Savannah Resources (LSE:SAV) — Investor Presentation

0:01 Good afternoon, and welcome to the SAVANNAH RESOURCES PLC investor presentation. Throughout this quarter 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 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 in 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 Emmanuel Perencia, CEO. Good afternoon, Sisel.

0:32 Thank you. Thank you very much, and thanks for everyone who has who is together with us today. Today is a day in which we talk a bit more about the very exciting news we've had in the last few days. So it is an important moment for us in which we go through all the way have said in the in the most recent RNSs, but also go through any doubts that you may have. And the partnership that we have reached with AMG is one of the topics that we like to to cover evidently, and the board changes also, but also overall progress in our project and the market setting. So please free feel free to submit questions. I'll try to go through a a short presentation of 15 slides more or less in in a few minutes, and we'll try to have as much time available as possible for for the questions that you may have.

1:29 So without further ado, let me recap, what's this partnership with AMG Critical Minerals and AMG Lithium, means. First thing, for those who haven't heard too much about AMG, it's good to say that this is a company that was established in twenty o seven. It is headquartered in The US at the holding level, but also headquartered in Germany at the lithium level, EMG lithium. It is the Amsterdam Stock Exchange and currently employs over 3,500 people over the world. More important and interesting for us, it is very solid from an finance perspective and both from a cash availability perspective and also from a an EBITDA perspective.

2:23 And it is one of the best position positioned, if not the best position player to take advantage of the buildup of the lithium battery value chain in Europe because it has an operating line in Brazil for a few years now, smaller than SAVANNAH's project, but still very interesting, and it is also spodumene based. And also, and more important because it is now commissioning its litho felts plants, lithium spot lithium spodumene and other materials to hydroxide refinery in Eastern Germany. And the first commissioning that is happening as we speak is for 20,000 tons of lithium lithium hydroxide.

3:12 The target is to get to a 100,000 tons over the coming years. So it is sizable. It is getting into production, and it is done by a very credible party. And so the fact that we, with the largest volume in resource in Europe and very well positioned to become one of the first to serve the growing demand of the European markets and to be working together with the one that is best positioned to start refining and delivering carbonates and hydroxides with mostly hydroxides into the market is something that we I believe, and we as a team firmly believe is a great development.

3:59 Let me recall you of the main terms of the agreement. So the first one is the £16,000,000 direct investment into SAVANNAH. It is a relevant amount of money that allows us to be fully funded to the moment in which we would prepare to start construction. And these investments came in at an interesting share price at a significant premium versus the trail stock price. So we will we'll talk a bit more about how the share price has evolved in the last few months and what the prospects can be for the future. And with the fact that a very credible European player believed in us and believed in an investment at a significant premium versus where the share price has been trading is also a further endorsements of our capacity and the quality of the projects. IMG now with the investment has become the largest shareholder by a by a small difference with a bit beyond 15% of of a stake in SAVANNAH.

5:08 And they will have a word seats, which will be also a good addition to to the current quarter. We'll talk also about that. But on top of this, there is this off take agreement that is a confirmation that SAVANNAH interesting for the best players in Europe and is also a confirmation that we can do this and significantly more because we're committing only at this stage 25% of slightly actually, slightly less than 25% of the project's annual production for for five years to start with. So we are able to continue tapping into opportunities that have been shown to us through the strategic partnering process. So we will continue a few other discussions to look at other value adding partnerships for for SAVANNAH these AMG one is certainly.

5:58 And the the other elements of the agreement is that these offtake agreements, 45 for five, can grow to 90 for ten years, provided that a full funding solution is provided and accepted by us. And this is also a very important and positive development, recalling you that we are still pre DFS, but already have a clear path to to production. And we will when when after DFS, we'll have a significant amount of money to to raise through the various mechanisms of of access to capital and having one of the options built together with AMG that has already solid experience of building funding solutions for other very relevant industrial projects and will be certainly an important step forward.

6:57 And on top of this, there's this additional cooperation agreement. And so both both AMG and SAVANNAH believe that there is more significantly more to be done, and so we have agreed that we will use a study group together to build a self spodumene pilot plants in Portugal and potentially another spodumene carbonate refinery in Portugal or in Spain. Both of these are significant additional investments, and the priority remains that we get our own projects and our own plans to production. But the fact that we are already thinking of additional endeavors and additional value sources together with a very credible partner is also interesting and further reinforces how good and important a project like this can be to attract more interest for Portugal, for investment in Portugal, and to speed up energy transition throughout Europe. Two things that we have referred very often are a priority for us and two things that are closer to being materialized with these developments.

