First Tin (LSE:1SN) — Interim Results

0:01 Good morning and welcome to the FIRST TIN PLC Interim Results Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand 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 received in the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll.

0:30 And I'd now like to hand you over to Bill Scotting, CEO. Good morning, sir. Thank you, Alastair, for that introduction, and good morning, everyone. I'd like to welcome you to this presentation of our interim results for 2023. This morning, I'm joined by Tony Truelove. He's our chief geologist and chief technical officer. Tony is sitting in Australia, so good evening, This page here, the disclaimer, I have to just point that out to you, draw your attention to it. I'm certainly not going to read through it in this presentation. So page two, you have here our agenda for this morning. I'll first provide an overview of the business and an update of the macro environmental factors as they relate to TIN. Tony will then walk you through an update on progress at our two key assets, Tauranga in Australia and Telehalza in Germany.

1:23 I'll then run through a simple update of the finances for 2023 before outlining our priorities for the current calendar year. There'll be a brief summary, and then we'll have a Q and A session. So moving along, if we turn to the business update on Page three there. I'm happy to say, over the reporting period, we made significant steps forward at both our assets. Importantly, in doing the work, there were no accidents or environmental incidents reported. At Taronga, we made significant progress in preparing the project's definitive feasibility study. The updated MRE that was published provided for a 240% increase in total resources for the project to 138,000 tonnes of tin.

2:12 Mineral processing test work advanced and we reported that the mineralogy enabled significant grade beneficiation at the crushing stage with a simple and cost effective gravity based mineral processing flow sheet. The deposit is amenable to open pit mining with a low one:one strip ratio. The work on energy options identified a solution comprising 10 megawatts behind the grid, solar power plus gas generators to be both cost effective and environmentally friendly by lowering our CO2 footprint. Furthermore, exploration work at our nearby satellite prospects have validated our thesis that Taronga is part of a broader TIN district. This provides the strategic potential to develop a hub and spoke system around the processing plant in the future.

3:01 At Telehosa, the focus of activity has been on reviewing and assessing the large amount of additional historic drilling data discovered in the archives in Freiburg. This drilling data is from old Wismuth uranium exploration drill holes and includes analysis on TIN. We anticipate publishing an updated MRE for Telehorsa in coming weeks. Tony will surely provide more detail on the progress of these assets. As a junior miner undertaking exploration and development, there's not so much to report on the financial side. Interim results reflect the continued investment by the company in progressing our assets through their permitting and feasibility study work. A loss of GBP 2,820,000 was posted for the period and we ended the period under review with a cash balance of GBP £4,600,000 So turning to the macro, on Page four you can see the recent strengthening in the TIN price.

3:56 It started the year around $24,400 me, it was relatively steadily climbed to over US28000 dollars With this, TIN has reportedly outperformed other base metals since the start of the year. We see a few tailwinds developing for TIN. It ended the year with relatively low demand and supply, but also with low stock levels. Global semiconductor sales are on the up after a cyclical low last year, with sales reportedly up 15% year on year in January and growth of double digits forecast for 2024. The EV market continues to grow as the solar, while AI is boosting the broader electronic sectors.

4:40 Those tailwinds are consistent with the general theme of climate change and the digital transformation that are driving demand for TIN. Here you see the midterm forecast from the ITA, which is very positive and suggests TIN demand will approach 500,000 tonnes by 2030. Given that around 50% of tin is used in solar to act as the glue in electronics, this should come as no surprise. The climate agenda is driving the energy transformation and we see continued strong growth in solar which benefits TIN from its use in solar ribbons, junction boxes and electronics. EV penetration continues to grow with TIN benefiting in the EV itself at 1.2 kilograms, more than double that used in the older technology as well as its use in the charging stations.

5:28 And finally, more broadly, growth related to other electronics such as five gs, data storage or require more TIN. The real beauty of TIN is that while 50% is used in solder, that solder is itself used in multiple sectors and applications. The key ones are all growing and the other 50% of TIN is also used in multiple applications, none of which exceeds 16%. That diversity means TIN is not overly reliant on any one sector or driver unlike with some other metals. With the demand outlook continuing to strengthen on Page six, you can see that the supply chain risks grow. On the left hand chart, can see global tin mine production over the past decade.

6:16 With a few ups and downs, the trend is basically flat.

