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 they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to CEO Emanuel Proença. Good afternoon. Thank you, Alex, and good afternoon to everyone who is with us today. As referred, we will go through a set of slides that summarize the current situation at Savannah and the progress that has been made more recently. We will want mostly to hear from you, your concerns, your doubts, your questions, your ideas, so feel free to pop them onto the system as you go. We will have at least two opportunities to go through them, as Henrique and I will do just that. You all know what Savannah Resources is all about today. We are 100% focused on delivering the Barroso Lithium Project, Europe's largest spodumene project, and certainly one of the important anchors that will help Europe be a bit more successful in this sector and improve its odds of fully doing its energy transition over the course of these next years. The Barroso Lithium Project is, it is important to recall everyone, a very particular project, both in terms of its size and its competitiveness. I think that this slide kind of summarizes well five of the key highlights of what we represent and where we are right now. The first point being that this is a globally competitive project, so it is not a project that rests on the laurels of being in a European territory. It is one that wants to be competitive versus the best projects out there in the world, be them Australia, China, in Africa or from within the E.U., you have also the projects in Finland, in Canada, in other places. We want to make sure that we build a very competitive project versus all the others. The numbers and the evidence that we have built over the last months have proven that that is on track to be delivered. C1 and all-in sustaining costs at the FS stage are estimated to be in the second quartile of the global cost curve. Obviously, that is from within European territory, following European rules and legislation with an achievable CapEx and potential returns, both measures as NPV and as IRR that are really potentially impressive. So, it is a very high-quality project in terms of competitiveness. It is also Europe's largest and starting to become globally significant. So, it is important to recall, everyone, that the DFS that we released in July is only for phase I, for the first 20 million tons of reserve and 14 years of output. On top of that, the resource is already twice as big. We believe that if we do things right and we execute with the right quality and for the good of everyone involved, we can be granted the opportunity to continue exploring and continue working on an area inside a concession that has still a lot of potential to be unleashed. The third message that is important is that this is a validated project at all levels. It is validated and supported today by the European Union, European Commission, the Portuguese entities, as proven by the grants and the supports by AICEP, the German ECA and KfW LOIs that already have a few years, the offtake with AMG. All of these fronts show that we are building a project of very high quality that is of interest and of importance for all levels that it impacts. The level that is most important at start is the one locally. The local ties and presence have continued to grow and will continue to grow as we progress and as we execute the project because more and more people are involved. More and more people see here their opportunity to come back to their homeland and their home region, meet, live again close to their elders, have a good job, a good offer in interior Portugal, and be part of a project that can make them proud. Fourth message is that this is a low execution risk with high optionality. The fact that it is open pits, that the flow sheet is very well known, all of this helps and puts us in a good position when compared to other sources of lithium that are either less competitive or more challenging from a technology perspective, more risky on their industrial ramp-up and other things. We have full control of the asset, we have full control of the project. We have now a very good cash position for the next few months. We will talk a bit more about these $53 million and what they allow us to do. We are in a good position to deliver a very high-quality project that benefits all those that are part of the journey. Of course, now that we are post-DFS, we have delivered this additional fundraise on the week of September 21st, only two weeks ago. That was also one of the important objectives that we had for the second phase of the year, but there are many others. There are plenty of news that we are working on right now and that we will want to deliver that will unleash further potential, further value for everyone. Let me tell you a bit more about this fundraise that we just did. It was a very successful fundraise. I think it is worth highlighting a few things. The first one is that it was very strongly supported by all kinds of institutionals, kinds of funds from deep mining specialists funds, to battery raw material specialist funds, to energy transition funds, and to very generalist funds who are eager to be part of this microtrend that is electrification and the increased use of lithium in so many other aspects of life of the future. It has also been very supported by all the largest shareholders. We have here the participation level of the four largest shareholders, but the fifth, the sixth and the seventh shareholder also did participate in the raise. We are very happy to see that level of support to projects that is meant to deliver at every step. Every step that we have done in the last