8:07 So, overall, this partnership means that we have a very comfortable near term in near term funding that we have potential full funding solution that will be that will be put in place. We will be working on potential alternatives as we go, but we clearly have one path to full funding in progress. The third element is that this the the SAVANNAH project is now further validated also by an additional partner, AMG, like many other players who who spent efforts in the strategic partnering process has made a very thorough due diligence. And by doing that due diligence and getting to the conclusions they got, it is further confirmation that we are doing a lot of things right and that we are progressing in the right direction.

8:58 The fact that we are building an offtake relation with a European player also aligns us with where we see the most value, which is we will help supply the European shorts for spodumene and lithium minerals in general, and that we will be doing that with the most advanced players, so not losing nor wasting any time in the process. We continue to have optionality. We continue to be studying, other opportunities together with AMG, but also, directly ourselves. And so we continue to have tremendous, space to, build further value, for the project, for the current shareholders, and for for the region and the country as a whole. So, all in all, there is significant derisking in this, partnership, and there is significant further potential to, to be tapped. And two the two things are important developments that we see very positive.

10:00 We have also announced right before our AGM this this week that we were making a few changes to the board. And these changes came at an important moment. SAVANNAH is clearly changing and entering a new stage of development. And so the board did a good job of helping us to get to where we are Also, had to be a bit adjusted. So a few of the board elements had to to leave for one reason or the other that were more or less explained in the in the in the RNS that we released about it. This was also an opportunity to add to competence and skills that are more relevant for the next steps at the board level. So we now have a new chairman, Rick Hansen, who has a lot of years of experience in lithium and in building one of the market leaders in lithium globally, a company that started the Zoro Cobre together with him and and an executive team and went on through through the years to become one of the three largest lithium players in the world apart from China.

11:15 So a very successful and very interesting story that Rick was was part of and an inspiration not bad for us. And the experience that Rick has is clear and significant addition to the experience that we already have in the at the board level with Dale on the geology side and on the experience of getting some of the mining projects that he has led through production over the years. And also the experience of group Bruce Griffin, who's been in mining finance and other mining positions for more than ten, twenty years now with very relevant positions at BHP Billiton, but then also with a very a variety of other board positions through the years. So both of them and the three of them have very solid and interesting stories of value creation over their career throughout their career, and the fact that we can have them supporting the development of the SAVANNAH project is a privilege.

12:18 The the the AMG nominated director will be appointed soon. We have already talked about with Ruby. It will be an additional enforce reinforcement of this mining and lithium sector experience, so that is good. And it is also very good that it adds to Diogo, myself, to Mohammed. And the three of us have experience in building industrial projects and on leading industrial projects to each other world, but even more specifically in Portugal. And so we are also prepared to ensure that we do things very well according to Portuguese standards, Portuguese laws, in the Portuguese business environment, and that we are a positive force for good. So also quite excited to have, these, new boards and with these new boards to accelerate the development of the team and the projects to, execution.

13:12 And the the leadership team or the management team that you see in the words right now is now getting more and more Portuguese, more and more local, and more and more strong and diverse in the skills that are that are on board today. We are already working on a few of the other roles that are needed that needs to be added to the team over the coming, say, three months. We're working with with external support also through our own network. So I think we'll have good additions continuing to come in. But the additions that we made in the last few months have already yielded results. So the the communication side is improving. The community relations, the local relations sides of the equation is also improving significantly and fast. We are now delivering faster on business developments, and so we're happy with the the team elements that's comprised and the management team, but also very conscious that we need additional, support and looking, at getting that additional support in as soon, as possible so as to accelerate the developments of the project.

14:27 These are the two main changes that we have talked about in the last in the last two weeks, and, obviously, very happy to respond to to questions related to them. But before I'd also like to go through the share performance and the register changes in the last few months. Let me start with that. So you have seen significant recovery in the share price in the last in the last months, specifically after February this year, and we are happy with the development. We're clearly in a more profitable position today, but truth is that this was mostly a recovery. And that's and the the the value that is to be tapped yet is, I think, very clear if if we look at the following slide in which we see a price to net asset value benchmark of SAVANNAH versus other players, both at the scoping scoping study level, but also at more advanced stages.

