lithium companies have used it in their refining process to recycle water, and there can be an opportunity for that as well. Our use will really be focused on concentration of feedstock. Okay. Was the KMX technology part of Primera's engineering study for you? Did you work on Primera looking at potential technology partnerships, or is this your own initiative? Primera did look at a lot of potential technology partnerships. Our relationship with KMX predates our engagement with Primera. We have been tracking this technology for a long time now. In 2024, we signed an MOU with KMX Technologies, giving us the opportunity to perform extensive due diligence and really understand their technology. Our agreement was a culmination of years of work. I believe Primera also took a look at them from a due diligence perspective. We are very happy with the way the agreement turned out and the way the technology performs. Another question about your land footprint in Oklahoma. I know you have options to purchase additional acres. Is your current footprint, what you have spent already on the land, enough for the first phase of development, or do you need to exercise the options to buy more land this year? Yeah. We believe, and as we believe will be concurred by our FEL Level 3 engineering study, that the first 66 acres is enough for phase one, phase two, and beyond if we so choose. It is an excellent piece of land that can fit our existing business plan. We always keep optionality open for future growth opportunities. Thank you, Roshan. Thank you, Tate. Thank you. This does conclude the question and answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.