Atalaya Mining Plc

Good afternoon and welcome to the Atalaya Mining PLC Q2 2022 and interim results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Alberto Lavandiera, CEO. Good afternoon to you, sir.

Good afternoon. Thank you, Alessandro. Thank you. Welcome, everybody. Sorry, you cannot see my face. I have a very bad connection. So, just for clarity of the voice, I have taken the camera off. We'll try later to see if you can see my face directly. In any case, we are here to... to go through the presentation of the last quarter. I have with me also disconnected the camera, Cesar Sánchez, our CFO, which is in the main. We're going to go through the second quarter results and as a summary of the first half results. We have their numbers in the presentation. It has been a tough quarter from the cost point of view. From the operation point of view, the company really worked quite well. We continued with productions as guided and we recovered from the small slump in the first quarter of 2001. But the cash costs were much higher. oil and sustainable costs were much higher. And we can go through that a little bit later. And I will focus the presentation actually going through those numbers. As a result of that, the bid was also lower than before. And our cash flow is also quite tight, but we continue to have a fantastic balance sheet because we continue to invest in the solar plant and in the electric system through the quarter. Few other things that are shown in the slide five of the presentation are completion of the astral litigation and so on. I will not bother to go through all of those. You can read them. And I would prefer to concentrate directly into the key points of the quarter. and also to leave some time, make it brief and leave some time for questions. So in slide six, you can see the evolution of the last quarters. And first graph, you would see the production was of the ore through the mill was close to 16 million tons, 15 million tons. So basically very much steady rate, except the smallest lump that we had in the first quarter due to a national strike. Copper recovery, steady. and copper production recovering from first quarter and going into the range of around 55,000, 54,000 tons of copper at the end of the year. So slightly the lower guidance, our first guidance, but still very much what we have planned. So if we go to slide seven is when you start comparing what happened in the first quarter and first half of this year compared to the previous quarter. Revenues have been lower. due to slightly lower production, slightly lower copper price, and due to a provisional adjustment, which is an accounting number of sales that were produced during first quarter, or sorry, excuse me, during the second quarter, but are going to be sold in the third quarter, paid in the third quarter. So accounting rules ask you to make a provision That means that if these sales are sold at a lower price, you have to take a hit in your revenue, and that's accounted for for that. The big increase is in operating costs. There's almost a 30 million euros increase from equivalent quarter of 2021 to 2022. This is almost all of it due to the high electricity prices prevailing in Spain and Portugal, and I would say the whole Europe. And we can go to that a little bit later. As a result of that higher operating costs, almost in the same amount, our EBITDA goes down from 52 to around 15 million euros, and our profits go down from 30 to 11 million euros. Still a decent result, but would say quite a disappointment although expected due to the high electricity prices and high inflation in general the operating cash flow is is lower remember that we include everything in this operating cash flows including our all our heads and everything but and also we invested around 20 million euros in the solar plant and in helix and in other things ongoing working capital going construction we financed part of this investment with loans basically dedicated to the solar plant and our free cash flow during the during the period was reduced by 26 million Going to that same slide, slide seven, you will see in the lower part our net cash position. Still, after all these results, we maintain a very solid balance sheet with a net cash cash of around 67 million euros 68 million euros which is a big difference from our past quarters where we were even having almost 30 million euros negative working capital uh In summary, for the whole half year, it's more or less joining what we have already reported during first quarter and during second quarter. The operating costs go up as a result mainly of electricity, the profits going down to 30 million euros, and more or less the same thing that I just mentioned about the second quarter. The important point is that at the end of the year, at the end of this quarter, at the end of mid-2022, we had 127 million euros in cash, a fantastic working capital surplus of 130 million euros, which is higher than what we had in 