Savannah Resources (LSE:SAV) — Investor Update

0:00 Good afternoon, and welcome to the SAVANNAH RESOURCES PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. And then I'd like to hand you over to Emmanuel Perencia, CEO. Good afternoon,

0:32 sir. Thank you, Lily. Good afternoon to everyone, and good morning to all those that are joining us from other from other areas of the world. I think many of you got got already used to this routine of an updates that is done every three to four months. The last one was in April. So three months have passed. It is now time to to tell you where where we are. For Europeans, we are now entering summer season. It is an important season for for everyone for other purposes. Sometimes it is also a season where we lose track of of what is happening in the sector. And in this sector in particular, a lot is happening. The last couple of weeks have been in news, and hence I I think that those who wait for September, May have lost part of part of the movie as as they when they come back from holidays. So I we thought it would be important to do these updates.

1:37 Now at the same time, this update is done after we did a small race that we finished at start of at start of these months. So it is also important to tell you where we are after that exercise and to tell you what we have ahead over the coming months. I'll try to keep the presentation short for the week so we have a bit more time for questions. That was one of the feedbacks that we got from from previous presentations. So let's let's hope that that works better this time. So where are we in developing Europe's largest spodumene project. First thing on the register and on share performance. So the register hasn't changed dramatically with with this race, although the shareholding of sub blocks has changed quite significantly.

2:33 So I'd I'd highlight the adjustments to the left. The fact that the cash position is obviously reinforced now close to close to $20,000,000. It is it was important to have that cash positions was to be able to progress and have visibility potentially post the efforts or at least part of the visibility that is that is required. It was very encouraging to see the institutional share of the register growing a lot. So this raise was particularly well participated by both specialist investors from the battery value chain and from the raw materials value chain. It was also well participated by institutional investors from Portugal.

3:23 And so that's 80% over 80% increase in the share of institutional is encouraging. SAVANNAH staff also increased its participation. We're all very committed towards the future of the project, and we all know that we have a big responsibility and also great assets that tend to develop. And so, I think we are more and more, faced with a register that has become stronger, and that is also, important. It's further endorsements that we are hopefully on on the right path. In terms of share price performance, you you will have seen that we have outperformed the markets over the last fifteen to to eighteen months. You will have also seen that we have kind of slightly underperformed the market in the last couple of weeks.

4:14 So I would say that maybe European investors take a bit longer to see what is happening in the sector and also the the the hangover from a from a period of phrase how how was felt in in lower liquidity. I would say that's this this presentation also shows that we are on the right path and and are back into the radar. We were quoted today into research reports, one from Canaccord, another one from Caixa Bee, and so that will also likely help us get back on track. Just the usual updates or the usual recall on what we are doing here. We're developing a very competitive global first quartile spodumene lithium project. This is important given that we have come from periods in which spodumene prices were particularly under pressure and depressed. Now starting to see good progress in the last couple of weeks, but still we went to lows that were that were a bit surprising for the short term for the industry, and many of our industry peers are suffering were were suffering over these periods.

5:36 It is important to reinforce that we are here to develop a project that is very competitive, and that's one of the reasons why we can progress and accelerate our pace at the same time that others who are not as competitive try have to to either stop or decrease speed or or think twice. We are in a privileged position here, and that privileged position also means that we need to do things very well so as to keep that level of competitiveness and accelerate to get in ahead of of a few others who are we're also getting ready to to produce and maybe are not going as fast at this stage.

6:22 Another important update is on the macro trends that affect the sector. And this slide is meant to do just that. Updated figures on growth in EV sales are impressive. So we told you in April that we were seeing better than expected numbers for EV sales both in the European and Chinese markets and that even under all the turmoil in The US, North American, sales were still, growing. This has been reinforced in the last, couple of months. We're seeing markets that are above 40% of growth, year on year in the first half of twenty five. We've seen the Chinese market still growing at a very good speed despite the fact that we are now at very much higher levels of of penetration of electric vehicles there. We're starting to see a lot of electric trucks and buses hitting the roads. We're seeing more offers by by vehicle producers.

