SAVANNAH RESOURCES PLC (SAV) July 2026 Capital Markets Day Transcript

Good morning and welcome to the Savannah Resources PLC investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time via the Q&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 receives during the meeting itself, however the company can review all questions submitted today and publish responses when 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 Parencher, CEO.

Good morning, sir. good morning good morning everyone um or uh um i'm sorry it took us a few more minutes than usual to uh uh to get started but i think we're just uh being in time um it's exciting times for uh the vajoso lithium project and for savannah resources as you know um we published our dfs um mid last week finally after almost um more than nine years of work um extensive work on the fields um extensive work on the resource on the geology on the mineralogy on the metallurgy on all of these aspects that are so important for the development of a project like ours we are now part of the select group of projects that has moved to post the fs stage and so it is a very important moment for um the savannah borrosa lithium project and it's also a very important moment for us and for all of those who follow the story. You may, I would say that most of you will have seen the highlights of the DFS. Important note to refer that this is the DFS of phase one of the project. So covering the construction of all the key elements of the project and work through the first 14 years of life of mine. those who follow us will remember that the resource was upgrading in september last year and that it's covers not 20 million tons of reserve now but 39 million tons of resource and that it has an additional exploration target on top of that so um it is certainly a very good a very solid starting point a very good first uh um phase of um of work uh in a project that we hope will endure for um and and operate for uh for generations for the benefit of those who are part of it um in the region but um anyway um let me go through uh some of these slides that will help you have a better idea of what is behind the um the very interesting numbers of the dfs and what we are expecting to deliver over the course of the next couple of years and again as lady referred please do um throw out throw in the questions so that we can answer them um at the end of the presentation key messages of uh these uh dfs and before that just recalling you where we are in terms of of the shareholder structure and in terms of shareholder performance so on the left hand side you see uh the current registers fund and then the only change from the last version is that the institutionals share has continued growing um the free float is still uh very strong and these strategic sector specialists amg the long-term holder the two portuguese industrial conglomerates that support us and all the other sector specialists that are involved um have been um very supportive of the development of the project they have uh kept um their steady um shareholding in the company and have supported us in the last um in the last races than last year so it's very good to have them on board and uh we are certain that we have a register that supports the development of the project through the next stages that are so important for its future. You will also have followed the evolution of trade on shares. You will have seen that value has improved over the last year and a half significantly and that we are now trading at um about 160 million um pounds at around six to 650 and gbx we know that there is plenty to go we know that a few global peers are trading at uh levels that are a bit above this but we also know that dfs was an essential element of delivery that everyone was waiting for uh to see the numbers uh on the dfs and now that we have it's it is normal that we progress to other stages and that the valuation hopefully uh adjusts to um to the peer group this slide kind of summarizes some of the key numbers of uh the dfs and i would highlight um a few on top of the 20 million tons of reserves now finally and we finally have a reserve um statements out these allow us to operate for 14 years as referred but on top of those um it is important to um stress the c1 and the all-in uh sustaining costs um a c1 cost below 500 per ton means that we can operate continue to operate even under the most pressing markets uh conditions and we can still uh pay our bills we can still um make sure that everyone on board continues to focus on uh delivering and then we can reap the benefits of that as soon as the markets uh recover you will remember that uh spodium and lithium in general um it's it's a very very volatile uh market it's one that has gone up to eight thousand dollars per ton um only three years ago it has gone down to six hundred dollars a ton significantly above the c1 which is important but it was a very tough moment for the industry it has now recovered and is trading above two thousand dollars around two thousand two hundred dollars per ton that volatility will continue to exist and it's very important that projects are prepared to endure those tough markets conditions And at a C1 of $473 and an all-in-sustaining cost of $646 per tonne, we are one of the most prepared projects to endure those conditions in the world. And that's also something that is worth highlighting. A position in the second portal of the global cost curve while being in Europe, while complying with all European regulations, while complying with all European obligations, applications while delivering a very good project for the region is a very good place um to be in and some of the projects that are to the right the far cost curve they include some of the best names in the world of lithium you have a pls building ore projects for example you have a monono project you have a bikita project you have yanxiao uh owned by catl uh one of the the world's largest mine based in China owned by the largest producer of of lithium batteries in the world and they have an only sustaining cost that is that is higher than ours at this stage so it is very important to be in this position of the cost curve the other numbers that I would highlight at a fold of those that you see on the screen are those that you see to the right hand side um one the the price uh at which this uh study was run uh 1788 on the spodium in 5.5 this is uh below 2000 on the spodium in six and it still is a good number that can be um solid a solid number to work with um over the course of the next few years we tried to use as many external providers of data as possible to have to use a robust price deck so it's very quality seven price curves that we have used coming out of some of the most reputed investment banks in the world that cover the lithium space and also coming out of two the two most reputed PRAs and in the space so when you put all of these um price decks together and you do uh the average you come down to a number um as the one that uh is used again below uh two thousand dollars it's an we have seen other dfs's in the industry being used and uh using the price decks that are a bit more aggressive than this one but we believe that this is a good one uh to go with uh for this stage it's also