6:20 Investment from existing producers is simply required just to sustain output due to grade dilution, reserve depletions. The further issue is that supply is quite concentrated with nearly two thirds coming from just three countries China, Indonesia and Myanmar. And with material volumes also coming from the DRC in Latin America, only 3% is coming from OECD jurisdictions. Given the tens, even hundreds of billions of investment in technology and fabs, these concentrations only increase supply chain risk in a world that has become more fractured and geopolitically less stable. As Page seven highlights, these supply side constraints were already felt in 2023, the year under review.

7:10 Despite cyclically lower demand, inventory continued its long term declining trend due to various outages felt around the world. You can see some of those on the right hand side. Around 3% of supplies forecast were being lost last year due to a variety of causes from social to political, environmental, war, conflict and corruption. Without new supply, the deficit will grow and ultimately cause price fly ups. So with that overview of the macro, I'll hand it over to Tony now to take you through an update on the progress at the key assets. Tony, floor is yours. Thanks, Bill. So as already noted by Bill, TIN supply is quite restricted geographically, with only a few deposits located in OECD countries.

8:10 Of those, FIRST TIN owns two of the the large ones, Tallahassee in Germany and Tauranga in Australia. Tauranga is arguably the most advanced TIN project in the world at the moment, and we believe it'll be the next deposit to be put into production. So Toowonga is located in Northeastern New South Wales, about 370 kilometers by road from Brisbane, and thus has excellent logistics. The recent drilling and resource remodeling has increased the resource by 240% to a 138,000 tons of tin, making this one of the largest ton developed tin resources worldwide outside of China and Russia.

8:59 The deposit is unique, in that it's mineable by open pit, one of the few known tin deposits that fit between the historically dominant alluvial deposits, which are now generally running out of reserves, and deposits that need to be mined via underground techniques. So this combined with the very low strip ratio of around about one to one means that mining costs will be very low compared with deposits mined underground. We expect to have total mining costs will be less than Australian $4 per ton or $2.60 US, for every ton moved. And with a one to one strip ratio, that means that we'll be lower than $8 Aussie or $5.20 per ton, including the mice mine waste draining rate. Sorry.

9:55 Mining waste. While underground mining would be close to 10 times that amount. So the other new unique feature is that TIN occurs in cheated veins. There's approximately 20 per meter. These are subvertical veins composed of quartz, cassiterite, a few sulfides, mica, and a bit of topaz and fluorite. And they were in a very hard dense host rock known as Hornfels or a solidified metasediment. What that means is that the rock tends to break on those veins. So by crushing to around about 10 millimeter, we release 85% of the tin into the minus 2.8 millimeter fraction in only about 55% of the original mass.

10:52 That means that there's a lot less mass going forward, and that can easily be separated using gravity techniques at a very low cost.

11:04 So this slide shows our proposed mine layout. You can see two open pits that are located on topographic heights, which help the low strip ratio. There are two waste rock emplacements adjacent to the pits and a co disposal site for dry storage of tailings.

11:23 So the only wet sulfide tailings facility that we have, you can see in the very far north of the deposit, it's a it's a little, looks like a map of India up in the in the very north.

11:40 So that means that, we don't have a lot of, problems that you might normally have with wet storing wet tailings facilities. So while those are power grid within a few kilometers of the site, our current time is to power the site using behind the grid with a combination of solar panels and gas generators. And in the far south, you can see that blue patch that shows where the solar panels and gas generators, will be located. As crushing is our largest power draw, we intend to only crush during daylight hours. That means we can use solar power for much of the crushing, and it also means that there'll be less noise at night for, anybody in those, surrounding district.

12:30 So this concept will result in power costs being approximately half those that we would be paying for grid power and saving is over 14,000 tons of carbon dioxide.

12:47 This slide shows picture of the the rock. So the bottom picture, you can see it's broken along one of the veins. You can see quite a few of the veins up in the top picture. As it breaks, it releases the casseroid. And as I've already mentioned, we only need to cross to 10 millimeters and screen at 2.8, and we get most of the TIN out. That's, a lot of people are doing this in TIN using all sorting, which is quite expensive both as far as CapEx and OpEx goes. So we don't need to do that at all in the in our deposit. So after crushing, processing is dominantly gravity separation, and it's quite a simple circuit.