2021, 102. So for a company of our size, it's a fantastic balance sheet to take us to 2023. Let me go and explain a little bit in slide nine, which deserves a bit of talk, of what's the reason of the higher costs. The main one that accounts to almost 70% of all the inflation is electricity prices. In slide 9 you will see that historic prices in the last, I would say 10 years, have been hovering around 50-60 euros per megawatt hour. The first part of this year they went up to 300 euros per megawatt hour. and in actually in august they were around 150 euros per megawatt hour in that slide you will see in a third point second point last part of this second point uncertainty remains in relation to realize rates and market rates it means that the spanish government and portuguese government have disconnected or have been allowed to disconnect the prices of electricity from the gas prices in comparison to Europe. Until mid June, the prices of electricity were set by the higher cost producer, by the marginal cost producer. And there has been a regulation that has allowed Spain and Portugal to set a maximum cap for the gas prices in order to calculate that, because actually we are not getting the gas from Europe. We are getting it from LNG stations around Spain and Portugal. But because this has a cost for the gas producers that have to start their combined cycles, the gas generation, the power gas generation generated by gas anyway, This extra cost is still not clear who is going to pay, obviously the consumers. And the prices that are being mentioned in the public notes are around 240, the global prices, which means in addition to these market prices, there will be a compensation to the gas companies, to the gas producers of X kilowatts per hour, still unknown, depending on who are the payers, who are the consumers, which will increase the final electricity prices to, I would guess, around 200 euros per megawatt hour. Actually, we believe around 250 euros per megawatt hour. This is 400% higher, 400% higher than what we had in 2021 and has a huge influence in our costs. Just to give you an idea, normally in our operation we were paying around 2 million euros per month invoices and recently we were paying 7, even 8 million euros per month. There you can see where is the problems of EBITDA going. There are other sources of inflation that take us to the next slide, which are explosives, which are linked to gas, who have gone from basically 50% higher or more. Diesel. Diesel seems to be starting to go down already. Steel bolts going up, although starting to go down. Lime is still high due to the use of gas, but we are using less lime, so it's not affecting us too much. So the other two key drivers of inflation are diesel and explosives, which are key for our mining costs, where we have been going from around five and a half million euros normally in 21 per month to 6.8 which means 1.4 million euros more every month still very far away from the extra cost of electricity prices of steel reagents and so on are not that inflated and we have been able to control them by buying all over the world to maintain our cost down because some in some places the steel was not as bad as us as in spain other other things were transport costs the baltic baltic index reached a peak in around may but has been going down quite a lot for sea freight so we went that also affects another 10 cents per pound with all those numbers we come to the the results of first quarter, first half, and our expectations and views for the remaining of this year. We expect to have copper production of around 52 to 54. Right now, as we speak, July has been quite good. August is going quite well in rates. The rates are being higher than we had in the first half. So it seems that we are going to be around 54,000 tons of copper. with good recoveries of around 86% and throughput expected to be around 15.5 million tonnes per year. With those numbers, our cash costs are going to be around between 3 and 3.25 and all-in costs including investments and so on between 3.25 and 3.45. Of course, this depends on assumptions of electricity and this can make a big swing depending on what happens in Ukraine or specifically in the gas of Europe. We are prepared for the worst, but we know that we have quite a tough year ahead. This prices of electricity, extra 100 euros per per megawatt hour means directly that extra costs around 0.4 dollars per pound extra costs. So that's what we are guiding. In addition to that, we just announced a small dividend. Obviously, people would have expected probably more because we had an excellent dividend. We were questioning at the board if we should give a dividend or not, considering the uncertainties in copper prices and in inflation and so on. But we believe we have a good balance sheet and we are prepared for the future. We know that this situation of high cost is temporary because I will speak a little bit later about the measures we're having to reduce