significantly below the current spot prices then just below that number you have the post-tax irr a post-tax irr for a project like ours at cfs stage that is above 30 percent is um certainly a very good uh irr and one that we're um just gives us a bigger rep uh a bigger obligation and a bigger responsibility to deliver in quality and on time because that post-tax payback, a period of less than two years and those $900 million of post-tax NPV needs to be materialized and delivered through the benefits of everyone involved in the project, obviously from shareholders but also to future debt holders to society at large and to the local community so every responsibility at hand with very good numbers to to work with physically speaking the image at center of this slide gives you an idea of what we're trying to achieve it's it has a bit of ai simplifications there but it recalls us of the basics of the project an open peat mine which is important for safety for operate operability for costs and it also allows us to do recovery as we build and rehabilitation so that's an important feature of this project at center of the image you see the industrial facilities so to the top end center you see the offices and the entry and exit road of the system and then you see a sequence of pads starting with the wrong path uh in the middle you have the crushing facilities and just below you have the dms and the magnetic separation units the disclaimer also and the flotation units to the right you have the tailings facility and you will see afterwards the other structures of the project. This infrastructure allows us to deliver lithium for more than 7 million EV batteries in the first 14 years of operation. Plenty to capture of additional value on top of that, but these are already very significant numbers. What is also very significant is 500 on-site jobs more than a thousand indirect and induced jobs most of them hopefully in the region it is a very big positive impact for this region that should re-energize it for now for a couple of generations at least and it's also some one important part of the elements that motivate us to deliver these projects overall as you read at the top ends it is a high quality low-cost, low-risk, low-impact projects, one of the very interesting projects globally that helps feed the energy transition at scale. If we zoom out in terms of value, it is important to reinforce that these DFS covers phase one, the box that you see in green at your left. Our expectation is that And with more geology work, we can grow the reserve over the course of the next years. And a phase two, a potential phase two, if it was to be delivered, would hopefully get us beyond 40 years of life of mine, at some point beyond 100 million tons of resource and potentially reserve. There's obviously a lot of work that needs to be done to deliver these numbers, but we have solid ambition and well sustained and grounded on data ambition to get to that phase two and then potentially to a phase three of industrial expansion, duplication of capacity of the plant and so on. If we go back one slide, you will see that the structure, the flotation structure has enough space to duplicate with time. it is also important to say that in the capex of this phase one you already have a significant amount of elements that would support a phase two and this is important because you want to keep optionality at this stage and you want to make sure that a potential phase two and phase three can not only be delivered but they can be delivered also at a very good and competitive cost and with the ability to implement them at an appropriate speed. So we're very confident that over the course of the next few years, we can continue to bring good positive surprises in terms of growth on top of the initial $900 million of NBV. So a set of key messages that I want us all to have in mind before we um i pass on the bats to enrique for a bit more detail on the numbers of the dfs is one that this is a globally competitive uh project it's better in terms of costs than most producers at this stage even some of the best uh names in the industry in australia china and africa not all of them of course but some of some of them and that's um that's i think an important um confirmation of value and future value for um for savannah the second message is that it's europe's largest project but it is also a globally significant project so it's not only that we are the largest in the region it's that it is globally significant there's plenty of additional work to be done that should with time um release a more value out of the grounds and uh and into the system the third message is that it is validated and supported i would say at all levels at this stage it doesn't mean that it's consensual and no mining project is consensual no project beats in any other industry uh or any other um element of society let's put it that way is um consensual but uh in the sense that uh that you don't have support by hundred percent of people ever but this project has significant supports uh right now it has changed dramatically from where we were three years ago uh today the european union and european commission support the projects the portuguese states through various entities know that we are doing the right thing continue to um to have a close look at everything that we do but do support the way uh we're doing things and we have support from a sector specialist we have solid local ties and presence and here i would highlight these more than 10 partnerships that were done in the last um in the last 12 months i will tell you a bit more about those but they do reinforce that we are we have good friends in the region and we have plenty of people who have understood that this is a great opportunity for the region and with them and with our team we can deliver these projects fourth message to reinforce that this is a low execution risk and high optionality project the very traditional flow sheets the open pits features the stable jurisdiction the balance sheets and cash position all of these mean that we are in a very good position to develop the project and deliver significant value out of it so on top of that we have a hundred percent control of the project and that's something that is not as frequent for um virginia miners at this stage and it's certainly something that we want to um to to continue to work on top of and then fifth message as we deliver dfs and as is normal things do accelerate uh so um do um continue to follow the story because there's plenty of additional um news flow that will come over the coming uh months we continue to uh be um to progress the project uh for delivery in uh 28 so next year we will be in construction in 28 closer to the end of the year we should see first concentrates coming out of the the project and again as referred still this year completion of partnerships completion of uh conditional project finance the build out of the construction team and many other developments uh on um on track to be delivered stay tuned i would say main elements of the dfs starting with capex opex um and other financial numbers if you want to lead us through those yeah sure is good uh just on the capex side uh sharing so that uh going through all the these detail

