Atalaya Mining Copper (LSE:ATYM) — Q3 2024 Financial Results

0:01 Good morning and welcome to the ATALAYA Mining PLC Q3 twenty twenty four Financial Results Investor Presentation. Throughout the quarter presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time by the Q and A tab that's situated on the top right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO,

0:32 Alberto Lavendiera. Good morning to you, sir. Good morning. Thank you very much, Alejandro. We are here to review the financial results of last quarter, Q3 and year to date. Thanks everybody for being here. Most of the production numbers had been pre submitted. So I'm not going to be reading all the numbers as they had been already announced. What's worth saying

1:11 production levels of copper had been similar, a little bit better than previous quarter at 11,900 tonnes and year to date 34,000 tonnes. And what I think is the highlight of this quarter is that the all in costs were $3.29 and $3.26 year to date, so slightly higher than previous years. And other than that, the production and everything has been quite consistent with previous months. As a result of this production, our EBITDA was around EUR17 million and €53,000,000 year to date.

1:57 And we remain in a good cash position and good net cash position because we have been able to generate cash flow while we maintain under control our investments. Let me go through the graphs, which are much easier to explain and to show you and then we can advance also a little bit what have been our the developments of the company during this quarter, which have been lots and how are we going forward. So, the first graph shows the tons that we have processed, which means the plant has been performing well and actually has reached almost a record level since we started up around five years ago. This has in some way compensated other things that were not that good, because we had very good decent copper recovery similar to the previous quarters and production was slightly better than previous quarters at 11.9%.

2:58 So, the reason of this lower production

3:05 basically this, although we had more tons, similar recovery, we had low grade treated, 0.33% of copper, which I will explain a little bit what's the reason for that and how these things are going to be changing in the future. As a result of that, our sales were slightly lower than previous quarters, simply because we had a slightly lower copper prices. And of course, that translates immediately into EBITDA and also immediately the same thing in a net cash position. As you can see that the lowering in revenues, EBITDA and cash has been basically the same.

3:51 So we still maintain a good working capital position, slightly lower than what we had nine months ago, but still very comfortable and quite good after having invested a significant amount of money. I think the high the good point here is to show the operating costs. Operating costs for the nine months have been EUR195 million, which is almost identical to the EUR195 million that we had in the previous year. This means that since we have been treating a little bit higher tonnage through the plant at around over 12,000,000 tons almost 12,000,000 tons of material for the plant, it means that our cost per ton have been 16 point a little bit less than €16.1 per ton versus €16.7 per ton previous year.

4:54 This has implications. What does it mean? It means that we have controlled very well the inflation. So some things have been going down like diesel and like price of balls and have come and, of course, energy. And by treating more tons and keeping our fixed cost down, we have been able to maintain the cost per per ton at the at the at the operations. And why is this important? Well, because at the end, our costs are driven by two things. First is the cost of operation per ton. Second is the what copper you produce, which is a result of recovery in grade.

5:39 Recovery has been maintained more or less, okay, while grade has gone down. And this is important because we believe and we are seeing it already that we are going to be getting better grades, which means that with better grades, having control on the cost per ton, we'll see lower costs per pound, which is what matters. The cost per pound that we have noticed around 3.26 per pound, which is slightly higher than the guidance that we had, dollars $0.01. But we believe that in this quarter, we are right now, the fourth quarter is going to be lower because we are seeing better grades.

6:29 So we will be within the guidance and it's still well under control. So looking a little bit more into the details of mining, you will see that the mining costs have been going up, like the processing costs have been going up and other sites going up. But if you make the calculation, you will see that this is directly exactly directly linked with the lower production. So when you multiply this by the pounds produced

7:10 divided by the tons, you will see that this have been quite constant, as I said before. This is what we can control. What's out of our control only part is off-site costs. And you will see two things there that the freight transport and things which are related to the metal produced, so they are not linked with the grade basically of our production have been kept quite constant. But you will notice and that something that has happened already in the previous quarter that we have a very large by product rate, which is basically $0.37 it's almost more than four times what we had in the past. And this is due that this is part of our controls is because we are blending in some high grade silver ore that goes through the plant is very soft ore. It doesn't contain copper, but it contains very high very good grades of silver. And since the silver is we can recover most of it, it means that our concentrates used to have 60 grams of silver per ton of concentrate. Right now, they're having around three times higher, 180.