these costs in 2023. So the board decided to give an interim dividend of around three pence per share. And the details are shown in the slide and in the press release. and we will review a final dividend at the end of the year or beginning of next year, depends on the results. The reason for even if this dividend is symbolic is that it's our policy that the moment we had the cash that was ready to be returned to the shareholders We did that last year and we want to be consistent with this policy. And even with this hard situation that we experienced in this first part of the year, we still are giving out 30 to 50% of our free cash flow to our shareholders. So is this all or is it just a bad quarter? Let's look how we advance what we have in our department of a 50 megawatt solar plant that would take care of around 22% of our electricity already three years ago. So we didn't do this in an opportunistic way. Simply we did it because we thought it was a good thing. We also are construction of the which we will value. We are permitting and doing all the work to which just besides continue to forage the ...contains... ...continue with the... ...we are very confident that this... ...and we continue with... ...so, what... ...first... ...will... ...footprint... ...a recovery... ...and extend my life, increase the optionality. with diversification, with trading, higher trading liquidity, higher production, we believe we have a good future. Going to the details, what's the effect of this 50 megawatts power plant? It takes care of around 20% of our needs in more or less second quarter of next year. just waiting for the delivery of panels and transformers. So starting, let's say, next year, 22% of electricity will have a cash cost of zero. In addition to that, for instance, with this situation of hire, We signed a power purchase agreement, a PPA with Endesa, starting in January 2023 at 52. I remind you that we're running right now at 245 euros megawatts, so we have signed something that's almost five times lower for 33% of our needs. That means that the starting... next year, even if the situation stays as bad as it is right now, which we hope will not. Our cost of electricity will reduce more than half. Basically, we'll reduce at least 30 or 40 million euros less per year, which is a very significant amount. That's forever because this PPA is for 10 years life. not that only we have started already the permitting of four windmills in total they're around 90 gigawatts per year basically another 25 percent of our needs they will be located they are 100 meters high they are located besides corto talaya behind san dionisio the preliminary studies have been positive we we are with the permitting in parallel of detailed measurements during a couple of months while the permitting is ongoing. But looking at the numbers, this one seems that it's going to be positive and it's going to go ahead. Capital cost of this is around 15 to 20 million euros. It's a slightly higher cost per kilowatt hour, per megawatt hour than the solar, but still quite economic and even more economic with the situation of energy that we have right now. We have also been starting pumping hydro, but those studies have not been as successful as those related to wind we continue with with elix we have already started the construction of the building and the civil is ongoing so by the end of this year we hope we will be able to to show some significant progress in this place we believe that the big addition of high grade material will come from the extension of Corte Atalaya, which is called San Dinizio. You can see in the picture 18 how the higher copper grade goes all the way to surface. The past miners, the past operators mined just the core of the central of the pit. And now we are looking at the expanded pit and we are permitting this one. and we hope we can start sooner rather than later in 2023. At Masa Valverde, we are still in the permitting stage, it's a longer shot and will not affect the short-term cash flow, it's just growth. And I would like to mention a small but significant progress in TAURO. As you know, it was a project that was delayed. It was stopped due to a negative Environment Pact declaration by the Galician government. One of the issues of the anti-mining was that there were some acid water historic operations that left some acid waters. One of the things we did is to advance a water treatment plant that was going to be involved anyway. in the in the future project and we have started and finished the construction the plant is already working you can see some some of the pictures in picture 20 of the results of the first tests the water is coming in as expected of course perfectly clean and the authorities are extremely happy of our commitment This is an endorsement that we believe that this time we will get the permits because all the excuses of the acid generation of the mines can be avoided. So with that, I will probably go to the questions.

