Sigma Lithium (SGML) 11 Apr 222021 Q4 Earnings call transcript

So, everyone, look, I apologize for the delay. We had technical difficulties, each one of us in a different part of the world. I’m on a West Coast of United States, and Calvyn is on the mine site. Without further ados, we have great updates to give you.

So, we’re very delighted that we’re able to co-host this call.

I’ll the ados, further without go disclaimer. through So, that to statements make very this important a going notice to forward-looking It’s quite we’re lot presentation. in of

the does any So, take right? to And I’ll the forward-looking Calvyn, that ados, please made, information furthers foundation the it bear who completion of statements are effect or the Go and starting first of delightfully step with items will plant pass of without give you the curing Phase after the construction Calvyn? ahead, with XXX% earthworks. update of not X construction on a

Yes.

So, but good and it’s that. it for online but trying struggling, We made we were morning everybody, really now. get desperately to apologies

So, that’s great.

very most of But, the So, be lot have look, people releases. a to construction on be I these. quick updates think said. following to been the need and some I

you So, the But up, We we at earthworks, complete. of photo now are and December here record is in have are which into catch moving that looking issues really managed to with obviously the did civil. now the some we rainfalls.

maintaining physical based fast we move will forward, to Difficulty] Difficulty] late materials the civils at as actual the at site, going the arrive and they here. primary be arrive, So, we basically area. steelwork on May, [Technical soon crushing rebar and and how [Technical are the as we are April, the civil’s arriving. equipment early is into And starting expect moment, mobilizing arriving foundation

we item over the currently as lead all that, And in [Technical big Commissioning, the on ordering long is earlier, $X year that Difficulty] we December. funded. And [Technical initiated I I it’s spent one mentioned fully have Difficulty]. -- million. think this items, thing then, So,

it’s very moving well. So,

slide, Next please.

press to billion. excitingly obviously an Phase here, really think morning, of the potential’s and now with think we’ve a $X.X lot the increased to been point of first feasibility, on sustainable this the average in Phase on it upto project, And year a us capacity X.X%. about this X NPV some at And is always the crucial do more that and release and tons, presentation with reserves hoping know updated of so and a people terms XX-XXX take this I reserves the of further of is little So, XX this but I call I’ll grade bit are a an million and project this XXX,XXX X to we of very tons. in talk more

to Phase at everybody, grew remind excitingly tons, X indicated million Phase tons and have XX of record tons. to Phase at resource doubling inferred almost X increased we X X million XXX,XXX X.X% of tons resource X.X%, measured and million Just capacity XXX,XXX. mineral XX The of

is almost actually been can XX% plant again Phase on of amount good replica all many recoveries here X, plant but -- inferred That’s the the design. small completed X we’ve SGS Lakefield to X, why then work very Phase comfortably we So, surprise completed I for bit very and completed probably say, Phase by all here, And recovery. metallurgy resource. on of say and of the completed X has the the average Phase have a at

Next Slide?

just completed yes, So, to tripled metallurgy. summarize -- to we reserves. We the summarize,

But warranted. right plant, right in a second do we Calvyn. can the it’s the the good looking potentially direction, very moment So, feasibility study

itself, the on so we’re even way we far be we done over go the updates. into that that, last the work if We in construction. not I here ESG. with had a So, And years. focus carrying six we ESG huge the hadn’t mean, on the would manifests

say people. actually a we them brought program lot home, people. that employ XX% together, of local And job building proud region. out and big say back men elsewhere work the we like [ph] How local that We We fabric to so? the poorest we’re openings people social families basically of not social publicized regions reconstructing living our proudly The did impact. is the A region the homecoming They very managed a state. in can were a to of the and lot we men, from workforce qualified where basket. the the we of the also the leaved Bangladesh. back, food they but brought IDH tremendous throughout locally, one were That is were which of very XXX, world. living has the off country of to technical who have Moreover, people XXX over And on sourced site. we

people. technical They’re living now So, Sigma. employed aid. food by were They were these on

planning people region. increase starts, XXX to and going to the are living We’re that guideline to the prioritizing technical from same workforce once the of or we are living follow elsewhere in the ESG commissioning region

have the program think high we we doubled about also think of to to vulnerable. our meals the size because We have and

we not So, is case been until continue since yet. finally really address pandemic going the we’re it to us, and behind to vulnerabilities addressing have the COVID which is

we essentially, program. We served the are X.X meals. doubling So million

double going to serve We’re by meals X.X the to project end ‘XX. million to of

during people January. for campaigns. COVID riverside in relief we disaster were provided with floods And also XXX the that continued We living

So, this third is campaign. the

appointments for distributed which over two year. a XX,XXX cover liters medical XXX at now We’re areas,

So, over appointments XX per medical month.

you slide slide liquidity. So, this the is all is the The on news know. essentially big that

of We million as liquidity allow to levels went that reached that day recently. doing a We’re a been this getting all as finally react Sigma company levels to the execution we’ve stock a $XX finally liquidity to to up on ground.

year. in and driver levels second to that And NASDAQ. us highest And at makes ESG we in and beginning daily the the managed voice BlackRock was liquidity so NASDAQ. as coverage. widened were dear you shareholder, XX given important initiated something is on globally selected of funds to was With scarcity as fundamental know, that one of join I’ll by -- exactly that We So, stocks year are us. at reaching largest of achievement traded crowning more roaster the importantly, related last some this register And coverage America all of the our the this America. research Calvyn. our the to they’re Bank -- proud the it been have thematics to to Bank behind our volumes to of at watch average related it because listing selected back we’ve liquidity throughout send scarcity very values that, the sectors to a ever the

talking and So construction about planned guys, here, so we’re milestones. the really in

beginning detailed where engineering or which was called XX% is into and the with X plan now Phase at finalized of [Technical with workstream initiated civils. of essentially So, commence. pre-construction, we year then moving project construction then end was execution November, into we are so earthworks this Difficulty] moved where basically of And the started we which

not a earthwork. And a of milestones, I’m lot much terms the to and that. issue we’ve of we that quick started just geotech on degrubbing think too I then was of summary the about main and hydrogeology. So, essentially in going But, X, talk done Phase construction

in XX% model. and Difficulty] detailed be engineering XD which commissioning. that, But Difficulty] Currently, [Technical this -- the and the doing then essentially construction phase, The the for will are the XD acting plan of of completed [Technical Promon the we was acting the mentioned then with execution as we over model. XX% I which Primero finalized. with detailed and advisor responsible is EPCM with engineering contracts project complete So

in joint now back field in construction the a to are Promon it’s from the So, all effort between where Primero, we and essentially both the way phase.