15:25 So where we are today means that we still have significant value to be tapped for post scoping study or PFS stages. It is important to notice that we are now working on PFS and not on PFS. So the the peer group, if you'd like, in this slide would be the two the two blocks, post BA scoping and post PFS. And that's we know that there is significant additional value to with that. So p two NAF should grow as we progress, and NAF should also evolve as we work on resource growth, on other studies, but also on other sources of funding and a few other things that we're working on that we will hopefully

16:15 be able to deliver on over the coming months. Back to the previous slide to also let you know or to highlight that our register has changed in the last months. So we now have more Portuguese in in the register at both at the retail level. So these other 50% already have significant number of Portuguese retail investors. Actually, a few of them are locals, which is very good because it also shows that a growing group of of people in the region tremendously believe in the project and want to benefit from the project directly also. We also added Luz Yaves and Maruf Haider to our register, two good additions. Both of them are well known nationally and are well funded and are good supports to the development of the project.

17:09 We now obviously have AMG Lithium, and so the the the relevant the group of relevant shareholders has grown and has added to what we had only eight months ago, which was mostly on margin, sleep stream, a few, investment, institutions, and then mostly, retail and international retail. Back in in the summer last week, the percentage of the register that was in Portuguese hands was about 0.5% of total. Today, we are beyond 7.5% and continue to grow, and that is also a confirmation that the project is more and more seen as a real opportunity for Portugal and for the Portuguese.

17:58 Also, in terms of timeline, to let you know that we continue to work on the ground in the various fronts that are required to get the projects to production. So at this stage, we continue to target the first production before the end of twenty twenty six. We are aware that it is that this is a demanding timeline and that there are a few things that can that can derail through the process, and we have certainly seen some few things taking a few weeks longer than than we would want. There is a bit of buffer in the in the timeline still, but for now, we stick to the timeline, conscious that it is an ambitious one and that it would be normal and understandable if it was derailed by a few weeks or months.

18:53 We have gone through through this slide before, but I'd I'd like to to highlight a few of the things that make this project a very good project, the scale, and the fact that it is based in Europe. So it is Europe's largest lithium spodumene resource. Spodumene is the the easiest mineral to to work with so as to deliver more lithium to a market that really needs lithium. So it's not only the largest, it's also the less risky from a development perspective because of that. It is still open to further extension. All the the ore bodies that we have are still open both deep and to the sites. So there is more potential to to be worked on.

19:44 And the fact that we are in Europe and that we are working in a very responsible manner and that we have a benchmark project in terms of the way to work it handles environmental and social and local issues is also very, very important and positions us well. Now that we have a solid partner that is also a reinforcement of the project, a solid additional partner, and that we have the ability to do more of these partnerships is also an opportunity to further continue delivering the new good news over the coming months to years. The fact that we are now well funded in a market setting that is not very favorable is also reason for comfort. And the fact that we are very competitive reinforces that funded and competitive allows us to progress fast at a moment in which some of the international players struggle to struggle to work with one or the other elements and may have a few delays. It is important for us to continue progressing well because as a very competitive player out of Europe, we will want to take advantage of the next period of shorts shortage in the markets. And the more we see the the developments of the last months, the more we believe that it will come and that we will be ready for it.

21:04 It is when there is more shortage that there is more opportunity and also that we deliver more on the value that we are supposed to deliver in all metrics and for everyone who is involved in the project. The EU location, the fact that it's low risk from the technology side, the value potential, the team, the governments, and the strength in governments that was proven through the crisis of the last year and the national significance adds to the value of the project and also adds to the enthusiasm that we have of representing the project and working alongside our shareholders to deliver more value. Over the coming weeks to months, we will work on this last phase of drilling before DFS. We will deliver the DFS. We will upgrade the resource as we go. We will, complete the the licensing procedures as we go. We will also strengthen the relationship with AMG at the same time that we will continue talks with other, potential, partners.

22:14 We will progress on land access and acquisition procedures. We will increase our efforts of being better, understood in Portugal and also of being a more positive catalyst of developments both for the region and for the country. We will continue to work more and more with other companies, with other entities that are engaged in developing this lithium and battery value chain, and we will reinforce the team and ensure that all elements required to start production are in in place. It is a puzzle that we are building. There are plenty of fronts that needs to be worked on very correctly over the coming, over the course of the coming two years, but we have all of them mapped, mapped out, and we are working, solidly in all of them so as to have everything ready for production and for a very good production at the soonest.