8:29 So by doing this, we lower a little bit the grade of the concentrate, because we are introducing more pyrite, which doesn't have the silver. But we are well compensating the off-site costs, which are reduced by almost $0.20 And overall, this results in a benefit for the company. Actually, the byproduct rates are over $15,000,000 if I remember well, in this first nine months. So, is the good thing. So, let's say that we are going through an area with lower grade of the mine, lower grade in Cerro Colorado, which was more or less known, but we are compensating that a little bit with the silver credits.

9:17 All in, the rest of things are quite in line. We are keeping our overheads well in line and all the rest of the things sustaining capital and corporate costs well under control, even lower than used to be in the past. With that, compared to peers, we always benchmark with peers, we are slightly higher than the last four quarters, five quarters, but well within the range that we have always been in this last, let's say, couple of years. And guidance for 2024, we're maintaining it. It looks like we are going to be treating the tons at the plant in the high range. The grade is expected to be slightly higher in the last quarter and it's going it's been higher.

10:09 So we will be probably in the low range of the guidance of around 45,000 tons of copper. As a result of that and slightly in the high range in the C1 costs and in the all in costs, we always report all in costs. And we are in the low range in sustaining development, basically development of some initiative. And there is a reason for that. And the reason is that we are seeing better cost in mining. So it means that we are not spending as much in San Luis Obispo as needed. And also the fact that we have this delay, the delay in the permitting is also slightly lower than we had anticipated.

10:58 I will talk about this thing of the permitting in a second. So, now going back to the what had have been doing in this quarter. Finally, we have seen the connection of the solar plant. Solar plant is finally connected, is ready to connect to the grid solar to the grid, it's connected to our grid. It's still not producing because we need a kind of a stamp from the electric company to connect, but this is something that we expect either this week or next week maximum. It's the official, let's say, paper, that's all. But everything is done and approved. And finally, we have got this out of the way. Remind you that this thing is going to provide around 22% of our electricity needs in the future. And this will also be a further reduction of cost in the future in 2025 and beyond.

11:59 South Indonesia, we have flagged the delays of the permitting process because we incurred in a different permitting process that we had anticipated in the beginning of our plans. But actually, we are not going bad when we compare the revised plan. The authorities have allowed us to go and to mine an interim pit, which is providing the ore. You can see it's quite advanced. And we have already gone through the most complicated and lengthy part of the process of permitting process, which is the public information, like the public information period. And we this thing has gone through with minimum allegations, actually almost nothing.

12:48 And we are very confident we'll be getting the environmental permit the San Dimitio at the end of this year or maximum in January. So and without any problems at all. So for me, possibilities of not getting the permit of San Deniso is are absolutely zero. I mean, don't think it will be any problem at all. And of course, the idea here is to blend higher grade, which we are already starting to blend with the same TRIM pit and be able to get higher rates combined with the grades of Cerro Colorado. In MASA Valverde, we have been also doing a lot of work with one rig drilling some deeper stuff.

13:35 The plan we have here is to start to ramp, waiting for some final paperwork and buying some land of of the portal. The plan is to start a ramp, develop a ramp in '25 early twenty five. And we have not provided the information of what were we going to mine here. But if you look at previous press releases, you will see that this area of Masha Albedde contains an area that has around 2% copper drilled from surface with true thickness over twenty, thirty meters thickness. And we are continuing to drill this area to confirm exactly the shape while we get to the ramp. So that will be our first focus to try to get to a high copper area to be able to blend in our installations. It's clean copper without any other metal.

14:38 So we've been quite active in that front. In LX, although I'm always disappointed for the lack of the speed of progress, I realize that this is a very difficult and very different process. It's encouraging the pictures I'm showing right now. For those of you that are familiar with the treatment of copper concentrates with charco pyrite, know that leaching copper charco pyrite is extremely difficult, if not almost considered impossible.

15:19 And you can see that it has been done in this few months, producing a copper precipitate, which is this thing called kind of green blue in the center, zinc precipitate in white, and already solving this two precipitates, use copper cathodes and zinc cathodes. So, this is with a new plant, which is working, although with lots of commissioning issues. Commissioning issues only relate to the lack of experience of operators or teaching issues or problems sometimes with the filter, typical commissioning things. And since it's a totally new method with totally new people and something that's basically needs to be developed, it sometimes once in a while gets issues with the production, continuous production, but has been working for some weeks in a continuous basis, leaching copper zinc concentrates, so copper with zinc concentrates.

