Atalaya Mining Plc

Good morning and welcome to the Atalaya Mining PLC 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 in the meeting itself. However, the company can read all the questions submitted today and publish a response to where it is appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd like to hand it over to Alberto Lavandiera, CEO. Good morning to you, sir.

Hello, thank you. Thank you very much. Welcome, everybody. Thanks for being here and taking the time to be with us. I'm going to go quite fast through the results. I think you have seen, try not to repeat all the numbers. I think that you can read them carefully. And I think the important thing here to focus is what's happening, what's going to be the future. We had already predicted pre-released the results, the production results, so it was not very difficult to conclude the economic results from there. So with me, I have Cesar Sánchez, which can answer anything that is from his specialty if needed, although I will try to reply to most of the questions. In this slide, this is live you are seeing the opening of our company trading in the in the main market in the london stock exchange i think this has been one of the good good achievements of this of this year and um and it has been an incredible journey i mean right now we have been working for this with uh for I would say one year with lots of ups and downs and lots of difficulties and lots of changes. But finally we are here. And since then we have seen lots of interest. We have seen lots of good volumes of shares traded. And I think this is just the start of a good journey. And still not finished because right now this just opens the door to be trading in one of the index of the UK. We have some delays in this because we have to go through a new procedure that was implemented in Cyprus in the first quarter of this year, which took us halfway, which means they changed some laws and we have to go again to obtain the shareholder approval, which is going in an AGM or EGM. and we are going to be doing this at the same time that we have our AGM in the 27th of June. So after that, hoping that this is approved, we will continue with the procedures and hope to get everything ready by October, November, which is basically a six month delay since our plan, because basically this is the delay that this has, we went through since our approval on December 23. We believe this is going to be creating a new additional liquidity to our stock and this is something that's going to be quite interesting for the company like being in the main market. Of course, the reason why we are quite optimistic is first of all, the copper market is excellent and the second is that the We are one of the few companies that are pure place in the copper stock exchange. Obviously, Antofagasta is one, Ivaho is in some ways, but the other companies that are present in the London market are global markets or where they are not exposed to copper as much as we are. We are 100% exposed and And I think this is excellent for investors that want to participate in the copper market. And why we believe there is interest for our company is because we are a growth company. Yes, we are providing some dividends and we continue with that dividend policy. But the reality is that in the next three years, we want to see our company doubling or more than doubling production from our existing operation in Cerro Colorado and San Dionisio, which is basically the Rio Tinto district, plus the permitting of the total project in the north part of Spain, which is advancing quite well. With that, we will be over 100,000 tons of copper, 120,000 tons of copper equivalent And we couldn't do this in a better time. I think since the last time we spoke or I spoke here, the copper was basically one pound less than today. Today it's close to five dollars per pound, one dollar per pound more. Well, that $1 per pound is quite easy to make the calculations. If we had 100 million pounds payable, it's basically $100 million more without doing anything else. So that's to the bottom line. So you can see that we are quite leveraged to the copper price. And why this is happening? I think we have been saying that this thing was going to happen. I think it had to come because there is a steady demand. There is a steady demand, especially coming from the energy transition, coming from installation of wind and solar, which China continued to build up, but also Europe and US going hard. But at the same time, we also have drivers like electrification of vehicles, and also recently we have heard about artificial intelligence data centers that are going to be also net consumers of copper. And the problem we have is that the supply is simply not there. I mean, we have seen all this bad news of Cobra Panama and others, but especially the large mines need to either make expansions or just need higher incentive prices because the capital intensity, the cost per ton produced is getting higher and higher. And the mines are not expanding. in the places where they're easy to build. So what's happening is that really the miners, and we have seen it with the approach of BHP trying to buy Anglo-American specifically for the copper price, the approach of these big companies is better to buy to build simply because buying, you can do it in one year. And while building, it's not less than four or five years, assuming you have the cash and you have the permits and you have no local opposition and you have water. And surprisingly, if you have people, which is something very important. So I think we are just starting to see this high leg of the