with the level of engine proper level of engineering so we have reached to a final number of 283 million this is in before contingency contingency that we're considering for this this moment is 40 million based on the level of engineer we have and all the still so aligned like equipment by equipment and if facility by facility so which is number which i would say is a conservative approach um in this this is net of the grant, of the 75% of the grant that we award from the Portuguese government that will be disbursed during the construction period. Looking to the numbers on overall, we see that we have on the processing plant, we included logistics, around 150 million of this number. We have to consider another number that went up since the scoping study, which is the bypass road. The bypass road, as you remember, is connecting the project to the highway in Portugal. the and this has become as a with following the national standards and it so it became so more expensive so is now uh in the range of 60 million us dollars uh to be built uh remembering that this will be will have to have the dia until the starting operations of the of or start operating of the processing plant they'll have to have it but not exactly finished in terms of building but anyway in terms of all other so internal so all the normal so power supplies and all that so all together you reach the number of 470 millions with the contingency and without the the without the the grant can we move to the next one on the opec side this is the good news for the project i think we we stay on the second partile um of the cost curve of of the spodamine producers um that is a very good place to be that means that the project will be remained as resilient in the bad times for the that will face like we had like one year ago we would be producing and making money even at very low levels and so we reach below 500 so 472 on a 5.5 percent spot of mean concentration for the c1 cash cost and the whole lean sustaining cost of 646 that means 705 on the six percent um concentration for spotamine so that that puts us on on the second quartile very close to very well-known australian based project which is a very very good place to be um remembering that even for pricing and all the costs so we are considering fob uh at the port in portugal so which we estimate from based on the logistics based on the international pricing and indexes uh that were available available since that would be the port of delivery for for for our product let's uh please then on the sensitivity analysis for to the npv of the project obviously that the project is quite sensitive as expected um to the to price for the mean price so that's um so with a 10 change of prices up or down you have an impact of around 19 of of npv this is obvious so the this is a an impact a very strong impact but this is also true for recovery rate so with recovering rate going up or down it has a very huge impact we have been conservative in this for recovery and we believe it can be improved as as the project goes then on the other side on opex the impact is moderated also for capex although very important for the beginning and very important for to deliver raising funds and all that a 10 change in on on capex impacts like four percent another just highlighting that for power costs which is now everyone very worried um about power costs but the deviation is slightly so the impact is less than less than one percent

