NAVA LIMITED (NAVA) May 15, 2026 Conference Transcript

Good evening, ladies and gentlemen. I'm Madhuri, moderator for the conference call. Welcome to NAWAA Limited Q4 FY26 earnings conference call. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during the conference call, please signal an operator for pressing star and then zero on your touch-tone telephone. Please note, this conference is recorded. I would have liked to hand out the floor to Ms. Nidisha. Thank you, and over to you, ma'am.

Thank you so much, Margarit. Good evening. On the behalf of ICSA Securities, I welcome you all to the Q4 and FY26 earnings call of NAWA Limited. Today, we have with us from the management, Mr. Ashwin Devmahini, Managing Director and CEO, Mr. Mikhail Devmahini, Executive Director, Mr. G.R.K. Persad, Executive Director, Mr. B. Srinivasa, Chief Financial Officer, Mr. VFN Raju, Company Secretary, and Ms. Lisa from Corporate Communications. We will begin with opening remarks from the management, which will be followed by a Q&A. Over to you, sir.

Thank you very much. Good afternoon, everyone. And thank you for joining us today. FY26 has been a strong and important year for NAWA, both from an operational and strategic perspective. Our business continued to perform steadily across geographies, supported by disciplined execution, stable operations, and improving efficiencies. At the standalone level, we reported 116% increase in profit after tax to 911 crore rupees, marking one of the strongest performances in the company's history. The growth was primarily supported by healthy upstream dividend flows from our overseas investments and buyback proceeds received during the year. We also witnessed one of our strongest years of cash generation, supported by these inflows alongside healthy operational cash flows, further strengthening our liquidity and balance sheet position. On the consolidated side, profitability was impacted by a certain accounting-led tax adjustment at MEL, which is Mamba Energy Ltd., relating to deferred tax movements. To provide some context on this, the increase in deferred tax expenses, which is a non-cash item, was primarily driven by approximately 32% appreciation of the Zambian kwacha, resulting in unrealized foreign exchange gains. These unrealized gains create a timing difference between how income is recognized in the financial statements and how it is treated for tax purposes. As a result, a deferred tax liability is recorded. However, the underlying operational and cash performance of the business remains healthy and consistent. And on this, it is important to note the following, and there are four points. on this deferred tax provision. One, non-cash in nature. This deferred tax does not involve any immediate cash flow, cash outflow, and is purely an accounting adjustment. The second is its link to the exchange rate movement. The deferred tax position will be reassessed during every reporting period based on the outstanding loan balances and the prevailing exchange rate. Third, that it's temporary and reversible. Since the underlying driver is foreign exchange fluctuation, the impact can be temporary, and as exchange rates stabilize or move in opposite direction, the deferred tax liability is expected to reverse over time, and it has no impact on the court performance. This movement should be viewed as a technical accounting adjustment and not as an indicator of the company's operational performance or cash position. That being said, overall, we believe today NAWA is in a stronger position operationally, financially, and strategically with stable core businesses, healthy liquidity, improving cash flows, and multiple long-term growth drivers in place. A testament to this is the dividend declared for the year at 8 rupees 50 paisa per share, which is the highest in the company's history. With that overview, I would now like to hand over the call for a detailed discussion on the financial and operational performance for the year. Thank you very much.

Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and 1 on a telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and then 1 again. The first question comes from Aditya Shreeman from PCS Securities. Please go ahead.

Hi, sir. Am I audible? Yes. The first one is the status of the projects of the 100-megawatt solar project and the 300-megawatt thermal project, sir.

Yeah, so the solar project is due to be, at least commissioning is supposed to commence in the month of July this year, 2026. And the Phase 2, which is a 300-megawatt expansion at MEL, is to be commissioned during the early part of January 2027.

Okay, sir. And what is the status for the avocado and the sugar complex?

Well, on the avocado front, in fact, this year we've had our first commercial harvest for about 150 tons. As we speak, the rest of the growth in the last division, Division D, is taking place. We expect that to be complete towards the end of this financial year, post which in terms of plantations, we would be fully complete with it. However, in terms of commercial sale, we are expecting next year there would be a harvest sale of about 1,000 tons. Yes. And going from there, every year, the quantity would double in nature up until 2034.

Sir, one last question, sir. What are the domestic realizations for power?

Power for the current year, we estimated it around 5 rupees 55 cents. Okay. Okay. Thank you, sir.

