Lifezone Metals Limited

Hi all. Welcome to the Lifespan Metals webcast to discuss the Q1 2026 financial results summaries and to provide an operational update. We'll finish today's event with a question and answer session. You can submit a question using the Q&A box at the top of your page. Please feel free to contact us directly for any questions not addressed in this webcast. Before we begin, I would like to remind everyone that today's event will contain forward-looking statements that involve risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements. Details of the forward-looking statements are contained in our April 30th news release on our website at www.lifestonemetals.com.

Please see additional disclaimers, which I'd encourage you to read in your own time.

Joining us today are Lifestone Metals' Chief Executive Officer, Chris Shawater, and Chief Financial Officer, Ingo Hofmeyer. Without any further to do, I'd like to turn things to Ingo for his introduction and the presentation.

Thank you, Catherine, and welcome to our webinar. If you can please turn to the next page. As we all know, we had a very challenging period in the nickel market over the last two years, predominantly caused by oversupply from Indonesia. Since the start of this year, things look a lot brighter. As of the end of last week, nickel prices actually reached a two-year high, and they're up 37% from one of the low points in late 2025. Today, spot prices for nickel, copper, and cobalt The products that the mine will produce are all higher than the long-term price assumptions in the visibility study that we released in July 2025. For NECL, the price increase has various reasons, but most of all, there is, we believe, a realization in Indonesia that the relatively uncontrolled oversupply from electrolytic operations in Indonesia needs to be brought under control, and that seems to be driven by a desire in Indonesia to increase the tax break from royalties and from taxes. So what have the Indonesians done in the recent past? First of all, they have reduced the nickel ore mining quota quite significantly compared to apparent demands. To better manage output, they've also reduced the validity of the quota system from three years to one year, so they can really turn the dial on a much shorter timeline. That also reminds the benchmark pricing mechanism, which means all the byproducts are now included. The side for that is that the costs ultimately go up because you're also paying, for instance, royalties on COVID, which is a very valuable byproduct. But you're paying the royalties, so that's the price increase. And then there was the implementation of a tiered royalty system. So that means, if you look at the chart on the right side, that at current nickel prices, the royalty is 15% compared to 10% at the start of last year. So that's a 50% increase of royalty rates. So that's quite significant. And then there is other factors that I think are well documented, which is number one, mining in Indonesia has happened for decades now, and therefore the best parts are already mined, and work rates are declining. And also there is an understanding in Indonesia and authorities to enforce environmental regulations more strictly, the There were quite a few incidences over the couple of years that the local communities were very upset about. And I think this is very much driven by Indonesians considering the demands and needs of Indonesian communities. A very recent change. And an upside risk, probably most significant of all LME metals impacted is nickel, is the increase in sulfuric acid prices and the potential shortage of sulfuric acid globally. China has implemented an export ban on sulfuric acid. And every leach operation in Indonesia leads sulfuric acid. So around 15 to 20% of Indonesian output is highly dependent on this. The going consensus is then ultimately fertilizer production will have priority in the next couple of weeks and months over other metal or chemical implications. And that nickel is probably at the very low end of the pecking order in terms of ability to pay for or getting priority for sulfuric acid delivery. So there's quite a few things here. where analysts and traders expect the nickel price still to have a lot to go for and there is an upside risk. For the first time also, in years, the International Nickel Study Group published is a deficit compared to, I think, the last three years, but you can see how big the number was in 2025, a significant surplus that suppressed prices. So, in short, in today's worth under today's sports prices. The Cabanga Nickel MPV is around 300 million higher than the MPV in the starting of the long-term prices, and I think this outlines the very significant change in the nickel market environment. I'll stop here for a moment. We can speak about this more in the Q&A, I guess, and further will be questions. In the meantime, I hand over to Chris to continue with the operational update.

Okay, thanks, Ingo.