few years has delivered more value, has gotten us closer to the objectives, and that builds trust and it builds the confidence that allows these investors to continue to support us as we progress. The other important bit is that we have this fundraise capped at 10% for retail participation. It is always not very easy to have retail to participate in these operations for the speed and the size that they need to have, but we had that capped at 10%, and we almost filled it all, and that is very good news. It shows that many people want to be part of this story, and that those start from locals, people who are either from the Boticas region or from the Covas do Barroso village, to people who are part of this team, to people who are just curious and know what we are doing and want to be part of the story. We were very happy to see also that level of participation from retail in an operation like this. We are now well-financed, again, more than $40 million raise gets our cash position to over $53 million, about GBP 40 million. This is important. It allows us to be very well financed for this next stage in which expenditure and investment accelerates, of course. Also important to say is that the level of participation of institutions was such that we needed to scale back the operation, so not all demand was met. I think that was also in the interest of everyone. It allows the existing shareholders not to be overly diluted in this phase. We will still have another round to go, and we wanted to be well-financed for this phase, but at the same time, not overly financed, because we do not want existing investors to bear an excessive burden of dilution at this stage. We know that we have a lot of value to deliver, and that delivery of value will also be transformed into share price appreciation, hopefully, which will help in subsequent efforts. A lot of participation by Europeans from throughout Europe. 99% of the raise was subscribed by European entities and retail holders. Portugal represents almost 30% of the raise, the U.K. about 23%. Spain has grown a lot in its participation, but we also have seen very prominent funds from Switzerland, from Denmark, from France, from Italy, and from other places participate. We also saw a bit of Australian investors in, but that was not the focus for these operations, so it was only symbolic, I would say. We did not have the rounds open to U.S. participants and to other locations. So, a quite successful operation, I would say, and one that gives us extra confidence and also extra responsibility for the next steps. The shareholding structure hasn't changed too much because of the level of participation of the key shareholders, but Al Marjan has diluted a bit its position, which was totally expected, and the other institutionals base has grown significantly. It's over 18%. Very high-quality investors, again, in this bucket, and we're very proud to have them on board and conscious that we need to deliver at increasingly high quality so as to continue to benefit the trust of those who are now part of the journey. Our share price continues to perform a bit better than the markets over this last year, which is good. It follows what is supposed to happen when we are delivering and progressing to execution. We still believe that there is plenty of additional potential to unleash, so I'm really looking forward to next developments. This slide is just meant to help you better understand where we were before the raise and where we are now after the raise. We have told you that with the existing cash position before this raise, we could go until FID, and that was a part of the plan and continues to be. Actually, the cash use for the periods until this fundraise was totally in line with what we expected, only for a delay of 1-2 months, I would say. The use of those funds continues to be the same. But now with the extra support that we have, we can do a lot more things in parallel. These other things done in parallel are tremendously important because they are already capital employed for construction. That's something that is important to mention. What is not capital employed into construction, like associated to the equipments that needs to be built ahead of the start of construction, is elements that prepare us for that construction phase and for afterwards. Recruiting another 40 staff now over the coming months is very important so as to have the team fully prepared for the challenges that we have ahead. The sooner we start to do that now, the better prepared we are to do a very successful construction phase and to stay on the timeline to production. To us to deliver production. If we were financed to FID before the raise, we are now financed until just before start of construction, with many elements associated to the start of construction being now possible over the coming months. Very important developments in that front and we're not talking anymore about prospective speculative projects. We're talking about a project that is in delivery mode and in preparation for its construction. This is, I would say, a very important part of the achievement. What do we have ahead? On top of the various things that I have also already referred, let me just highlight a few more. We have field work ongoing under this second easements program. That field work is almost finalized. To date, it has been very successful. We are achieving all the objectives in terms of additional geotechnical and hydrogeological information. We are also progressing a bit on the resource on the verge. It's very selective, but it is important also. We're happy with the progress. The team has been working very well on the ground. There