copper price, which I don't know where it's going to take us, but certainly higher than we are right now in the longer term. So we couldn't be in a better position. So coming back to our results of the quarter, we had already released the production results, which were around a little bit less than 11,000 tons of copper, which were basically low rates. As a result of low rates, we have better low recovers. Actually, the recovers are quite good. compared to when you consider the low grades fed to the plant. And also considering that we had some couple of shutdowns at the plant, which were planned originally. So in spite of all this, we were able to control our costs. So I think it's probably the best achievement of this month. Bad grades, but still being able to to consistent cash costs under $3 and only in sustaining costs of $3.20. Just think, and that's within our guidance. Of course, if we had a higher cover price, this would have meant basically another 10 million euros of extra EBITDA. EBITDA still was around 10%. 5.3 million euros at an average price of 390 With imagine that we are right now With much higher copper prices, of course with copper price of let's say 60 cents higher Of course, you only need to multiply by 25 or 20 million pounds and obviously will be much much better Working capital was was decreased Temporarily this month, it's not something that's worrying us too much, simply because we repaid part of our short-term loans, and we continue investing in the press trip in San Dionisio, which is moving very fast, and finalizing the plant of Elix. But still continue to have a net cash position, just counting net cash minus debt. But not all the debt is short term. So actually our working capital is much better than the net cash position. So I think overall, although it was a bad quarter from production point of view, as we had already flagged, it wasn't a bad quarter. particularly bad quarter from the financial point of view or at least not more than what we should have been expected from the low production figures as I said before it was Lots of there were lots of activities in the corporate side with with all the paperwork needed to to move to the main market and read the missile Read the missile to the Spain so that was a very very very very intense month from that side. Right now at asset levels, we continue moving fast to get to the better high rates. We continue moving in total with things moving along quite well. And we believe we are in the last leg of getting our project to be declared strategic. And we are already doing some work for our next growth projects like San Dionisio or other places like Masa Valverde. one another another disappointment let's say another couple of disappointments were slightly uh slight delay in the in the lx construction and startup i mean construction is very well advanced and it has been producing sink precipitate from copper concentrate very successfully, but they still are in the final stages of commissioning. It's quite complex. And we also have some delay from our supplier of the solar plant, which they said that fully, fully completed by the end of the year, although they will likely give us some electricity by mid-year in June. They will give us part of it will be operational. It looks like there were some delays in ordering some equipment, there were some delays in their own internal permits. This was a kind of turnkey contract and we are not very happy and we're looking how we can compensate, get some compensation for this. Having said that, we don't expect this to affect too much our financials because of the, due to the low electricity prices prevailing prevailing during the during the sunny hours which means the difference between having our our plant or having a new plant is not that is not that big so going with with albett in production i have already mentioned what I said. I mean, even with all the stops of the plant, we processed 3.7 million tons with quite long stops, so this should be better in this next quarter. The grade also was quite low and also should be slightly better in this year, in this quarter. And especially much better in the second half of the year when we hit some of the better ores at San Dionisio. The recovery, as I said, close to 85, slightly lower than previous year, but not that bad compared to when you think on the grade of the feed. Of course, this comes into lower revenues due to lower realized prices, lower operating cash flows. We gave back 17 million from investment, which is more than previous year. Sorry, 17 million, which is more than previous year. and we had a slightly negative operating cash flow. But we continue to have a working capital surplus of around 60 million euros, around 70 million dollars, which, when you compare to what's seen in the slides of our history, remember, at a certain time, we were negative 60 million euros at a certain time. So it's quite a big difference. The costs are broken down in slide 15 in little detail. When you make the calculation and see why the mining costs are slightly higher and some other costs like GNAs, it's simply because we have lower production levels. So the cost per ton has been quite constant. And even... and even lower than previous quarters due to the electricity going down, as shown in the second line where processing cost is lower than previous year, simply because electricity is lower, in spite of having lower production. But one interesting surprise and things that were good was good is that we had lower freight costs and treatment charges, which is helping, of course, the market is helping. And also we had a