Thank you, sir. Participants are kindly requested to ask two questions in the initial round and may join the queue for more questions. The next question comes from Sakit Kapoor, from Kapoor & Co. Please go ahead.

Yeah, Namaskar, sir. Hope I'm audible. Hello. Yes, sir. If you could just explain to us the allowance of expected credit loss that we have factored of 20 crore for this quarter And, uh, an amount of rupees 137 crore for the entire year. And, sir, second, yeah, yeah, please.

See, uh, it is on account of, uh, just for dues, which were outstanding as on 31st March 25th. We have received during the year about, like, 15.5 million.

And that the provision made in the previous years were reversed. Okay, so these are

gains that we have booked for the current year. Yes. And sir, going ahead, will this be any recurrence of the same? How much more will be reversed back going ahead?

We are left with 1.3 million, which will be reversed during the next year.

Sir, if you could just give some understanding of how the core business aspect in terms of the different verticals are behaving, the silico-manganese, the ferro-silicon, and the type of the expected realizations going ahead. And as you mentioned about the cash flow from the subsidiaries and the BIBEC program, what should one anticipate going ahead, and how are the power realizations going to shape up? I think so. In your presentation, you did allude to the fact of lower reduced realizations for both ferro-alloids as well as the Indian energy increased fixed costs, which was mentioned in the financial highlights. So, if you could just give us in brief the setup of the business environment for all the verticals and going ahead, what should we anticipate?

So that's a very broad question, but let me try to answer it the best I can. I think first, with respect to the ferrolois vertical, yes, there were many rising pressures on account of two major possibilities. One was the fact that India now produces about 4 million tons of manganese alloys, out of which approximately 1 million is slated for export. And the main export destinations are Europe and Middle East. So over the course of the last year, the European Union has imposed safeguard duties against Indian imports into the country. That coupled with the geopolitical situation going on in the Middle East has definitely put a strain on Indian exports. And as a result of that, we are seeing a lot of that material being dumped in the domestic market, Which is essentially causing the prices to come down. However, I think when it comes to NAWA, we are fairly well insulated from these volatilities because of, one, we have a long-term arrangement, a yearly contract with the two major Japanese bills, which essentially accounts for 40% of our production. In addition to that, we also have quarterly fixed-paced contracts with some of the big steel producers, private steel producers in India, which again accounts for another 40% to 50%. So our level of volatility or exposure to the spot market is only to the extent of 10% to 15% per se. So going forward, I do see that there should be a slight improvement even in terms of the metals vertical. Now, I think coming to the power side, you know, this year is definitely in terms of our entire cost structure, it would look very different from the preceding year, because we have the drop in coal prices by Singarini Calvary, whom we are essentially drawing 100% of our coal from in the Telangana operations. So, this allows us to essentially have a better cost structure and be able to participate in a lot of these bilateral tenders even during the non-peak season, which was not the case earlier. So, as a result of this, this year onwards, we are going to be looking at a fairly better overall PLF.

If you could just, on this part, if you could just dwell further, we are expecting lower coal prices for the current year.

Sir, I am very sorry to interrupt. In the interest of time, I request you to rejoin the queue.

Yes, ma'am. I am joining the queue. Only what Sir has told, I could not get his point. So, I am joining the queue. No issues with that. Okay.

Thank you.

Please clarify one second. Sorry, can you repeat that? Sir, only for the coal prices, I could not get the correlations you were trying to explain for the single coal mine. If you could just repeat what you said, and I will join the queue.

Our offtake for coal, which is the sole raw material for power generation in Telangana, is coming from Singarini Call Weeks. Over the course of the last year, sometime in September of 2025, they have decreased their coal prices to be more in line with the international market. And this essentially has had a big impact on our operations, where now we are able to operate year-round with a higher PLF and gain more contracts.

I'll join the queue, sir.

Thank you.

Thank you, sir.

Participants are kindly requested to ask two questions in the initial round, and may join the queue for more questions. The next question comes from Viraj Mahadevia from MoneyGrow. Please go ahead.

Hi, Ashwin. One is the financial assets and investments of 1347 crores. Is that cash-like image, i.e. is it in debt products, NCDs, etc., like it was the prior year? And what is the planned use for this?

Major investments are in liquid mutual funds and then debt products.

Right. And sorry, what is the planned use for this money going forward?