23:13 This was well, it's in relation to the slides I had and the presentation I have. I think that's I hope this was clarifying and now available to response to questions. Perfect. Emmanuel, 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. Just while Emmanuel takes a few moments for you the questions that have been submitted today, I'd like to remind you the recording of this presentation along with a copy of the slides and 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. Emmanuel, if I could just hand back to you just to read out the questions and give response to what's appropriate to do so, I'll pick up from you at the end. Sure. Thank you.

24:02 Let me go I'm going through through the questions. There's an interesting one on on well, one that is recurring and totally understandably why this the news on the new Portuguese lithium licenses for SAVANNAH to compete for. This is we are obviously attentive to the process. We know the country's resources quite well. We know a lot about where for the potential could could be, but we see this process as a process that we will wait patiently for. I think that's there is a bit of potentially a bit of a chicken and egg effect here. So the more we, SAVANNAH, progress towards production, the more international players will understand that that's the lithium resource can be worked on in Portugal, and the more the Portuguese side will see that it can progress with this lithium license auction that was referred a few years ago. So no real news there, but we're obviously attentive.

25:09 Another question was on the JDAU project in Serbia. We have all seen that it is back in the news. The question is whether the European markets need this extra supply. The answer is simply yes. Absolutely yes. And so developments in the JDAR project or in other projects in the European Union or outside of European Union as is the case, I are as I see it and as we see it here, good developments. They show us that the European institutions, the European countries, and European industry are becoming more and more vibrant. And we all know that the European industry needs to catch up on a lot of years of of delay versus versus the Chinese industry. China China was strong in developing its own lithium to electric vehicle value chain ten years ahead of Europe and The US. The CRMA clearly shows that Europe has understood and needs and understands that it's is needs to speed up. And so I believe that there will be further news like JDAR in in the the near future just because the shorts in Europe is of around 600,000 tons of of lithium chemicals.

26:36 And so it is a very big short, and we will need the SAVANNAH project, the JDAR project, and many other projects to help European industry accelerate. At the same time that we see this and that we see that there is further interest at both in Portugal and in other European countries to develop other projects along the lithium value chain. In Portugal, I should highlight that there was this announcement that this there is this project by Aurora, the joint venture between Gulf and Northvolt to be to build a hydro science refinery. There's these efforts by Bondalti, by the lithium subsidiary of Bondalti to do one or two refineries in Portugal. There is now this interest by AMG to build another refinery.

27:22 There is a project for for a battery plants in Sinesh from the Chinese CALB. So there is a lot of other projects that will build this lithium value chain. But at the same time, we see a country that is so close to Portugal, geographically, Morocco, where has had a lot of very good news, in the last months only, with the announcement of a variety of very big investments for new plants in cathodes, in anodes, in battery assembly, and in electric vehicles just in the last six months, and all of these projects are in the billions. So the need is clear. The potential is clear, and a variety of countries are advancing towards taking a chunk of the of the piece. And, Portugal, needs to speed up and, has very good reasons to, to speed up and to take advantage of, this opportunity together with our project and the other projects that are being further developed down through the value chain. So, yes, with JDAR, but also with Caliber and a few other projects in Europe, we're attentive and believe that the more they develop, the better for everyone and the better for the energy transition and for the automotive industry in Europe.

28:46 Another question on the current assumption for the project's volume in price. So I will I will revert to the last exercise that we showed the markets. This was the scoping study. That scoping study was built on the basis of spodumene price of $1,500 per ton. I acknowledge that this is above the current trading prices for for spodumene, but I also point out two things. The first one is that that assumption led to a valuation that was quite significant. So anyone who wants to better understand the potential value for the prod for the project should should revert to that exercise and see some of the assumptions and some of the results.

29:34 At some point, we will potentially offer an additional one. There was this there's there was also this exercise that was done by one of the the the research companies that that cover SAVANNAH only a few days ago confirming the price targets and the reinforcement of the prospects for the project even though at a lower spodumene price. And the the only the other thing that I should point is that we will not be selling the spodumene that we have in our in our projects at today's prices, but at the $20.27 prices. And everyone says in the markets that the current prices are not sustainable for the future, and so we firmly believe that we will be delivering the products to the markets at the moment of even more needs than today.