and give to you back manuel emmanuel thank you enrique i would reinforce uh it's it's not only power costs it's also fuel costs for example um it's uh the impact on the npv is quite immaterial and so just reinforces that the project is very robust at those levels something that is perhaps worth highlighting it's a it's a detail but it's potentially relevant in in iberia it's not um it's not fossil fuels that set the price for uh for power it's renewables and so that also gives us an additional element of resilience um to shocks um in this project other projects would be tremendously impacted or more impacted by fuel prices diesel prices um coal prices and so on this one wouldn't on the power side of things and even on the fuel side of things given that the country is quite heavy on taxes uh on fuels and those taxes usually don't um don't change their burden doesn't change uh with uh fluctuations on brand prices uh that also means a bit less sensitivity to uh to that enrique rightly referred that the processing recovery rate is very important and um and for that i would uh restates uh the simplicity of uh the process that we uh have um it's it's the same as we have at scoping uh study with a set of adjustments that i will refer to um but it's a crushing unit at start a set of screens these lines and um and dms processes uh regrinds a structure just before a magnetic separation in this line and then you move uh into the microns podium in flotation uh structure so crushing dms magnetic uh separation these lines times and flotation very simple from one end to the other but obviously that at least in the details and the 70 recovery rates that we have used for scoping study is quite achievable with the technology that is used quite achievable with the level of knowledge that exists both of the resource itself and of the process and I would say that as we progress in production of court over the course of the years hopefully we will be able to deliver what other projects in the system have delivered consistently through their first years of operation which is a growth in the recovery rate well let's hope we are capable of doing that we will certainly um be able to deliver 70 percent as is estimated in the dfs and improvements would be an upside to the numbers i heard refers that we adjusted a few things from scoping study not in the flow sheet itself but on the robustness of the flow sheets because we added on stream analyzers which have become mainstream in the industry and help a lot and also because we added redundancy in some of the equipment that is key for um availability so those two things should help and make the project even more robust. On the industrial area itself, I gave you a very brief summary of who we have in the last slide that we saw above, but if you want to have a journey through the process plants, in the future you will come from the north through the access road, it's 11 kilometers to the highway and it's an access road that is built for the project. you would you will first see the power substation and then you will start to go down and down and down uh through the valley and we'll see first the offices the support facilities then the dispatch units where we press the uh the products um and then put them onto trucks uh for um um to to exit premises you will see at the right uh waste facility and uh the grand down uh pits and where we have real and bad last excavation truck loading and uh holding um operations as is usual part of those holding operations are of ore and it comes into the wrong path at top of uh the industrial area then uh deora comes down through the crushing facilities to um the dms the slime the magnetic separation units and then the flotation units at the bottom to the left you have the lab the reagent structure uh in the middle you have the water treatment structure then you have a conveyor belt that brings the product back up and to the dry stack and tailings units. A reference to what you have to your right, the mining schedule profile, quite stable throughout the first 14 years, but more important than that, a strip ratio of 5.2 to 1. This is a strip ratio that is top of the industry, one of the best in the industry, and it is one of the elements that make this project very, very competitive. So something that is very important to uh to keep in mind when you zoom out uh from this uh area that we were seeing just in the middle the plants and the offices facility you see that the project is more extensive it includes the various uh pits so you were seeing run down just to the south you have pinheiro to the right you have aldea and to the left about five close to six kilometers away by road you a reservatorio and noah in brown you see the roads so the road that accesses to the left the occidental area of the project but also the road that goes up um these north axis independent roads you also see in yellow the uh the power lines um so there is already this power line the high voltage power line that goes from southeast to northwest of the project area and the project includes a diversion of that power line to allow the plant and ground down to be installed but it also includes the a new medium voltage power line that goes to the right hand side to the eastern side of the map it also includes the power substation in the middle and then all the water related facilities and other elements of the project such as the waste dumps and the tsfs to the right you see uh the seven kilometer uh shared boutique bypass uh road that we will also build um in sequence uh to the main elements of the project and that will allow a direct connection to the the a24 local highway and from there a very fast connection to five options of ports of which one is used as the best option and basis for the project dfs another reference to reinforce that the the additional resource that is not a reserve yet and the additional exploration targets are all within holding distance from the plant area so no one reservatorio are less than 6.5 kilometers away from the plant area some of the the other pegmatites surface are seen closer than that or just at a very similar distance from that so the the growth in the project can be done with polling distances kept short and with competitiveness kept at uh at its best um let me just go through the the q a uh the the questions that you that you have there i'll ask i'll answer a couple of them before we move to the other fronts that are uh in progressive networks um yeah we can we can do that i can i can feed in if you want emmanuel good good morning thank you i'm looking at looking at these uh these first ones and the reason uh we're holding the share price back well this is on share price so that's on the dfs i'll keep that one for later yeah sure there's a question there about land which we haven't touched on as yet uh what land what land needs acquiring before we can get into development i think that's a that's a key topic it is a key topic an important question and an important uh word front so uh we have uh i think we're very close to uh to reaching 150 land plots already bought from from locals and the the process of a friend purchases has um i think been um been good and progressed very well in the last um in the last year it has a limit because there are obviously a few land plots that will have to go through uh through expropriation we have spoken about that and in um in past references an expropriation process is exactly what uh projects uh of magnitude in the region go through uh always so usually there is no friendly acquisition process there is only expropriation that is what happens with dams in the region it has it is what happened with roads with highways and with other uh structures we will have to go uh through that process for those um plots that were not purchasable and you have a variety of reasons for that because there are inheritance issues because there are border definition issues because paperwork is not in order or just because there is um visceral opposition uh to the project by by a few of the of the landowners that process is expected to happen uh over the course of the next of the next months we have announced it to the markets more than a year ago we have started that process formally a long time ago and it is going through the the typical uh steps everyone in the region knows that it is that it is happening so it is not uh news what is news is that we also had uh two land easement um uh procedures that were approved so uh these have allowed us and continue to allow us to work in land that is not ours yet but is already part of um of the concessionary on top of that um the over the course of the next few weeks we will tell you a bit more about some of these agreements in the region and some of them also relates to land so there is also very positive progress in that front. Can we get another one Eze? Yeah of course yeah well I think we've already touched on it but yes there's a question just asking about are we expecting to sign contracts with clients and I'm assuming this is written in reference to offtake are we expecting to sign contracts with clients before mining mining begins so i don't know if you just want to reconfirm on that front yes of course i think isa you you just um published an rns before this uh this presentation uh the rns refers to um some of some deals um that have been done on the ceramics and on the byproducts um portion of the project so uh we we already have um five of five of these deals with uh both national and international ceramics players that's very good news because it reinforces the quality of these byproducts although they are at loi stage and ceramics is not a market that works with long-term optics and so what we have at this stage is what best you can have um in terms of certainty for um for commercialization of um of those products the total um volume that is implied in those five deals is 865 000 tons uh per year um of of byproducts which is very significant notes that uh at dfs in the dfs only 600 000 tons of those have been included so we try to be slightly more conservative than what these these agreements could potentially support the other front that is obviously of most importance is spodumine offtake contracts and in that front we have told the markets that a process has been started, that we have accepted preliminary offers that are quite exciting. We have a set of those that are in analysis or in advanced discussion right now. So, yes, before the end of the year, you should have some news in that front.