7:25 So good progress there. On the BSS side of things, we also spoke a bit about this in April, and this is this has just been reinforced. We're starting to see massive projects in battery storage systems, a bit throughout the world, but in particular in countries where the electricity mix, favors, more the development of, of these, of these projects. The numbers seem to add up, to at least possible tripling of the market from '24 to '27. We are seeing news there every month, and the adoption curve seems to be showing faster than solar behaviors.

8:10 We all know we all have seen solar growing so fast over the last five to ten years, and and the the adoption curve in BSS seems to be even more pronounced and that hockey stick is yet to be seen how far it goes, but it is impressive at this stage. We have also spoken about the imbalance in the markets. We continue to have the view that the short term supply imbalance will be absorbed quite fast over the coming years. We are we seem to be supported in this view by other mega caps or big companies that are investing in the sector and continue to do moves into opportunities they see in the sector. That was the case of GM, Rio Tinto, Volkswagen, Naranco, and and a few others in the space.

9:04 So it is good to see those making strong strategic bets when they see an opportunity. It does reinforce that we are on the right track also and are working in a space that is very appealing for the medium term. Last, but not least, and perhaps even more important is the the behavior of the lithium pricing this last, couple of weeks. We went down to, very close to $600 per ton, and that's, should be noted. It's still above our our expected breakeven price for our project, so we would still be operating under those prices. And although it was a lot of gloom and doom for the markets until we got there, The recovery seems to or seems to have shown a part of its face over the last four weeks. So in only four weeks, the prices have gone up by 25% was when we rose this life two days ago. We updated it today to almost 35%.

10:11 We're seeing growth in prices of six to 8% in some days, and we are now standing at 750 plus dollars per ton. It is important to note this because some some markets are more attentive to these swings, these daily swings than than others. Hence, the very fast recovery of these last weeks signals something that we all know is true in in growing commodities like ours. Volatility is significant, and sometimes the changes in market sentiments and in market references may be very fast and may surprise those that are in the holiday season in Europe or, for some reason, are not looking as actively into the space. So an important reminder there for those who are reading us and following us.

11:08 This outlook just reinforces what we have already said, which is that we firmly believe that being in production and ramping up in 2028 is likely to be one of the best positions to be in in the sector, and we're we're quite conscious that we have an opportunity there that we don't want to to miss. Now on what has happened in these last three months that is interesting to share, first, on the geology and on the technical sides, We have basically completed the resource elements of the current training program. The land easement procedure that was granted to us by the state by the Portuguese state was the the instrument that allowed us to do this. That instrument has periods of operation that was that it was agreed for for one year.

12:08 We managed to do all the work in half that time in six months, which was good. We now only have to do rehabilitation of some of the areas where we have worked, which is something that we do better once the dry season has finished. So that's the only step missing there. We are now at the final stages of the second land usement, and we expect that to come out so that we progress on on geotechnical work, which is the next the next step. The second important development was for those who have seen the RNSs, we will have seen some of these results. And for those who are more who fully understands the geology aspect of of the business, you will have seen that we have very, very encouraging results from these assays, both in Hazratore, Pinheiro, and and, you know, and that means that the resource upgrade work that we will that we are now doing will likely deliver good results that we will we will update you on over the course of the next weeks.

13:20 Third, we reached an important milestone. We now have done 50,000 meters of drilling over these last years, which is an important milestone for the team. A lot of work has been done to get here. A lot of work sometimes against, against the setting that was particularly challenging, with some, with some episodes on the ground that were, that were not very pleased pleasant, for those who were there, and so kudos to those who were able to help us do that. You know that at 50,000 meters of string length, that means that a project is now very close to being ready for DFS and even a large scale project like like ours will have done a good job of having a lot of information on the resource to support a very strong DFS.

14:12 We've continued to engage with entities on the purchase process and land access and others. We've progressed other key f key DFS work streams such as the CapEx, OpEx estimates, the mine plan, the scheduling, roads projects. Also, we submitted the road projects the bypass road projects to e I c I a assessment. We have discussed the other road projects with municipality, but also with national entities like IP, EMT, and others. So there was good progress there over the last couple of weeks, and I'm happy to report that those that progress is important for those roads to be developed also in parallel with with the project, which is in benefit of the country and of the region.