are always obstacles here and there. It was fire season. We had to work without working on the highest temperature hours of the day. We had a few mechanical issues here and there with some of the equipment, but that was totally normal, totally expectable for this phase. I am very happy with the progress to date. We are also in the final stages of preparing the submission of RECAPE. It will happen later this quarter, in this last quarter of 2026 as previously planned. I think we are going to deliver a very high-quality document that will make the work easy for the regulator, which is also important. We have also announced today, I think that with whom we have signed the FEED contract, and we have referred that we have started that work. Front-end engineering and development of the key equipment is an essential step of making sure that the equipment will work properly and will be on site for the construction phase on time. An important work to be done over the coming months in this front. I have also referred recruitment. We are just opening a lot of new job opportunities. They are starting to be broadcast. Given the success of the last opportunities that we have put out to the market in which we have had thousands of participation, we are at, I think, over 3,000 applicants for new jobs right now. Given that success of the previous steps, we believe that we now have the recruitment machine ready for the next phase. It will be also important months ahead to make sure that we bring the right talent team, that they get used to the culture of Savannah, to get used to the region, that those who are part of the region can also be part of this project. It is an important step forward also in this front. On the offtake front, we have kept you broadly informed. You know that we are quite advanced in terms of negotiation as for a second offtake. It will be finalized in the current quarter. Same thing for the project finance. We have already done all the due diligences with the banks. They have been, I would say, quite successful. The results have been put back to the banks, and that allows the work to progress to conditional agreements by end of this year, which is exactly in line with the plan that we have. The environment team has also achieved another important milestone. We just got an ISO 14001 certification. It is important to make sure that we advise to these standards, that we are put to the scrutiny of these standards, and that we show the world that we continue to execute our work with the best quality possible because we want not only to be very successful projects in the lithium space, we also want to be a responsible company that does things right and that grounds its work on solid foundations. This timeline, you have seen it in the past. This is just an update to tell you that we are on track to deliver all the steps that we promised we will deliver in 2026. We have the state grant from the start of the year. We have completed the DFS. We are on track to deliver the second offtake, the conditional closure of the project finance, and the build-out of the construction team. We have also already started working on two of the fronts that we want to deliver for 2027, the conformity check and some of the selective geology work that may help us show more evidence of additional resource in coming months. This is, I think, very important. We continue to be on track. There will continue to be obstacles, there will continue to be challenges here and there. Delivering a greenfield project in any industry is demanding, but we are on track. We are well-equipped. We have a good team, and we are delivering according to plan at this stage. I will pause here for questions before I then go through the additional information we use for these fundraise. Asa, can you help us with going through some of them? Yes, of course. Good afternoon, everyone. Just a handful of questions based on that first part of the presentation. There was a question actually about the breakdown on the type of funds who are invested. I perhaps can answer that one. Of that 18%-19%, about 5% of that is accounted for by battery metals funds and mining specialist funds, which is great. Mainly from within Europe, of course. The remainder is generalists, and that's quite a broad church, obviously. That's small cap specialists, Iberian specialists, European specialists. So it's a good demonstration, I think, of the appeal of the project to a pretty wide audience. We had a question about the long lead items and what's the approximate value of the down payments we're expecting to make before we get to the construction phase of the project. I don't know, Henrique, if you're best placed to answer that. We gave a bit of a clue there with the $20 million figure on one of the previous slides, I think. But I don't know if you want to talk about that a little bit more. Yeah, the amount for each item was calculated based on the, let's say, educated guess, based on the experience of the team, and you will get around 10%-20% for the major equipments, depending on the equipment. No more than 20% for each one. So, you detail the engineering, you have the vendor data, then you give the order to produce, and then typically you have a down payment of 10%-20%. Excellent, thank you. The other question that came up and relates to that is on the dual listing, which we've flagged previously. Obviously, we need to be cautious in what we say, but I don't know, Emanuel, if it's worth just reminding people what we've said to date on that and why we're thinking of doing it. Can you please just repeat the question, Asa? Sorry. It was on the dual listing. Yes, of course. What we have said to date