into commissioning then So the the commissioning right, on to year. the now at end of see We’ve the specifically completed the you of earthworks. move strategy

We’re now be would civils into months. the moving And the civils. X

doing basically area is [Technical parallel. So, what plant clearly we’re Difficulty] the

XX% of in terms here goes saying is we of guys, here numbers complete. the writing start earlier, drawings. area area what design, really what mentioned engineering complete but crushing call we’re I is in mean issuing construction the that So done which I’m is terms then, now -- right? I’m the construction The I process, obviously, drawings, when in with that building. we As that And XXX is

So, one civils, XX%. things we you the as the then construction mechanical, issue, is civil of -- of drawings XX% designed XX% of see process of piping And do. last is XX% which can of and XX% valve

terms steel structure, drawings, to an assembly. these we just you give constructions physically construction and design, idea in where are of electrical in numbers So, instrumentation, like terms constructing, of

you So, can issued. the Difficulty] thing is [Technical take whole it now but that are these

Construction, [Technical So, be [Technical fabrication, civil delivered, cetera, Difficulty] that cetera. et that. all on equipment et Difficulty] will

you can see, in the So, we down as line, terms now that. got

Next slide, please.

the quickly of very table we is where time here are. to jumping just sort So,

confirmations XXXX So, QX drawings and design these are the taking place. where

implementation the all now? I -- up on and XD QX, to sorry, the the keep QX, the -- QX, -- am we sort CapEx. QX, of QX, So XX%, then So, model of all QX, where

into So, We then ordering long we this jumped items. started XXXX. basically of year lead QX

I do previous closed long last think Difficulty]. lead long factories I the obviously longer, I And think construction this even the call, items mentioned this sort more times. has increased with of backlogs. really it lot on before lead and down, the And [Technical because decision year, had became a late to factories obviously then

they only they not Difficulty]. So, longer, got [Technical got

long January. to through we way items all and in order back forced lead all December So, December, were the

lead items we XX XX. get I long idea, to with Just think an started with ended and

happened increase year with same last equipment Earthworks, significant So, it and has what COVID. a we started now. was and level of just completed because end literally

year. commissioning, is and max the say of You here and anything this taking is [ph] happening else. is rather civil than engineering I’d can so We view. that are as it now continuing. But, we here, electromechanical and as a to my planning XX-day commissioning the construction see in end we see And

want of to to do type one Okay. slide. Similar you this Ana, or... talk

No, right? mining, no. It’s

Yes.

where really we this I’m not similar talk are previous slide, about now, going to work. So,

the pre-stripping. this things -- terms we in essentially, in two really not three here is happening really There is there mining. is now here are thing things the So main fact Also, it’s but area. happening showing The pre-stripping. of

we the pits, the ROM and north pad. whole building roads, are building the pre-stripping We’re

in is it’s developed area, -- the for station, the area that being and gas where also in obviously ROM now -- happened, we’ve developed. now fact. in putting is parallel So, basically all And we mining happening specifically but are the anyway which

basically the happening three for ready then covering commissioning, is whole pre-stripping sort the year. mining scenario putting the material will material once of pre-stripping things start, there that. pad this end ROM is and And at So, this on essentially of in

do the always X before and still to all -- will pad have pre-stripping, than quicker I we’ve be placed X The ROM months materials under can much but said infrastructure. to that put they So, about we around that. obviously

this in guys happening what’s that’s area. So,

Next Okay? slide? Okay.

So, construction update.

terms of and it’s like here, idea slide, so Phase just and some happening the think much X to you happening right? this actually what’s this not an in this size, I idea give is I about what’s get long, what think writing just kilometer So, here of over X. is I of

a construction. is here right is earthwork this can in of see, the And primary is actually coming And end as you the here. So, to crusher. big of us an front sort

half of here where this is And the DMS there sits sitting. itself down, see sort the can oval you So, go where plant sitting. is where literally And shape, you is crusher below that primary the secondary oval are and then, down. as right shape then is crushers tertiary

is this nice think, the But this. the on I size plant, and of left plants, everything screen. the of an get to the idea water of So, quite it’s infrastructure,

and where this the be here, is feeding So the is sitting pad ROM is where front that we’ll there. then will grass the crusher where in be

to with oneself this drawing. orientate So just

were put rains on earlier. see cement into that. back that drawing, percentages really similar again, in in photo this you I want see I the what We And about we record talked in were mentioned, as here here. we I left, as say, is go drainage. can So you -- this or the can I having

So this early. decided we to drainage earthworks, put in to the protect

goes water -- So, the pump the back. drainage just all the have and gone bottom, way drains we the has the to and by in, then where way, down

the so pump off distance. coming basically some to more there. use bottom and about talking those pond, the at here. Difficulty] trucks we’re the this in It’s provided in and sort you down rain we’ve That maximum lowest capture water that area. sustainability And where all the see water, site in of is drainage back it of this the now, and right something are water So we’ll it [Technical the XXX% the of now -- can of

within the right, And on team on fact what slide advanced the engineering Greentech order outcomes for Calvyn, of so, terms and that recovery, fine in the processing the about what as is to well I allows plant of mean, in adjusted, estimated of the team the flow, are we team have that the the all but processing his again the the of design certainty of engineering Calvyn equipment design in construction, this the to go terms of process us in some pieces tuned an important achieve end advanced typically advancement. calibrated -- in way message through goes feasibly to need is call DMS recoveries? process terms and what detailed the

Yes.

you So, what think and know -- It’s tested, is is This this this solid error and into in real of. have really what This trial places we think designed, gone yes, -- right? here. you years built of it’s and quite most you’ve level when think. EPCM, site and do based that done this frankly, just obviously something that I -- is Difficulty] well plant on most for my unheard start all it view. we is the engineering way, And of point. best a it’s the an design, probably the not way I slower you is XX well that confident, this but important more detail really [Technical

what that’s us. So, yes, so means it really for

is on on So, the -- sort the right, at other similar more essentially layout. probably again right left on that angle the -- from the crusher, we photograph on the than important the see the -- below of left one primary you’re the just of is looking on the

the on of itself. that part earthworks the is plant left So,

line, I the think infrastructure on plant right and you the infrastructure, non-plant infrastructure. sort of really see can is and

rooms bottom at very to crusher, looking stuff, the obviously, what is that up sort we -- here into feed crusher the and bridges the your secondary non-plant we’re about swing secondary drop the to automatic then left, the change in up So, you’re such -- tertiary the then, that infrastructure services And talking obviously admin, crushers fast. an it earlier and we then canteen, really weigh down of everything which else and as DMS. and and workshops, top clearly on into and primary here tertiary back the it goes call is quite sit feed

So, fully automated. at this all, by manual plant There’s anywhere, here nothing is way. the

next phase. to you this, don’t when sitting And have so, people you’re running here these

station. from running You’re central one

video XD Victor the going plant. So now, is I’m going to where a video of stop we and put We the stand a end. to can on put quickly at Got it.