much higher silver price by products because we are producing from an area that's higher silver or those lower copper so we in some way it compensated for other things so then we had we had our operating cost all-in costs very similar to what we had last year in spite of having much much lower production Only when you compare with our peers, we continue to keep under control our costs within compared with other companies that based on public information. So I would say we are keeping competitive with other people and actually much better as you can see in the slide 16, which shows that in the last column in each of the left column in each of the groups is the last quarter. You can see lots of companies having higher operating costs in this first quarter than previous quarter. So we are more or less satisfied. But anyway, we cannot be very satisfied. Our goal is to get to the higher grade of Sandinicio as soon as possible. Slide 18, you see that we have already started moving there. And actually, this slide is one month old, but this excavation here is moving very fast. There we have a grade which is almost double what we have in the main pit. And it's essential that we can blend some of this material, although limited, so that we can get better grades in the second half of the year. Seen from the top, you can see a recent picture how excavation is going. I mean, it's a kind of a small pit close to the existing Atalaya, existing flooded Atalaya pit. And also in this picture, you can see in some way the water level going down in Atalaya pit as we are pumping out already in preparation for the future expansion of the pit. Also, Big advances in helix. For those of you who are not familiar with helix, it's something to be able to leach concentrates and get better recoveries from copper sink concentrates. And that difference of recovery, it makes a big difference. Still, it's a very novel thing and still in commissioning. This is all pictures that we had in the early days. where we produce first cathodes. Now this quarter we have been producing zinc precipitate extracted from copper concentrate. So in other words, we have a concentrate having 18% of copper and 8% of zinc. after cleaning it you you end up having a concentrate of around 22 percent of copper and one percent of zinc this thing it goes into a precipitate which shown in the picture left which is basically only contains zinc and this is really solved and you can produce cathodes or ingots of zinc or sell it directly as precipitate and the copper does not lose anything because we maintain the recovery and we don't touch the copper barely So we know this production has been obtained during the commissioning, but they still have things to finalize in the construction, because this was while they were commissioned. So quite a complex plant. And I'm sorry that we cannot show pictures because due to the pictures from what's looking inside, because it's essential from the secrecy point of view. But for those of you that have the possibility of coming to a visit that we'll organize later in June, or you will probably be able to see it personally and you will appreciate the size and the complexity of the material. Another thing that's, as I say, it's a little bit delayed, but it's advancing as you can see. I mean, most of it is finished. There's still some holes left, but the main delays are coming from the moving, crossing the road with electric line and some pieces of the substation that had not been ordered and had delays. But other than that, the plant is quite ready and they will be able to likely give us some electricity by June, not full, but maybe half of what is already based on what they have already installed. And we don't have too much to show as pictures in relation to Togro, but I have to say that the new government has been formed. We continue receiving lots of support in the public media, also by the local authorities, and we believe we are going to be named or getting the status of a strategic project uh either the end of this month of the beginning of june uh this is so so this is what we have been told so we believe this is going to be permitted after that in the fast track route which is never fast enough for companies but it's good so that's in a nutshell what we are doing in addition to that we continue exploring the belt and the Osa Morena belt. We have some rigs working in a gold prospect in the north part of the Rio Tinto belt. We have, well, north is called Osa Morena. We are also in filling and doing some geotechnical work at Masa Valverde in order to be able to start the ramp there in order to access the copper ore sooner rather than later. and so we continue working very hard as you know we already have all the permits for basavalverde so as soon as we start to ramp and drive fast as soon as possible to the to the to the deposit we will be able to ship that ore directly to our plant at Rio Tinto so we are moving in that direction because we believe that the copper prices are going to be much better in the next years so with that um I think we will go into the questions, which are always very interesting. Perfect.

Alberto, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of your screen. But just while the company take a few moments for you, those questions that have been submitted today, I'd like to remind you that recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. We have received a number of questions throughout today's presentation, and if I could just hand over to you to read out the questions and give responses where it's appropriate to do so, I'll pick up from you at the end.