13:37 The plus point three millimeter material goes to a jig, and the minus point three millimeter is separated out, using the cyclone to get rid of the verified material and then straight through spirals. So the first grind, is after volume has been reduced to less than 20% of the original mass. And hence, we can have very cheap, processing costs. Even then, it's only required to reduce the material to around about point three of a millimeter. Final cleanup is for grinding the preconcentrate, which is very low mass at that stage to point one five of a millimeter, followed by sulfide flotation to remove any sulfides that are in there.

14:31 This produces a plus 40% TIN concentrate, that is subsequent subsequently cleaned up or dressed to plus 60% TIN with total recovery of over 70% for the gravity circuit and plus 60% all up. So Tauranga is only one of several similar looking TIN deposits in the Amavil District. That district's historically produced over 83,000 tons of tin concentrates. We've recently completed a sole sampling program over Tauranga, which I don't believe hadn't been done before. That has enabled us to have a comparison for other deposits in the district to identify extensions and satellite deposits and to ensure that no mineralization occurs in areas we plan to use for infrastructure or rocks rock emplacements or tailings.

15:34 The map to the right shows several other deposits within 20 kilometers of Tauranga that could all add either mine life or production profile. And some of those solar anomalies are very, very similar in size and magnitude to Tauranga itself. So moving on to, Telehaza. Telehaza is located in East Germany, near the city of Dresden. It's less advanced stage than Taronga, but it's a much higher grade deposit that will require underground mining. Thus, overall cost, think, will be similar per ton of TIN produced to, the, the Taronga deposit, even though it's almost 10 times the grade.

16:29 So work in 2023, '24 has concentrated on Taronga, but Telehaza has still been advanced on several fronts. In particular, data mining with numerous additional drill holes being located in old East German archives, adding this data to our database,

16:49 revising the mineral resource estimate, and progressing permitting. Drilling conducted in 2023 has shown the deep mineralization at Dryberg continues well beyond the indicated resource outlines. As you can see from some of those intercepts in the the middle table. And we've also, being done a few holes at Goddessburg that have shown excellent potential for near surface, very good grade mineralization. As you can see there, 73 meters at half a percent TIN and seven meters at one and a half percent TIN.

17:36 So some of the new data is shown on the attached plan of Hammerlein. The red dots you can see there are new data, and you can see that that's the the big thick dots are greater than half a percent TIN. So revised resource estimate is currently being prepared and should be available next quarter, using this new data. I'll now hand you back to to Bill. Great. Thanks very much, Tony. That's that's I think, you know, being new to the company and looking at the the history last year, I think there's great progress indeed over that period. So if we turn now to the financials on page 18, we have an extract from the financial report. As a junior mining company, as you know, we currently have no income, and the company meets its working capital requirements through the raising of development and finance.

18:37 The interim results for the period reflect the continued investment by the company in progressing these two assets through the permitting and the DFS study. We posted a comprehensive loss for the period of £2,820,000 rather, not dollars, and ended the period with a cash balance of £4,600,000 and a net asset value of £38,970,000 Expenditure during the period was primarily focused on drilling activities to extend the MREs, the mineral processing test work and other DFS and permitting work related to progress the development of the assets. I think it's well known, it was published last year, that we'll probably need to raise additional capital of some shape or form within the next twelve months in order to continue to fund the developmental activities at the level that we plan.

19:30 I'll give now a brief summary and outline the priorities going forward. On page 20, you see our current priorities. At Tauranga finalization of the DFS is top of the list. As we have heard, a lot of work has been undertaken over the past many months and it's now being finalized and put together. Also at Taronga we'll continue some groundwater drilling which is underway and expect to complete it shortly. Beyond the DFS, completion of the EIS is the other major piece of work underway with a completion targeted in quarter three this year. Finally, we hope to progress the assessment of the potential of the various satellite deposits that Tony has just mentioned.

20:22 At Telehosa, finalisation of the MRE update that Tony mentioned from the assessment of the WSNW data is top of the list. As with the Toronto DFS, this is almost complete and we hope to report an update in coming weeks. Beyond the MRE work, we continue to work with the mining authority for the approval process and also on some of the requirements for the progression of the environmental permits. Telehealth also has potentially attractive satellite licenses which Tony described and we'd like to explore those further. And for both sites, we will progress discussions ongoing on financing.