Okay.

want So, it? to Calvyn, do narrate you

I can. Sure.

Okay.

north north XX% the this So, you And here and the the the river is we’re pit looking -- decided is the south And pit, about -- we I to the at ESG. [Technical Difficulty] to. behind south just the that’s part couldn’t way, left river by see pit not access which of it and pit can pre-strip.

building, see bridge. we’ll can be that roads whole You the

we’re the essentially Here moving some you mine and pit we’re now to see And waste the now looking the here, site. of part. west towards

plants, And on in primary, here, as to plant. on eight We this the -- see feed. and diesel is see bin the very then mine where maintenance area these have hold hours truck can you this. is coming basically can bin. can into the like feed the of basically crushing ROM can -- we’ll then back, the quickly, stuff basically Difficulty] feed into sort to -- tertiary you coming see pad, the secondary where is and roads one Difficulty] at of will feed right [Technical that’s that coming whole plants these [Technical but So And This and you pad. towards the and

then where to the overflow, we plant. DMS, DMS, basically the and an have what is lines, we’re if And -- have here a trying have coming coarsefines it. has the a feeding DMS the have need constant use feed So, we into ultrafines and do you’re we into three

So again, looking we’re now south.

You water plant the can the center there. see in

slide. think I have we just this slide, so another And

is the pumping we’re to ready see can back to we site. the into You you the Water river well. all literally Jequitinhonha north, there, the see to way which pipeline up plant as to the as River, Phase, the go them can second which

very water. That’s sewage point. a important And

clean obviously, south with here And Well, contaminated, head sort it’s sewage on up. for do side. we we the across water, it the plant industrial back contaminated And then, then -- use of so put river itself. we

So, [Technical anyway Difficulty] think I give idea. an

just because and lot time, So, I it’s back the in of to to The is kind about actual The I plan, is, think on the we studies engineering, presentation. next devoted the like then why project plants to said CapEx execution quite have the and precise But the a been detailed slide we the engineering, Calvyn discussed. to and so we engage reason from think suppliers. consolidate what detailed precise so building on money energy ‘‘CapEx’’ it.

completion the successfully have that that does we in world tailings. stacking, for it Calvyn mean? sheet XXX% Sigma percent talk the go plus importantly, started flow more the the engineering to paper processing that had sheet flow We one FELX designing to we lithium each means budget. the and in of about saw previous we It on the steps to was before didn’t about allowed adjust tailings. stacking we the with actually needed we on it engineering. the knowledge of stacking will flow we that the and detailed And We doing sheet the what built. published And the the So, instance, dry And level is that’s construction this -- to just on something processing. all on completed. later, pitfalls which XX of that company tested that, chart plant knew of and level successes a take of us basically this dry basic building accuracy, through that drawings you start of but and at today. What first includes on that schedule, only dry

and fines. on we So, into DMS those fines things to adding test other more such circuits the recovery by as had capturing

like go the So detailed straight This I’ll state now. I’ll commercial And engineering moments back is update. forth. go pays in market. off think of the and the I into

clients, and in clear these volatile real a in resulted the you when buildup supply to there our expects. socially EV, players have for between disconnect are we the materials, battery pretty because because has largest sell index a the battery dialogue everyone makers, consumer makers sustainable to point base talk in that to environmentally and where, find lithium the the it’s a way, think a and market specifically and I the times battery that market conditions raw with current in what capacity that these in materials hard to it’s and including raw index demand That makes various happy, the base line reflects pricing, directly industry, to isn’t with spot. there’s

Sometimes volumes, it it sometimes reflects doesn’t.

here here, notwithstanding, Sigma’s quality result produce I given So, of quality. a So, X.X of a mean, right? the this we the represents picture we a material, got XX% of needs One of material our as ESG got of the to material downstream is tons savings hydroxide. into derivative high-purity ton situation of because that, about

LG on XX, in concentrate. commercial Mitsui, basically were able agnostic. price and are aligned now a about are case sitting of market the of the priced produce floating need and conditions agreements based comparable with the plus to mean, tons, these I prices. tied of would bulletin, the position shipping. same time In You is They’re Asian being a very which ton Mitsui, was metals comfortable of Therefore, for the strike with -- tons we spot at to to our we hydroxide. high-purity X material X.X,

into full this we quasi So, good tight exposure upside, should to to able of is on deliver this that frankly deficit pricing which material sit we’re where be market given very going we position environment. very be to

section. I’ll So, into this lead

call published the was feasibility about of the which update study. where to actually the the X the we press talk going the today, delay release of reason We’re Phase published for

that work, economic that current reflect parameters last to and detailed So, then all did, the year. additional throughout test we it obviously, engineering, we work learned we updated the

on all flow So, we all tweaking the updated the of sheet. CapEx reflect learnings we to quoted FELX estimates Again, surprises. the no the had and

practice, it the comes of FELX published you million right? is quoted So, $XXX CapEx remaining. conservatism and from Our coming CapEx, is confidence the -- from CapEx, conservative and see

investors. a shipping total expect cost so We much reflect $XXX, ago, operating the lot. published diesel the to changes in components, very of quite to we CapEx have And on years for how a We that’s mark. two cost updated continue

gate processing shipping, the at So of you costs processing of before per have gate, we operations expecting ton plant and China XXXish. $XXX trucking now meaning are CIF mining, at what

recovery increased we then So confidence.

