Cleantech Lithium (LSE:CTL) — Recent Fundraise and Investor Q+A

0:00 Good afternoon, and welcome to the CLEANTECH LITHIUM PLC recent fundraising investor Q and A session. Throughout this recorded session, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time by the Q and A tab situated in 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 received in the meeting itself. However, the company can view 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 Danny Fox Davies. Good afternoon to you, sir.

0:29 Thank you very much as always. Good afternoon, everybody, and welcome. We thought it would be timely and, beneficial to be able to update after the funding last week, particularly after we did the retail funding, which was very broadly and widely supported. My apologies. Ignacio is down in Chile, and is suffering with some slight Internet connections. So we have him,

0:55 on the phone by a verbal connection, but I'm afraid you won't be able to see him today, so you'll have to live with me. But, Ignacio, just to double check, you're still with us okay?

1:06 Yeah, Daniel. Hi, and hi. Hello, everyone. I'm glad to be here. I'm looking forward to connecting and answering as many questions as we can today. Okay. Thank you very much, Ignacio. So everybody, I we went out for an initial, 3.5 to 4. We had initial institution offering of £4,300,000. That with the broker option was increased by 400,000 to 4,700,000. We did the retail offering. Now the retail book ended up being at around about, 400 and something in total. About 230,000 was through the parties such as Hargreaves Hale and a few others. We had one problem. The IG index was refusing to participate because they had issues about the warrants and the settlement and they've gone back. So then we had a number of parties that came directly.

2:01 So I and this is my error. I thought we could actually upscale slightly and then I found out from the lawyers we couldn't. So I had put in for a 100,000, in the institutional pacing. So we accepted, everybody that went through the platform a 100%. We had to scale back, a few larger retail orders that had come through Fox Davies directly because their brokers wouldn't handle it, and those were people doing, more in the sort of wanting to do fifties and somebody wants to do 75. And then to accommodate them, I ended up scaling myself back from a 100 down to 25 in in order because there were certain people who felt that they'd left out. So but we had a a broad Hargave Hale was the largest, I think, with a 173 shareholders and a few others. So it's about 220 separate orders from our retail shareholder base, and the company was very, delighted by the continued support, and we'd like to thank everybody on behalf of the company. So with that, there have been a number of questions.

3:05 So, Ignacio, we can't see, but we have some slides here which I can and manner, but I think maybe do you just want to launch in an update about where we are in terms of an overview of, first of the lithium prices coming into place. We can go through these slides. And then as always, I'll come back to the questions and answer as many as we can directly. I think the main thing is that we'd like to just, probably reiterate about the sale and purchase agreement, the payments down for the asset transfers and the licenses,

3:36 and then how you see things going in terms of your discussions with the government, the ministry, and with the sale application. Obviously, Ignacio being cognizant that we can't say anything that is, nonpublic, at the moment, so we should have to do as an RNS first. Okay? Just to remind you. Perfect. Yes. Yes, Daniel. Thank you. So, well, first of all, regarding, lithium price and the sentiment, we've, in the past few months already, an increased sentiment and improvement on on the view on mid and long term pricing of lithium. Demand has always been very strong. But due to some industry or market reasons, the price was not where the sentiment was.

4:22 And what we've seen is now the price increasing slightly towards in the lithium carbonate equivalent numbers around 11 point something dollars per kilo. We expect that the price will continue to be volatile for the following for the next six to twelve months. But the trend is clear and the price should be improving as we move forward to 2026 and 2027. And you can see part of that demand is being driven not only by EVs but also by PFS,

4:59 and that is representing a much larger percentage of demand than previously forecasted.

5:07 Can you move to the next slide? I can, indeed. Have a little bit There we go. Okay. Now we can see, up to Minergy. I want to well, can you move to the Minergy slide? There you go. There. Perfect. So here, we can see, regarding the Laguna Verde SEOL application, we can see the government's polygon outlined in black. We can also see, CLEANTECH's mining property, highlighted in yellow, and Menegy's property highlighted in pink. With the acquisition of Menegy, which was part of, the purpose of the race that we did that we just finished.