Okay, what I'll transition to now is really kind of an update of where we are. I mean, we are in this transition process from really guiding through this strategic process to, you know, the transition and the feed, execution readiness. So, as we've, you know, talked to the market about, we are in this, you know, period where we are utilizing the $60 million bridge loan from Taurus. And I'll show some slides that really goes to the deployment of that capital. you know, one of the priority areas we're focused on in terms of execution readiness, local infrastructure, and all the details of, you know, what we're actually, you know, focused on with the local Tempo, too. Importantly, we update on the last public webcast that we are advancing the long-term strategic partnership process. We have been very, I think, clear to the market that we are very much focused on shareholder value and really tabling to the board of directors, you know, what is going to be, you know, the most, you know, shareholder-driven value of creative recommendation based on the offers we've received. So this is very advanced and this is something that we're going to continue to, you know, this is a large amount of management's time and effort right now is considering the proposals that have come in, finalizing negotiations, and getting prepared for recommendations to the board. So this is at a very advanced stage, and we will be updating the market as soon as we can regarding this process. But this is the number one priority for us right now as executive management is to conclude this process, and that's getting most of our time and attention. In parallel to this, we are very focused on the project finance. This is something that Ingo has been leading on his side. This is really... a process that is – I mean, this does take quite a bit of time. It's very detailed. There are a lot of stakeholders involved. But what we can say on this process is that the indications we've had are very, very positive, specifically regarding the nature and size, cash flow generation, duration of the mine longevity. This is a very attractive project for project financiers. And we've had a very, very positive engagement with a number of potential lenders. So this is something that we'll kick off once we – Once we finalize and announce the long-term strategic partnership or alternative, and that process will stay on chart, we'll be able to make some material updates on the process with SocGen. But this has been progressing in parallel very nicely, so we'll have more updates for the market shortly.

Okay, next.

Okay, so as we're building up on the strategic process, there are a number of things we're doing in parallel, and this is very important because, There are a number of work streams in terms of execution readiness that we are focused on. And a lot of this, just to outline and highlight, this is, you know, getting a series of elements on the ground, project setup and governance, engineering and technical delivery, procurement and contracting, construction, readiness, commissioning, and external delivery, project controls and risks. And so our chief operating officer, Eric Mouton, and his team are working hand-in-hand with the Tembo team and bringing a number of consultants that we are scaling up This is all in preparation for the pathway to FID. And so the Taurus funds are enabling us and giving us the ability to maintain timelines, maintain all the execution readiness, all the development works that need to be put in place to put us in the strongest position to, once we hit FID, to maintain the timelines and forecasts for the project delivery. And there's a number of things. Obviously, we're in continual negotiations and engagement with the government of Tanzania. That's very important because as we go through this strategic process, we have to work very closely with our partners in Tanzania to outline and keep them informed. And so that is a big priority right now. Also, I'd like to highlight that we have concluded the U.S. Development Finance Corporation process, their E&S process, and the standard we need to achieve in terms of IFC Performance Standard 5. We did pass that So, that is a very big credential for us to have concluded. So, that's something I would like to note.

Next page or next slide.

And just to kind of continue, here's the, you know, some photos and just the, you know, some snapshots of some of the activity on the ground. But to highlight, you know, one of the biggest activities is North Boxcut and really getting all the earthworks and service works underway. You'll see us drilling boreholes for water. You're going to see a number of test pits. And so this is, in terms of the project execution, readiness, preparation, and what this highlights is that we are busy on the ground. The teams are being deployed. We're scaling up. And all the activities that are required for us to move the project forward are fully underway. And, you know, what I'd like to do is also compliment the teams on the ground. They've been working very hard, and there's a lot of activity. This is probably the most important commitment we're demonstrating, not only to investors and shareholders, but also to the government of Tanzania, is this pathway to progress the project while we get to FID.

Okay, next.