So and work X we’ve both done additional for test Phase X.

level much confidence bigger a So, X. due X.X Phase we are - recoveries basically it’s And mineral higher to the We updated because now to of times almost reserve. variabilities. of

reflected current importantly, using been the market but More we’ve we benchmarks. conditions to pricing,

of So, on curve using benchmarks. we’re a

very is average, we of conservative comes which are when life agnostic optionality, it being very current below got mine again, to I very markets important. The cutoff. So And current that’s levels. well something think, then,

And cutoff tons to our of be XXX,XXX. grades we would the at XXX,XXX. per were at extra cutoffs productivity, X.X%, standard XXX,XXX then type If would be you right? market XXX,XXX it considering cutoffs, delivery be two year, it’ll do -- So,

how the be our lithium on nameplate clients what map would base productivity, which grade Because been a want no they always But cutoff the doing much remember, of with the all discussion -- is it extra purities So more versus the product. matter grade. we’ve is. the with X%, there’s

of the battery with next So, the lithium. got grade a on X% is map economics. that, sustainable which to And on XXX,XXX I’ll pass has slide, bit the tons

to prices think, NPV correlated to our highly how right The is. right. I’ll shows I the point

regard. in of the note $X,XXX shippings not XX-XXX -- really volume So, current is the ran plus spot base ALCAM we published Current -- [ph] XX%. Australia $X,XXX. that happening allowance which spot to are it’s here, a price at

of based how sensitive we math exposed agreements. what regarding and exposed just our in pricing commercial terms on to I So, you also do are, earlier just can your how

that point prices, going at flow. annual interesting Another revenue slide not $XXX after current these about tax which right, average talk prices, cash $X.X the is generates the to million further we’re of it’s at in free next billion, base

cash-generative quite it’s where we from So it. see

used slide, how it benchmark highlight what’s this on would echoing. I mind lithium derived important mic? Here hydroxide. we the off Cal, and we is it’s to curve muting price think your you Because

Sorry. Thank you.

then LME, So actually applied so when one been we curve, the quality banded the so discussions they off support So, product, when from you to think the around -- see you given a vary calculating we we And actually have this that but hydroxide higher index, about into it. -- right? it, the industry command to percentages X% X%. of the percentage, could we transitioning

we we band used we the updated anyway. the price to Again, were half you coming $X,XXX And calculate volumes low $X,XXX, which used point. is levels, precise be well -- the the that to quite used obvious. showed both. math using we And of Australia the in the terms our few used this current to We we NPVs. ship X%, we’re So, do market below at in today,

a be four -- So two tight here on Payback for something to years. market is exposure I continues three there’s months. to still quite -- mention the to is forgot this next to go of lot

that shows given level at in can months. just So that CapEx, investment we pay our of back manageable cash production, four the this

Phase it’s only. add, just X And Yes. I’ll

X only. Phase

which is only, is. this X this of project shows robust Phase how All

factored in coming. which X yet is Phase haven’t We

-- concentrate. here levels X are of only So, lithium these are tons thousands Phase of

year then but the So again, could go throughout you, the the life discussions. on higher the XXX,XXX, of X%, mine commercial that volumes we -- one, And depending deposit. all show X%

visibility September, and we We X in study it. slide. from interesting Phase brought another it the Here’s updated back for

On bases. the two average economics on the left, you annual see

then On company which XXX have is all the you lead numbers And left the didn’t annual XX-XXX. what’s We here, statement you million. the let’s after right, see average, to then, the -- the because got tax using the you will see -- income do million, right? is price, way that EBIT of earnings, the the average of right? DA the So average every all say, year, what’s down $XXX right, annual.

you here. can to estimate EBITDA depreciation So

you unit quite here per then, see So interesting. which the costs, is

how So, per revenue, ton, shows then see tonnage. And ton, on income in the for ton market per current right? environment. is achieved gross items this you profitable the translated basis, One this company $X,XXX that which we a all statement meaning the on just

we if this it replaced then your ship this X,XXX, today, would’ve So, to numbers. were you for been and do

have just we So, the you, numbers and we play will what with on do if X. so models, and around your you you can to this DFS materials going Phase wanted this is build give to blueprint with available that’s own we This slide, you like did it. the be for to

Here is CapEx. the

a lot keep on a cash position. We So we quite going very already I build. with with economics, We got construction. We The electromechanical to go civil rate such up as these, mean, no disbursed disbursement and on significantly, wonder are is fully disbursing. right? funded, now solid

we this be financing. number second to a the Moreover, expect in still So, quarter have higher. backup lot

we finance. We extra still SocGen you. financing tool, feasibility to have initiate an Phase So, have on healthy the that’s along of Phase for to discussions because project we equity as here debt the X plan potentially to lines for very X wanted equity, the if what leave we warrants. with And release

some into will bit Calvyn that second to planning more cash, some talk a to the equity about. release of the talk are of that line We

funding comfortable position. very So,

additional opportunity. Unmute. to Calvyn equity Now, on an releasing on to the growth

All right.

the really presentation the one saw the on you is there slide this in video. So

So non-infrastructure as concentration the Phase brown pad. X power look brown, clearly plant well, plant, is with infrastructure crushing the the and plant -- station, green crushing, from

add on building. are then, you And we X. what that’s So, for essentially Phase

that are the this area completely, where with are able we Phase area. We and earthworks whole to essentially, we degrubbed for So, start X?

which completed showed for So, doing the And all we you. actually same civils. company’s I X, Phase the earthworks the

Now the X will I end. is this infrastructure section finalizing civils as months, then the over essentially mentioned and at completed, form basically be

this see, finally company the circuit infrastructure So, at -- start will got which the automatically crushing can’t plant to power you then and bottom. you right and do earthwork. doing this slide then then we’re and the the on That concentration then currently and doing plant,

have anybody So, to don’t else. I demobilize

we So, at the that of we end that the the this end earthwork. idea doing with will year that which start continue essentially will of is is earthworks, the

see what all, done. we’ve at compared can not You much to it’s currently

So will a that the we probably do at we XX% will it’s best and add-on finalize.