and why we are thinking of doing it. Yeah. Let me just reinforce part of your first answer. I think it is useful. As you rightly refer to 5% of the 18%, so that is 25%, a quarter of the institutionals were specialists. I would also refer that in those that are more generalists, many of them have already significant experience in investing both in mining, in energy transition, and in battery-related projects. But it is mostly in mining and in energy transition, which is also good. So, it's part of the exercise of diversifying, but also a conscious exercise of those who know how the system and these projects work. On your specific question for this fundraise, we have always been quite transparent about our investment funding needs, and I think we will be able to tell you a bit more about that. But we are also conscious that as we progress, AIM continues to be a good house, but at some point needs to be supported by an additional regulated markets. We have also referred that we were preparing to dual list the company, and that work has already been started. We have already appointed a set of advisors to support in that exercise. So, I would say that at this stage, it is very likely that we will dual list in the first half of next year, and it is also very likely that the second house is a European venue. You know about our growing exposure to Portuguese and Iberian investors, so it would not be a surprise, I would say, if the venue would be Euronext Lisbon. That will be always in complement to AIM, because we're very conscious that we have deserved the confidence of many who invest through AIM, and we want to continue to deserve that confidence and also to serve them well. Excellent, thank you. We're getting some more questions in now on more general topics. Do you want to carry on with a few more slides, and we can come back to the questions? Of course. I'm very happy to do that. I will skim through the next slides because they are a bit too many, so I will just reinforce the key message of each, and feel free to ask questions that make us go back if and as required, okay? Recalling the results of the DFS, this very strong IRR and pre-tax payback that we aim to achieve based on a future price that is done with external PRAs doing their numbers. More important than that, this very competitive C1 and all-in sustaining cost position us better than some of the best lithium projects out there in the world. We're talking, for example, about projects like BLS, Pilgangoora, Manono, Jianxia from CATL. Again, some of the best projects in some of the best jurisdictions in the world are projects against which we can compete so as to serve well these markets. You already know the key features of the project. You also know that this DFS was only for phase I. Phase II is mostly focused on reserve growth, and there we believe that we can go from our current reserves at 20 million tons until much more. Targets of going significantly beyond 40 years of life of mine, potentially beyond 100 million tons at some point, is obviously an ambitious target, but one that seems to be very possible with the geology knowledge that we already have. The phase III would be an industrial expansion with growth in capacity and other things. Of course, for each of these phases, there is a lot of work that needs to be done, and we need to be doing the right thing. First things first, we focus on this first phase. We show the world that this is a very high-quality project and that it is good for everyone. We get a very solid team on the ground, and then we continue to work on the other elements as we deserve them, as we earn the rights to develop them. You also know the size of the CapEx for this phase with a set of pre-strip costs that are capitalized. Then with the contingency that has been audited and confirmed to be valid with current information, we are looking at a full investment of $418 million, to which you need to add a bit of working capital and financing costs. We are talking easily about a full financing package of $450 million. You also know that we already have a grant that supports a significant portion of that investment. You also know that project finance can support a very big additional portion of that investment. Obviously, this raise that we have just done also contributes to this number. There is not that much to go before we are fully prepared to build from a financing perspective, but obviously, we still need to deliver these various fronts. OPEX composition, how you define C1 and all-in sustaining costs, the value of the by-products credits here, the costs of closure that we expect to happen significantly later than what is anticipated in this exercise. You also are already quite familiar with these numbers, so I will spare you the details. You will know that the business model, the business plan is obviously quite geared to the spot lithium price. It is not heavily geared to other factors such as fuel prices, electricity prices, financing costs, CapEx and OPEX. It is a very robust project, and so obviously we will want to manage all these items well, but the future of the project does not depend on them. It is delivery that is important. You will know the industrial flow sheet, very traditional one for this space. The industrial area that we are about to build in that valley, in which you have abandoned land and industrial pine tree forests. You will remember that no one needs to be relocated and that many jobs will be created by this and the broader industrial footprints with the roads that we will build, the power lines, the substation, the water reservoirs that will help the region. All of these elements are also important