Excellent. Thank you. Look, we have lots of questions. I'm going to go quite fast. And some of them very interesting. The first one is, what do you think is the incentive price for big copper miners? This is extremely interesting questions. I attended the conference of Bank of America last week in Miami, and I heard the CEO of Glencore saying that we are not building any mines at $10,000 per ton. I mean, simply, they are not economic. I also heard Richard Ackerson, the former CEO and still chairman of Freeport, saying this crisis is very hard to justify a return, first, and second, We had some projects that we could expand, but simply we don't have people. So in conclusion, we have seen that the mayors are needing much higher price. And it's very simple. The reason is that the big deposits are in Latin America, Africa, Indonesia, very remote places that are really infrastructure projects, projects that require desalination plants, pipes. The capitals are huge. The amount of people are huge. And simply... At less than $10,000, they don't provide a decent return when you think that the construction is going to take five or six years. And that's one of the reasons why you can see and you will continue to see a frenzy of buying versus building. Like the example of BHP trying to buy the assets basically due to the copper of Anglo-American in South America. Next question is when, so the price I would say is probably $12,000 consistent. So I'm in the range of $5 to $6 per pound consistent and steady. Just as a reminder, we didn't have any decision of project being built during a few years ago when the copper was higher after the pandemic was higher than $4 during a year and a half. And at that time, no decision was taken in these big projects. That shows you And things have not gotten better. I suppose the price will have to increase enough in order to incentivize some substitution or some lower consumption. When do you think you will make the decision on building Masao Olverde? Later this year. We are doing all the work for the ramp. We have all the permits. We're working with offers for contractors. Very likely, at the end of this year, we'll start driving the ramp. Very likely. Some peers have announced offtake deals with negative treatment charges. Are you achieving the same? No. Our contracts are based on benchmark and benchmarks are lower than used to be previous year, but they're not negative. These negative treatment charges are obtained normally in spot sales, very small sales for some smelter that's desperate to fill some void, but that's not the normal situation. The next thing is, what are the plans for utilizing land assets once mining operations are reduced or ceased? Also, very nice question. Look, in the tailings pond, we have the plan. The plan is to It's about 500 hectares. The plan was to basically reclaim it, covering it with grass and shale. Right now, we have been looking at several things. One is to put some farmland with greenhouses. Another one was to use a system, new generation solar. because it will be connected directly with the with the grid which is very close the substation is very low so we're looking at several alternatives around the plant which i hope it happens in in more than 20 years from now very likely this will be industrial area because there's access to electricity and a pool of good workers the the pits itself the restoration plan are basically going to be left to be flooded and we are allowed to do that And very likely this will become a very touristic attraction because it's already now a huge touristic attraction. So the thing, this will be the final use of the pits. Another question is, would you consider feasibility study establishing data centers in Atalaya Islands? Given the massive future demand driven by AE, Atalaya has all the resources and use land, clean air resources, water supply, road infrastructure. distance from population centers to mitigate noise concerns. Well, to be honest, we have never thought on that. It's a good thing to think. As I said, this thing will only happen probably between 15 and 20 years from now. So it's very difficult to make any prediction of what's going to be the need right now. Right now we are full of, we are using the full capacity of the network and actually would like to have more. to be able to expand helix. And right now, it's a problem. Atalaya has started pre-stripping Sandinicio. Is there any restriction on processing the material, or is the permitting not related to the final pit? What we are waiting is for the final pit right now. If there is some material being mined in the future, we will treat it, because it's really no sense to stockpile it, because we will will stockpile it. It wouldn't make any sense to stockpile it to treat it later. The permits in Spain are not related to treating material or not. Once you have the permit, you can treat whatever you can through the plant, even external material. The permits are related to the footprint of your land, of your or your size or your volume. So tailings, for example, is the amount of tailings you can hold in that space. If you could pack it and put more, it would be better. The footprint of the pit is basically how many hectares you cover. Is it too big? And so what we are permitting is the expanded pit, which basically goes to the main road which by the way we got the permits already to move the road and the environment footprint and we also got the permits to to use the tailings to process that material another question is will you continue your clean energy policy or a new site such as toro Do you plan to develop a clean area project in this location? Yes. It's part of the new project. It includes a solar plant. I believe it was 25 megawatts. So it's not as productive as the sun in the south. But yes, we are also putting that solar plant on top of the old tailings of the old total mine. Next question, are you considering hedging percent of reproduction to lock current price, given the Chinese NAV slowdown? Well, look, we have been asked this when the price was four, and now it's five. So locking in some hedging, maybe we will. You never know. But in opportunistic matter, very short term, basically to cover short contracts. But it's a very dangerous situation. because just the slowdown of China electric vehicles is probably there, but not so much the infrastructure. And also it's a very dangerous game because at any moment you can have a disruption in any mine and the market is so tight that the prices could shoot up. So