Okay, so this is just another slide outlining some of the activities. The other example of what we're doing right now is working with the Mining Commission. There are a number of critical paths expressions of interest that we're going out. So in terms of the, you know, the work programs, the activities, the packages, we have gone through the process of releasing these to the market. So request for proposals, this is in the tune of roughly 380 million. Everything from camp upgrade to infrastructure, water treatment plant development, maintenance areas, camp storage and buildings. So this is just another slide demonstrating the level of activity on the ground, all the preparation, all the readiness that's currently underway. And this, you know, for us it's important to demonstrate on these calls and show examples of the progress that's actually taking place on the ground while we continue the more confidential process of working on the strategic investment and the FID process. And then obviously we're working with the government in terms of, you know, the pathway for beneficiation. You know, I'd like to note that this is something that is very important to the government of Tanzania. It is one of their major policy initiatives is to show through our proposal of focusing on the mine and concentrate up front, we continue to work with the government on a long-term downstream beneficiation pathway. And that's something that we, you know, we have committed to and that we're working very hard with them to, you know, to do those technical studies together.

Okay.

The standard through which we hold ourselves is very high. I think this goes back to some of the initial partnerships we've had with previous investors. BHP, for example, we've always adhered to a very high standard on the ground, and that continues through this transition process. So when you see the occupational health and safety reports, this is something we're always going to herald in board meetings, in company presentations, project reports. But 2.7 million hours worth without a lost time injury at Cabanga, this is obviously something we're going to be very much focused on. And I think when you look at the scale-up of the project, this becomes even more important to focus on as management. So we have roughly 230 employees and contractors by the end of March currently, and the environmental monitoring that runs in parallel, this is all in a build-up to FID and going into the full construction process. Importantly, we've also completed an ISOC-compliant lifecycle analysis or assessment at LCA for the Camanga project. This is something we have not released yet, but we can say as management we're very pleased with the results. I think this is something that will demonstrate the differentiating factor between us and Indonesia is really the, you know, the low-emission impact. And those credentials are very important to us still, so that's something that we're going release in the near term, but that is concluded and we are pleased with the results.

Okay? Yeah. Just an extension of the activity and the commitment on the ground.

What's fundamental to us right now is in this transition period where there's the commencement of more material activity on the ground, it's really if that social license operates. And so, the standard we strive to is to really overachieve when it comes to specifically engagement with the community. And Catherine, specifically in her team, this is a major focus. The MOU that we've implemented for the CSR project, this is something that's really a step forward. This is not something we're required to do. But in terms of health, education, local sports activities, you know, assisting with local agricultural support, these are all things that we are continuing through this transition process as we bridge from the conclusion of the DFS through the process of funding and FID. That social license to operate and demonstrate to the local community that we are committed, we're there, and we're moving everything forward is paramount for us right now in this current stage. The resettlement plan obviously has progressed. We've compensated people, and we continue that extensive community engagement on the ground. And that's, you know, I can't emphasize again the importance of this work stream in this current period. Okay, so something we really wanted to highlight in this presentation specifically in the back of the additional capital we have raised for the deployment of additional projects. Now, for Lexone Metals, we have our flagship project in Cabanga, but that has always been one major first demonstration of our capabilities, but there obviously is a much larger vision for us as a company, and one really good demonstration of that is the ability for us to have worked very closely with the Burundi government to begin the process of exploring, investigating this second large deposit that rests in the same region as Cabanga. So just by way of background, so the Musangati deposit, we have an exclusivity agreement with the government of Burundi that we signed in March. This was discovered at the same time as Cabanga. It's a laterite deposit. It's different, but it is another very large, very significant resource. And the interest for us to look at this in parallel is when you look at the focus on critical supply chains globally around the world right now, when you look at Kabanga and potentially the bolt-on of a Musangachi, you're almost creating a completely separate, independent nickel and cobalt supply chain away from the east. Now, the scale and size of that is massively important when it comes to the direction of Western governments to focus on critical supply chain security. So this is another demonstration of how Lifestone is there providing solutions, long-term scalable sources of critical metals. And this is something that we're going to be updating on, you know, more going forward. But I think the adjacency of Musangati, it's a project that would be very challenged without the infrastructure, the shared operational potential, and then there's some very key operational synergies that we've identified that we're going to be investigating over the period. So this is something where this is the largest potential economic driver for Burundi. It's a very small country. It's getting a tremendous amount of support right now from specifically the U.S. And so this is something that we see as a very complementary initiative that shows the scale and size of East Africa as a massive source of new critical supply chain solutions for the consortium of Western-aligned governments.