I cannot hear you, Isa, sorry.

More questions now or do you want to carry on with your presentation? let's perhaps uh close uh close the presentation and then go through the other ones so these other two fronts in progress the first one is uh financing uh writing so uh certainly one of the key topics for the coming month and so uh perhaps worth uh diving a bit more into where we are at sure so uh believe that everyone is very interested about what are we going to do in terms of finance and are we moving to fid now that we have delivered the dfs let's say that on the backstage lots a lot of things has been happening and we cannot share everything but at least here we would like to share with you some flavor of the work we're doing um and now we plan to structure it so we will be doing working what um so a project finance you have in the in the past we've mentioned a lot of times the calf double relation with the support of the german eca which is which is a way it's also possible to go through a pure commercial banks approach and that's uh so can be slightly more flexible eventually and we also working on these two options so that's what i can i can share share at this stage and on that for for that so the basis and that's the requirements on the offtake that emmanuel was just speaking about and we have so also on the offtake strategy based on the lenders requirements lenders have some requirements because the project finance is based or will be based on the on the offtake and and the requirements and just very briefly so you we have we plan to have 70 to 75 percent of the product under offtake agreements uh on a take or pay uh structure uh that this is very important and floor price may be required um for part of the contracted volumes um that doesn't mean that is for all and definitely not a fixed price i think that's good good news typical tenors around the off takes is like five years you would expect to have the project finance with a grace period below 10 years with grace period for construction but can range from 8 to 10 depending on some other conditions but let's say that we still have plenty of like 25% for 45,000 tons per year as still to sell on the spot price this is good news in terms of gives us flexibility both from a commercial also from operational point of view which is very good news we are moving on the due diligence for with the dfs in our hands so we have moved already before the dfs was delivered on the technical and environmental and social due diligence just starting also the market dds and and legal dds we engage already consultants and we engage lawyers and they're moving in in these fronts uh so as as normally typically required by a project project finance and that we intend to close by the during let's say like to put a date on that the end of force of this year beginning of the first quarter of 27. finally on the funding enabled let's say that we are funded to deliver an fid but we are not funded to deliver so long with items or even pre-financial close works that might be required for some of the CPs. So if more equity is still to be required in between, so it's the sizing and timing still to be defined, but that's something that we are analyzing at this stage. Finally on the government grant, as I already mentioned, so this is under 10 million euros um that 75 will be during construction uh how it's all the grant integrates with the commercial bonds in terms of security package and all that although remembering that the grant is not reimbursable and not interest bearing any interest so it's a pure grant and still how it fits into the funding structure uh still under review and negotiation and that will obviously might impact the level of leverage, more or less leverage, that we might get at the end of the whole picture. And I think that's the summary of it.