Yeah, so I think as you're aware now, we have the agro projects in the pipeline with both the avocado and the sugar, which are to be funded essentially from the corpus in the Indian accounts.

Understood. So what is the equity contribution still pending for all these new projects coming on stream? And how much incremental debt is likely to be taken to complete all these projects? So, delta on equity and delta on debt.

So, right now, I think, if you look at the total commitment, I'm talking about, for the group as such, the total commitment is about $130 million in terms of equity. And in terms of the agri-side debt, we're looking at about $100 million. And for Mamba, we've already taken on the debt for the phase two. And I think for the solar, $30 million is pending. So that is pending. These are for existing projects that we're currently implementing. But as you kind of know, we're always looking at other projects that could probably shape up during the course of the year. So those are not considered.

Understood. So if I just, just to clarify, so 100 from AGRI on debt remaining to be taken and 30 on SOLA debt remaining to be taken. So 130 million incremental debt and 130 million equity contribution into AGRI still remaining.

Not into AGRI. So in AGRI, it is about 100. And then we have some equity contribution that needs to go into Mamba. Sorry, the Mamba is about $17.5 million. Not Sola. Sola, we made our entire equity contribution. I'm talking about for phase two. We have a last tranche that needs to go in, and the remainder of that is for the Agri, which includes the sugar and the avocado.

Understood very clearly. I'll come back for more questions. Thank you.

Thank you, sir. The next question comes from Abhinav Nalawadi from ICSA Securities. Please go ahead.

Yeah, sir. Thanks for the opportunity. My first question is, what is the cost of 100 megawatts solar plant, and what is the tariff?

Yeah. I mean, I'm not going to go into the cost of the solar plant now, but in terms of the tariff, 7.8. It's 7.8 US cents.

7.8, sorry?

7.8 US cents.

Second question is on NBEL. What is the revenue of BIT and PAT for FY26?

I'm sorry, revenue and profit after times. And then PPD is 80 crore, PAT is 69 crore.

Well, you didn't get the PAT number.

PAT is 69 crore. Understood. Thank you, sir.

Thank you, sir. The next question comes from Jalak Jain from Chattisgar Investment Limited. Please go ahead.

Hello, I'm audible.

Yes.

Sir, my question is, how is the situation in Zambia currently? And due to West Asia crisis, do we have any power disruptions in Zambia? And are there any problems in receiving the payment from this call?

So the situation in Zambia is fine. The only change there is Zambia is going into elections. Elections are due to be held in the month of August. I mean, the power situation is fine. And with currently what's happening, there are no major disruptions. I think the only disruption is what the rest of the world is facing, which is increase in fuel prices. And with regards to receivables, we've been getting it on time.

Okay. And my second question is, due to the West Asia crisis, are we anticipating any increase in supply of coal in Zambia from mining?

Due to the West Asia. So, we have our own captive mine there, right? So, it's a mine mouth power plant. So, we're not dependent on import of coal.

So, sir, are we thinking it will sell even more as their demand is rising?

No, we have a large customer base. Our sales for our coal business is fairly healthy, and definitely, yeah, if opportunities arise and there is a good market, we will definitely explore it.

Okay, thank you.

Thank you, ma'am. Dear participants, if you have any questions, please press star and 1 on a telephone keypad. The next question comes from Shakit Kapoor from Kapoor & Co. Please go ahead.

Yeah, thank you for the opportunity again, sir. When we look at our EBITDA margin, excluding of, I think, so the one-off also before that, the EBITDA margin for the quarter has declined on a consolidated basis from Q on Q basis, sir. So, what should be the number that we should factor in for the current financial year? And also, in terms of our subsidiary, MEL Jambia, there also we have seen that the PLF on Q1Q basis was down. So, what should we pensioning in, sir, in terms of how the trajectory for the EBITDA margin is likely going to trend? Going ahead, that is the first question.

Just give us a second. Yeah, so I think, I just wanted to get the numbers before I answered your question. So, in terms of the EBITDA delta, it's because the last quarter actually there was other income. So, hence the EBITDA was slightly higher.

Sir, I'm talking Q on Q, sorry. I'm talking about the Q on Q part only for quarter 3 December quarter versus the March quarter. If that comparison works, sir.

There was a decrease in the other income by 18 crore in Q4. And the other reasons are Q4, Mama Energy, power plant had a planned shutdown, because of which there is an increase in the manufacturing expenses and repairs and maintenance. These are the major reasons for decreasing.