we year. are that this actually So planning

this then civils bill, would if going is So, into be terms and quarter there. essentially get provisional, next idea essentially first year into This is that already. in obviously of go we but a that the that

really I’m is in keeping then earthworks, do and that’s -- here. right? terms doing So that’s And do what company do civils, move done plan the We’ve right? of the structure. same go, earthworks, across, So they civils, they the we going,

ourselves to here already on we’re So is power what designed up basis, that do So that run I see plant. to mean? And already there. have this plant that substation you up setting that

for designed This and is now. infrastructure, that. all probably that to that So happening circuits water plant feed the like

pretty more X of we’re we comfortable will be because CapEx in we So doing that this X. put Phase Phase into

much more retrofit. to difficult it’s So,

-- discussion. and standby both obviously in So, We transformer, important goes plants, these megawatts. transformer that X with design is all then a but we and another substation And the have the the XX X, and designed put it. that’s -- XX is -- a the now for megawatt Phase all Phase

happening all currently. So, that’s

quite will completed big substation and place this X. Phase anyway in it plant will and -- substations And thing to X wired have And And down frankly and feed easy really There’s will I’m go. I cubicles -- is those be here here. up. changes cubicles to literally, ready -- to do Phase it’s old what saying have the for a design what So, add-on upfront. no

guys. So that’s here doing we’re what

you organic correct? slide, significant slide, with So, growth. near-term Next Ana? Ana. talk production I like to to mean, on would this mute, You’re

we’re can do per slide. just Phase That battery was of We It’s Sorry. X% than But X, I lithium. basically, sustainable of annum -- months. quick production recapping a XX within it’s both. initiating less a XXX,XXX tons of grade mean, everything.

market current tons, of specs. to could assuming equivalent XX,XXX to LCE. up ship would we it’s this So, to tons number go XXX,XXX Again,

then XXX. the slide, Calvyn discussing with as a was X go we previous Phase combined adding So, into

lithium. of the ton here LCE. XXX,XXX could again, XX,XXX tons And combination grade So, X% adding battery another be sustainable

us further that’s it to back So basis, Phase a of to And on to resource. combine growth existing is now with million could can added tons next. going additional I to about is sort mean, what -- again, on Phase company XX-XXX doing we’re X with tons mineral ongoing Calvyn to unlock XX going our LCE further XX,XXX resources resource which basis. LCE, XX X further drilling a be where current talk and on then, resources our on back beat profile we combined X the

So there a way. is Phase the on X

So, let’s wrap X. Calvyn Phase on up

Yes.

When think X Phase that point resources X think I resources only important Sigma’s castable and reserves. is missed. about open Phase one and be just shouldn’t and open reserves, castable X I So currently we’re Phase talk we and looking strategy at

we at can at we moment, the We while have it’s castable taken to the open underground something view, resources future, a all need do in these we available. don’t have potential any look

is of I’m case So, than I’m always saying. it’s mines. a opening a underground hanging not lot not is what low cast that easier be up it’s saying won’t fruit, But that open done, but mines

sort X, mines Phase But underground now, Phase even I X, there, hanging fry of when have would frankly, operate X just we call to fruits get X, obviously these going think all low [Technical to So we Phase bigger after fish Difficulty] Phase quite right have would what things. potential. have we and easier

number there’s by people I that ignored I Sigma. think but that’s purely to operations don’t at completely So a want of something know underground, looking

of we some of I over [Technical have it’s them, a And prioritize, Difficulty]. as X,XXX said times, of all the now many -- later, open well obviously We’re have we XX And but in I something would it. prioritized terms potential be castable. right aware of

could of everybody So to fact, and I target. looking -- at future before knows would they’re sort open work the back all a stuff we which any but under it’s clearly, through do, we them would I like coming ground of could underground and that

mind. in keep please just So that

other coming explained the we targeting essentially three work not, resource estimate, Phase although now the have we call are in back something is X, doing the what So about already deposits. we two to XX-XXX are there. we’re One

think will We’re just And resource campaign off coming earlier we have we year. on that. now a major a this

everybody in on same is terms page. So milestones, the that of the just checking boxes

X, to So coming we’ve Phase done impact. back Phase X, environmental

the the DFS, completed PFS have by both DMS metallurgy, the completely, and work We test way.

So we’ll show we the the And Phase slide a completed little later. mine plan X. for

We the So mining everything. OpEx done. on all updated of X and all processing Phase that’s CapEx costs

and metallurgy all processing also CapEx PFS publish as OpEx The completed for the quarter. will we DFS, and both, that. well on OpEx this we’ve as mining the So

we also we then. publish. would I’ll DFS in third in to all idea to everything publish I third once obviously, earthworks, And on like slide. So the previous publish -- in slide we a still the in by That then done quarter. quarter before fourth need X as essentially to we’ve will quarter would very But and completed we as start today that, Phase quickly I what a show the tests will said, the the mentioned the be

it’s see quite this So, is out I how line, from nice this panning the plan now proceeding. think to is and how

right? the made needed test in you speed sheet we earlier, the metallurgy because to circuits, that point done right, the hence level, DFS flow to we’ve the And that metallurgy

Exactly.

where we that’s So, are.

yes, So here have PEA. the slide? we Next so

and here. seeing So, X update update am Phase X X Phase -- Phase I

XX,XXX with XX can X.XX%, a So, XX PEA see, indicated and LCE X last basically maiden resource you to tons, of, and XX,XXX of for measured year of X.X. was and done tons million well, and Phase life mine essentially which filed, years had of XX ton

plan And work, at and we the now? have mine essentially then, So PFS And have PFS, second completed level done hydrogeology. have in we what I DMS quarter. the PFS. geotech as Difficulty] showed raised the as bottom and the on [indiscernible] So, mentioned, done we now and we [Technical

So of we We need a work little have in the design. do geotech geology and more and to plant geotech. the completed terms on the hybrid metallurgy

more involved There anything stream no or to geotech is some more need drilling do and hydrogeology. some we So, here.

So, it’s a little easier than what we did in Phase X.

And last the I no the earthworks end. sort would whole we to end expecting XX% quite And at back degrubbed as then smaller will But third reason we and like start could could here, as anything do There I’m then, status do that publish that of up the not So, affect have differences, is it’s but it, to that will the we area. we’ll frankly, plant. quarter. been it. on that. of major firm I year to the some mine stated, have this And it said, not on in It’s differences go. ready

pretty in set that And advanced. it took to talking hence, confident that’s from I’m plant And So, frankly how we that’s actually infrastructure is. I’m the and up the support liberty basically power water. is going now quite built

Thanks. Ana, next slide? Okay.

Phase X.