I think hedging at this moment is a risky business that I don't think we would be doing it unless we went in a very short basis, like three months to close or two months to close a QP in a shipment. Was... The cash cost guidance for 24 to 83 based on solar plant coming online in mid-24. What has been done to mitigate impact of high electricity prices? Could you... Okay, first question. Yes, it was based on coming online mid-year. In order to mitigate, we have been hedging and covering some short-term contracts at good prices. So that's why we had good prices during the second quarter. First quarter and also we will have them in second quarter. And the moment we get some decent prices, especially in the daytime, we try to close them. Because right now, the moments where you have good solar prices are also the same time where you can get better prices in Spain. So that's what we are doing, trying to cover in short-term contracts. Another question from the same person is, could you give an update on permitting process in total? sometime in April, May. Is that still the timeline? Is it still on track? Well, certainly not April. The time for elections took almost two months to create the new government and change some... No big... person in charge has changed in the environmental department or industrial department, not the equivalent to the Consejeros, which is ministers, but they did change some of the general manners of the environmental department. And this has created some small delay in producing the papers for strategic process. But as I said, we believe we are in the, we have been told that we're in the right track to do it, to obtain this in late May and or early June. So no big slide. Could you give more color impact on lower TCRCs in Q1? How should we think in the rest of the 24? Well, as I said before, lower TCRCs, yes, we had lower TCRCs due to the benchmark being $10 lower. Also, we had some slightly lower shipment rates. And how think of the rest of the year? Well, it looks as going to be good. It looks like the treatment charges benchmark are going to be going down with the spot, but not like the spot market. The spot market is something for, let's say, the marginal producer, but most of it is done based on benchmark, based on the concentrates provided by Freeport and Tofagasta or these other people. Another question, what are the key requirements for TOTO to be declared strategic under the EU regulation? When do you expect to have a final decision on the project? Well, actually the strategic project is declared under regulation of the Galicia, a regional government. It doesn't take into consideration the EU. Well, EU is pushing and all the laws are coming and it will be very difficult for them not to say it. The key requirements are you have to make a change in the area where you are. You have to have, which we do. We have to have a minimum of 100 employees we have. We have to have a minimum X investment, which we have. Well, more than enough. And we have to show basically a significant change, economical change in the area where it's implemented. So all of these things are, we comply with those. And when do we have the decision? Well, first of all, it has to be declared PA, which is project of a strategic interest by the regional government, which is, as I said, expected to be, let's say in less than one month. And after that, it goes through an accelerated permitting process, which by law, it cannot take more than one year. So that's the maximum it can take. We believe since we have gone through all this, it will take less than that. And so the decision will be taken probably or approved. The probably will be approved likely at the end of the year or maybe the first month of 2025. We are always planning for construction already starting by second quarter or so of 25. The next question is, do you anticipate that the Rio Tinto copper mine recently operating out of production in Mongolia will significantly affect the supply of copper Well, this thing is already included in the expectations. We are not a specialist. We just read what these people say. And the mine of Oyotorgoi is, yes, expanding. It's expanding as the cave gets larger, but it's already planned. I mean, one of the things I should say is that the mines cannot go over 100% of the plan. I mean, no mine can go more than what they say they're going to be doing. So the only news can be bad news. So if suddenly it happens like the cave-in that happened in Chukicamata, in Codelco, where for some reasons that I'm not a specialist, that did not cave as expected. It simply is delayed and it produces less. If things take longer to commission, it produces less. So it's very difficult to get someone producing more than is already expected. So all this thing of Oyotolgo is already in. But there are other things that, this one is increasing, but the other ones that are very important that are depleting, like you would see with Escondida, which is the largest mine in the world, which according to the plans published by BHP a few years ago, would have to undergo a huge capital investment to maintain production otherwise, they will lose half a million tons of copper per year, which is more than this mine of Rio Tinto, Mongolia, or Yotorgo is producing. So just to give an idea, if in three or four years a huge investment is not done in Escondida, that loses production equivalent to the second or third largest mine in the world. That tells you how severe is the situation in Mongolia. in the world in supply. What's the estimate of known all-sustaining CAPEX for the full 24? I think we have given the guidance. I don't have the figures right now for the full year. Do you have them here, Cesar? Or I think you will have to connect your microphone. Do you have it? Can you? No. Well, I will jump and see if we can get the, we'll get Cesar later. Are you still looking for copper acquisitions? Given copper assets would now be much more expensive to consider risks too high. Why did we not make an acquisition in 2023? Or can you move forward without an acquisition? Look, we can stay how we are. But yes, we are looking at things. And if they do not make sense, we will not buy them. We are quite tight when we make this acquisition. We always look at things that make sense. but we are looking at things that are not that developed and they're still not that expensive and certainly not in public companies. All we're looking at is in private companies out of the radar. Sorry, can you hear me now? Yes, perfectly, thank you.