15:00 On the financial side, the fundraise is one of the more relevant pieces of news, of course. So we've talked a bit about it. The fact that it was participated mostly by the key shareholders, new institutions, and stuff, I think, is good news. And we can now pro see progress even slightly before the BFS on starting some of the I f FID related streams. Project finance is one of them, roads, power lines, and team adjustments are a few others. I think it was yesterday or before yesterday. I think it was yesterday that we announced the appoint of our project finance adviser that is part of the delivery of just that, so we're not wasting time between the race and, you know, following steps. We had already been talking to, Cathiel Freeman. These guys are very experienced in the sector.

15:54 They worked with a variety of, of companies in the broader, mining and critical mineral space. They worked with companies like Zigene and Bikita that are active in the lithium space. So we're confident that they will be a good help for this next step on associates to and to their portions of the projects. We have continued to work on rents in various fronts. It takes a while to get to our results there, but but we'll get there. We are also attentive to developments throughout Europe. We've seen signs of efforts by entities to accelerate the critical raw materials at the delivery. We've seen that with the case of the IB participating in the Caliber project, the Meris projects, the TCTF, a European framework supporting Vulcan only a couple of days ago, Chinese players in investing or supporting a project like Croc Tech, Rio Tinto supporting lithium. So we're we're attentive to all those to all those news.

17:01 And by being attentive, we also know that we'll be able to grab the best opportunities for our shareholders when when the time comes. Same thing applies for the commercial front where we continue to progress in work with AMG, but also on work with other fronts or another potential partners on on both the spodumene and byproducts space. Third front of developments in other fronts, we continue to grow our presence locally and to grow our positive engagement with the local community. And there was reinforced with inauguration of the boutique's office where more than 200 people from the local community came, with SAVANNAH's 15 having first re accelerated in, the coverage of the house with our, with our whole team with the new additions of SAVANNAH's local newspaper, community visits to another mine in Spain just around the border.

18:05 We have the good news of a new family coming back to a family that had left decades ago and can now come back to the village with SAVANNAH. We spoke we presented to the market, our advisory committee that had already been working with us, And we kept good media engagement, I think, trying to continue to show that we are a company that is focused on being a force for goods and is proud of what it is doing. There's adjustments to the team as we progress from geology to construction and then mining. There's adjustments in focusing the team more and more in Portugal from and Boutique to, Lisbon, there was, adjustments, and there were adjustments on, the Boutique municipality that's, just changed, nothing in particular, but allow us to continue to strengthen the institutional relations with the region. That's that was an effort we were doing and continue to do as we speak.

19:15 At the same time that we are seeing more and more goods developments on the whole lithium lithium and battery and electric vehicle value chain in Portugal and in Europe. We held a first Portuguese lithium and battery sector cocktail at our offices in Lisbon, And all steps of the value chain were represented there from miners to refiners to battery producers to electric vehicle producers to assemblers of batteries for stationary systems. So we're starting to see a lot of entities involved in developing and accelerating this this value chain in Portugal and in Europe. So that's good news, and we are continuing to spread the word about the interest that's in the SAVANNAH projects and the importance of the SAVANNAH project has for the European system.

20:15 We were at around 10 events in four continents over the last three months. We're preparing our participation in two events that are European, but will happen in Lisbon in September and October, the Fast Markets Europe and Battery Conference and the MINEX Conference. And we'll be flying to Japan and China in October likely. So good progress there also on raising awareness, improving reputation, growing the sector in in country and in the region, and and having more supports by as many as possible. Looking at what we have ahead, it is important to reinforce that both on geotech resource, DFS, and RECAPE, our our work will start to yield results, and we will keep you updating on those results as we go. And so it's delivery phase that we have ahead for the next six months, And delivery phase also means news phase.

21:22 On the financing and market side of things, project finance, the market recovery itself, grants, access to European and Portuguese investors, All of these are important work fronts that we have ahead. And note on how much we have progressed in some of these fronts. Not saying that we are already happy with where we are, but certainly that we have made good progress is the fact that this raise was, subscribed at more than 43% by Portuguese, investors. It's more than 80% by European investors, and that means that Europeans do understand that there is not only an opportunity, but also a need to accelerate these projects for the benefits of European continents.