5:54 We have acquired all the licenses in pink. They are now being registered under the name of the company. And with that, we have approximately 97.5% of the whole polygon covered with our mining property. We believe that this and that's what we've said and we will be able to see in the next slide. After the indigenous consultation process that is ongoing is finalized, we believe that the government will be in the position to open a new streamlined process for us and then to award us a sale during this government, which means it would be before March 2026. So let's go to the next slide then. And, of course, always, stop me if you have anything to add. Here,

6:44 you can see the timeline that we have in mind. The government is currently conducting an indigenous consultation process. It is not ours. It is the government's, and we do not participate as it's just with the indigenous communities that could be affected by the polygon. And the the consultation started late July, and we believe it should be ending mid to late October.

7:14 After that is over, the government could, open a new streamlined process given that we now comply or fulfill the requirements under the streamlined process. And then if we are admitted that we believe that would be before the end of the year, then we would enter into direct negotiations with the state in order to sign the sale before March 2026.

7:44 And and if you we go to the next slide. It is just we talk about a little bit about our scoping study, you know, and done. Ignacio. Sorry, Ignacio. Was on mute there. Sorry for a second. So before we we jump around there, that's the final sort of award.

8:02 When when do you think, it's realistic that we might have an indication? So they're doing the, and this is the key one. I wanna spend a bit of time here on this one. So the indigenous consultations conducted by the government degree the Polygon area. Okay? So now I thought the government had put forward the Polygon area. So that is just to get it consulted. At what point do we resubmit, or do we put a formal application in to the ministry to reopen the fast track?

8:36 Once the indigenous consultation process is over, which as I said, should happen by the end of October, the government should be in the position to without us applying directly or asking to open a new process, they would be in the position to open a new streamlined process. And that's what we see in the slide between it's going to be between November and December.

8:58 Okay. So is there anything that we need I mean, obviously, I know from talking to you that you've been having discussions, but there is there anything that we need to formally do to to resubmit?

9:10 Not yet. But once the the process is open, we should probably apply again using the same set of documents, including the new property that we now own, that used to be community. I'm explaining how we, comply with all the requirements. Okay. So as part of this then, just for the clarity and sorry. I am already asking slightly leading questions here deliberately. So as part of that then, through between now and the end of October, we will be updating the documentation to take into consideration the additional licenses that we've just acquired.

9:46 Correct. Yes. We are preparing the documentation for the time for when we need to reapply. Correct. Thanks, Dan. So that that will go between now. So we got that's two months effectively. So we're now the September 1. So that on the indigenous consultation is ongoing at the moment, and this is standard to all the SAIL applications. And then we had our documentation. Obviously, that documentation needs to be updated because we significantly increased the license area. So over September and October, we will be doing that so that when the consultation is finished with the indigenous consultation and I think it's also worth just restressing that the, the various indigenous, groups we have been working with for the last two years, and they have previously supported and given documentary support to our application.

10:39 So we while nothing is certain, we believe that that will continue to be the case, but we have been working with them very closely for the last two years. Okay. So then we would hope that between November and December, the government would come back and give us a, a formal approval. And can you just explain, Ignacio, what is the actual step? So they go in the way you consider it. They would say, fine. Our criteria is more than 80%. You've got 97.

11:10 There's no other parties now because MINIJ isn't there. What do they actually send to you?

11:14 What is the actual process?

11:16 What does that actually mean to be in the fast track process?

11:21 Yes. So what they will do is they they will issue, a public doc document where they will say, we are opening up a new streamlined process for Laguna Verde. Companies to apply, companies need need to meet the following criteria, and they will, again, say 80% of properties, etcetera. And so we will

11:44 we will have to submit within a certain period of time, only, let's say, ten days, all the documentation to prove that we comply with these requirements, and they would take probably, I would say, thirty days to review all of the data and then decide whether we comply or not with the requirements. In that case, they would say, okay. CLEANTECH LITHIUM, you are admitted into a streamlined process. Now come, to meet us at the ministry so we can negotiate the terms of the sale.