elements of the construction phase. Last but not least, on this portion, all of the additional exploration targets is within hauling distance from the plant. We are not saying that we could eventually get to 100 million tons with resources that are elsewhere and that require other plants. No, it is inside the same area, and it will continue to contribute to a very competitive and very robust project. This critical path to production also helps you understand that we are not sticking to an objective of getting to construction. We are already very much looking at how that construction unfolds and how we get from start to end and to first concentrates at the end of 2028 to early 2029 with the ramp-up. It's a lot of work that will be done over the course of the next two years, but the plan is starting to take very solid shape, and that's encouraging to see also. Very fast on the financing structure. I have told you already as a summary, Henrique and his team have been working very well on the various sources of funding that can support this project. We're lucky that we have a set of options on the table, and with that luck, the responsibility to make decisions and to serve well all those who participate in the project is reinforced and comes. These next few months will be months of decision-making, of trying to make sure that we set the right level of gearing for the projects, that we use wisely other sources of financing, that we define well the strategic partnerships that come with offtake deals, and that we define whether we want to take prepay or not. All of these is, as I refer on the table right now, and is progressing quite well. I would say that we are getting closer and closer to being one of these few projects in the system that can deliver very high quality project finance schemes that reduce brutally the burden on equity holders and the burden of dilution, which is also obviously a very important consideration for us. Last but not least, I would say that the progress in the region also continues to be a very important part of the success and the progress that we have made recently. We have told you a bit more about some of the partnership agreements that we have reached. I'll tell you just as a side detail that, for example, these hunting and fishing associations, part of the partnership is already showing results. The Covas River will now have a new fishing area, for example, in coordination with our project and with the fishing association locally. The communal lands related entities, the work that we have done with them, we are already renting some of these land plots, 150 additional hectares of rentals that we have put into the mix over the summer. The relation continues to be very strong and with that strong relation, new opportunities to work together have come, and so on and so forth. I will spare you the details, but we continue to see very good momentum there. We continue to see also that opposition groups that will never go away, but the smaller and smaller and more and more radical, more and more basing their position on lies. It's unfortunate we have to deal and live with that, but it is also encouraging to see that it is only a minority today, and that everyone understands that it is a minority. The more we can work with everyone else, the better. If this opposition group at some point has more elements of it that wants to be more reasonable and wants to work for the goods of the region, then they will be most welcome to join us. Hiring will be a very important element in growing our local social engagement and footprints. We have told you about how many good stories we already have in our team, duplicating the team almost, which is what we are going to do over the coming six to nine months, is obviously going to duplicate the opportunities for actual impact on lives of people. We are seeing a lot of enthusiasm around this, and that is very good to see and certainly something that we will want to continue. We have talked about these five key points. Before I open the floor to questions, I would just reinforce these good achievements with the Portuguese state that supports with the grants, with AICEP involvement, with the easement and the resolution. All of these were key moments in which we understood that we are doing the right thing and that the Portuguese want this project to be delivered. We are not always going at the best speeds with local and national entities, but the fundamental is that we are progressing and heading in the right direction. Again, the local deals are very important for us. It is a lot of people behind those agreements and partnerships, a lot of engagement, a lot of new stories that wants to be part of this new, massive, positive wave that a project like this can bring to the region. The DFS and the reserve are very solid validations by globally recognized sector experts that we have achieved and shown to the other world in July. We continue to be a strategic project, but more important than a strategic project is a project that is delivered that can be an anchor for the European value chain and for the world to run away from fossil fuels and from diesel and be more prepared for so many technology and energy related transitions that are happening as we speak through batteries and through lithium. We now have five well-reputed houses covering the story. They all have buy ratings with good and interesting price targets, but more important for us is that this continuous increase in coverage and in reach for the project is associated to continuous increased credibility and to the execution of the project being closer and closer, and the materialization of all the value that it