16:28 Why is this important for us? I mean, it's not essential. We are not in a rush. We are quite patient. Of course, I'm a little bit disappointed with the lack of speed. But this is very important because I don't think leaching copper concentrates, clean copper concentrates will be economic due to the very low prevailing treatment charges in the market today. As you know, treatment charges and with clean concentrates are the benchmarks are being set very low. And with that, no there's no way anybody can beat the conditions given by smelters. You can sell almost everything to the smelters. But in the area of San Dimitio Deeps and in some parts of Paso Robberde, in some of the deposits that we've been drilling, we have not allowed resources yet.

17:20 We have complex sulfides, which have a a mix of copper and zinc. Based on the test work that we have done and historically was done at San Benicio and San Antonio, the recoveries assumed in our PA, in our studies were 58% copper and 75% zinc. With those, probably it was very economic. But using the system, Helix, we are able to get a high bulk concentrate of around 85% recovery for both and then leaching over 90% for copper and zinc, which means we will get between fifteen and twenty points higher recovery for this type of concentrates.

18:12 And that's why we see this is very important. So we see the system works. We now need to fine tune to make sure it works continuously. And of course, it is economic. Otherwise, if it's not economic, we will have to find the right concentrate to be able to make it economic. But I'm quite encouraged to see that this thing has been working in continuous ways, even with all the hiccups of problems with filters, problems with electro winning and things like that, which are really nothing to do with the principle of LX, which is what's very difficult to reproduce. TORO, without any question, is the value driver of this company. It's the next thing. So I have been having lots of meetings in Galicia, with lots of people attending and big support from the local communities.

19:04 What I'm pleased to report is that all the papers are finished and ready for the public information, which actually is only waiting for the official cassette to have a space to be published and that we have absolutely no position. So I'm quite confident that we will be getting the public information consultation through during this year, before the year end. And at the same time, the next steps are that the administration will have to prepare the sectorial reports, which will be prepared at the same time we're in public information. And in the first few months of 2025, we believe we are going to be getting positive environmental impact declaration, which is the key step before development of this project. And we still see this thing happening during the first half of twenty twenty five from all our conversations that we are having.

20:12 As you know, the Schumpter Galicia, the local government has declared this project of strategic interest, which means they by law, they set a one year timeframe period to give you the authorizations, which would be given I don't remember, I think it was first part of June. I think this is an excellent thing. I have an additional thing that is not mentioned here, which is redomiciliation. It has taken a long time. We are already in the main market. But finally, we have the final hearing of a local court in Cyprus, which should be something very short and very simple to, let's say, give the final authorization with all the papers, blessings and everything.

21:09 It's sort of a preset for the first days of December. And with that, also in another ten days or two weeks, we should be able to have a full domicile in Spain. The effect of that is that in the next revision of the index in the main market, which will happen around March, for sure we'll have all these papers ready and we would be able to be included in the index, which also we believe is going to improve a lot the liquidity of the company. So things are progressing well. Of course, we have this disappointment of higher costs due to the lower production, not unexpected, but we were, I would say, quite effective in being able to control those costs in the circumstances.

22:11 So with that twenty minutes, I think I can go into the question and answer. Perfect. Alberto, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions and you can do that just based on the Q and A tab, which is situated on the top right hand corner of your screen. But just while the company take a few moments to read the questions that have been submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides on the published Q and A can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Now if I can just hand back to you to read out the questions and give response to where it's appropriate to do so, I'll pick up for you both at the end.

22:48 Excellent. Thank you very much. I will start with one which is in Spanish, but I will read it in English. What is the current situation and expectations on the future for LX? This is in Spanish. I mentioned before, right now what they are doing is treating material copper concentrates. Actually, are treating copper zinc concentrates. Concentrates, we have around 12% copper and around 10% zinc. So basically, it's a bulk concentrate coming from a mix of San Denizio and Telarco Rallo. And they're treating it continuously and producing precipitates, which are later re leached and produce copper cathodes and zinc cathodes.