12:16 And that that discussion should be ongoing for one or two months before, probably before we come to an agreement and it's signed and approved by the government. And, again, just to reiterate, because not everybody has been on every previous call, there are three sales that were granted, and the government is currently going through the negotiations for the terms of those licenses and the sales as we speak. So we would expect that the actual negotiation of the terms of the sale to be relatively quick because the expectation is is that most of those

12:47 agreements will all be fairly the same, and in line with what's already agreed. So it's not really like, the the the license holders get to negotiate much. It's pretty much what the government wishes to see. Is that correct?

13:02 Yes. Right, Dan. And, also, well, as we've said, there's one sale. The first one to be granted was granted to a state owned company called Enami that has announced a joint venture with Rio Tinto. So the terms are public already. And the I I went to the annual celebration of the mining industry last week, and the the

13:28 the minister announced the minister of mining announced that that contract should be signed, by all the parties this week. So there's there's movement. We're seeing already being awarded, signed, and other sales are following closely behind. Great. Thank you. I just know that we we have this conversation. I just want to be very, very clear and slow it down a little bit for the, for the audience here. Okay. So that's great. So we're hoping by before the year end, or if not, because of the Christmas break to come back early January. Right. So let's get forward here.

13:59 So, Dow, just in terms of sorry. Just take a crack at In terms of the Minergy licenses, just to confirm, the sale and purchase agreement was signed with the vendor on the Friday before we announced the institutional raise. There was the first close of the shares that we had under the existing headroom, which was, I think, approximately 1,112,000,

14:22 and that was sent down. So the first payment was made. The second tranche is settling today, and I will be dispatching funds down to the company tomorrow. And then we're making the second tranche, and then we expect to close later this week. Is that correct? In terms of the the full payment and then the licenses. And what's the process of the licenses being transferred into CLEANTECH's name?

14:48 Yes. So, Dan, we've already made two payments under the under the agreement. The first payment was upon signature, and the second payment was done fifteen days after. The terms are all public and known by our investors. It was a little bit less than $1,000,000. The next payment should be made once we receive the sale. We are we signed the sale with the government. And regarding process, after you sign the public deed of purchase, this public deed is sent to the mines register, and the mine registers notes on on every license that is now owned by, CLEANTECH LITHIUM and then issues certificates.

15:33 This usually takes a few weeks. So we are still waiting to finalize the process, but but the purchase has already been executed, the SPA. Okay. Great. But but that's the SPAs. But then when when do we physically

15:48 appear on the register? When can we go to our shareholders and say, right. That that's it. I mean, we've done the sale and purchase, but what is the you you have to lodge that with the ministry. At what point can they see clearly that we have a 100% of the Laguna Verde? Or, you know what I mean, 97% of the?

16:04 Yes. It should be so as I said, it is in registration at the moment in the mines registrar of COPEAPO, which is the the the official institution that manages mining property, and they should be issuing the certificates, in the next two weeks. So you will have official certificates of ownership before the September 18. Well, we do another one in about two weeks' time. Okay then. Great. So I'm gonna answer the question. Let's bang through these ones quite quickly on the last four slides. So the Laguna Valley prefeasibility study progress.

16:37 So, obviously, we have the prefeasibility. It was close to being finalized. We've got a bit in this working capital budget to revise and update that because, obviously, the license area will be larger. But, are there any points you wanted to bring up now?

16:51 Just as as you said that we've been holding on to the the PFS for two reasons. One is that the area was about to change. And the second is until we are admitted into a streamlined process, we believe that information is proprietary to the company, and it is not in our best interest to disclose it publicly. Once we are admitted into a streamlined process, we should be releasing that PFS.