Okay, then for we as investors, what should we pencil in in terms of a steady state EBITDA margin trajectory for the foreseeable future? And the second question was also with respect to the volume in terms of the silicon and the ferro-alloys, what kind of incremental volume can we expect in terms of production and sales for the next year, if an understanding could be said? These two were my points.

So, with regards to, you know, what can you expect, I firstly, I don't think you should be looking at quarter-on-quarter, there are a lot of variables and so on, so I think you should look at basically annual performance, and base your forecast on that, and then.

No, sir, for the year as a whole, what should be penciling in in terms of the EBITDA margin trajectory, sir, then for the current year, for 26, 27.

It is very, it's very dynamic, right? Because on a year-on-year basis, you have various things coming up. We have phase two coming up. We have tax holidays that we are losing for phase one. So, it's very hard for us today to give you an exact number until we have, we get everything up and running and everything is as usual.

Okay. Even a trajectory, sir, you must have worked out on a trajectory of, say, 35% to 40% or 40% to 45% wherein we should be in that, sailing through that period with the type of adjustments which you have just talked about?

Yeah.

So, you can assume 35% to 40%. Okay. And now for the volume increase in terms of the ferro and the silico-manganese part of the story, what are the utilization levels? And any incremental object that we may anticipate for the current year?

See, with regard to perolite production, the total production will be on the same lines like last year because the Varysha plant was under shutdown for first quarter of the year. So, the sales quantity will remain like in the previous year.

In total, we are looking at about 130,000 tons for the next year.

Okay, so this time we did 134 for silico, and ferro was 8,000.

We've actually discontinued ferro-silicon, because the market for silico-manganese is more favorable at the moment. So I'm just talking about silico-manganese being at 130,000.

Okay, so that will be flat, sir. FY26, we did 134. Sir, I joined the queue, ma'am. We have to end your call. Yes, ma'am. Thank you, ma'am.

The next question comes from Sai Shreyas from Scientific Investing. Please go ahead.

Good evening, sir. Am I audible?

Yes.

Sir, thank you for the opportunity. So, my first question is, can you please help us understand why is there a sudden jump in the employee costs year over year?

This is like partly on account of like ESOPs, like we are giving RSCs to employees. To some extent on account of this labor code and the normal wage hike like to the employees we are giving.

Okay. So, sir, will this be the sustainable cost or is there any expected increase?

It will be like a sustainable subject to like increment we usually give to the employees.

Okay. Sir, and my next question is, sir, can you please help us understand what is the revenue potential from the agrochemical, agro sector, from the avocado as well as the sugars?

With regard to avocado, when it is in peak, the expected revenue is 22 million.

Is it yearly 22 million and from when will it start contributing, sir?

So, like, already the commercial operations have begun, like, we start harvesting some fruit, but it will be incremental. The revenue will be, like, it is not static, like, equal over the years. By the time it reaches peak, the total revenue will be 22 million.

Okay. The peak revenue is 22 million, and from when will this commercialization start? Is it from FI 27 or 28, sir?

No, I think the peak we can look at post-2032, but until then, you're going to definitely have incremental revenues flowing in every year.

Okay, okay. Thank you, sir.

Just to add, we've already started selling fruit. It's just commenced, so it starts in a small way and then slowly picks up as the trees grow.

Thank you, sir. The next question comes from Miraj Mahadevia from MoneyGrow. Please go ahead.

Hello. Can you hear me? Yeah. Ashwin, the way I look at your financials, there seems to be a bit of a structural cross-currency issue, right? Historically, you had the benefit of dollar billing in Zambia and dollar weakening against the rupee, and the local currency also weakening against the rupee, so higher revenues and lower costs. That seems to have swapped more recently, which is why you've seen massive cost escalations and a jump, particularly in employees. Is that the right understanding? And secondly, if that is the case, then it's probably better to build in some natural hedge on currency where local employees are paid there in dollars since your revenue are in dollars.

Yeah. So, you know, it's a good thing, by the way, the Zambian watchers appreciate it because that means the country is doing well. And I also think that this also ensures that we get paid on time. You know, the GDP is growing very healthily.

Yeah, and your cross-currency translation to INR, you take a hit, you know?