21:06 The next slide is a reminder of our core values and vision. Our aim is to provide assured provenance, traceable and ESG compliant TIN units into a growing market that needs it. In doing so, we want to leave our values and priorities on the ground each and every day.

21:30 To conclude, I've only been in this role just under three months, but I've been impressed by the progress made by the year under review. Solid foundations are in place to take these two attractive projects forward. The outlook for the TIN market is positive due to the structural shifts underway with TIN increasingly recognized as a critical and strategic metal for the energy transition and digital revolution. These conditions present significant opportunities for us as FIRST TIN. Our projects strategically located in safe compliant jurisdictions of Australia and Germany ideally position us to capitalise on the opportunity that is before us. We believe there is a quick de risk path to production of these assets due to their location, established infrastructure, established reserves and simple mineralogy.

22:23 Taronga is arguably further advanced with its impressive grade beneficiation and simple and cost effective flow sheet design that Tony articulated. Previous scoping studies on these deposits suggested robust economics at US $25,000 TIN price with significant leverage to higher TIN prices. With today's TIN price at circa $28,000 I'm really looking forward to seeing the outcome of the DFS work. So this concludes the formal presentation and with that we'll have some time for some questions. Thank you for listening. Perfect, Bill, Tony, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab, which is situated on the top right hand corner of your screen. But just for the company to take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed

23:23 via your investor dashboard. As you can see, we have received questions throughout today's presentation. And, Bill, if I could just hand over to you just to chair the Q and A by reading the questions out, that'd be great. And then I'll pick up from you at the end. Thank you, Alessandra. Okay. On my screen here, have one from Christopher T. And Christopher is asking what initiatives are you undertaking to increase the use of renewable energy in your operations and what are your overall targets for sustainability metrics?

23:55 Maybe Tony, do you want to give response to that? Sure. As I mentioned in my presentation, we have decided that the the the crushing circuit in our processing facility is by far the the largest power user. So by crushing, by over sizing the crushing and only crushing during daylight hours, we can use a significant amount of solar power. We're we're looking at installing around about 10 megawatts of of solar power and backing that up with gas powered, generators so that we will be totally behind the grid.

24:45 We we are also examining at the moment an option to to supersize our, renewable power. We do own 25 square kilometers of freehold land in an area that has a lot of sunshine and a a good wind, profile. So we're we're currently considering whether to,

25:11 actually, hook into the grid and have a much larger, renewable power farm there. That will lower our cost yet again. It obviously, the, CapEx will be a lot higher, but there are people, out there who are willing to to fund these and sell the power back to us, especially as we have the, the land holdings available to do that.

25:38 Yeah. Thanks, Tony. I'll I'll just add that on the the solar in Australia, we expect just by operating the way Tony said with crushing that the overall site power use coming from the solar could be around 53% of the total demand. And that's even with solar efficiencies taken into account. So that's already a significant thing. Looking at another question, this one is from Terry and that's quite an interesting one and I think I feel the pain of some people here.

26:24 The share price was in the thirties after the IPO. Why is it so low with very little retail interest and liquidity? Don't pretend to understand all the movements of the share price. What I do what I think I've seen here is that you know, TIN prices do impact on the share price of tin plays, the same in a lot of metals it's not unusual. I believe tin was had a very high price peak a couple years ago, but it's come down quite considerably from that and was at a quite a you know 50% of that at the end of last year. It's now recovering.

27:10 As I said the outlook for TIN I believe is very strong on the demand side and the requirements for new supply and that is normally supportive of TIN prices. And that will also be supportive I believe of shares for those working in the TIN sector. As to retail interest and liquidity, that's a complex question. You know, I think at different times in the cycle, people move in and out of sectors. Last year was a relatively low year for demand, there's a lot of geopolitical uncertainty. The share prices are low, not just our company, but our peers have also similarly suffered to different extents. And I think people wait for a catalyst.

27:57 I think the approaching deficits, you know, I read people are interested in that. So one can only I think hope that as the projects progress, as the the TIN macro situation evolves, that that will be supportive of share prices.