17:18 Okay. So we'll take, we'll take probably about sort of, I'm guessing, between four and six weeks for them to all update their respective parts. And then, again, just so everyone's clear, we do is once we go into the fast track process and that's formalized, then we would hope to actually produce and publish that into the market just afterwards because there is, some areas that we think are commercially sensitive that it doesn't benefit us to have in the market until we're secure in the sale. Right. Let's just go through, the value drivers we have here. The ASX dual listing, I will talk about in a second. That is, dependent upon getting through the sale and the PFS and then we're into, and I'll talk about the mechanics of that as we did on the last one. So, Ignacio, do you wanna talk to the PFS and to the EIA and to the sales again?

18:08 I mean, so we're looking for the PFS Yes. Later this year and then leading into the DFS? Yes. Everything is intertwined. In this case, once we have the DFS, we and and it's released into the market, we can then and get the sale, of course, which are are tied together. We can start working on the DFS, also working on the environmental baselines to or start preparing the environmental impact study that takes twelve months to be to be drafted. So we will need once we start with the environmental impact study, we need twelve months to finalize and submit.

18:47 While we are working on the DFS, probably at that time looking for, a strategic partners partner to to come to support the development of the project. And, again, just for the benefit of anybody that maybe is not being one, so obviously, PFS is our preliminary feasibility study, which is what we spent approximately $4,000,000, on with a number of technical partners partners even,

19:11 from, including a lot of hydrological studies of of where we're actually gonna put wells and reinject wells and where roads would be and where the plant would be. That would lead to the DFS, which is the definitive feasibility study, also sometimes referred to as a bankable feasibility study. The EIA is the environmental impact assessment. So having agreed it, you do a baseline. You'll continue to work alongside. And, again, just to reiterate, there's very, very little

19:39 flora or fauna, or people or even sort of animals really around the region. So but it's just a requirement that you do a twelve month baseline study. But while that is going on, you'll be going through the sale, And the anticipation is that we have a number of parties in the data room. And upon getting the sale, we will then go into serious negotiations with strategic partners at the back end of this year and early next year in terms of then entering into either a partnership or an offtake agreement for them to then fund

20:13 the the the DFS, as we move forward. And the DFS is gonna take about twelve months. And at that point, then you look to go into the financing. The financing, you'd start probably about six months before the DFS is finished based on your preliminary on your your your PFS is what you're on to negotiations with with the syndicate of banks and your strategic partner. And then, once you have the DFS, you then hopefully go straight into your plant construction upon receiving financing.

20:41 Anything you wanted to add on that, Ignacio?

20:45 No, Dan. Yes. I think you summarized pretty well process going forward. And I think it's also important to clarify that we on the EIA's proceeds, we are not forecasting any work on the EIA or on additional drilling until we have the sale award. So because you can talk about that later. But mainly, the proceeds are to for GNA to finalize the PFS and and acquire immunity. Okay. Right. Turning to the questions, and I will try and shoot through these. There's some of these, obviously, that overlap. So I I in some cases, I will try and consolidate them into a a combined sort of question and try and get the answer that that I I sort of feel that people are trying to sense to.

21:34 Ignacio, one of things that some people have asked is is why why did the company not highlight the danger of the polygon that the company was submitting not being successful? And, obviously, I appreciate that you've only come in in the last sort of few months, but, obviously, we got it wrong.

21:55 Do you want to maybe talk us to to why you think that was? I mean, obviously, we are now moving forward, but maybe we could just touch on that for that. So it a presubmitted, so I'm sorry. I don't know who actually wrote wrote that question. Yeah. Yes. So the thing is, until, I would say, December last year or January this year, the company was developing the project without a polygon. Remember, the polygon was just created once the government announced the requirements for the streamline process. And with that when that happened, the company looked into the requirements. It said,

22:30 referential polygon. A new polygon can be agreed with the with the proponent. And that's what precisely what the company did. It act we acted under the belief that we are we are proposing a polygon where we had more than 80% of the mining property that had background I mean, it was justified hydrogeologically, so the resource was mainly under the polygon that the company was proposing, and it was, in theory, accepted by the government. But but what ended up happening is that the government did not want to modify the polygon. And we believe mainly it is due to the fact that it was the only sale that had more than one applicant. So as as you said, Dan, we, we got it wrong, and we thought we had very strong arguments to, sustain that our new polygon was the the right polygon, and the government It says so much. Should have modified, but it didn't have.