implies. We are on track, and we are proud of the progress that we have achieved recently, but also very conscious that there is still a lot to be delivered. Asa, I imagine that you already had a few more questions. You may have had a few more. Yes, absolutely. A few come in. We could start with some questions around financing, if that's okay, Henrique. Someone is asking, and thank you everyone for your questions. There's a question about rising interest rates and whether we think that's going to alter our plans around financing at all. I was on mute. Well, interest rates always impact financing, but let's say that debt sizing on this industry, as the restrictions come as the level of covenants are relatively high. I wouldn't say for those level of covenants that the industry works doesn't impact much. You also see the total level of the leverage that you get, like 60%-65%. You don't get more than that. Let's say with the business plan we have, I think that's the active restriction is this 60% and 65%. Wouldn't be that interest would reduce the debt sizing. Obviously, this is a balance on equity and debt always interests us as a whole. But we would be exposed some floating at this stage, still some timing for doing that. Let's see how it progresses, but wouldn't impact significantly the debt sizing. Actually to follow on from that, we've had a few questions about, yes, debt sizing, equity sizing. Do you just want to run through, and obviously the grant is a major piece in the financing as well. Do you want to just run through your sort of assumptions on how that breaks down? Well, let's say that at this stage it's not the easiest to put a number. I didn't want to just to tell a number. For sure. Building up about this. We have close to 420, so 418 million on CapEx. That is the number from our DFS. It is in this presentation. You might need for the total funds some more for working capital interests during construction. Typically you would have some more money on top of this 420 for pure CapEx. For that, on that fund, you would have like 60%-65% of debt. You have the grant, already have some cash, at least 20 million out of those cashes would be seen as part of the CapEx. The remaining will have to be equity, based on that, and that is what we are working on. This gives you the idea what the building blocks of the exercise we are doing, but it is maybe a little bit too soon to come over exactly with the final number. No, but I think that is very useful, thank you, in terms of just sort of putting some scale onto how that structure breaks down. Just in relation to that, we have got some questions about offtake. Can you just reiterate what we are expecting to achieve with the second offtake, what we think we need for the bank financing, and what we expect to leave for the spot market? Just a brief view. We went to a market sounding with the banks, even before to fine-tune a little bit on our offtake strategy. We believe we should have, I would say 75% of our production covered by offtake agreements on a take-or-pay basis, and keeping some for flexibility issues, the remaining 25 or around that number, I would say, is free for spot. That will be the main idea of our strategy. Emanuel, you want to bring some color on the offtake? Yeah. Happy to. Thank you, Henrique. As directly referred, 70% to 75% in through contracts is a very valid and balanced number. It allows for the operational flexibility and for the exposure to spots that we want to have. But it also allows us to build strong relations with very credible counterparties. So, when we are screening through the markets, and through the options for offtake, it will be much more likely that we end up working with a first-tier global company in this sector. AMG is certainly part of that category. There are also another maybe 25 companies in the system today that corresponds to the right level of credibility, knowledge, established industrial footprint, strong balance sheets, all of those things. Proper strategic alignments with us and that can show good terms for everyone involved. We're not at the stage in which we can share with whom we're closing the partnerships. I can tell you that we are now working with a very final shortlist of candidates, and all of them are very credible players in the global scene of lithium. It's encouraging to see them interested in the project and presenting what I would say are interesting to very interesting terms for the future of the project. Yeah. Good news, absolutely. Just sort of moving on to technical and development front. Could you provide an update on both the access road and the bypass road and where we are with those? Sure. The bypass road is a road for which we want to have the environmental approval before we do a RECAPE, and we know that that process is almost finalized and has gone very well to date. That's totally in line with development timing. You have seen that a significant portion of our CapEx is associated to that road, which is a road that is meant to be a public road. It's meant to support the region. It's meant to be used by many in the region. It will shorten times and distances within the region. It will serve the project well, but also the region very well. Given that a significant portion of the region's population will be involved in our project directly or indirectly, that's also good for us. The environmental approval process is, I would say, quite close to being final and all working according to plan, at least with the information that we have right now. We now just need to see the final confirmation by the regulator. The north access road, we have always seen it as parts of the project itself. It's what