28:23 Got another question here from Christopher. Given that's a good one. Given the advancements and investments in the Taronga and Telehoiza projects, how do you prioritize resources and decision making between these two projects, especially when considering the different stages of development and the unique opportunities each project presents? It's a great question, Chris. When when I was coming into this role, that was one of the key things that I I was thinking about at the time. As the months have passed, what's become apparent is that these projects which were earlier on at relatively similar stages of development have now separated in terms of their momentum and progression.

29:17 You heard from Tony as to the situation in Turonga, we're very close to finalizing the DFS, we're well advanced on the permitting and the test work and the flow sheet and so on. And the work that's done looks very positive and we'll see when the DFS comes out what some of the implications of that are. Situation in Telehosa is a little bit different, it's further behind so we've not spent as much money there, not spent as much effort there. However, the work that has been done particularly on analyzing the old drill holes is extremely valuable. You know, we talk about drilling costs and so on, the costs of data mining are incredibly low compared to drilling the holes and the beauty of the area was that in the former GDR with Wismuth, there was a tremendous amount of drilling that was done and the change in legislation has allowed us access to that data. So it's a big task, thousands of kilometers of drill hole and data which we're populating our model and filling out. So that work continues on. We don't have to take many decisions on that at the moment.

30:33 We don't have to take many decisions at the moment on Turanga until they get the DFS. But as you're balancing cash flow and you're looking at the requirements, you're thinking about route to market, the challenges, the probabilities of passing through certain decision gates at certain times. It's a constant balance, But you take your decision when you get material new information. I hope that's cleared up that question. Got another question here. Okay, it's from Tom and he says, With TIN's role in cutting edge technologies such as electric vehicles, AI and renewable energy, how is FIRST TIN adapting in the wake of these technological advances?

31:35 Is the company currently involved in any research or collaborations to develop or optimize usage in these applications? Yes, really good question, Tom. Look, at this stage I would say we don't do a lot. It's too early for us with our you know, we have limited resources. Our focus of our scarce shareholder funds is taking these assets forward. However, having said that, we're part of the ITA. The ITA as an industry body do research and you know looking at the impact of these technologies going through. Where it becomes practical is in things like in Taronga when we think about what is our energy solution, we're looking at some of the technological advances. So in solar, how can we use that in our facility, how does that benefit us?

32:28 And then of course when you're doing all the data modeling, the geo stats, the statistical analysis, things like that, you're using the advancing technology available to the geologists as part of that and also in the mine planning. You're practically using these advances in taking the business forward. I've had since I've been here, I've had a couple of discussions with people who are involved in very early research in new technologies of using TIN in for example some battery uses which is real leading edge. Met with them, understood their TIN needs and what that needs for the future. But in terms of proactively doing something, there's not much we can add to that at the moment other than to bring TIN units to the market.

33:28 Another question here. Here we go. Yep. Okay. One from Albert. Metals X produces 10,000 tons per year. Chinese investor owns 50% of Metals X leaving 5,000 tonnes per year to public investors. How does Taronga compare to Metals X? Bear in mind that Metals X market cap is $200,000,000 I think before I hand this over to Tony to maybe give a couple of comparisons in terms of the deposits and what they're doing. The key point there is, you know, they are an operating asset delivering TIN into the market. We are a junior developer bringing two new assets into the market. And that's I suppose the key difference at public level.

34:22 But I'll hand it over to Tony to maybe give some more on the difference between Taronga and what Metals X are doing. Yeah. Thanks, Phil. First off, our current production predictions for Taronga between three and a half and 4,000 tons of TIN metal per year. So we're getting up there. If you add in, some production from Tallahassee on top of that, we will be above the 5,000 tons per year that Metals X is producing in its own right. The the the main differences, apart from the fact they're already in production, it's a Renison is an old mine. It's very deep. Their mining costs are I would imagine, I I I did see them, a while ago. I'm not sure what they are today, but they're in the order of 80 to $100 a ton, compared with, less than $10 for for ourselves.

35:30 And their processing costs are also quite high because they're all it's very complex and sulfide rich, whereas ours is very, very simple. So I think that's a very good question, Albert. And, yeah, we we certainly should be a lot closer to the 200,000,000 market cap, I think, than, than we are at the moment, what especially once we get into production. Thank you, Tony. And I'll I'll I'll look forward to your forecast coming through on that latter point. So I've got a question from Marcus here. Thanks for these questions by the way everyone. There's some really great ones here.