23:28 Nope. Look. Guys, it's disappointment all around. We got it wrong. The company can only apologize. It's frustrating for everybody, but we're happy that with the license areas we now have that we're back on track for getting the sale and then the series of events that comes afterwards. Describing the cap table, this is pre submitted, so I'm sorry. Don't know who it's from. Pre submitted cap table, give details on the burn rate runway and the cash flow projections. On the cap table, effectively, we've issued almost a 100,000,000 shares on about a 103 or a 104,000,000 outstanding. So it'll be about a

23:58 200,000,000 shares an issue. There was a one for one warrant at six p. So we are effectively, another 50¢ of the company outstanding warrants. There are a few other warrants, but they're so far out of the money than really material. There will be an update, on the cap table on Bloomberg and in the next monthly filings. You're welcome to give me a shout if you want to, and we give you a full breakdown. On ASX, as per the last question,

24:27 really, to get the most chance of success, we want the sale in place, and we want to publish the PFS. We don't need any more money, for the foreseeable future, for at least for the next year or so. So one of the requirements on the ASX listing is usually 300 names at, I think it's 2,000 Australian dollars or a thousand pounds each. However, with a number of shareholders, the ASX said we need a 150, so we'd have to raise a £150,000. We'd have to get basically a 150 Australian names. So we probably look to do a compliance listing. And I'm hoping to do that, as soon as we have the PFS published, will be as soon as we get the sale. So probably January, but realistically, Australia goes away. It doesn't really come back till the end of Jan. So it's kinda depend on the sale and the PFS, but it would just be a compliance listing to get us away.

25:20 Right. Mark on there. What are the next steps for the sale? I hope, Steve, m, that you feel that we've, answered that question. If you have a further cron to that one, please add it as a new one at the bottom here. So, no, everybody that went through the live book process through your retail broker was allocated in full at a 100%. And we made that decision because with Harbreath Hale, there was a 175 different interested investors ranging from, you know, £200 to a couple of thousand pounds and the same with AJ Bell and a few others. I had some large investors that were doing, more, and so we thought it's better to to really support the the smaller investors across the board. What I want to scale back was was me, because I felt that I should be putting the other investors, first.

26:11 So I scaled myself back. Actually, wasn't saying I scaled myself back 80% to accommodate the others across the board. So that's to George c. I hope that answers the question. Request the CEO to make contact. So this is Wayne h. You've been just fine. Wayne, we can do, and I've got your number here. However, we did do an announcement two weeks ago, and we told everybody on that to contact. And they were also on the r and s that if you had any questions or any problems to contact me. So there has been two weeks for anybody to want to contact, who wanted to participate. And my details and contact number and email were all at the bottom of the r and s. So I'm sorry if you felt you were disadvantaged, but it was open to, absolutely

26:54 everybody. And we clearly said that if anybody had a problem, they could reach out to me directly, and and about 12 different investors did do where they had problems going through that. But I'll make a note of your number. Otherwise, you can email me at daniel@fox-davies.com, and I'm happy to talk directly from there.

27:16 Okay. Paul asked that we'd lost audio. I hope the audio is back with everybody. I've got no other message on that side. Okay. So Ignacio, there is another two and a half percent of the Polygon on the referential area. The question is, do we need to acquire it for any reason with that impact negatively? Is there anything that they could do, or cause problems in any way going forward? No. Not really, Dan. The the requirement is to have more than 80%. We have substantially more than 97%. So sorry. Than 80%, we have 97.5%. So I don't think there there would be an issue. Operationally, also, the licenses are not in an area that is attractive or that attractive, so we believe we have more than what we need to develop the project.