Yes, well, the thing is, we, exactly, and even in Zambia, we have to report in Quacha. So, once the dollar balance sheet gets converted to Quacha, you have these issues that sometimes are notional in nature. In terms of employees, you know, the Zambian government passed a law or a statutory instrument late last year where it said that all local employees, local contractors and transactions have to be transacted in Zambian Kwacha. So you can't have an employee there getting paid in dollars. Understood. I mean, this used to benefit us before when the Kwacha was depreciating. But now it is. But, you know, it's kind of become stable. I think it's appreciated extensively in a very short period of time. We may see some correction later. But I look at this as a good thing.

Yeah, but I guess then the next question is, can you change your PPS of dollars to Quacha at the current rate? Because, you know, it's like for like hedge, right? Right now, you're on the wrong side of the currency equation in terms of INR financials. So if the rupee continues to weaken and the kacha continues to strengthen, then you'll continue taking a hit on your consult B&L.

Yeah, see, the kacha appreciation, like we, from cash flow point of view, are not affected at all. This only affects the tax position. So, and trust me, you want to keep the PPA as USD. You see, in fact, when the law was passed or the statutory instrument was passed to move all local transactions, they actually ring-fenced power assets and so on where they can continue at USD. So all our expenses, O&M expenses, everything are USD-based. So apart from just tax purposes, because we have to convert our balance sheet from USD to KWACHA, there really is no effect of this appreciation.

But why not on your employee costs? Because the kwacha cost of your employees translated to INR is getting more and more expensive because the kwacha is strengthening and INR is weakening.

But that is hedged with my cold sales, right? My cold sales today is in kwacha now. So while the cost of the employees is kind of going up to a slight extent...

So is the cold sale value.

Does that cover it? And the revenue generated from cold sales. So the delta is hardly anything. And in terms of my core employees there, it's not much.

Understood. Very helpful. Sorry, my next question is, the 10% that's remaining of the, by the way, congratulations on collecting 90%, but the 10% that's remaining, when is that likely to be due from Zeskio over the course of FY27?

Yes, definitely. I'd say in the next six months, we should get it. Okay.

The next question comes from Jalak Jain from Chattishgarh Investment Limited. Please go ahead.

Yeah, hello. Thank you for taking my question. My question is, can you please shed some light on the mining activities in Africa, like M&O and lithium?

I think with respect to manganese, we are focused on ivory cores. And the second mine which has been allocated to us, which is 360 square kilometers, in fact, we have just completed the exploration works recently in a two-square-kilometer area, and we have found promising results where we are able to take this forward towards an exploitation permit. That's what we are currently working on, and I think hopefully in the next one year, we should be able to achieve that. Yeah, and on the lithium front, as we have informed before, exploration was underway. We did, although the initial exploration results in certain parts were fairly positive, we did come across a certain obstacle where there was another company, once after seeing our activity, had claimed some of that area for a different license, a TIN license. So that is currently under review by the ministry. And what we have indicated is until we get clarity and clearance, we won't proceed further. So it's currently underway, but it's under review by the ministry to overcome the circumstances.

Okay, thank you. Thank you, ma'am. The next question comes from Keta Joshi from nearby Assets Management. Please go ahead.

Hello. Hi. Am I audible?

Yes, sir.

So thank you for the opportunity. What is, my question is, what is expected incremental revenue and EBITDA from Mamba solar power project, 100 megawatt?

22, 22 million, and then bottom line expected is 6 to 7 million.

Okay, thank you so much.

Thank you, ma'am. The next question comes from Sakit Kapoor, from Kapoor & Co. Please go ahead.

Yes, sir. Only an understanding of how the power realizations per unit would shape up, I think. So, you have alluded to the fact of softening of the Indian energy business. So, what should be the outlook on the tariff front? And second question was, sir, again pertaining to the volume for the ferro-silicon part wherein you mentioned 130. So, we will be flattish for this year, sir, since last year was 134, the sales number for silico-manganese.

In terms of the production volumes, we are expecting a slight uptick in it. But with respect to pricing, again, that's an extremely fluid situation. Month on month, it does vary. But I don't see any reason for it to fall compared to the preceding year as of now.

And for the power part, what should be anticipated in terms of the realization?

I think on the power side, you know, although India has reached the expected peak demand is supposed to touch 277 gigawatts, you are also seeing a huge capacity addition in the form of renewable energy. which is serving as a deterrent for prices going up. So if you just look at the exchange, year on year, there's been a 13% drop. So our strategy has been more to rely upon the bilateral contracts, where the net realizations are faring better than what it is on the spot. So given the situation, I think we can expect somewhere close to 550.