Okay? Okay, then very exciting.

I know I kind of hit on this at the end of presentations, but again, I emphasize this is something we are very, very excited to discuss in more detail. We have concluded the piloting study and all the R&D for the platinum-plated and rhodium recycling. Again, this is a demonstration of our HydroMet commercializing being deployed, and this is a much shorter pathway to market for us to demonstrate our key core advantage of being a specialist in hydrometallurgy. So we've been working very closely, and the consultant and the team member we have on this project right now, Justin Croneman, is working very closely with our team. This is right now where this is. We are going into the finalization, and we'll be concluding this in the coming weeks, of the feasibility study. All the piloting has concluded with very, very high recoveries, and I would like to emphasize that this project has taken a little bit longer because of some more extended R&D, but what we've done is we have, in our view, we have identified an innovative breakthrough process that will really be groundbreaking in terms of this industry specifically, this recycling industry. It is an industry right now that is fractured, and it has a number of different components in the value chain. We can consolidate that into one central collecting to final refining, and we would be solving one of the key requirements specifically for the United States, which is taking off platinum, platinum, and rhodium from the critical supply chain risk register. So this is something we've also applied for two grants from the DOE. We should be hearing back from them within the next two to four weeks. That would be for both potentially grant and debt funding for co-investment with us on this. So we tick all the boxes in terms of what we're proposing as a solution to deliver, which is final refined metals recycled domestically in the U.S. And again, to emphasize, this is a partnership with Glencore. And what we really like about that partnership is this is something where Glencore doesn't have an extensive amount of exposure to the PGM market. The partnership with Lifestone and on this project gives them a rapid ability to scale up their metal book in partnership with us in recycling, which is a core strategic initiative for them right now. So we're always, you know, focusing on Tabanga as our flagship project, but these are the type of solutions, and importantly, When you hear a lot of these governments talk, it's not about getting and securing licenses for mining rights or mineral rights. If you're really going to solve the supply chain challenges in the world right now, you need a downstream processing and refining to be solved. And that is how we're positioned as a company, and this is a really good example of how we're going to continue to provide solutions through a competitive advantage of applying our technology. So, again, really excited about this one.

Okay. Okay, I'll take that over to Hingo.

Thank you. Perfect. And the final slide, we want to speak on the financial results. And there's two things that really matter and are material for our investors, which is cash and liquidity and cash flows for the period. And the period in this case is the 1st of January this year, the 31st of March. We want to also speak about cash uses in terms of the funds that you have recently raised. And I come back to this in a second. But first of all, let's look at the cash flow statements. So we had an opening cash balance of $20.1 million. We're operating in DVDs, so cash outflows in this department of $1.2 million. Significant improvements to the $3.3 million cash outflows in the comparable period a year before. And the main driver for this is, and this is important to stress, that We have a cash generating, already cash generating business in Perth with the Simulus Lab. The Simulus Lab in the last two years was highly focused on the flow sheet for Kabanga. That means the Kanhama design of it, which is to a large degree complete. And secondly, what Chris just alluded to, the PGM recycling flow sheet. While these things have come to a close, there's still work to be done, of course. we have refocused the efforts of the Symbolus Lab on external language generation, and that drives this positive view. Of course, as our investors know and readers know, we've also been trying to optimize our operating structure, and costs have come down in that sense as well. With regards to investing activities, they are now increasing. You've seen that we have, with owners' team, employees in Temple, Newport, and Tanzania, and many short-term contractors in various areas of execution readiness and geotech and hydrotech drilling. There is, of course, more happening, so this number is up and is going to go up in the next couple of months until we reach FID, and then it goes up a lot further for obvious reasons. The financing activities is a net number. That means The 2.48 million is a cash inflow. That was 5 million we received from Torvalds as part of the second order. The rest were interest payments under the convertible loan note that we issued announced two years ago. The convertible loan note, because it is now in place for more than two years, the second anniversary was on the 27th of March. From now on, we are paying the interest in cash before it was a component between share interest and PICS. That big outflow here was the big payment. Another part of the big payment was actually paid at the start of April. In terms of the liquidity, we have 15.27 million in the bank at 31st of March, plus Andron announced on the tutorial facility of 35 million, meant 50 million. It is worthwhile to update this number, even though this is a Q1 focus, for recent events. We have last week raised 23.3 million in net proceeds via issuing 5.7 million shares at 4.4 US dollars. Plus, we received yesterday, out of this $35 million available, $16.7 million, which completes the second drawdown under the Toros Bridge Loan Facility. That means only $18.3 million is remaining to be drawn down, and in our opinion, this is also sufficient to get to FID. The point I want to clarify is, that Taurus is earmarked for the abandoned nickel project and can't be used for anything else. So the funds to be raised from existing and new investors in the US last week is for some of the initiatives that Chris has just spoken about. It means it is there if you want to undertake further activities in Burgundy, in Musangate. It's there for regional exploration. That means outside, expanding the mine plant, for instance, in Tanzania. It's there for PGM resizing. It's for research projects and so on. It's also for corporate working capital expenses. Income before tax was 2.4 million. And quite a lot of this income, and I will speak about this because there are all these things here, was driven by fair value gains. And in our case, in the first quarter, this was 8.7 million in terms of fair value gains. And there's three things, three situations that we are fair valuing on a quarterly or on a regular basis.