Sorry, I apologize, I have some IT issues. So I think the capex question was referring to the pushback of San Dionisio, which we have guide the market in between 42 million to 46 million. And in addition to that, the expansion of the tailing dams, which consisted with previous year, we have guide the market between 13 to 15 million.

both together we're speaking about 55 million to 61 million euros and that's a significant the significant chunk of um of capex that we will have in 2024. okay um there's another question is i keep asking this question because once atalaya moves to cyprus to spain atalaya is an easy takeover target effectively we know that what do you plan to do to safeguard a hostile takeover well We have some defense mechanisms already in place and even advisors. It's not that easy. I mean, at the end, it's up to the shareholders. But here, at the end, the best defense that we have is that we have six shareholders or seven shareholders jointly together will get over... I think 10 shareholders will get us to 75% of the register. So with seven calls, it would be easy to say, look, this is a fair price. It's not a fair price. So from that sense, I'm not that worried. Simply, of course, if these seven or eight are happy, then... are the owners of the key owners of the company but we are not that that easy target and from my conversation from the key shareholders their price expectations are not close to what we have right now uh would i visit the would a mind visit be possible september october well uh this uh yes i am Eric, yes, happy to host you here whenever you like. You have been a shareholder for quite a while. Just let us know privately and we're happy to do it. Solar. Given the sunk investment, would you consider increasing this capacity, double capacity? If you did 300, 500 megabits, is it become a standalone business? No, I don't think it's viable by a standalone business. There's excess capacity in Spain. And one of the problems we have is a lack of connection points. Right now in Spain has huge capacity installed and some of the solar farms are probably losing money. And that's the reason why our marginal costs are very low during the sun hours, because only people that have a PPA are able to sell price at a good price. So I don't think solar is a good business as a standalone right now, unless you can use it. which is our case. What does it mean, total permitting timeline, to be fast-tracked? How long do you expect the permitting process to take? By law, it has been established as one year. So once you declare it strategic, it cannot take longer than one year. Of course, it's slower than that. What they do is that they have a limited timeline, which is two months to... Evacuate to produce the the project the the reports after going into public information then they have another one month or two to to reply and to send some internal documents, so it really it's really It's really a Real a real fast track very well established that things cannot go stretch forever Have you seen a pickup in institutional interest since moving to main market? Well, we have seen lots of volumes and we follow up some people that are wanting to buy stock and they are waiting to see the availability of this stock. Yes, we have seen this interest in the presentation that we have had in May. in the Canaccord Conference in the Western US, and also in the Bank of America in the East, in Miami. And also we have something in Switzerland. And yes, there is institutional interest and actually growing quite fast. Actually, if anything, the problem is lack of shares to be able to buy. Have you started exploring where you can expand Elix? Yes, we have been looking at places where we can build a new Elix installation with access to electricity. But right now we wanted to first work fully. Have you had any bid approaches for the company? No, not officially, but we have had lots of people saying that they would be very happy to buy the stake of Trafigura. and we told them to speak with trafigura and trafigura has told them that it was not interested to sell uh given atalaya low debt it's a share buyback alongside current dividend policy of possibility i think we'll stick with the policy dividend dividend policy and also we have lots of capex included so i don't think we'll go into a share buyback would you consider a special dividend no i don't think so because we have lots of capex coming on so I don't think we'll do that. Copper shortage speculation in China. Copper warehouse in Curatalaya offer a warehouse in services. I don't think so. We are too far from being economic. I think it should be close to the coast because there are retrags. It needs to be fast track, fast speed. I think the only place where they can do these things is in the western coast of the US, where it's only about 10 to 15 days shipping from China. Anything that would... you would do differently in the helix construction. It's just an issue with contractors or the complexity has been higher than expected. For me, this thing I have discussed with Eva Lain, the owner of the technology lots of times. We have gone through an exercise of what would you do different? I can tell you lots of difference. The first thing is that I would not give him any money without a big engineering firm behind. Even