28:05 Okay. That's excellent. I have a quick question for Steve. Do we have a solid expectation that the government are even open? Ignacio, there's limits on what you can say, but, obviously, I would suggest you speak that, obviously, you're you're in frequent contact with ministry. They are aware that we bought the licenses, and I think it's probably just best so you can just give a a response as to whether you feel the relationship with the government is still positive and intact. Ben, can first of all, can you hear me? Because I think I got hung up from the phone. You're back. Yep. You're back. Okay. Great. We have all the confidence that the government is going to open a new streamlined process after the indigenous consultation is over. However, if that would would, was not to happen, we believe the government would launch a tender process for other sellers. And and if there was no treatment process, they would also include Laguna Verde, probably by January.

29:04 Okay. Excellent. One second. I've got a party from here. Right. Let me just come back to our page and we got the next questions. Sorry. Just answering for one else there. Can the government revise the polygon as a result of the consultation with the indigenous communities, and would we have to buy any more licenses, Ignacio? The answer it's a great question by Michael. The answer is yes. It can change, and we expect it to change a little bit. And we have that covered. If you review the slide again that that we showed, we have properties that go way beyond the current polygon. Thank you then. Exactly. If you see that if you see that image, well, the resource is pretty much covered, but we have licenses that range outside of the Polygon. And in the future, we would like also to enlarge the Polygon just to cover all of the license area.

30:02 Okay. So we'd like to see increase here. Does anybody own the additional licensing area around here? Pretty much the whole country is covered with mining property, but, so I I I would have to say that probably there are mining owners mining property owners outside of the our license area. But it it Okay. It would have no impact on our application. Yeah. Because we'd still be over the 80%. You'd have to increase this and then go to almost double the size, I think, to make it a fun fact. But it's a very good question. As a drilling campaign, there's no intent to do any further drilling, John, at this point in time. Our focus is on getting the PFS done and to working through with the government until we actually know that we're in a sale, and we publish the PFS in there. We have more than enough resource to for the company to produce for you know, we're we're looking at whatever it was, one point my my brain gets frazzled. Sorry. With old age, but, we have the 1.7 or 1,600,000.

31:06 1,600,000, and we're talking about, you know, 20,000, possibly 40,000 tons a year. So your mine life is running out for well beyond, when I will still be, walking the the earth. So at this point in time, it it wouldn't make sense. What you might want to do is with a strategic partner is then undertake a further drilling campaign at their expense and see whether it makes more sense to put in a 40 or 50 or 60 or something depending on whether the lithium market price is and to see whether the other, various projects around the world are coming on stream. But at this point in time, we're not spending any more money on exploration on the assets that we have. It might be something to consider for further assets down the line. What is the plan for improving the purity of the product? John, we did answer that. We have 99.9% battery grade lithium. You If go back about a year and a half, we also have the it's very low in the impurities that have a negative impact.

32:00 So we're very happy on it. There is no intention for improving the purity. We're very happy with the grade. The grade is excellent, and it's not only a lot of people have 99.9. It's a question of what is in that zero, other 0.1, and we're very happy with that. If you want to go back about twelve months, I think it is, you'll see the RNSs, and there's a full technical data report on the quality and the grade. Let me get that as answered. This one's from Ian Gee. Thank you, Ian, as always. This small area, I think we just answered that on that two and a half percent. It doesn't impact us, and it's a nonparty that wouldn't be relevant. Sorry, Dan. Just just to to answer Ian because the second part of his question was about Chilean elections. Just to Okay. Sorry.

32:48 Tell Ian well, in Chile, the government works until the last day. So in this case, it would be until 03/11/2026. They are, very committed to the lithium strategy. It is, what they they call their legacy. They want to see many sales awarded. So I I don't think there's going to be an issue, with the elections. And in fact, what we're seeing also is that the candidate that is leading the polls is, very pro market. So probably the next government is going to be even more open to investment in lithium. Okay. Let's have a follow-up for that. Thank you, Ignacio.