Yeah, Alberto, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated in the right-hand corner of your screen. But just while the company take a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. As you can see, we've received a number of questions throughout today's presentation, and thank you to all the investors for submitting those. Alberta, could I just ask you to read out those questions and give responses where it's appropriate to do so, and then I'll pick up from you at the end.

Yes, excellent. One question says, last quarter you discussed your evaluation of other renewable energy options such as wind turbines, pump and hydro. Have you made any decisions on these options? Well, I just commented that we have already made the decision to start the permitting of the wind turbines, four wind turbines of around a little bit less than six megawatts each. 100 meters high and with a specific location and we don't know how long this will take but we have taken the decision to to do all the permits as soon as we can the pump and hydro we have completed the first tests and so far with our with our approach this they didn't give a good economic numbers Second question I have is diesel prices are high. Can you mining contractors switch to electric trucks like some other miners? Well, in our case, the problem is that electricity prices is very high in Spain and also you need a certain infrastructure to go with electric. is not very common in other places and it's only possible when you have very cheap electric prices from hydro. In our case it's not possible. What we are doing to minimize the effect of diesel is to optimize as maximum the distance of haulage Also, we are looking carefully at the markets and looking at buying a significant amount of diesel to store at the port when the prices are convenient and use that, let's say, buy it not only in the national market, but in the general market. Another question is, when Eurelix plant begins production, will it main produce copper or zinc? We will start with zinc. We can produce both. All the test works that we have done in the last few months have been extracting the zinc from the copper concentrates. So we will be able to treat some materials that have copper with lots of zinc in the concentrate, which right now we cannot produce. And we will be able to get paid for the zinc, but still get paid for the copper. This is the way we will start, but the plant will be able to produce only copper or only zinc. The recoveries of zinc, which right now we are not paid for, are extremely high and very fast and without affecting the copper at all. Another question comes, when will you announce more exploration results from Maza Valverde? We will continue where we have a group of results. We have four rigs there, two with infill and doing some specific work in Masado Verde, another two in the satellite zone called Campanario Escamizada, where we have found some new areas. Totally, the area is five kilometers long, so it takes some time to be testing all these anomalies. But so far, we will be announcing as they arrive probably during this quarter. Another question is what proportion of your costs are in euros? I would say approximately 80%. 80 to 84%, 85%. The only costs that are not in euros are the freight, the DCs, RCs, and penalties, and some of the costs of buying materials outside like poles and so on that sometimes we have to pay. If we buy them outside, we have to pay in euros. Now current asset loans have increased from 2.3 to 7.7 in relation to LX system. The loan has a four years grace period. Why has the contract been structured in this way? What is the maximum foreseen debtor balance and how will Lain Technologies fund the loan repayment? Well, starting by answering the last one, I would say it's a problem of Lain Technologies. We have warranties. over the technology. We tried to get an equity placement there, but the line insisted that they just wanted loans because they don't want to lose the majority of this technology. This, we believe it's going to be a breakthrough technology. It could change the way some things are treated. So we negotiated this system in order to We finance part of the installations that are, let's say, common knowledge. Those are ours. And some of the things we give the money for them to buy it. Some specific materials and some specific technologies that are not in the public knowledge. It was basically the only way we could advance in this way. Current assets loans have increased. That's the same one. Why has the debt been drawn down rather than surplus cash balances? Does this not increase interest costs? It's a good point. Our interests are 1.5% to 1.75%. with no liabilities, sorry, no warranties. So it's a very good financing. And it's always good to have a good cushion in your balance sheet instead of having to go with negative working capital as we have been doing during the last year. So that's the reason it was a cheap financing without recourse, without hedging, without any sort of attachments. And we thought it was a good system. Why are VAT receivables so high? Is there a risk they will be fully recovered? No, there's no risk. Simply they are higher simply because of the amount of business going on, specifically with the increase in electricity and increasing in operating costs. The VAT basically goes attached to your operating costs and there's no risk of getting this number. We have never had in all my life in Spain, we have never had any problem of of receiving the VAT back.

Just to add some more color on the VAT, so the VAT normally gets paid back in a period of time of about six months, and the majority of the VAT has already been received as, you know, some amount where you know, depending from 2021. So, you know, the amount has significantly dropped now. And as Alberto mentioned, it is a slightly, you know, the volume is a slightly higher as a result of, you know, higher costs and higher investments. So that's why the total balance has increased a little bit. But there is no issue recovering. The administration takes about six months to repay all the VAT.

Okay. Thank you, Cesar. Can you confirm the dividends will be paid without deduction of local tax? I understand, yes.

Yes, exactly. The tax was an issue that we have dealt with the tax administration in Cyprus and we have now received a letter from them just to avoid having through the hustles of all the shareholders to submit their declaration of tax presidency. So I can confirm that we can pay the dividend across without any deduction and to everyone, to all the shareholders as we don't have any shareholders in Cyprus.