30:35 Another question on how the Portuguese media is responding to SAVANNAH's progress. So I here acknowledge that it is hard for many of the investors of SAVANNAH to follow the Portuguese media for language barriers and other reasons. I would say that we we have had a significant level of exposure in the last few months. I think that through that exposure, we were able to better explain the merits of the project, and I think it is better understood now, and it will continue to be better understood as we go. And I think that the the fact that we have welcomed many, new Portuguese shareholders, to the register in the last months also, confirms that the project is being, better understood.

31:20 So I think there is some media coverage of the Portuguese media in in our websites. I suggest you you you have a look. I think the project is more and more seen as a positive project that can help the prod the the country develop. So I'm happy with what we have achieved and have been able to to explain over the last few months. At the same time, I'm also conscious that we will need to continue doing that exercise. This is a new industry. It is an industry that is complex, and the it is hard to be understood by by everyone. So we will continue to make an effort to be more visible and better understood both at the national and at inter at an international level.

32:12 There was another question related to whether the company was currently pursuing additional partners other than AMG. I think that I responded in the presentation. The answer is yes. And we're working on other things that we have talked about even before the announcement of the of the partnership. So we are focused on speeding up the projects also, from a business development perspective, and that will, bring further news, over the coming months, I would hope. An update on the progress with respect to the road projects since the last presentation, I would answer here in respect to the variety of of support elements to the project. So it's not these these access road only. It's another set of infrastructure projects supporting infrastructure that needs to be put in place. There is an element associated to telecoms and other element associated to high voltage power.

33:12 And these other elements associated to the bypass road, but also the access road and so on. And we're progressing in all fronts, both at from an engineering perspective, but also with the entities that are responsible for each of these fronts. So it is part of our timeline. It is embedded into our GAN charts, and we're progressing in each of, these things. So, when we, when we reconfirm our, timeline at this stage, even though we, repeat that we know that it is a demanding and challenging one. We are reconfirming that we're progressing well with each of these fronts. Another question. General comment about potential for EU government funding and particularly post CRMA.

34:08 So the the answer to this is that we clearly see a change after CRMA was got close to being passed and now has been passed. So we see a set of European institutions, but also both public and private institutions looking at this whole value chain as a strong opportunity. And we see more and more interest in accelerating the developments of the industry starting from mineral production. So it is not a surprise for us that's the JDAR the SAVANNAH the JDAR project came back to the spotlight. It is not a surprise for us that we see some of the other projects progressing well. It is a good news that players like AMG, but also, you know, SAVANNAH in Caliber are getting to to production, And we have also seen clear signs of renewed interest in our projects from European institutions, public and private.

35:15 And so we are talking to a variety of them, and we will try to to get the best the best solutions and the best attention coming out from from there to the project. We when we are approached and when we talk to these various entities, we also have reconfirmation that our project is very well positioned. They obviously talk about all the other projects that they've been working with and thinking of or or seeing, and and they confirm that we are probably the best position than the one with or one of those that has potentially the largest impacts and potential to accelerate energy transition in mobility in Europe. So that reinforces that we're doing something good and important and that we are on the right track.

36:15 Is the plan to still deliver the new resource upgrades from three three q onwards? It is a direct consequence of working on drilling and working on DFS. So as we go and as we progress, yes, there will be further news. It is important to reinforce what I've said previously that we are mostly focused on getting our projects to production. So the same time that we know that there is additional potential, we are focused on what we have already under the concession and under the the environmental approval. So the priority is that we get that to production. But as we go and progress in that in that path, we also have upgrades to to the resource that come attached to to work.

37:10 Eventually, some moments, we will have the priority of also working on the remaining resource potential that we know exists. But for now, the focus is on getting our projects to full funding and then construction and production. The other question, will the production of sodium batteries prove to be a threat going forward? My answer is, no. We see at the same time that we hear and read about developments in sodium, we hear and see about the developments in all the fronts related to lithium. LFP, NMC, n, NCN, semisolids, solid state batteries, and so on and so forth. So sodium has an interesting, media coverage because of the whole narrative that was built around lithium and and the the interest that some see in having an alternative.