Yes.

this again, people I’ve idea from This of is Difficulty] show slides, old giving a slide. this X, beginning, whole showing these of people Phase been idea [Technical So, an the when potential. just back. and is right, to how go very the

Sao on do am discussion. the see the -- the the another own, Sao four to properties focus some down year into and Jose. area Clara that’s So And still Grota you but the and I left, at Jose moment this do in we can Cirilo, planning that drilling Genipapo, Santa

yellow X And work where of a also bottom Grota the can much XX-XXX do dots so we there. remind this in have the the everybody of Cirilo, line, place Phase mine, the in when start and will as you cost we top is impact essentially was this thought. that to higher see bottom But it’s line we and at the yellow priority. the started, in -- So, bottom of

So, going frankly, X and into and this X Phase this, quite -- will into Phase possibly Phase X. go

on. be to going that’s So,

-- all to -- do Difficulty]. We all newer on are have on the I people are Difficulty] the drilling [Technical some doing more so guess of [Technical this call,

it check. basically to which those our liked yes, what a idea of get it’s an with and we we would no -- it, drilling. And to all a it drill map yes, diamond RC if obviously we to the we explain But actually like do call think where they we then That’s and grade. have one size proceed punching we and worthwhile holes drill. is drill, then in no we So, and

into spread that the there’s And well. to So, this area. amount on in this will area a still that huge year, going south as

is all open this again, potential. So looking at Sigma, with castable

not potential. looking are stage potential, this a basically a but and this priority. at heavily at of focusing we at on underground less marked It’s We that too are really

Okay.

slide? Next

And that’s the detail.

and the that so bottom, we right? I talk focus highlight That’s really why think been what’s about important X here a it’s is Phase that’s the at to cluster. confidently, of it

here. down question major a It’s Yes.

three is deposits didn’t X river, kilometers north. essentially running know into the right actually this them. Phase or about much Difficulty] this ran grade exactly a exactly basically X.X here, little a by this, completely, that deposit other and you as I here So, is bit forget although very but along strike, too four good over near at indicated [Technical earlier go the -- we It’s bottom the

potential mine. this a real So, is

here, an thick. guys, of idea XX meters We just get have intersections to

XX meters degrees, about a gently it’s down like here It X.X% type. to similar about XX things, all these any areas. running dipping So, have not at other Yes. around grades this And deposit, over we But again, in X.X%. serious varies width thing. from

smaller the It it’s us. in very joined Difficulty] I’m a So, team one into [Technical up. following all from -- here some mining interesting coming of deposit which And stuck is think another deposits in we this. for the actually the west,

sort you see is Here, here. here can shown green. in one think coming in of another We

following And You as can we’re see running of one marks. here, well. the the basically up here

it’s a join run higher grade thicker. meters So already X, on frankly. a we’ve and Phase further This XXX down here. it’s real big cluster all they the on And a up right think going quite and one here we

more for really become it’s So us. interesting

really all down So, area. this is in happing this

guarantee you an five we idea We what’s that drills get of on. give have going to

this this of -- Phase so Do is this, about this themselves, you is part X. and want being talk people situate the to

Yes.

Phase getting So an X, X. that’s then and Phase of idea

up Phase up, this your the which east Phase be could towards one just running here, the [ph] which one could see currently. the -- again running XX-XXX Cirilo, X on East, X, one Then you you see we coming Difficulty] straight is dipping to and another “NBC” north. and could here think do then on running left, this next from that to [Technical West the parallel joining to So then right also

for were I taking then [Technical now very first they a about, And where talked fruit, Difficulty] many here, a simple China. again and times, hanging it’s producing always Europe the sending we’ve was in it phases, this ceramic cluster low now. is complex, but for both Phase think us bigger. basically. more and in X, it done to but X we things, the in took to So, really Phase is which this focus track going industry, slightly we’ve and the X, on highlighted Phase I primary And

together you do can frankly, will. trying quite they we the been see we to yet. here. what will mesh got everything How we’re So and haven’t We’ve trying

that’s here that of we the top, look but lots, If there you whole mesh where the is are. in the

I want a happing lot that’s it, bore area. with what it’s people in to So just don’t a thing happing, this

Okay.

number. big completing we Next meters XX,XXX now slide, the That’s of milestones Ana? So, drilling. a

get of you XX,XXX If consider, drilling. we now, until meters up

So, the we’ve of can almost terms happened. see Sigma. doubled in drilling why in what’s And period you

next that of the first month, by of complete block so May. of phase XXth the the model will We middle

area the block We the the will bottom the first matching, bottom you the part update we’ll not of lot, And X It QX. for as also this have publish the will and section, section, in but for then, in with resource whole one. just this in And block give first a continue, we’ll part. will we part. the obviously for for I that showed QX for that then first model PEA first this then

we’ve already in front, Canada, first through Phase well. and -- X to putting as metallurgical go the metallurgical deposit to for phase we’ve test done that on this material So, phase as X to sampled

of not X. just It’s So, a in huge happen effort in there’s going a amount talk, Phase lot now.

is geotechnical, is tick box, the to tick quite -- lady So, driving doing is forward. the so we’re dusted. is don’t now X mine designed, plan and we’re and major the the Difficulty] box, this [Technical think Phase I This frankly, now the done new modification. new designed, speak all Plant

about the two we it. We’ve with actions I just a of the on for mean, quite So I the update, three years. ESG The breadth. lot COVID it times. community vulnerable. have done focus on think supported quickly talked almost We we’ve lot a quite

in The first again ‘XX, then we XXXX, second for in now and March Omicron. it May one did

about a in XX appointments liters sanitizers total first clocking tons exact cover covering are medical three total delivered, care of a we year. XX,XXX month, clinics, XX,XXX XXX,XXX to same, disinfectant of centers that appointments So, of the medical a

to From So, it’s Then March we’ve with people a days, them key region food. over what period for for liters key. water that there The pictorials a in water role got two done. We new was learn it real ‘XX, support flooded. one. water in was years have prevention we’ve XX,XXX extended is prevention to been of pager a and drink We educational of delivered XX,XXX but and from liters prevention to even because the whole who couldn’t challenging. day playing time this delivered we floods, XX kit got on to prevention during very a to was learn short of that

baskets. X,XXX then food relief, The people had action. zero So, on we disaster continued matched hunger it. with XXX covered the and community We with started it we

XX,XXX So, total.

served X,XXX meals. Our million X.X

number add way the will higher. you community, the If be

it. double we we So, And we of started then, entrepreneurship with to Araçuaí are a whole, Rotary work. of and we very Club the proud social help call, the of that decided

will we mean, on the million on and employment add, lot would working supporting help these later I just had of in So, is the join we are years not the point the sending single action fully first a household, be because the region cut. when about they man were I widows elsewhere seek think issue. were over over it us. ties even home -- And hoping the meals vulnerable but recover support, mother were kids that was support, so they again, the left the to that clocking the would from women to impact, opportunities then learned to X.X pandemic. that Rotary And two one same Club

were because go hungry, unskilled they left during women pandemic. single these So, supporting were would they their the and kids

that work for people, of opportunities. that workforce homecoming need us aware -- the -- a whole program that it or brain technical qualified due economic region made lack So, drain this to drain create qualified technical of suffered this to their was so

continue work So, that that’s in terms and so skilled workers back fabric social back, it’s important reconstructing the of these why bringing to home.