could be closest to the definition of a mining annex. We've been interacting with national entities in regards to that road and also with the local municipality. The project is very well-defined and the path to having it fully licensed is also quite advanced, although there are a few caveats here and there and a few wrinkles to pull. What I would say is that the only reason why this requires a bit more interaction is because it is not that frequent in Portugal to have a private entity doing public works and investing tens of millions of dollars for the common benefits of society in the region. It requires a bit more of making sure that we are following the right legal and licensing routes, which is something that we are doing in close coordination with AICEP and other national entities. But the level of enthusiasm around this portion of the project is quite big. That's also very encouraging to see. Thank you very much. We've had a question about the FEED and whether we think the work being done under the FEED contract is likely to lead to an increase in the project's CapEx. No. No, because there is a direct link between what we did at the FS stage and the FEED. There is a detailing of the nitty-gritty of the engineering of the pieces of equipment, but we know what pieces of equipment we're talking about. We know w ho the most likely candidates for these kinds of equipments are, the lead times that they have. We already have a good set of information, so no expected surprises there on the negative, certainly. We will see on positive. Sure. Okay. Looking a little bit further ahead, couple of questions. We've got one asking if we plan to use electric mining equipment at some point on the project. Very good question. At some point, yes. At this point, actually, all the team or almost all the team has electric cars. That's not mining equipment in itself, but it shows that we're committed and that we are walking the talk, and it actually works very well. Just to tell those that haven't decided to move into this next generation of technologies, the products and the equipments today are very high quality, even for a project and for a team that lives and works and operates in remote regions of a country like Portugal, and people that have to travel lengthy distances frequently. We're very aware of the options that exist out there. We are also very aware that mining equipment in itself already has a set of good options on the market. But we do not want to compute risk on top of risk for the start of the operation. We will start with mostly traditional, high technology still, but diesel fuels or green diesel fuels fleet, a set of electric equipments where they are already well in use. As we progress in year three, year four, then everything will be more mature, starting with our own operation with the stabilization of our own project, and we will be in position to electrify. A curiosity in regards to this, part of our team has already been involved in operating electric and autonomous mining equipment. We already have that experience in-house from other locations. I think we will be in position to make the right call at the right time. Great. Yes, let's leverage that. Then, as I say, looking ahead again, we've talked about expanding the operation at some point in the future and extending the life. We would expect to do studies on that. The question is, if we're doing studies, how long would those studies take? Yeah. Can we give a guide on that? Yeah. It is a bit too early to commit, but I can tell you a few things. The first thing is that this first phase is prepared for that second phase. The decisions, the technical and the design decisions that we have made in this first phase, were also meant to make that second phase easier. There is already investment in this first phase that could be attributed to a second phase. For example, an oversized crushing unit, an oversized power substation. Obviously, the roads and all the remainder equipment are already prepared for a duplication. A second key message is that a duplication will be tremendously more capital efficient. There are obviously scale advantages and synergies with the first phase. Then third, we will need to deserve the opportunity to do phase II, and for that, we need to do phase I very well. There is total alignment on incentives. We do phase I very well, we continue to operate and work very well, then we can expand and can grow as we go. Licensing a second phase is expected to be significantly simpler than a phase I, of course, because you will already have phase I in operation. You will have the various impacts already assessed and visible on the ground. That all makes the work easier, but you are still a few years away. Understood. Sorry, and I think the final question, just on engineering matters, could you just talk about the power supply, where we are with that? Yep. Where that power is coming from? Thank you. Of course. Let me show you a map. It always helps to respond to that one. Give me a second. I'm sorry. It will take a bit. Here we go. You see that yellow line here in the middle? That is an existing power line. Okay, so it is a high voltage power line that already exists and that connects some of the infrastructure in the region. It connects local grids to rather large dams that exist in the region and to wind parks that also exist in the region. Our project includes a diversion of that power line, and includes the power substation and a medium voltage line here. It is easier for us than for any other project in these circumstances to have power on site because that power line is already there. Also because this region has more production of power than