Next page, please.

So to explain the profit before tax number, all of these are gains, and they were basically driven that our share price was lower at the end of the quarter than at the start of the quarter, and from a speculative, but quite a lot of this was driven because of the uncertainty caused by the conflict in the Middle East. Our share price has since then, it was 3.36 at the end of the quarter, also quite significantly he covered. And as I mentioned at the outset, there is significant amount of upside risk in the nickel price, where many observers believe the upside risk in nickel is the highest of all LME metals for reasons related to the shortage or potential shortages of sulfuric acid. So what we are currently doing is on the ones that are embedded derivatives, and that is Currently, the main driver here is the conversion right itself in the convertible at $8 per share. Then it's the fair value gain on warrants that we issued as part of the 2025 offering. It's 4.4 million warrants. And then there is the deferred consideration. That's the demand on that. That's the deferred consideration payable to BHP. And it's a two-stage where $10 million has to be paid And then 28 million, sorry, 28 million indexed to our share price payable 12 months after commercial production. So that's why it's called a deferred consideration, but it's ultimately an outstanding and a liability, a financial instrument to BHB. The 28 million is indexed to the share price, and the share price falls, and the value of this falls, and then there's a gain because that liability is abused. I want to stress to readers, of course, there is an expectation of a significant amount of volatility in these calculations, as well as there are assumptions underpinning all of this, and there could be a reversal to the trend. For instance, if our share price is going up, that means these things could become ultimately losses on the P&L and impact income. Next page, please. Having talked about cash and cash flows and liquidity, An update here which is relevant on the capital structure. After what we call the 2026 offering that closed Thursday a week ago, we have 89.9 million ordinary shares outstanding. The rest, there is no changes here. We have warrants. These are the warrants from our listing. There's earner shares. These were the earner shares under our business combination agreement. We have warrants to TORs. These are not fair values. They are equity instruments. Then the warrants that were issued in November last year, they are liability, but in this calculation they are shown as, of course, potential dilution. And then there's stock options and RSUs to key management personnel and employees. The market capitalization as of yesterday was $435 million. With this, I would like to conclude our operational updates in financial results and open it up for questions and answers. Thank you very much for joining.

Thank you, Chris and Ingo. And as a reminder to everyone, if you have a question, there's a Q&A box at the top of your screen. Please, could you submit questions via that? Starting off, I've had an anonymous question come through regarding the nickel price outlook. The question, I think, goes to you, Ingo, would be, where do you think the nickel market is likely to be in the next couple of years, specifically around the time that Cobango is expected to come online?