23:41 Right now, I would say they are going at half of the capacity of the design of the plant, simply because there's lots of related to not to the leaching system, but basically through winning system or filters or simply typical commissioning issues. What's the future? The future, I would say, is the next year should be self sufficient. Plant should be working producing positive cash flow and with the right feed. The right feed could be copper zinc or have a copper zinc to remove the zinc only and leave the copper. This is still is not decided and it will depend on the economic results of each of the tests.

24:32 Will next question is, when will the grades increase or is it 33% the new normal of the existing mine? No, no, it's not the new normal. The reserves grades are higher than that, around 7.37%, without even without including San Denisio and also without including some new areas that we have been drilling, which could extend the mine life of Cerro Colorado, the existing pit. So, I don't know the grades will go up, will go up without even mixing some of initial. But this is whoever production plans that were in the PA, you will see that during 'twenty

25:23 'twenty three and 'twenty four, we were going through a low grade period. Actually, the plan of the at that time, the PA was to produce 50,000 tons of copper in this year. But it's true that we were expecting to blend San Dimicio already more in 2024. And due to these delays of permits, we have not been able to blend as much as we wanted.

25:50 The next question is, will the byproduct silver positive contribution to all in cost be recurrent going forward or is it just one off this year? It will go a little bit beyond this year and the next year, but it will not be forever. So it will be one year, two years maximum as far as I know. The next question is, will you give us more color about ore grade evolution entry in 2025? Should we expect a production of about 50,000 tonnes next year? And the official timeline for total project? Thank you. We have not given high guidelines of 04/25 yet. But yes, we expect it to be higher than this year. Yes, I think we'll be in the range of 50,000 plus

26:47 from preliminary plans. And the official plans for total are going to be during this year, I think we'll see the public information anytime. What I mean anytime is we are waiting for the publication in the Diariofifthale, let's say, the official set of Galicia. With all the papers already submitted, everything signed, during this period, we will get the reports from all the departments from the Shunta, which have been already positive to declare it strategic. So we don't expect a problem there. After that, we'll have the period of receiving delegations and answering them, which will happen likely in January and mid February. And from there on, it's time for them to issue the declaration, which I think it can happen sometime at the end of the first quarter or not about. Of course, that's what I believe. But in theory, they have until the end of May or something like that in order to give us the full permits.

27:57 And so far, indications that everything is going according to schedule. Next question, have the mining operations or exploration works been adversely affected by heavy rain in probably in Spain recent months? No, nothing happening in this area. Well, we had a lot of rain, typical wet season autumn. But three years ago, we had a drop and we were very worried about not having enough water in the tailings. Now, we are okay with the water and have more enough, but we didn't have any problems at all. The same there's another question similar, weather events in Spain, the way impacted ATALAYA TORO potential years in Spain you consider investing in. We continue to there's no effect in our prices, as I said. We continue to invest in exploration in the southern part of Valhall, in Estebadura, pure exploration there with no special news there.

28:56 And we are considering investing in let's say that we there may be some use of investing in new areas of exploration, but we have not made them public yet.

29:10 Spain's award leader in renewable energy and second, Europe installed renewable capacities, wind and solar. Will ATALAYA consider continuing growing solar plant 50 megawatts? Our second find would be much easier and quicker. One of we are considering the possibility of building at a longer term, a very large plant, but this is something totally independent of the existing one. We are looking at installing new tailings pond and having then space in the existing tailings for 400 hectares, very close to substation. So that's something that's being contemplated, the possibility of installing a huge, large solar plant in this area with other things. So that's something that we are considering, but a totally separate business related to the mining.

30:12 The next question is post mining ATALAYA, the next twenty years, Spain is a leading destination of data centers, massive investment over next decade, MIGO Soft EUR6 billion, Blackstone EUR7 billion, Amazon EUR16 billion. ATALAYA has clean energy, land infrastructure, we'll look at this. Actually, this is exactly my point. My point before is that we are very close to an area where we can install a very good solar with also good possibility of wind in the area and connect it to a grid that we have basically clean water, we have all the ingredients. So it's something that we're looking at and we are actually we are talking about all this with expert on these installations.

31:07 Next question is, Alex, given how long it has taken NGINORS and ATALAYA, will you already receive the current deal? Would this be a fair move? Well, let's say that, yes, that we have already given the kind of deadline to the owners that any money will come with equity and participate in this. And yes, I think in the future, we may have a little more participation than we have had in the past. Next question is, after the update in Toro, when do you think you would start operations there? Is realistically, when do you think you will be able to sell copper from Toro site?