22:11 And the fact that two specialist institutions in batteries and raw materials support is is also a proof and evidence that it's not only AMG saying that we are doing the right things. It's more and more those who understand a lot about about this sector. I'd like to not to dive too much into this, but to ask you to further dig in to the materials that we have released over the last few months on on these three points. The first one, how much work on the resource side is to be done, on how much upside there is in the projects signaled by the results that we have released and also by the geology of, the region. We certainly are more and more, convinced that we, will have a resource that is of global significance in size and also in relation to these six documents that are worth reading. The broker reports on SAVANNAH's future value by SPANGEL, by and by Canaccord, and the documents on the selection of SAVANNAH as a strategic project by the European Commission, the reinforcement of the importance of SAVANNAH's projects for Portugal and Portuguese governments, and the the information on the local association

23:44 that supports and reinforces dialogue with SAVANNAH on a regular basis, which is also good and helpful. Before I jump into conclusion and into questions, just a summary of points that are relevant for those who look at SAVANNAH from an investment perspective. Last month or the last twelve months have been ring for entry of AMG, Greek Portuguese investors, now a doubling of institution as institutions in our register, growing staff and key team support even to the share. So just follow that trends, and you'll be in good hands, I hope, and I believe.

24:35 Reinforcing that the lithium recovery seems to have signaled a lot over the last couple of weeks. That was certainly on the back of news coming out of China being slightly more demanding on the environmental and on the permitting side of things. That frequently happens in resource spaces in which China is quite strong. This time, is no difference. It's not the regional governments in China that are, intervening here. It's the national governments of China. And when that happens, it's frequently is because it wants to put a bit more of order into the sector, and it reckons that the prices of the global markets are not where they should be to support the long term development of the industry. So this is material news.

25:25 I will just hint that over the coming couple of days to couple of weeks, we will also be releasing further information that shows how much our executive team is committed towards developing and participating in the future success of the projects. So stay tuned for that. That's also because we firmly believe that there is a value opportunity today. We have spoken about resource growth. Those who are attentive to the RNSs know that's that resource growth potential and the exploration target updates are very likely in the future. You will know by now that there is no real solid EU competitor in this space at the scale that we can achieve. But at the same time, there has been significant progress in the European battery value chain, and that is something that is very important and good for us. We're not alone in mining, lithium.

26:32 The Finnish the project in Finland, is a great example, and they are, now at the final stages of, construction. I'm I expect them to be in production. It starts to mid next year. Portugal will play a very important role, we're here to be at up to the responsibility that we also have in making sure that Portugal does its bit there. The enhanced DFS is something that we can now work on even more appropriately with the few with the cash position that we have, And other partnerships are obviously something that we will continue to progress on. We will keep you updated on when relevant news comes out of there. We want to make sure we do the right partnerships at the right time as we did with AMG when they enter the register at a high premium and with a a set of strategic advantages for both parties that we're working on as we continue to progress our projects. So lots of important and interesting things ahead. We're motivated, and we're happy to be part of this project. I hope you also are.

27:48 Can I open for questions now? Emmanuel, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the top right hand corner of your screen. Just while the company 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 via investor dashboard. Emmanuel, as you can see, we received a number of questions throughout today's presentation. If I please ask you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end. Very well. Thank you, Lily. So one question on CFO and Co's appointments, how it will help accelerate the funding milestones and keep the Boho's on track to meet this rising rising lithium demand. It it that that's what it's supposed to to deliver. You will have seen that we reinforced our finance team with not only a project finance expert, but also a CFO who is a seasoned CFO and a very experienced person in this space.

28:46 And I think he's actually available to answer some of the questions, so I'm very confident that CF and Co complements them very well. Enrique, would you want to add something to this one?

29:10 We can hear you. Can you? Yep. So let's say that it's a milestone relevant one. So engaging a relevant partner for project finance that will allow us to proceed in all the requirements that we'll have on dealing with the the lenders, the the forcing lenders that will come from development banks, from ECAs that will be involved. And so as the sooner we involve them, the the better. And so this was one of the claims in our fundraise to to engage so those partners and so and so we did it. And so I think it will will help us on keep on track, the the the project finance.

30:01 Yep. And, Eric, there's another question associated to other Hermes, and and the KFW and how the cut field mandates fits into the work done in that front. Can you also want to comment on that? Where is that question? Just see. So it it it starts with a question on the EIA versus financing process process. I will respond to that one as Enrique goes through the question. So there there is no over overlap. EIA finalization process is an administrative process, a a check of a process that confirms that our detailed engineering is compliant with what's the environmental regulator has already approved.