if you have to stay three months signing with lawyers until you get an agreement to protect the secret. The main issue they have had is that since they're working with lots of contractors, they're working as niches. So things are quite complex when you are able to see the, and I think you have seen it, but you're welcome, Joan, to visit the site and come from You know, it's only one hour flight. And when you see the complexity, you will understand that this is not an easy thing. The main issue is that when the pilot plant was working, the small pipes and the valves and everything were more or less installed by the plumber of Rio Tinto. Now, when you look at the pipes, they are 12 inches pipes, 10 inches pipes, the valves weight less. 50 kilos, it requires a lot of engineering and it just takes a lot of time. Having said that, it's very advanced and she promised that she will be in production in June with concentrate in a continuous mode, not in batches like we are doing right now. Any new joint ventures in place with our neighbor mines? No, not with Sunfire. With others, we have been exploring some possibility of exploration. But nothing finished yet. Do you list the competitors to get approval quicker than Atalaya? I don't think so. I think in Andalucía, we are quite fast with permitting. By the way, listening to the presentation that we had in Florida, I mean, the biggest worry of the main competitors all the companies present was permitted. In Chile, things are getting incredibly difficult. Even years of companies established like Antofagasta, like Freeport, and they were talking about four or five years sometimes to get permits. In other places in Peru, two years just to get drill permits. So when I look at that, it doesn't mean I'm very satisfied, but I feel much better. Things are getting tougher in any place. And I don't think anybody can do it much better, much faster than in Spain. Certainly not in Spain. And not in Andalusia, without any question. Copper current price range. What is our timeline to reach 1 billion valuation? Of course it can be done. Yes, it will be done. I think, yeah, we are going in the right direction. We're going in the right direction. What do you think about the Covered Panama situation? Do you think it will reopen? Is this having an impact on new investments in the industry in Latin America? Well, certainly, I think it may reopen, but certainly not close enough. I think not this year, maybe 2025, because remember, it was not a problem of having a problem of environment. It was a problem that was declared unconstitutional. So why would it be constitutional now with the new government? So they have to change the laws in order to allow it to be constitutional. And I don't think it's going to be so easy. It's a pity. I have to say that I think it's a pity after having invested so much. But I don't think this thing is going to come on stream so close. Is it having an impact in new investments? Without any question. I don't think anybody would go and invest in another place. For example, there's a huge deposit in Panama called Terra Colorado also with very high grades, but also with lots of local tribes or original... people there, I don't think it's ever going to be permitted. And there are some areas in South America that simply are not going to be are not going to be constructed simply because of local opposition. The interest of the figures take is it institutional or industrial? I think it's just trading. I think they believe the share price is higher the moment they think it's a good price they will sell. I don't think they're waiting for anything else. Okay, I think that ends the questions. I have another one private for Tesar, but I will keep it because it's personal. Okay.

Alberto, thank you very much for answering those questions from investors. And of course, the company can review all the questions submitted today and we'll publish those responses on the InvestorMeet company platform. But just before redirecting investors to provide you with their feedback, which is particularly important to the company, Alberto, I was just wondering if you had a few closing comments.

Well, thank you very much, of course, to be here again, as usual. I mean, we have lots of good loyal shareholders. I think we have come along. I don't think we ever thought we would be reaching so fast this copper price. I really believed it, but sometimes it seems it's not coming. I think we'll see even better times. I also believe TOTO is getting closer than ever. And look, I think our company is still in the way to continue growing. So I'm still a happy worker coming here in the mornings and waiting and being able to fight to my wife that's telling me that I should start thinking in retirement. So while that's there, I will continue supporting the company with all my efforts.

Perfect. Alberto Cesar, thank you once again for updating investors today. Could I please ask investors not to close this session? As you know, we automatically redirected to provide your feedback and management team can better understand your views and expectations. I'm sure this will be greatly valued by the company. On behalf of the management team of Atalaya Mining PLC, we'd like to thank you for attending today's presentation and good afternoon to you all.

Thank you.