36:16 The Australian government's recognition of TIN as a strategic material presents new opportunities and possibly challenges. How do you anticipate this recognition will affect your operations, regulatory environment, and market positioning? Yeah. So that's a good one. Look, I I think the first thing is it's great that the government recognizes it as a strategic material. And I think in Australia, and maybe Tony in a minute can add his thoughts being based in Australia, what that means. But in general we found around the world where TIN gets designated as a critical material, it gives it shines a light on it and makes your discussions with the regulators, makes your discussions with the mining authorities easier.

37:09 People recognize the materiality of it and the need for the projects to progress. But it doesn't mean that you can shortcut things. You've still got to pass through the normal hurdles, but you can you can look for, support as you do that, I would say. Maybe, Tony, if if you have any thoughts on on on the Australian situation? Yeah. Thanks. I've been talking to the government over the last year or so putting in proposals that TIN should be a critical mineral in Australia. I guess we got part way way partway there with a strategic mineral. We did get a a critical minerals grant from the New South Wales government, and that was ran about $500,000.

38:02 I think putting TIN as a strategic material will open up opportunities for for further grants down the track. The Taronga deposit is classed as a state significant project in New South Wales, which does make it in some ways easier, in some ways harder to to get permitted. Overall, I think it it's actually, makes makes it it might make it more difficult in the short term, but you're you're more certain to get there. And I think making TIN a strategic mineral will certainly help us down the track as far as both permitting and as far as potential grants go.

38:54 Yep. Thanks very much, Tony. Got got another question here from Terry. Thank you for your early answer. Good. I'm sold on the business case with FIRST TIN. That's great. Thank you, Terry. And Terry is a shareholder, significant shareholder. So great that you're on the call here and showing the interest involvement. The question is his question is that the last three months, the daily volume is almost zero. And asking what are you doing on a weekly basis to engage institutional interests given that you acknowledge the need to raise funds going forward? Yeah, very good questions, Terry. So what do we do? We do have every week actually I'm thinking about what can we publish in terms of news and information, new information on the business, what we're doing.

39:51 We have biweekly planning meetings around the communication and what we can publish as a public company. I've also before I joined, I joined the booth at an event here in London where a number of institutions, financial providers, people came up and discussed with my predecessor and myself about the business and since then had various conversations. The general theme coming back from people like that is that one, they want to see the DFS. It's hard to really progress discussions with the institutions without having the DFS because it has to go through various hurdles within. And that's why my focus so far in the last two to three months has really been pushing and working with the teams to get the DFS done and to get the MRE update done in Germany because those are material pieces of news, they're material things we can put out to the market and on the basis of that we can engage with shareholders more strongly about the story and off the back of those we can then talk about fundraising and our needs and what comes next.

41:06 So that's been the focus to now as well as trying to keep an information flow going. You know I check the trading volume every day. I check it amongst our peers, other companies. What we're experiencing is not unusual. I've noticed in the last probably two weeks that the volumes have gone up maybe thirty, forty percent. It's still in the big picture, not a big number. So I'm I'm with you there, Terry. But I think we have to keep the we have to deliver the DFS, deliver the MRE, and get news out there as we take the discussions forward. Perfect. Perfect. Bill, I might just jump in there as I think you've actually managed to answer every question from investors today.

41:54 And, of course, the company can review all the questions for us today, and we'll publish those responses out on the investor meet company platform. But just before redirecting investors to provide you their feedback, which you know is particularly important to the company, Bill, could I just ask you for a few closing comments? Sure. Thanks, Alessandra. Thank you very much, everyone, for listening, for participating as well with the questions. Really value that input. Just very briefly, I think you've heard the story from me. We're making progress. I think good progress on the ground. The TIN structural story gets better as we go forward and can only get better in my view. I believe the company offers something quite unique. We've got two assets which are high value, high potential value, relatively low capital assets, and they've got existing infrastructure.

42:45 They're in OEC based jurisdictions. We supply security, which I think is important. And as such, we provide critical mineral exposure to the energy and digital transformations. So once again, thank you very much and I wish everyone a good day and a good evening. Thank you. Perfect. Bill, Tony, thank you once again for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This loan take a few moments to complete, but I'm sure we greatly valued by the company. On behalf of the management team of FIRST TIN PLC, we'd like to thank you for attending today's presentation, and good morning to you all.