we itself here, training. terms can now project, guys Yes. have to second, and things add against this also see everybody And looking locally is fight program joining the number helping else hunger. this earthworks with and and they to are other And involved suppliers, also like call that; maybe here is our just of what people two committed one, Sigma you in

set rather give So, up be they then school slowly got it workers for the we generation with for do this we hadn’t of into younger course this these trained worked -- licenses mine, to worked the because them technical trained, technology like they’re fitting, involved a XX% drive we on be a training of just to would driving be are the of came course, where as that boiler to They many that in slowly, will people thing and side set in electricians, and that had had making to these locally, never stuff, opening And of doing trained. locally or these to And sort especially also slightly of trained. fully up were and although basically mining. we carting. and the trucks different. they is trucks and It

there a project, training we’ve lot doing courses to bring importing been a the stuff. been heart. So that. about of From Ana’s [Technical talking close And to Difficulty] day to big it’s city, our very something one the work this

do We local training. have to

this part So, agenda. of it’s ESG big a

services didn’t Because reopening have in worked And have the mainly industry, they think all it’s when we skills food -- because other why why of weren’t the And the sponsorship. baskets childcare root the the that because getting they center the this childcare. you husbands that cause of connected happened, one, skills. us? we again, to food they households women, from ones the single But around, had the again, didn’t were in about the then the -- was did then action went

it with zero worked could then towns so -- we So, zero Araçuaí three five. the and women the the to reopen childcare Itinga to and as economy that reopens, centers, to was the

pre-K, kids earn the could go money, the pre-kindergarten, the into kids themselves work workforce. in actually to are that their then so childcare these put and to women So, reinsert

a have tried actions consistent That’s to amalgamated it. Right? we all coherent and So, to program. the

So, apologies is again, planetary and for this we late, conference but on would of the with starting address now and a questions planetary, I planet. opposite literally Calvyn sides call

So, put we we together. happy, are it

participants. the from questions take would we So,

So ahead please go guys.

I I’ll chat, on answered back bring again. one it but a

are -- seeing in challenges more any what really aren’t there I was Well, the there gaining we’re So, customers? challenges. asked,

These to the contracts at there’s can costs customers no the to are question. In because to my the delivering, deliver, we’re them turned and wouldn’t timing Well, a here promising right. favorable we fact, seller’s another the that’s very is really. of So, our different able to operations. so you good. rock far, got to and basically, main challenges market, so we’re the a going But And and it’s tell challenge. that the to were clients, production battery and I be we entirely brine. sure, It’s market, Compare the to our are lithium pace we’re the very dates challenge right where bat. out deliveries a think I given fortunate the our on off answer that be keep material just I customers are downstream lithium right? trying think about count makers to make Yes.

Hombre And has being anything as of Difficulty] for I anyone talk show [Technical which shows a curve. fair which carbonate it you the cost it yielding I lot right lithium the And the salar and accurate. a richest Muerto, one, There’s next is think costs a Then get it’s the kind is can’t -- because conceptually you cost. the lowest you there lithium rock there’s low on carbonate. Because lithium through Sigma we’re carbonate it, happen then world, And carbonate where call we -- right great though, producer even mine there. it Greenbushes, all highest cost is to have world what also to lithium conversion different, right. cost a which curve in tends the and this curve not it’s more the cost of called world, producer lithium then which Greenbushes. but to produce for cost I’ll have for there. Why? Greenbushes And lowest another salar. equalizer, cost a the a to call, it a have right in you There’s is salar the is who in

So even of it When there that into carbon basis, very however, interesting today lithium carbonate we hydroxide, are is at lowest also X,XXX. cost hydroxide, cost quartile. converted has the to comes right lithium lithium be it’s to because north and

and that’s up call we best So, end best cost similar. very compete where to lithium it head and because equalizer the rock for with the salars heads hydroxide, great they’re mine

DMS already, clear. XXX worker The standard. another work, Today strength X.X%, essentially it or are in at is X% and shipping has answer producers it’s brought costs, this why how in question. Australia, selling addressed the XXX we map. zero to then X%, I’ll at It’s X.X, become be So, a zero much that X.X, optionality And cost, the extra to up.

saying lithium going in we’re even want that send more for Australia. lower are we us premium material to no content, X%, doing from of clients highlight There’s is to quality. though on the oxide what’s which the So, math kind

the material. no at commercial premium for day, but quality. this better the for We So, wouldn’t end we get more get conditions, of super paid

case, during that spec everyone just real these X.X So it’s more that’s a the of especially why be materials. spec. we material, would conditions wants In got try quantities we the adjusted market tight cuts to possibility we highlighted quality delivering our at it, where slightly because because

Zero make the adjust it costs, DMS. So, different. additional doesn’t just any

offtake Let’s one. that’s another see contract LG which question. uses Well, There’s index? the another question.

mine data would have work conceptually the actually ultimately, industry to because is looking, and agreeing try isn’t appropriate which LME, we volume. used are data because capsule an that time, the migrate there to mine data on today, have of a so but We to that’s doesn’t mine backwards LME, industry index is

So, pricing. question the this on is today dollar billion

formula? pricing based question. market sorry. Mitsui? metals, in is agreed what Spot to didn’t time I I your spot or we basically, price. price. a pre-agreed just language it’s current at please So, which you Mitsui doing. at set LG are of the with time the around determined on No, kind was I’m to Mitsui your LG essentially That’s everyone and the read Could contracts your shipping, and offtake elaborate pre-agreed contracts said. which is XXXX to HFA a on which the Are price? of Asia [ph] spot be price with The is or what has --

to happened. doing Oh, investment build yes. the job to to a hydroxide you Brazil China be Now resources time that years? by natural of plant, language, we -- installed China? I costs converters shipping. Australia is taking natural And compare a coming ultimately keeping favors tremendous us. shipping another but in dollar downstream alternative the from in you foresee costs already of the lithium it shipping market the we billion basically are is the order compare gas. like which have of Do at that Then, prevailing conditions full energy in way, announced Americas and versus because Argentina’s can POSCO in It’s to advantage Can question. Argentina, you abundant