30:56 That's a procedural step. Project finance is associated to preparing for construction. So it's associated to an avenue of delivery. So the two things are separate. But the the other question in there is how and Friedman and or the KFW could be complementary. So it's not so regardless of the bank and the final financial financing solution that will come out. And even as a fiduciary service as management team, we have to to look for the best solution for financing solution for the company. So I think it's cut field. So it's it will work to to answer to as well as to all our hands.

31:49 All in straight, if you prefer the new name. But so it's not it's completing. So it's helping on on this this process and out and can also help on bringing other solutions to to the table. Yep. Perfect. There's another question that I will take. So it's the question is when will SAVANNAH list on a public exchange where it can gain access to a resource focused funds and gain advantage from peer comparison in the lithium market? And it's a very good question. It's one that has come in the past, and it it relates to the the pros and cons of being listed in London, mostly to the potentially to the cons, given where, how it is, phrased.

32:38 We are quite conscious of the limitations of the London market, and we are quite conscious that being in the London market sometimes makes us be a bit out of the radar for some for some other funds. The reason for development, like appointing Canaccord as as a broker, is also because we want to be more visible in the in the global space and that and we want to start tapping into into other pools of capital. The reason for me, in particular, having spent most of April in Australia is also because I wanted to fully understand in person how how different specialist markets could help in progressing the project. I can I can say out of pure honesty that I'm quite happy that we didn't list from London to to Australia a year ago because it would have been tough to go through to through what happens over the last year there?

33:49 But I am also conscious that now that we see, for example, a couple of weeks in which there is fast acceleration of share prices in some of in some of the companies that are listed there, this question comes back, and it is pertinent question. The fact that we brought more institutionals that are experts in the sector in in this race is an important development, I would say. And the fact that we are more and more visible with support of a specialist broker like Canaccord is also an important development. Rest assured that this is a topic that is relevant for us and that we will want to consider as we go. There is so the the other question I have, how it's a it's a good question, and I think it is also good to restate the answer to it. The question is how we differentiate the from other lithium projects competing for capital in Europe and globally.

34:50 And so first on the global scale because that's that's where we need to be positioned. We don't want to be the best projects in Europe and then not be competitive versus global players. We want to be one of the goods projects globally. And the costs to produce with our projects and the size of the resource are the two things that make these projects important at a global scale and comparable to others at a global scale on top of the fact that we are that we are in Europe. And so for the medium to long term, we are very well positioned to tap into a demand space that will be very important for for the sector. It's it is important to restate why we are why we can be a competitive project and then to and also to restate how much this resource can grow. On that second one, as I referred in the presentation, you will have news as we update the resource, and I'm very confident that we can stay honest to what I referred in previous presentations, which is that we can be one of the goods and big resources of in the world.

36:07 On the previous one, on why we can be very competitive, it comes down to the quality of the resource first. And it's not about the the grades of the resource, which is good, but you also have better grades in other projects in the world. It's about how how shallow the resource is and how much it can deliver sustainably good strip ratios throughout the project. So we can have good to very good strip ratios throughout the whole project. So move less rock so as to get to the the lithium bearing pegmatite and to process it. Third thing, it is also about the mineralogy. The mineralogy of this project is very clean.

36:54 And, you know, that we have people who were involved in the past in projects in various projects that are some of the best in Western Australia. It is clear to all of us that our mineralogy is, in many aspects, better than many of those. And so it allows us to do better recoveries and to have more productivity in the project. Fourth, it's about where we are. And where we are for Portuguese standards, it's, remote. But for global standards, it is very close to ports. It is very well supported in terms of infrastructure. I I don't have, a project that I'm developing that is 2,000 kilometers away from a coast. We are less than 200 kilometers away from that coast. We're close to a ceramics industry. We're close to a vibrant full future value chain in in in lithium and batteries. So that proximity is important. We don't have to do fly ins, fly outs for for our team. Our team can leave and prosper in the region. We don't have to to bring Peopro from from elsewhere in quantities and with the logistics logistical challenges that exist in other projects in in Africa or in Canada or in Western Australia.