38:11 But at the same time, lithium remains the main source as of energy density and the best the best metal to support the production of batteries both for the automotive industry and also for for other applications. So I think that Solium will continue to be a technology path. It will continue to be a path a technology path that goes onto industrialization, but at a very different scale from lithium. And the more we progress in the lithium industry, the more it will be clear that sodium is kind of escape valve of the system, but lithium is still the third element of of the periodic table. It still is the the element that has the the the electron that is easier to to to to free up the the element that is easiest to work with the the conditions to which batteries need to be subject for for the needs that are being developed.

39:13 So, I think that, the sodium batteries are further confirmation that batteries are, the way to go, and, the lithium developments are, much more significant in size and industrial scale and also in potential value delivery as technology progresses. So we're very comfortable with that. Will the new chairman, Rick Canton, be helping to market the company more in Australia? It is potentially a direct consequence of the involvement of of Rick. Yes. I think we will make the project better known both at the European level and at an international level.

39:58 Yes. Rick brings all the experience that he has brought and so also a specific network, and there are a lot of people who and investors who believe in what Rick has done in the past and will do for SAVANNAH. So that's will potentially get us additional interest from Australian investors. But and also at the same time, we must acknowledge that the priority for us is the fact that we are in Europe, since we are based in Europe, in European country, and so we're very excited with the new interest that we've had in the last, months of, Portugal and out of, other European jurisdictions, and we will continue to, work on that. Will SAVANNAH be enlisted in the future or may change the listing place? It's a good question, with a nondefined answer. So, the only, answer I will, I will provide for this is that, this is a subject that has been discussed, in SAVANNAH and will continue to be discussed.

40:58 We will always look for the best options for our, shareholders. AAM has, its advantages. It also has its limitations. ASX, TSX are, very frequent markets markets that are very frequently referred as alternatives for companies like ours. The fact that we are, Portugal and Europe based, also means that we, should look at, at Euronext and other alternatives. So we are conscious of the advantages and the limitations of AIM and are attentive to alternatives as we go. I think that as we progress to production and so to positive free cash flow, the other options also become potentially more interesting.

41:43 So this will be continue to be certainly a topic that we will analyze with the best interest of shareholders in mind. Was here a question on presentation says AMG can purchase. Does that mean it has an option but no obligation to purchase? I will have to go back to the slides in which we talk about AMG. That there is a further clarification of the question, or I will have to look at, the point that is referred, specifically so as not to, respond incorrectly. Yeah. So it's on on the offtake, I I imagine.

42:29 So the point on offtake and AMG can purchase 45 kt for five years. This is a I confirm that this is an obligation. It is an obligation by AMG to purchase and an obligation by SAVANNAH RESOURCES. So it is an offtake agreement with binding obligations for both parties and with binding interests from both parties. And a general comment about plans for future marketing in the remainder of the year. So here, I understand it's marketing of the shares. So marketing at at the equity level. There are we have done an effort of of being better understood and more represented in the AI markets a few months ago. We will also want to provide Portuguese and European investors with more clarity on the value the long term value of SAVANNAH.

43:31 So we're also working on something there, and we'll probably the market will probably see news over the coming weeks. I think it is important that we have more research entities looking at SAVANNAH and confirming the long term value of the project. So we were we're working on that and also the developments both with this new partner that makes us more visible in the in the Amsterdam, in the German, and also in the American markets, and the additions to the board may also play a role here. So, obviously, marketing the share better is something important for us because we still see a lot of potential value to to be delivered and to be materialized by the equity market. And so when I when we present the speed to net asset value opportunity behind this, There is fundamental value, but in in front of this also was to communicate this, there needs to be further marketing efforts, and we're working on that.

44:47 Perfect. Emmanuel, I think you've actually managed to answer all the questions you can from investors. Of course, the company can review all the questions submitted today. We will publish those responses on the Investor Week company platform. But just before redirecting investors, provide you with their feedback, particularly important to the company, Emmanuel, could I just ask you for a few closing comments? Simple comments. We're excited with what we have achieved in the last months. We're also excited that we have derisked the project in a few perspectives. We're conscious that we have a lot to go and a lot to do over the coming months. So we think we will be able to deliver on all the fronts that we're working on over the coming months. So stay tuned and and support us because this will be an exciting project throughout the next years and will be a very important project for all the fronts in which it delivers value.

45:43 So stay tuned, and thank you for the interest today. Perfect, Emmanuel. Thank you 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 will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of SAVANNAH RESOURCES PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.