largest in shipping versus to during that larger to around could per quoted in to for lower to be disrupted XXXX. This elected capacity we boats manageable clustering ton months. pandemic, hoping Atlantic control going to much the to tons costs. where chain. got ship like something Yes. two ton, with market costs. order the the when our happening per the quite XX,XXX to during So in very we example, to levels, prefer of on Shipping Meaning, yes, normalize, for the use of shipping enhanced up advantage into tons, our what emerging Americas production costs we bring tonnage, $XX market’s it but so, was conversion that $XXX is ships supply XX,XXX for take The

aware probably Just and Canada. that announced. -- one talking from the two am or to viewpoint, of of add being obviously two Ana, also brine, now in two a or on are at at rock and in I least hard but announced least about States basis, converter being Europe, two in these United announced And

the So, I know for And plants. at be with phase or that least we the of not fact right? that done is about It’s X Sigma [Technical by discussions couldn’t new Difficulty] it. something first

well there will west probably -- this year to next be and will as So, Europe no given some that’s nonsense. in it’s absolutely and early North It as [indiscernible] construction first. But, in will conversion see first we Americas coming here capacity think the America come Europe. is in probably

hiring of costs. Yes. more disadvantage thing think Australians, do, And we can Well, the we are By costs China we So, only normalized we’re into do I the how to right? ships. breakdown, discussing bigger cost. that’s to have That’s a trying And to our We right? the The transport manage? breakdown manage indeed. questions, market. a shipping

And from they Brazil $XX a for Australia $XX. a but Australia. is to ton Coast me Someone to the cheaper to China. it’s about quoting comparing got West asked Australia them versus of China lot $XX, to price initially It to Well, normalized from were go China. from the questions

focus being competitive. XX, is for low which extremely that that’s are huge we we where Hence, on so ex-CIF advantage. our So, a are level, cost

look to you allows So, resources We best couple and seeing Calvyn we right? abilities, it CIF, we metals. that predictability good good an industry. costs. see We’ve try of industry, going the business a metal tightness metals CapEx We’ve to Lithium this major the for both at our Are transition major the we we transitioning the market metal think for minor to don’t in become all of investment to the metal. And projects? a minor items a China, is I. from the it, mining that’s other increases so manage factor always of on and in in lithium. been related you major kind a natural seen good. to to conditions non-shipping will the shipping We’re tightness. what’s and isn’t It Volatility more for versus grow in industry. And the to hoping industry or metal in more normalize of to is think is decades, I in metal. hope greenfield And metal.

that, we going that For on. will need investments, given more more have EV happen, predictability, to adoption the and more of supply, hope it you rapid

would Quite important pushing But and resource, the standalone Phase to whole bit X. know Phase like into this, into that you so to from fact. on critically easier so have that’s few a the it’s much of pushing think point, hence goes it increase it’s Sigma view others a own a I resource, frankly, pushing as capacity showed something say, just X, I -- I would if be its be Phase a never doing, like into X, amongst would

like in think I seen basically.. going so. very and to much what happened you’ve that’s So, Australia what you’re see, Greenbushes,

Exactly. Australia. happened It Yes.

all Australian increased -- capacity. So, the current producers all

this. that yes, be with have And is greenfield the the -- the to doubt. really on happen. of fact way, some the going Difficulty] it’s No going Sigma And do a is of stuff. matter way that’s That’s us and is way big a simply this to our [Technical meters, to push drilling was the And we’re is But market the board XX,XXX market. amount healthy. this. do no This would of big almost that. There drilling we -- a was real if for double it’s because to tight

resources the and yet some this take of pressure We’re looking off to increase lithium. the

So, amongst it’s us fundamental factor a at moment. the others,

Yes.

then the question. last So, I think,

taken answered quite them float were that I do of the hope is I Essentially the beauty questions lot float. they we way on they they think, got there’s clients, the have all. I a contracts, contracts. the of and

the prices committing clients. by very clearly. I that’s losing to our So And stress something want on to we’re not optionality

for a advancement we result about driven instances that would the the have ourselves given index We delivery to can and delivery? in We at is you to all. units certain could we we of current our index construction even provide had haven’t unit we just industry certainty controls an CapEx, And conditions. units. moment Because equity the of which dates the those a some not the the fully the many market funded, of cost and of didn’t worrying of demonstrates an which drive as units left How fact language And reflect funded. open, find up at versus secure over negotiation. tied the that

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working on prefeasibility still We’re the study.

we and in out happens So, said, very now quarter. is worked third all the do beginning soon. then first Calvyn comes will Prefeas half, of that order, feasibility short as for

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CFEM us our don’t been in with be trade discount beginning. standard we that our we will material. is question, as So, to we the discount since Then, is that the CFEM We at we the tax industry, love CFEM you it’s different. only goes we the also right, of we any of royalty community we tax. about the them concentrate the cost I to partner, million. that know, we able I we’ll as Mitsui I will the real X% commercial Mitsui discount to discount so is material. I is is wouldn’t achieve much of on to therefore, of And know. put CFEM trade that local beneficiary not this meaning And we agreement. the town. has because $XX I transformation, the of a lithium million, to love end X% the XX% think it Then learned won’t This topic. pay is fully how community, our Mitsui pay and the announce There like do commercial of it most. the CFEM the full, because pay pay CFEM that, CFEM, then the $XX soon answer CFEM. Why, price the CFEM. Well, the commercial know. very product, port. at actually but town.

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questions. bulks electricity then materials of lead. all you for all We medium them, else question? what civil see, comment there’s and this Elama’s and me long long been Calvyn, contracted already Not Cal? items if please Let it What go through construction is. lead was Here items. Right, Can question. there’s have delivery? lead first

talk We about civils here, right?

Yes.

all place. It’s Yes. in

locally. So concrete of so coming the civils is it’s getting -- we’re civil, the -- non-delivery so

is and the else, all concrete obviously sand so main rebar. And everything and the thing and

that’s you’re also foundation of ordered, ordered. lot And a been foundation have actually We fabrication, here. and in the panels there’s really answer, also other about cast what then but major the a is not and that’s of some and talking hell those vaults, that. yes, do vaults So, only

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thank look, with would to for time. everyone We think that I mean, So, to continue we your want questions. I love

James on in relations. Jamie them Canada Ellis, are us investor They moment. have Vitor helping Two We the in and are Flegg of at based Toronto.

easily accessible are to they So, you.

going international more presence, investors we our engagement where have to in So, we a they year. are Due this an hoping based. with are Toronto office to be to opened

So, based we people there. five are having

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