38:18 So all of these things compiled, put together mean that we have project that can be very competitive at the global scale, a resource that can be as big as most of the bigger projects in the system. It won't be the biggest, to to be clear, but it will be as big as some of the biggest. And a project that can deliver long sustained value because it serves well the European battery value chain. If if I didn't respond specifically to part of the question, please do ask again because I think it is an important question and one that I want to make sure we answer properly. On the catalysts of the recent lithium price uptick, what what were the catalysts and how sustainable are the current levels? It is a good question. And, obviously, I don't have the crystal ball, but I do follow and we as a team do follow the trends of the sector, and so we can give you our perspective.

39:25 It And was and I think it is clear to everyone that the low to which the prices went is not only a couple of months ago is not sustainable. It doesn't allow operating mines to continue operating at at scale, let alone grow their, production or develop other, other projects apart from very, very minor exemptions out of which SAVANNAH is, is one of them. So it is pretty obvious to everyone in the industry that those price levels cannot sustain cannot be sustained. And so it was it only took a couple of small developments in a couple of days to have the price recovered by 30% in in a couple of weeks. That was because it is obvious to everyone that that recovery will come at at some point. This recovery was provoked by that understanding and also the fact that, the Chinese central government started to be a bit more demanding in terms of, compliance both from a permitting perspective and from an environmental perspective towards some of the mines inside, China.

40:39 I think it is that is just the first step of being a bit more, demanding because some of the things that are done in, China, in this space are clearly substandard at this stage. Some other things are very, very good, but some things are really sub substandard and really will need to to be stopped at some point. So that was what's what's made what's what was the trigger for this fast development. I would expect that that trigger will stay for for months, if not a year plus, and that it will help the value chain go through this process of readjusting surplus supply versus demand a bit more smoothly than it would go otherwise. So we will see. I'm very curious to see future developments, and we'll we'll also be curious to to hear about your perspective when as we go as we go through that. Just reminding you that you have those who don't have my my personal email also have an email that we follow in the screen. So please do use it if you have either questions or contributions. They're most welcome.

41:56 Another question. At what point are we likely to be able to announce that everything is in place to start construction? So reinforcing previous guidance and restating where we are. We are working fast in many of the fronts. We obviously also have delays here and there, delays that are in the order of week, two weeks. So I, I restate the guidance that's around the end of this year. So very close to end of this year or, afterwards, starts of, next year, we will have RDFS. You also know that we are already working on the project finance as refers, and that's meant to reduce the time between DFS and prep and FID and preparation of construction.

42:51 So we would expect to we continue to expect to be in construction in second half of next year, around summer to second half of next year if everything goes very well, but we are conscious that there are a lot of steps that we need to do over the coming twelve months. So there's a lot of work that needs to be done for that to to be the full ticks on the full checklist that allows us to start construction. So I hope that's that answers the question. One other question on how significant do we expect the static storage battery markets to be versus the automotive markets. It is a good question to which I don't have a perfect answer apart from one thing.

43:47 Only twelve months ago, people thought that the battery storage system, market was going to be relevant in five years' time. Now it is here. It is here, and it is growing fast to very fast. Where does that lead us over the coming two, to four, five years? Again, I don't know, but I suspect it will lead us into this sector becoming a new source of very important, very new, very important source of demand for, for lithium. And the third, answer is versus automotive, how big it is. Again, twelve months ago, PRAs were expecting it to be almost irrelevant. I would suspect that in the next updates, it will become more and more relevant, and we will start talking about lithium demands by following both EVs and also higher capacity vehicles, trucks, buses, and others, big battery storage systems, and at some points, robotics and and others. So it's not the the perfect the perfect answer. I don't have numbers to to support it that I can share today, but I can give you my strong perception that it will become significant, and it's starting to become more and more significant, and that's visible in monthly growth rates.

45:16 The a question on community. What was the feedback from the community trips to Barreco, Pardo? And are we planning to do other similar trips? So this refers to the to a simple initiative, we we offered a bus trip to a village called in in Spain, and it's about a 150 kilometers from the Portuguese border. It's a mine that is operating. It's an open pit mine. The the pit itself is larger than the larger pits of SAVANNAH's project, and is a small village of 500 people that lives by the the mine.