There's one question here. Is there any plan to move your listing to the main market of the London Stock Exchange? Yes, continue doing all the right steps. We may not achieve the premium listing because of our market cap has gone down. But so far we are doing all the steps to do that as soon as we can. um how concerned are you that a global recession will reduce copper prices below your cash costs it's a good question look we are concerned more than the cover price we're concerned about the increase of our cash costs i don't believe well we don't believe that the copper prices will go down even with a recession for a long period simply because the copper is needed for the green The copper is needed to actually to counteract all the inflation that's coming from gas. There's no other options or diesel or oil. So this will have to happen worldwide. And this thing of inflation, diesel, explosives, even power is happening all over the world, in all the mines of the world. In the case of Europe, it's extreme due to the strange situation of the gas dependency of Germany and Europe. But it means that most of the mines and the producers will also start suffering. And what's more important is that new projects are not going to be built unless there's an incentive of higher cover price. So it may be a matter of one year, half a year, two years, or three years. The longer it takes, we believe that the cover price will explode up much higher. Has the energy price increased changed your near-term strategy for growth projects at all? Would you consider incorporating more energy independence of total solar wind and your other projects. Certainly in total, we are going to, we have already included a solar plant on top of the existing old tailings. And there's a big wind farms in total. Actually, Galicia is one of the big wind producers and this huge wind farm has been built. By the time we get that thing gets built, we believe that pricing will have stabilized as they were in the past Spain has always been around 40 to 60 euros per megawatt hour basically due to the very low dependence of the of the gas so yes I think we'll have solar and we'll have a PPA with hydraulic or with good wind uh near-term strategy for growth at all well we continue looking at growth projects but we look at them very carefully we will not make investments in places where it doesn't make sense or if the costs are not clear another question comes in in the lx system what happens to the gold and silver wrap products I believe, and I'm not an expert, that the silver stays in the anode sludge. I'm not sure in the gold. The silver does stay in the sludge. You have to remove and sell it as it is. Do you have any forward projections for copper price? Well, I don't know if it's projections or protections. Here it says projections. Well, we expect the copper price to recover and we are exposed to the copper price, fully exposed. Will the company in the future consider investing in additional solar energy and additional wind turbines? Yes, I have answered that. Yes, they're going to be very likely. We'll include this wind turbines and probably more solar, but specifically wind turbines. Another question. Major shareholder exited recently. Has the stock overhang now been resolved? Is there still any other stock to remove in the market? I think it's fully removed. I think their liquidity has improved quite a lot. This major shareholder, which was a Chinese, one of the first shareholders in the company, they had 22%, around 30 million shares. Those shares were placed in around 44 institutions or blocks. And I would say that there's no overhang at all. Another question is, what would the base case timing for total permanent construction production? Based on what we see, we have been told that our project will be included or we believe we can be included in what we call Proyecto Tractor, which means it's a tractor project, a project that has creation of jobs of quality in the area, which will expedite permitting. We have submitted all the papers and we will likely get the permit for this in the first half, I would say the last part of the first half of next year, 2023. Construction takes, let's say, 15 months. It means that during 2023 will be in construction, end of 2023 will be into production. Another question is, what has the grade improvement been since the end of half and what do you expect the grades to be over the next 6 to 18 months? The first month of July and what we have seen in August, the grades have been around 0.43% copper, so back to normal or higher. And we expect those grades to be maintained during the year. We are also trying to permit at least part of the San Dinizio project as soon as possible, so we can get higher rates, much higher rates over 0.6% copper, at least in some part of 2023. Has there been any conversation with the government or energy suppliers about cap in the increase in prices? Yeah, we have had a lot of meetings with the energy suppliers, and that's the reason why we got last year, well, a few months ago, we got a power purchase agreement at around 52 for 10 years, because basically we told them that otherwise we just close. The energy is something very complicated in Spain, all over Europe, I would say, and the government will have to say something because these prices are not sustainable for the industry. Right now, the only reason why nothing is happening is simply because most of the industry players are enjoying lower prices established at longer-term agreements, and only part of the increase in price is passed to the industry and to the individuals. But something needs to be changed in the system. The change may come through the system that has been proposed by Greece, where there will be two types of setting of prices. One will be setting without the gas price to balance the hydraulic, nuclear, wind and other energies. And then the last part will be only for gas. This will avoid the use of gas pricing, very expensive, to set the prices for electricity for the whole system. Spain only uses normally around not even 10% of electricity from gas, but this 10% is setting the price for the whole system, which doesn't make sense. This was something that was okay when the difference between gas prices and normal electricity from nuclear, from wind, whatever, was not very different. But it doesn't make sense when the prices of one and the other are totally different. For example, I was just checking that in the prices of gas, Europe gas prices in 2010 were 10 euros. And today, as we speak, is 200. Well, it doesn't make sense at all to apply this extra electricity, the 10% for the whole system. So the whole Europe will have to change the system because it doesn't work. In the context of generating negative cash flow from operations, how should we be thinking in capital allocation in second half? Well, we are looking at each of the investments. So