consumption, and all of that production is renewable. Trás-os-Montes is a region that produces a lot of hydro, a lot of wind, and an increasing portion of solar into its mix. That is also something that helps us a lot because we get access to that greener electricity quite easily at pool prices, as any other industrial investor in-country. We are also working with a set of first-tier companies on PPAs. We may end up deciding to do a PPA further down the road, but for now it is a bit too early and perhaps we do not fully need it. It is an option that we have on the back pocket. Did this respond to the question, Asa? Yes, I think so. Thank you very much. It is very useful. Moving on to community, we had a question on land. Sorry, I am grouping land under community as well. Do you want to give an update on where we are with land. Sure. Deals and land acquisition? Sure. I have told you that we bought more than 120 plots already. Very small plots, many of them. Almost all of them owned by local people who have found finally an opportunity to make some money out of these land plots. A very big portion of them were not using those land plots, so they were very happy to find a home for them. There are not that many remaining private land plots. I can tell you that only a couple of weeks ago, we were just buying and reselling a set of small plots to, actually, a family member of the leader of the opposition group, which is also a strange story. Someone who we deal with very well, someone who we like, and with whom we interact very well. That work with private landowners is basically finalized at this stage. The remaining small plots all have either border definition or paperwork or inheritance issues, some kind of issue that does not allow direct purchase. In relation to the baldios, the various agreements that we have done over the summer were very significant progress in that front. Namely, the agreement with the baldio of Caneiro that gave us direct access to another 150 hectares was a very important progress in that direction. We now have strong relation with three out of the four baldios in the region, and that's also good and encouraging because you sometimes hear from this opposition group, and the opposition group is led by this couple and the lady that is leader of that remaining baldio. It is encouraging to see that we don't have a problem with working with baldios. Quite the opposite. We do work very well with three of the four in the area. As was originally planned, the expropriation process is going well, and we'll sort out the remaining issues. I think we can be proud to only go through expropriation of those plots that really need to go through expropriation, because all the others have already been dealt with directly in good commercial deals and in positive coordination with their owners. Mm-hmm. Yeah, no, I think this is it. It leads on quite nicely to our final question, which is just about valuation and how do we think we can drive valuation and increase the valuation of the company. I think something around land and removing that risk is obviously a massive milestone which has to be done, along with many others. I don't know if you want to say more on how we see that developing. I totally agree, and it's also one of the reasons why we did not stake more money than we needed at this stage. It's also because we did not want to overburden shareholders at the phase in which we believe there is so much potential to still materialize on the share price. You have referred correctly the full clarification on lands to be a good important step. Also, I would say these long lead equipments and confirmation that they're coming on time and on budget, that's also something good. These off-take partnerships are very important steps forward that we really want to get done. The project financing, obviously, its size and its conditions will help people understand further how all of these value materializes into the share price and a set of other elements that we're working on over the course of these next months. We're very positive that in relation to our progress for the coming months, and as that progress is announced, it is very natural that we will see an evolution in the share price and in the overall value of the company. That's the normal path for companies like ours that have opportunities as amazing as this one. Yeah, agreed. We're on a journey, and we're hopefully going to arrive at production in the not-too-distant future. Exactly. I think that we've sort of covered all of the questions, and thank you both Emanuel and Henrique for going through those. I don't know if you want to make some closing comments. I am very happy to have done this extra section. I hope the answers have been at least acceptably clarifying. For all of those who still have other questions, feel free to send them through our contacts. You have direct contacts on the website. You have these info@savannahresources.com also that we read every day. Do send them over, and for those who want to visit to come to the region, please do. It is a lovely region. It is a good region that deserves an opportunity to be repopulated and be enjoyed by the many who have an interest either in our project or in the region. You will be joining a significant number of new elements to the team that will be added over the coming months. Really looking forward to making this project more and more a reality and a good reality for everyone, from shareholders to stakeholders to members of staff and everyone else involved. Fantastic. Well, look, thank you all very much indeed for updating investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good afternoon to you all.