Perfect. Thank you, Henrique. I think it answers some of the questions that were on the Q&A board also, so thank you for that. The other very important front for us is the one associated to local engagements. And this is because, let's be clear, three, four years ago, three to five, six years ago, things were tough in this front, but also, and more important, because we want to be a force for good. We want to be one of the reasons, one of the main reasons why this region in which our project is to be developed, benefits from the project, prospers from the project, moves away from a death spiral in which it has been trapped over the last 30, 40 years. And so there's a lot of work and a lot of energy that we put into making sure that we do things right in this front. We have announced to the markets four deals, three of them with hunting and fishing associations that basically cover all the area of the project, all the area impacted by the project. project this was with the associations of boutiques and covers the association of canedo of tornellish and we have also announced to the markets and agreements partnership agreements with the regional hospital group to study a new local healthcare facility you will know that's a mining project like ours will always need some some health care related facility and what we're planning here is to use it as a basis for um use by the broader community um in the in the region so these two deals have been uh announced uh the other uh deals the other partnerships haven't been uh announced yet but i can tell you uh that um they will be um shortly and they cover a full spectrum of potential uh partnerships with with local entities and this i think is very clear evidence that we are very far from where we were um a few years ago in terms of local engagement and that's most in the region already see this project as the force of good that it wants to be but more exciting and more um or even as impactful uh for us is the fact that we are already touching lives and transforming lives uh for the better so we kind of breeding new life into uh the this just gives it gives you obviously anonymous uh and so as to respect the privacy of each of the persons but it gives you a few of um a few of the cases that are part of our local team right now the team that is uh that works with savannah every day on top of these impacts you have plenty of other uh stories with the subcontractors and many others in the region that already benefit from the project but we have a first-time mom uh since uh since this month month we have a lady in the team that has come back with her family from ireland for many years of uh work and life in ireland and into uh back back to her home region we have another um family that has come back from porto uh they also have um a baby so when you put this together it's a it's a new generation for these uh villages that haven't seen um babies or uh have only very rarely seen babies in the last uh in the last decade uh you have a couple that has given up emigration and has moved to carrera with us you have a person that has come back from immigration in france you have a couple that has moved to canedo you have another person that has moved to covas another one to boutique you have we're in our third new house rehabilitated or um or used in cover our first new house in canedo another village in the region and this is just the tip of the iceberg and and just the starting point but already today even before we are formally in construction a lot of lives already are positively impacted by this project and this really motivates us to keep going um main takeaways again before we move into um into questions this is a unique project um i think it is fair to say at this stage and one that is already validated by the fs it's progressing fast it's supported it's validated by all key external parties there's plenty of news flow ahead um if i can uh leave these five key messages on the screen uh as we go through the questions that's probably um the most useful isa can you help me with uh yeah and and thank you for the presentation uh emmanuel and henrique yes we've just got a few more questions if people want to send more in please feel free we've got a few minutes left just amalgamating a few questions here um and i think we've covered the topics a little bit here in terms of there's a question about how to minimize dilution for existing shareholders through the financing that we're planning obviously i think enrique touched on that with project finance and the grant and offtake finance but if there's anything else you want to add uh on that front please please feel free yeah i will i will respond on your behalf i think those are the instruments that are uh at our disposal and obviously we will be using all of those wisely and in the best interest of current shareholders to be clear that the three members of staff that are presenting here today are also shareholders and they are tremendously motivated to not only deliver the project but deliver it with value generation for retail shareholders which they are part of so what I would add is that this project is in a very good position because contrary to many other projects in out there it still has control it has 100% control of its assets it has 75% control of its offtake it has control of its balance sheet it has control of its pathway forward and that control means that we can work with all the options on the table and then use the best ones at each at each moment of course and that depends obviously on what is available the costs associated to each tool and the effects on strategic independency and and future robustness of the whole project excellent thank you again i think just an opportunity to reiterate some other previous comments just about how we see opportunities to extend the life of mine all the annual production rates or both I don't know if you just want to touch on those key points again sure I think that there was a slides on on that specific topic but I can tell you that even when you look at the resource statements in in September last year you see elements of that resource that we want to transform into reserves in the future there is a bit of indicated material that is in there that hasn't been transformed into a reserve and just yet it will be over the course of the years with a bit more of an adjustment to the concession area there are there is a very significant amount of uh inferred uh material that uh that is in the resource uh statements with a bit more drilling some of it um or a significant portion of it should move into reserves with time you have these additional pegmatites at surface and inside the concession area that we will want to study further and dig further so as to transform into a resource and then a reserve.