Yeah. This is very much a forward-looking statement. I will even say this is probably something which is more my opinion. There were a lot of people that were very wrong about the nuclear outlook. Most of us the nickel outlook as of the end of last year, probably including most of us. The view was that nickel will be oversupplied because there are still quite a significant amount of developments and expansion projects in Indonesia. And the view was somehow related, and this was related by consultants and participants in the industry, that probably after 28 or 29, the market will be oversupplied. As the slide in the press release for the International Legal Study Group outlined, there is now the belief both in Asia, where there was this earlier realization the market is at a loss tighter, as well as in the rest of the world that the market can be quite tight. Ultimately, it's very much in the hands of the Indonesian government, and I think listeners need to make up their mind what they think is the driver ultimately. Indonesia, like many other countries, has financial GDP, trade deficits, looking for avenues to increase revenues. And the whole metal space, particularly, seems to be an area where, especially if you have a strong market share, you can do something there. There's a toolbox there. And we can see it already. I mean, costs are definitely going up. There's also the few that costs are going up because energy prices are going up, supply chain restrictions, grades are going down. You can see, as we have shown in the slide, that there's more and more imports of nickel ore into Indonesia from neighboring countries, particularly from the Philippines. Also what is a very understood point is that the Indonesian government wants also further downstream beneficiation. So first step was exports, ban for ore. That means the next step of beneficiation, next step now is really going down into the plastic space. But this was always like in 10-year blocks, and we are now entering the third phase of this. We can only speculate if the export tax comes. It might well be because of the developments in the Middle East that is being put on the old country. But it is a fact that the royalty rate is 50% higher today than it was at the start of 2025. It's also a fact that it's greater for it. So most... most commodity analysts are now believing that there is, in the short term, significant upset risk because of sulfuric acid in the mid-term that this is probably a new price environment. So looking a lot better than last year. So my last point here, what is also very encouraging about this is that From a project financing and from a funding perspective, the listener can see that it was significantly easier and better prices to raise equity at this time of the year than only a couple of months before, number one. But also, we have a lot more incomings from equity and debt investors this year. And it was a show that was happening in the area of silver and gold space, and I think this is broadening out. You can see in the precious metals that the peaks have not been reached again, while on the base metals this seems to be moving quite nicely to the upside. Thank you.

Thank you, Ingo. The next question I think will be for Chris. Pre-development is significant. What is the potential to move forward with the strategic partners as with BHP?

Thanks.

I think as we've outlined it, the process we're running with Stanchart has been a very comprehensive process, and we've gone into this with a director from our board of directors to look at all possible avenues with a steering from the board that we need to look at what's in the best interest of shareholder value. So that's been really our marching orders as executives for the company. And I think what we've done is we've looked at all alternatives, and that's everything from when we have disclosed this and we've looked at outright. We've entertained, you know, offers for 100% of the project. We've looked at strategic partnerships. We've looked at scenarios where we have, you know, financial investors come in to partner with Blackstone. So what I can say is we've been very fortunate just given the quality and the size of the quality and tier one status of Kabanga, the strategic importance of Kabanga as an alternative nickel supply chain source to the east. We've had an incredibly competitive process. I think that is, I can say categorically that is why this has taken some time. We've had a number of very strong contenders that we've entertained offers from and we've been very thoughtful and we've been really analyzing and looking at what is going to be in the best interest of shareholders. And I think we've I think we've got a very, very detailed, thorough process analyzing those, and we're really at the end of the process. And, you know, I can't really give an indication of what direction we're going to go, but I can give assurances to our shareholders that this is a, as I said, very competitive. We have all the right parties you would hope for as part of this process, and that we're going to have some pretty, you know, tough decisions, but, you know, we have very, very good decisions to make. in the near term. So, and that really echoes back to the quality of the asset and the strategic importance. So, I think we're in a very strong position, and I look forward to making that a face of the market once we're ready.

Thank you, Chris.

The next question is regarding the PGM recycling. I actually have two questions. The first one is, what is the cost and scale of the PGM recycling project? in the U.S., and how is the partnership with Glencore structured? That tagged onwards, are there any indications from Glencore in how they're thinking about the recycling opportunity in terms of increasing funding, or could there be alternative options?

Sure. I'll take that one.