31:55 If things go as expected or what we are seeing of having permits by mid year after a Barbatale permit mid first half and then full permit mid year, we will be ready to produce to be in production of concentrates before the end of twenty six. There will be fifteen to eighteen months of construction. We have already the team, the financing, quite advanced, identify all the equipment, the long lead items, everything. So I think we will be able to sell copper at the end of twenty six or maximum beginning of twenty seven.

32:44 Total official asset when, how soon could it be approved and how soon could it start work on the first production? I think it's in the same question before. I think it's in I think it will be approved. Environmental the first thing is environment by declaration, which normally happens three months or four if after the public information and then the approval of the project follows at around two months, simply to prepare the papers to put the conditions of the environment impact statement. The next is, can you please explain why profit in the earnings per share is so much lower this quarter since EBITDA is comparatively only a bit lower? I think it's probably a matter of depreciation, which is higher.

33:34 And to be honest, I don't know exactly why the depreciation is higher because that's the only reason. I don't know if this is correct, and maybe Cesar can check it in the meantime. I think this is the main reason. Yeah. But the all the items that we have filled out at the big time, basically. But Okay. What is the timing expected for total permits, final authorization, construction, project, and CapEx risk of delays? It's what I said before. It's I think I have answered that one. It's year have final authorization, construction in fifteen to eighteen months. And CapEx is around EUR $250,000,000.

34:21 The risk of delays are basically linked with getting or not the permits. I don't think the plant the plant is quite simple, very similar to what we have installed and actually much better because it's with new equipment. Are you still looking for possible acquisitions? In the past, you have been you said prices have all been realistic. Has the climate changed overseas Europe? Well, let's say that we are looking at something in Europe, which is in advanced exploration and it's in Europe and reasonable costs. What are the difference between processing silver recovered from processing copper and zinc? Nothing, nothing special. Simply right now, the silver that we have recovered in the concentrates simply because it floats, but it's in a material that has very low copper. So it's very soft material. It's an enriched area.

35:16 So we put that from the plant. It goes into the copper concentrates without any change in the process itself. Do you think there's still a lot of copper to be found in Spain and will the government let you mine it? But yes, the government here in specifically in Andalucia is very proactive and pro mining. We don't have any issues. Maybe people will perceive the delays in San Benicio, but the reality is that mines are permitted, we get full support and things go much faster than in other countries. So, yes, the government will allow it to mine it. In the case of other copper in Spain, well, the Pirate Belt is the best place. And of course, there's much more in the Toro area. And I think things will improve a lot once they start producing in Toro because they will see a very nice mine.

36:11 Next question also related to In the case of Toro, how easy is to construct once the permits are received? Are you looking to finance the source of this project? It's quite easy to construct. It's very similar to what we have done in the past. Basically, it's a SAG mill, a ball mill for recycling and flotation and filtering, very similar to what we have done with the same people. So it's I don't see any problem. Looking at financing sources, yes, we have been already dealing with local banks in Spain at several cases. We are also been looking at we had lots of interest shown by off takers, traders and smelters to give us and also some even some local companies interested to put some money into the crowd at project level. So we don't think financing will be a problem here.

37:14 When would the high grade ore start to be blended in Indonesia? What would be the grade uplift? Well, depends on how much we blend. We are looking at blending around 20% at this stage, which if you blend something with 0.35% with something with around 0.7% or 20%, it will give you the grade will be around 0.4% to 0.42%, which is a significant increase if you consider 16,000,000 tons treated. Do you have any intention to continue ATALAYA as a stand alone or independent business for long term? How do you plan to fight the hostel offer given you no longer have a poison pill in your article of association? That's a good question. Well, it's quite difficult to fight a hostile takeover, but I don't think there will be any hostile offer considering that we have two or three shareholders that together get almost 50% of the company. So we have Trafigura with 22%, Covas, I think, is now 17% and few other Spanish shareholders and insurance companies, which together you can get another easily, let's say, 15% with three or four hands.

38:32 So I don't think any hostile will have any success if these people, which have basically 60 over 60% of the company, do not think that the price is correct. Do you have any thoughts of the process of Lundin's Neves Corvo? Well, it's interesting that we are only looking in the distance because obviously, if that thing is successful, it will show a big huge interest in the Parrot Belt. And obviously, in some way, we'll benefit because it also give a kind of indication of what's the value of the real value of ATALAYA, which is much higher than it is right now. What is the total amount in capital invested in total production? Around EUR €250,000,000 Can you update us next question, ATALAYA, ranking ESG.