Thank you. 5 rupees 50.

Thank you, sir. The next question comes from Vedan Sardar from Nirmal Bank Securities. Please go ahead.

Am I audible?

Yes, sir.

First of all, congratulations to the management for a good financial year. My question is with respect to volume, like you said, the production would be a bit high, but over a long-term horizon, three to five years of timeframe, how we can see the volume growth in our federalized business?

See, at full capacity utilization, we are able to produce about 160,000 metric tons with the current setup in place. However, we are always evaluating which vertical, is it better to produce alloys versus export that power to the grid. Right now, given that it is peak summer, where power tariffs are on the higher side, we have decided to exploit this time by shutting down the furnaces in Orissa in lieu of power export, while we are also carrying out all the preservation activities and so on. So this is an ongoing situation where we assess where the enhanced profitability comes from, and as such, take a call. So, I would not be able to give you a fixed number in terms of what the projection would be. It's a very dynamic situation.

Okay, and like you said, on pricing, you can't comment, but can you give some more color on the factors which can drive the prices upwards or downwards on a federal list?

Yes, I think so. It's directly linked to steel because this is the feedstock that goes into steel production. So, if you see an uptick in steel prices, ferroloy prices also invariably go up. Although there is healthy increase in the steel production in India, there is a lot of surplus alloy supply in India, too, because of the lack of export markets, which I touched upon earlier. As a result of that, you are seeing a lot of rising pressure right now. But hopefully, if the situation in Europe and the Middle East improves soon, we can probably look at Ariba.

Thank you so much.

The next question comes from Viraj Mahadevia from MoneyGrow. Please go ahead.

Hi, Ashwin. So going back to our earlier point, the financial investments would be enough to cover your equity contributions required for the projects. You will incrementally have roughly about 1,200 crores of debt that you take on between agri and solar. You know, you'll obviously generate free cash flows next year, but any plans on the land sale, the land bank in India? Because it's obviously a privilege to run a thermal business with zero debt.

Yeah, definitely. I mean, in terms of the land, we're exploring different options. Now, we have two. We have the Nacharam land, which is in Telangana, and then we have the Darmavaram land. That's more, you know, could be used for, like, industrial use and so on. But on the Nacharam land, the value has been appreciating. So, you know, if you were on the previous investor calls years ago, there was a lot of pressure to sell it, sell it. And thank God we held on to it because now the value is a lot higher. So now I think we are exploring options of, you know, possible JVs and so on in terms of developing that land.

So would it be like a JDA kind of as opposed to outright sales?

I mean, both options are available, but we are essentially what we're trying to look at options, and we're probably going to engage a third party to give us options in terms of sales, JV, and whatever makes sense, we will take it forward.

Understood. And would I be able to ask what would be the rough value of that land today, approximately?

It's hard for me to say. I mean, you can ask me questions on energy. Are we talking 500, 800 crores?

Is it more? Just a broad range?

I wouldn't want to speculate on this call.

Understood. And, you know, sorry, I missed you on your last point on Africa mining. The line was unclear. I think you mentioned one of them had encouraging results and lithium was on hold because the lease is contested. Is that right? Yes. If you can just repeat that. So which one has had positive results and what's the way forward?

The manganese mine that we were exploring, you know, we were exploring certain areas at Ivory Coast. Yes, so one seems promising, which we need to take forward, and the various steps involved there. And in terms of the lithium, you know, we've done, we started the exploration, the initial part was done. There were certain areas that were slightly promising, but that area or some of these areas have been contested by another company that has a different license. It's actually a license for 10.

So this is the Columo district, right? The lithium amethyst, antelum, tin.

Yes, Muppetisia, that area. Right. In Zambia. It's actually close to, fairly close to where our thermal plant is. Understood.

Okay, all the best. Nothing more from me. Thank you.

Thank you, sir. There are no further questions. Now I hand out the floor to management for closing comments.

Thank you for joining us today and for your continued trust and support in NAWA. We remain committed to build a strong, sustainable, and future-ready business through discipline, execution, prudent capital allocation, and long-term value creation. Thank you, and we look forward to interacting with you again next quarter.

Thank you, sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using DoSaba's conference call service. You may disconnect your lines now. Thank you, and have a pleasant evening.