33:35 So we've got the licensing purchasing. I mean, give and take, you can look. I think the revised one is we're a little bit sub sort of $200,000 roughly a month in in burn rates. You got about 2 and a bit million dollars. I think that is from from memory, but you've got, obviously, g and a, you've got regulatory tips and fees. So we've got about a twelve month run room here. There are some license payments that are due February, March next year Yep. March that we'll pay, which are just our annual fees on Laguna Verde. But at the moment, the when we went out for the race, we're really gonna go for about three and a half. The major institution investors said, look. We don't want you coming back. We wanna make sure you have a good twelve months of runway and a bit of room. So depending on where the lithium price is. So that's why we raised what we did.

34:28 But at the moment, the license purchasing, you've got the GNA, the staffing is down to the three on the board, and then there's about staffing, I think, about five or six partners full time. And then beyond that, we have to update the PFS to do with the increased license area, and then the rest of it is just also bearing off a bit of the the legacy creditors. There was some legals to pay, and the rest were just gonna be sitting on cash and making sure that we conserve that cash until such time as we have the sale and the PFS published. And, also, there would be I mean, next year, you'd probably need to spend, I don't know, 50,000 Aussie or $50,000 updating the admission document to the ASX if we do that because the accounts get stale, etcetera, and have to get revised.

35:20 I hope, John, that asked your question. Resource contained within the new license area. The do you wanna detect that, Ignacio? I mean, really, the the the license area comes up to 1.9. The drilling is all around the Laguna, so there's been no drilling in the the areas that extend out here at the Sey. So I think part of it still is this area here in Pink is encompasses some of the drilling, but this stuff here, we'd need to go and drill it. As I said in the previous answer, we have 1,600,000 tons, so it wouldn't be something you'd be looking to do until you'd actually done the initial financing or you bought into a strategic partner. Sorry. Let me just close that out. Where is oh, that's where.

36:11 Something dropped up on my screen. Right. John Aid mentioned about, Metals One share price volatility. I must confess I haven't followed it. They are a shareholder. They are a long term shareholder. We know the board, and the chairman relatively well. What happens in their share price really is no interest for us. They're in for the next, you know, two years. They want to see this go through into the DFS. They wanted a cornerstone lithium position inside their portfolio. I actually met with one of their board this morning for breakfast. They have a number of plans to to further develop their portfolio base. I don't think their share price volatility has any relevance to to CLEANTECH at this point in time.

37:08 Wayne, please send me an email and follow-up directly on that side. Ian saying thank you to everybody. So there's not mining the the when we say mining companies, there are, some way away and historically, had who is historical gold mines, Ignacio? It's, Kinross Yeah. In the area. Yeah. They're about 60 kilometers away, aren't they? Kinross' gold mine operations? Yes. They have two operations. They have more than 60, probably close to 80 to 90. And, also, there you have Barrick that had a project but never got it constructed. There's a lot of activity.

37:53 However, operations, there are no mining operations in the vicinity. There are only mining tenements or mining property that is being held by third parties. Yeah. So there's there's license areas, Ian, where where people have got signed up things, and and pretty much the whole country, but that happens, you know, all over Africa as well. In terms of activity, there's very little activity other than around the license assets that we're looking here. And then, in terms of taking water from here, they wouldn't have any right to. Part of it I mean, you'd never say never, but I can't see why we'd want to go and and and do that. And, also, to be honest, the the other prospective things that I've come across are sixty, seventy, 80. They'd go and drill their own wells and subsurface, and that would be a problem. It would probably be far too way away from the Laguna to be relevant for what they've got.

38:46 So that's Ian. And, George, final question we have here. Yes. So the the intention is you bring in a a joint venture partner partner at the the local level, And as part of that would be to return, you know, some capital in the topco for the money that we've invested. And it's not so much you get a a well, it could be a combination of prepayment. So it's either usually where the joint venture is they will put up the construction finance or they will put up the equity portion of the construction finance, and usually, they lend their their balance sheet in terms of working with the banks to put together the bank finance. They would usually most of the money from CLEANTECH LITHIUM PLC has gone into Chile as loans, rather than as equity so that can facilitate the repayment of loans back up to the Topco, which then allows you to fund the GNA through the development section to avoid you having to raise further equity at the Topco level, or you're looking for them to, do a combination of an equity injection at the local level, potential equity injection at the Topco level depending on the entity and where they want to be, and also then providing, construction finance, development finance.