39:26 Some investments were collected invested in twenty twenty three. Are you starting to see any dividend? You do you have the ranking that we got from the ESG, Hendi? Not not the actual ranking, but the ESG would so we've we've been doing a lot of it, lot of documentation, and and we have improved quite a lot. And now when discussing with the rating agency, we have some difficulties, you know, contacting with them as as normal. And we and and I can see that some of the rankings for the time, I'm thinking in one specific house now that decreased our rate, but they didn't even look at the sustainability report that that we produce in 2023. So sometimes it's just that we need to engage more with them, and and this is something that we're thinking about doing in next year just to have a little bit more engagement with them, which obviously will have a cost on our side. But it's just to ensure that they go through all the documentation that we have publicly available.

40:27 But for the time being, I think we're maintaining sort of the the rating agency to basically download the rate that we have for that. But but I I don't think that is capturing all the information and and all the Thank you, Arthur. The next question is, will the dividend policy be reviewed and buybacks considered instead of dividends? This will be better for UK shareholders as withholding tax will be applied for dividends to dividends after the termination to Spain. Well, this is something that has been considered in the past by the Board, the possibility of buybacks, and probably very likely in the future, we'll see a combination of both. Could you please give an update on the development plan for plant upgrades, required process of polymetallic sulfides, CapEx timeline, key work items, etcetera?

41:19 Right now, what we are doing is doing additional test work with different we have had four or five different companies doing works, both in bulk concentrate, production of bulk concentrate and production of differential concentrates. The studies that are ongoing are basically to decide if it's better to produce first global bulk concentrate, which later you regrind and separate differentially, or if it's better to have a kind of two separate lines where we would split the existing plant in and we have that flexibility and having a separate line for the polymetallics and another one with stock work.

42:09 Right now, that's work ongoing and CapEx, let's say, very wide range between 50,000,000 and $100,000,000 I don't think dollars. Timeline for construction of this probably would be 26,000,000 And as I say, working on portion, we don't have a we have like four years of five years of only stock work. So where we don't really don't is not essential yet. When talking about potential acquisition, how much room do you think you have available in your balance sheet? How big such acquisition would be? Depends on how we buy. If we buy with cash, not much. If we buy with shares, I think depends on the value of the other company.

42:55 But and then what we are looking right now is smaller joint ventures, small companies, small things of where we would go basically to exploration. We did something that was much larger. This size we have been looking in the past, our size is equivalent to our company. So basically doubling the size. We are not looking at things of 1,000,000,000 or sorry, euros 1,500,000,000, 2,000,000,000. We're looking at things between 200,000,000 to €500,000,600 It has always been the case in the past. Okay. That's the last question, 28 questions. That's excellent. Thank you very much. Alberto, thank you very much for answering those questions.

43:44 Just before redirecting investors for I do their feedback, which I know is particularly important to you both, I'm just wondering if you had any closing comments. Look, closing comments, I think, would be that, yeah, we this quarter from the economic point of view has been difficult. We expected that because we had low production and as I said before, our costs are cost per ton. And if you use less, your cost per pound is higher. The good thing is that we have kept the cost per ton constant. We have been fighting inflation and we are keeping our under that under control, which has a good result, which means once we get back the grade and we will get it because we have always had very good reconciliation in our pits, this cost will go down and we will continue generating cash flow. Second thing is that we believe that the COP we are just the beginning of the copper price going up, so we will also see a benefit there.

44:40 And this benefit will come in the right moment because we believe we are going to have an additional production coming from Toro and from the grades better grades from Rio Tinto and also from the better grades that we may find from the development of Massawa del Verde, which probably less than two years, we'll be able to also bring some ore from there. So I think it's encouraging that we see that the costs are maintained under control and the rest will change in the right moment, I think it's a bad quarter, but we are seeing the end of the tunnel. Perfect. Alberto, A. Thank you for updating investors today. Can I please ask investors not to close this session? As you know, we automatically redirected to provide your feedback in order that the management team can better understand your views and expectations.

45:36 This will only take a few moments to complete, but some should be greatly valued by the company. On behalf of the management team of ATALAYA MINING PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.