I think in terms of the cost, I really kind of benchmark this against If you were going to bring on a new source of several hundred thousand ounces of three PGMs, you would have to build a mid- to large-scale mine in South Africa, which would be close to a billion U.S. You compare that versus the capital intensity ratio of us building a roughly $30 million recycling plant in North America to produce just over 200,000 ounces of 3PG through a recycling plant. um plan that is a massive uh de-risked alternative to be doing that in in north america versus south africa um so so that's a major component of how glencore is looking at this um and how we look at it as well the partnership with glencore is is approximately uh well it is a 50 50 partnership so we have jointly funded on 50 50 basis the piloting and the r d for this point And then there will be a continued capital call once we reach FID to the shareholders on a 50-50 basis. We do have mechanisms in the agreement to increase our shareholding over time that we'll be able to outline. But obviously, for Glencore, the value, as I mentioned earlier, is really this gives them a low-cost, immediate PGM book. And obviously, they care about the metals and the offtake. primarily given that's a core of their business, but they do have a very big emphasis on recycling. And so this was a very easy relationship. We've known the Funic-Land Corp for a very long time. We work really well with them. And I think when you look at some of the initiatives they have in the recycling space, this is very, you know, very, very compatible with their direction.

So, yeah, we're looking forward to talking more about this project. Thanks, Chris. Mike, I see your hands up.

Are you able to add your question to the Q&A? I think that would be the easiest. We do have three minutes left, so it will probably be one or two questions, and then we'll revert and email you directly.

That's a new question.

Any indication around the timing for the DOE decisions for the PGM funding?

Yeah, so that we have communicated with them. We should be hearing back mid to end of May. So this is two to four weeks in our estimation. And, you know, what I can say is there already have been people in the process that have been told that they would not qualify for the funding, and we're still very advanced in the process. So we're hopeful that we – you know, that we will qualify for that, but that remains to be approved in two to four weeks.

Yeah. Oh, we get on them hot and fast. Sorry, I'm just trying to figure out which one came first.

Paris says, our strategic partners were negotiated to lower nickel prices. Any thought of the difference will affect the potential deal?

Yeah, I mean, it's a good question.

I think with the gyrations in the nickel market, I think we've been through a number of, chapters in our existence here. I mean, obviously with BHP and the effect that the nickel market had on BHP closing of their projects during, you know, the point when they were a shareholder in our project and then transitioning. So the nickel price volatility has definitely impacted, you know, where we've gone from, you know, beginning of our journey in Tanzania to now. I think what you'll see in some of the decisions we'll make is we would be equally aligned with with several potential scenarios, any swing in the nickel price will directly benefit the shareholders jointly. So I think there has been some negotiability, just given where prices have gone. But this recent price, we're very, very advanced in negotiations. So I wouldn't say that we're going to try to day trade negotiations around intermittent nickel price spikes. I mean, if anything, we know the future potential of nickel. We have a very strong view that, you know, we would be coming into construction and commencement of mining at a point when nickel prices should be going into deficit. So I think that's the longer-term view. I wouldn't see short-term variations as giving us a lot of leverage because we're all focused on the long-term potential of Sabanga right now.

Thanks, Chris. Unfortunately, we are at time and nearing overtime, so for all remaining questions, we will reply to you directly. And a quick reminder that if you do have any further questions, please feel free to follow up with us directly via email at info at lifestylemetals.com. Ingo, I see you have your hand up. I think you want to quickly answer one.

Yeah, first of all, as Kirsten said, if you want to get in touch, please simply mail us. Secondly, we will also put conferences or non-billable shows on our homepage. The next event that we are taking part at is the EU Raw Material Summit, or the EIT Raw Material Summit. We will meet several of our European and African partners at this event in Brussels in May. So please reach out. If you're participating, you can meet us there. Otherwise, we are always open for one-on-one calls, and particularly we will have follow-up calls with the research community next week. Thank you very much for joining.

Thank you.

Thank you. That concludes our webcast. Thank you for attending, and we look forward to speaking with you.

Thank you. Thanks, everyone.