40:04 And as part of that, you'd get some prepayments from them as well in terms of working capital. So there's a number of ways that you would would would cut that. And there are, as I say I mean, I can't go into detail. I mean, restricted. But while Ignacio was here and we were doing the financing, he was having a number of meetings with some very, significant Asian industrial houses who want to go into the data room. We have a number of parties that are in the data room that have said, please let us know as soon as you get the the sale. They are very positive on the asset. It's mean, it is a fantastic asset, and it's a good grade lithium. And you have to remember, we spent $4,000,000 on the pilot plant. We've produced lithium carbonate. We now just needed to get through this paperwork.

40:52 And I can only say again, guys, that it was hugely disappointing all around. I think the company put forward what they thought was the best information they had at the time. These things happen. It is painful. This racing has been, painful, but we are we are very actually to be honest, I was very, very encouraged by both the institutional support that we've had. So Atlas has now jumped from eight to about 20%. Regal is still funded. They funded in every single round. They've not sold a share. You know, premium items continues to fund it. RAB continues to fund it. We have a number of very wealthy high net worth individuals who funded on every single round and remain committed.

41:39 And then we had a very good support. I think there's over 200 and something, as I say, collectively from the the different retail books. So despite some few adverse comments here and there, and it's obviously been disappointing from the share price performance over the last year, year and a half. I do think we've turned a corner. We are now funded through for the next twelve months. And then as it recovers, we also have these options and warrants, so we would be unlikely to do another equity raise. You're likely over the next twelve months, I'm sure, to see some of the certainly, the retail investors and maybe some of the institutional exercise warrants as the share price recovers on the both the lithium price and, hopefully, the sale award and then the PFS. Let me do so, Ignacio, just also to you. So thanks from ENGIE. Thanks from George c. Thanks from Steve m.

42:28 Everybody, thank you for time. What we'll do is we'll we probably won't have any major info update for in sort of two weeks, but we'll try and do another update in early October. We're gonna try and push for an updated sort of research note. And then Ignacio is gonna be coming over for metals and for sorry. For LME week. LME. LME. Yeah. In early October. And on the back of that, I will be taking Ignacio around The UK, and we'll also we'll go to Zurich, Geneva, Frankfurt, and Paris, and Luxembourg. So that's our next major push on the investor relations side. I wanted Ignacio to be here in person and with the LME. The Chilean government's gonna be here, so we thought it'd be useful to come there. So while we were gonna do a bit of push in September, there's you know, Ignacio's got a lot of things to do on the ground securing with the government and the ministry, and we're very cognizant of costs.

43:26 It's a long way to come twice within sort of three or four weeks, so we'll be doing a big push out in October either the week before LME week or the week afterwards. As always, very happy to receive emails and questions directly. Ah, Ignacio's video is back in from that one. Sorry. Was looking for the screen. Yeah. So everybody, thank you again for everybody's support. It is very much appreciated. We do value the the retail element that we have within the book, which is now about 20% of the register, and it was some 5% of the follow on in the well, actually, probably closer to about 10% of the overbook was, retail related, what I call retail. And then if you think about the high net worth, we're about 40% of our book, was retail supported. Ignacio, anything else you wanted to add, sir, before we close off?

44:13 No. That just to thank everyone for for joining, listening, their comments, questions, and for continue continuing to support the company. We have exciting months ahead, and I'm sure we'll have good news to share before the end of the year and hopefully see some of you, in London while I'm on in there for the LNA week. Ignacio, thank you very much. We'll talk very soon. Okay, everybody. Thank you. Thanks. Bye, everyone. Well, thank you very much for updating investors today. On behalf of the management team of CLEANTECH LITHIUM PLC, we'd like to thank you for attending today's presentation, and good evening to you all.