far, we continue to look at our commitments of ELEKS and our commitments of Solar, which are there already. In the case of Solar, we have a loan to complete that investment. And basically, we'll try to look at each of our euros. Aspiration, if needed, we can always cut it down a little bit. But that's what we can do, being very careful with our expenditures. Please, can you quantify any cost effect from Melix? Difficult to quantify. to quantify. The big increase comes from ELEKS, the big advantage from ELEKS comes from high recovery. So in a normal recovery of complex sulfides, you get, let's say 70% recovery of copper, 75% of zinc. By using ELEX, we have seen we can get over 90 of copper and over 95 of zinc. So you have more production. So to divide your cost by this lower production and the overall costs are quite low. We have done some numbers, specifically in the case of San Dionisio, And the added value for San Dinizio and San Antonio of ELEX was in the order of higher than the whole market cap of the company, almost double the market cap of the company. So it's very significant simply because higher requirements. How are you assessing the risk of capex inflation for both solar and ELEX projects? In the case of solar, it's totally capped and very clear. We had some inflation in ELEX. The building itself costed already half a million more. The cost of copper and bars or whatever was higher. So yes, we had a little bit, but not a big amount. and all the equipment and everything has been bought, so we don't expect anything else from now on. Our early estimates for ELEC's first phase was around 12 million, and the last ones were around 15, so not too bad. So another question coming here is, it looks like oil, gas, other fossil fuels, and many other costs will be higher in the midterm. capex will also be higher what could be the copper incentive price required to invest in a new mine 100 agreed i mean i bet you that none what i mean none is none of the greenfield products that are being looked at in south america north america none of them will be economic if they use the current operating costs. I am totally sure that no new big projects will be constructed in these places, except those that are already ongoing, and maybe with the exception of some in Congo with very high grades where the capital intensity is not that high. for several reasons. One is the CAPEX, but also the OPEX and permitting delays, COVID restriction, traveling time. Right now with this higher operating costs, the price of copper will probably have to go over $5 per pound sustained in order to have one big project being sanctioned and being approved. And finally, and I left it for the very end, I have here, normally I wouldn't answer these questions, but it looks like there was an investor that was saying that where was the incentive of investing in Atalaya because it's been a thorough investment because he bought shares in 2010 from IMET. and now the prices is lower and 12 years wasted for investors and that's fine but one thing i didn't like is that he was saying that the executive board has made millions selling gifted shares to extremely well time point packages with bonus and share options sell shares at the very peak and then watch the price collapse immediately. Well, I don't think this is a fair thing and that's why I thought it was something important that I addressed it. Back in 2010, I checked it because I really got angry, not because of somebody buys shares and loses or makes money. Well, that's part of the investment. but to the question of management and board that has made incredible efforts to keep this company afloat. Back in 2010, if somebody had invested $1, our share now would be, we have lost 19%. If I had invested in Freeport, same dollar had gone down to 26%. Freeport is the It's the, I would say, benchmark for Copper. I can only be responsible for my team, which is excellent, since mid 2014. At that time, from then, from mid 2014 to now, even with this slump in share price, our stock is still up 20%, while Freeport is down 15%, same period. about the, I would say, accusation, unfair accusation of executives exercising share options on the peak. Two executives exercise some share options. The last day it was available for them to exercise the shares. The last day, waiting until the last minute, actually requested some extension to see if they could extend it. And another executive, which is my case, I paid my taxes and money and paid for the shares and without selling them. So we are in the same boat of shareholders. And these conversations are very unfair because this company has been able to survive very difficult times and will continue to do so. This is one more. Nobody would have thought that the... price of gas in 2010 will go from 10 to now 220 times or electricity in 2010 go from 40 to 250 certainly we wouldn't i wouldn't so be sure whoever it was send this question that we will continue to do the best for this company and if it happened to To be about investment, well, there's always safer investments to invest in, but not that we as management are not doing the best that we can. And I think this is all the questions I have. Yeah.

Alberto, Cesar, thank you for that. I think you've actually managed to address all the questions from investors. And of course, the company will review all questions submitted today and will publish those responses on the investment company platform. But just before redirecting, investors provide you with their feedback, which I know is particularly important to you both. Alberto, could I just ask you for a few closing comments?

Yes, I think so. I think it's a very difficult time for a company and for management. It's difficult because they're all external factors. I've seen this happening in my life several times with when gold went to 240 only to move up to 1800 and a few years later. I've seen this with nickel going to 2 and then going back to 15. I've seen this with the crisis of 2008 where the cover price reached less than $2 and then went up to $4 in one year later. I believe this is going to pass. I think we have a very tough few months until we get into January and into April next year where the energy prices will give us some breathing space, but we will go ahead. This is a long-term investment. Our operations will have from now on at least 15 to 20 years life. When we arrived here, it was only 12. This is a long-term road. We always look for the money of our shareholders and we'll continue to do so. So I think we have a decent future, although we have some difficult times ahead in the next few months.

Alberto, Cesar, thanks once again for updating investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. behalf of the management team of atelier mining plc we'd like to thank you for attending today's presentation and good afternoon to you all thank you very much thank you