46:06 And we had done a similar exercise with with some in course projects in Castro Verde a few months ago. The feedback had been absolutely amazing, and people were brutally impressed by how interesting it can be to have a project like like that one in the region. Castroverts is known to be a reference of developments in the interior of Portugal. I would say that now the exercise was to show them that that happens in other places and with other villages close by in open pit mines because Castro Verde is an underground mine, and and people were very, very impressed. Has a young community. The bus is full of people. The houses are rehabilitated, and they are rented.

46:56 They are occupied. There is a health care service in the village every day. People have access to education in the region and so on and so forth. This is all things that show that you can have villages that are small and that can thrive with minds on the sides. And I would say that every time we do this exercise, we reinforce that what was kind of sold as fear instigation mechanisms over a couple of years and still is part of the of the speech of of a few people who oppose the project and are now more more radical and a bit more isolated, I would say, was not the reality. And so the more we show that, the more I think that we have the ability to prove to the region that what we are doing is just the positive tip of the iceberg. The positives that we can help with over the coming years are gigantic.

47:59 Last question, unless something else comes, is what is the single most important measure that the EU could implement that would make a difference to the European battery mining sector. I would find it hard to pinpoint a single one. I think that a year ago only or two years ago, it was clear that Europe was lagging behind. The permitting procedures were horrendous, and we were losing a lot of competitiveness of the European industry because procedures and bureaucracy was horrendous. There was no or little access to financing both from grants and public sources, but also from private sources.

48:49 Hence, there was a lack of of of projects in position to start delivering because this industry is an industry that takes long to deliver. And so sometimes putting policy together with execution is important and hard. I think that you the European Commission and the European entities have made a lot of progress in all of these fronts, but there is progress that continues to need to be done. SAVANNAH will not benefit from all of this. We have come gone through cumbersome processes in terms of permitting, for example, and others that that you all know about. And I think that the good thing is that we have gone past those even if through the hard road. We will certainly benefit from Critical Raw Materials Act associated elements, the provision of further capital instruments, which I have we have spoken about and is starting to show more and more, and the improvements in procedures and permitting so as to have Europe more compatible with other economic blocks in the world that still do things at a very, very high standards and can deliver value from this industry, which is just is the case of Canada and Australia, for example.

50:12 Two more questions have come in or one more question, sorry, on on Lend. So the general updates on process and progress and timeline associated to land. I refer in the presentation land easements. Number one, we've done our work. We are now preparing to, we have done part of the rehabilitation. We'll do the rest of the rehabilitation in the dry season. We're expecting another land easement. We're expecting the expropriation procedure to accelerate. It was submitted at start of at start of the year, if you recall. Hence, we are also seeing the benefits of improved relations with with the local community with new land plots being offered and discussed on commercial on commercial terms and potential agreements for, rental of some of the of the of the land plots, being discussed. So it takes time, but it is inside our expected time frame, and I would certainly I am certainly confident that we will deliver even though it is important to say that the project suffers a bit from slower political decision given the the election and the two election periods that we and that Portugal went through and some always some delays that's that come from from

51:44 these processes. And we the project has suffered from that. The Critical Raw Materials Act gives us clear indication to Europeans and and Portuguese on how to act in this sector. So the the reacceleration has been seen and in the last weeks, and I will certainly come with with the effects associated to it as we go over the coming over the coming six to twelve months. Last question because I don't want to go over the the hour that on the timing of the new resource estimates. So I I revert your attention to the last three RNases on the topic.

52:32 I can also tell you that, we're seeing some more assay results coming in, as we speak. So I would say that after summer, we will probably have an update on that. And afterwards, we will have those resource estimates updates both on the ore bodies that that are already known by all and on the additional exploration targets that, we have been talking about. Thank you for answering all those questions you can from investors. And, of course, the company can review all questions submitted today, and we'll publish those responses on the investor meet company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Emmanuel, could I please just ask you for a few closing comments?

53:20 The feedback that you have given us, you know, over the last presentations were very was very useful, so I reinforce the request to to respond and to provide your honest feedback there. Again, you have our contacts on on screen. Please do use them for any doubts or suggestions you may have. They're all welcome, but at the same time, we're very motivated to be part of this project, proud to be developing it and going through all the hurdles as we progress, and confidence that we'll deliver a project that makes you all proud. Thank you. Thank thank you for updating investors today. Can I please ask investors not to close this session? It shall now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, and 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.

54:17 Thank you.