Excellent thank you and there's also a question about dual listing obviously we put out a little comment about a dual listing process this morning and there was a Bloomberg The question is, you've talked about looking at European markets, one of the major mining markets. Can you explain why we're doing that and perhaps where we are in the process?

Yes. And I will come back to the previous question afterwards because I have forgotten to add another element. And to that one specifically, everyone knows that AIM is a good starting point for a resource projects that it has had stiff tough competition from the Australian and Canadian market in the last decades and also everyone knows that a project as it progresses um benefits more and more from being uh also listed in a regulated market on top of aim so when we look at the options that help us deliver more value to shareholders increase liquidity increase the performance of the share and the transformation of the long-term value of the project into shareholder value and we firmly believe that adding another um another market on top of continuing on aim is uh something that's um that helps so we could potentially move from aim to to lsc main market that was also a path a possible path forward but what we have seen in the last two two years is that there is very significant support for the story coming from outside the uk also and we want to make sure that that additional support can have um a home that is potentially more flexible uh the name and more capable of attracting and developing further um for the shareholding positions so we believe that continuing on aim is important we also believe that adding a regulated market that gives us access to other pools of capital is also important back to the previous question isa yes yes go ahead i answered uh don't to the resource and reserve part of the question but not to the capacity part of the equation as you um look at the resource and the additional exploration target potential you're looking at a project that can uh have a very long uh life that can go through generations um of uh of work on the ground when you start to see that life of mine expanding uh very significantly you start to ask whether uh adding further capacity to process um to process more is uh an option and what we wanted to make sure was that at these dfs we kept that option as open and as prepared as possible so it is hard to compare for example dfs numbers with scoping study numbers or even c1 and only in sustaining cost numbers now with c1 and only in sustaining costs that will materialize over the course of the next decades because capex for dfs is also higher because it has more elements that could potentially allow duplication and also because c1 and all in are constrained within the 14 years of life of mine and so it is more heavy on costs in these 14 years if we expand the mine life then we obviously also dilute some of these some of these costs with more volumes and more years of operation and that's in itself makes the project even more compatible very true and I suppose on the same theme about adding value or creating value, yes, there's some questions and I'll amalgamate them.

It's really a question, you know, what's going to drive the share price in the next 12 months? Which milestones are we looking for and which is going to deliver the value for shareholders going forward?

So future share price depends on shareholders. But I would say that the news flow that we have had is particularly exciting. and we've gone through some of the elements and he has referred a lot of fronts associated to project finance and also associated to commercial um offtake bills so these uh when delivered will be important sources of additional information and will also be important the riskers further the riskers of the project so these are certainly two fronts to be very attentive to on the community front and on the local Thais front we also believe that we are we have entered a stage of delivery that that is very important we know today that we have many more people in the region that wants to be part of this project and directly or indirectly and we want to make sure that we use that energy of the barroso positively that we cherish it that we support it that we encourage it that we see the society in the region react positively to the tremendous opportunity that they have at hand and there will also certainly be more useful associated to that and then there's the preparation of the construction team there's hiring that will happen in the next in the next months, there is also news associated to buying first long lead items, to hiring the companies that will support the first stages of construction and other elements as such. No, great.

And that's great. We had a question about recruitment, actually, but you've touched on that. So that's great.

I suppose just really a last question is, can you just give us a quick summary of uh what the european commission have been doing recently in terms of critical raw materials what what else is happening in europe uh in the lithium space just just to sort of round off on on those matters sure so the european commission continues to see uh critical raw materials as one of the most important uh topics uh out there right now it's because of the critical raw materials themselves because of the value that they can deliver but also because of the impact that they have on very important value chains for uh for the whole of Europe and on the very important impact they have for the environment and for future generations so for all of those reasons the critical raw materials act was only one of the elements of um of regulatory uh pieces that that came out um in the last in the last couple of years you also have the industrial accelerator act for example only a couple of months ago reinforcing that industrial development and industrial preservation in europe is very important for for everyone it has plenty of measures that further support the development of a battery value chain within europe and further encourage investments in in this area and that's an important topic for us of course because we know that it is hard and challenging to develop a new value chain that it takes years but we also know that having more clients and more partners and more developers that value chain close to us is of additional value to us and is of additional value to the system nothing of that is embedded into the dfs so the dfs has nothing associated to carbon credits to carbon border adjustment mechanism to further incentives to um keeping the product close to closer to home and not requiring um shipping to uh to other places in the world it has nothing of that which means that all of these things are potential upsides on um on the numbers second part of your question is was on what is exactly happening uh out there in europe and i think that's what you see is i highlight perhaps three things the first one you already have a spot in mind in european territory and this is a big news uh for us it's the caliber project in finland it has entered the delivery stage it is already producing and that is very encouraging for us it shows that the fins have understood the value of delivering a project like this and we know that the portuguese uh state is very aware of that and wants to um make sure that um that portugal does not lose the opportunity to develop um projects in uh in the in this space we also know that we are very well positioned to be the second um in the system you have seen movements uh in other more side projects in the system uh with with Zinwald in in Germany with this valley in in the UK you're seeing a bit of movements in Spain and in France with the the Mary's project so you're seeing action and you're also seeing more financing flocking to into the system you have seen major financing deal struck by a very capital incentive projects uh and higher risk in terms of technology that is vulcan in germany so you're seeing uh significant movement on top of us seeing uh one of our partners amg um further developing uh its um its industrial footprints uh in uh bitterfeld what you are seeing also is more and more big industrial projects further down in the valley chain in portugal you're seeing calve that has uh started or is starting uh construction uh is hiring uh the the constructors right now um big battery plants you're seeing catl in spain uh progress you're seeing five new electric vehicle plants in spain alone uh being prepared built repurposed for for evs so a massive industrial investment just around the corner for us just on the other side of the border i hope that portugal will also be able to capture some of these some of some other projects in the space so there there is movement and we have tried to make sure that our project is not dependent on the development of the european battery value chain but we also want to make sure that european battery value chain develops as much as possible and as fast as possible and we want to be also a force for good in that front so a lot of coordination work with some of these projects is already happening on the background and it will continue excellent thank you very much i'm aware

of the time i think it's perhaps time for some concluding remarks and then we can hand back to the IMC team to close off.

Perfect. Thank you, Eiza. Again, we wanted to give you more on the DFS today and to give you more on so many things that we want to deliver over the course of the next 6 to 12 months. It is a very important stage for these projects. Obviously, the DFS is a complex documents so i invite you to go through that executive summary that we have published it's almost 100 pages which gives you already a good flavor of what we're um what we are doing on the background we will continue to progress for the benefits of everyone in commercial in financing in communities and in preparation for construction thank you that's great thank you for updating investors today.

Can I please ask investors not to close this session as you'll 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 and I'm sure be greatly valued by the company. On behalf of the management team we'd like to thank you for attending today's presentation and good morning to you all.