Altona Rare Earths Plc (REE) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen, and welcome to the Altona Rare Earths Plc investor presentation. [Operator Instructions] Before we begin, we'd like to submit the following poll. And if you could give that your kind attention, I'm sure the company will be most grateful. I'd now like to hand over to the management team from Altona Rare Earths. Good afternoon.

Good evening, ladies and gentlemen. My name is Cedric Simonet. I am the Chief Executive Officer of Altona Rare Earths. With me is Louise Adrian. She is our Chief Financial Officer. We are going to take you through our updated investor presentation. For those who already know Altona, we are going to focus a lot on the latest news, which are our maiden Mineral Resource Estimate, which we published last week. And for those who are not yet familiar with Altona, we will take you through all the parts of the presentation to familiarize you. So Altona Rare Earths is a British company listed on the London Stock Exchange. Our ticker is REE, for rare earth elements, very suitable, because we are a resource exploration and development company focused on rare earths and focused on Africa. We started to implement our strategy back in 2020. At the time, we looked at a lot of possible opportunities in the rare earths sector in Africa and in a very selective way, we settled on a project called Monte Muambe, located in Mozambique. It's a carbonatite rare earths project. And hopefully, it will soon be potentially variable magnet rare earths mine. The project we've just published last week, our maiden Mineral Resource estimate, 13.6 million tonnes at 2.42% TREO. TREO stands for total rare earth oxide, the sum of all rare earths contained in the ground. The resource estimate in terms of size and grade compares favorably with our peers all reserve statements, and I will take you through some slides, which will show you this in detail. Our exploration is focused on the potential viability. We are not interested in drilling for numbers and to publish large tonnage numbers that will be meaningless. We are interested to deliver a project that will be ultimately potentially viable. So a lot of the presentation will be focused on this. The project, as you will see, is located in a good location in Northwestern Mozambique in an area where there is a lot of mining activity already. And as I will show you, rare earths critical minerals for which there are some very strong long-term market fundamentals. So while Monte Muambe is currently our flagship project, we are focusing a lot on this project because we believe it's very good. Our position being based in Africa, I'm currently talking to you from my home in Nairobi, and I spend most of my time in Africa -- between Mozambique, Kenya and other countries. We are in a very good position to secure additional projects. So we are continuously evaluating new opportunities for deals on rare earths projects or for license acquisitions. And I'm expecting that in the near future, we will have other rare earth projects on our portfolio in addition to Monte Muambe. Let's talk a little bit about the market for rare earth. So when we talk about rare earths, we talk about 17 different elements. Each of these elements has got its own chemical properties. It's got its own uses and also it's got its own price. You certainly have heard about battery minerals and critical minerals. Rare earth elements are not battery minerals. They are not used to make batteries. They are actually used -- there are many different applications, high-tech applications. Even the screen that you are looking at is -- so that it can show the colors, you can see there are rare earth elements' components in these screens. You wouldn't see the colors without the rare earth elements in the screens. But an important use of rare earths is to manufacture permanent magnets -- sorry. So permanent magnets are made with 4 rare earth elements called neodymium, praseodymium, terbium and dysprosium. We like to call them the magnet metals. They are present at Monte Muambe. And Adamas Intelligence, which is an analyst of those mineral forecast, thinks that the market for -- the consumption of these magnet metals in terms of oxide is going to rise for the current -- from the current level of about 100,000 tonnes per year to a level of 320,000 tonnes per year by 2040. This growth is going to be driven largely by magnet metals application, permanent magnet applications, which are the manufacturing of drivetrains for electric vehicles and of -- alternators for wind turbines. So the rare earth market is completely driven by the green energy transition. Let's zoom in a little bit on these 4 metals, neodymium, praseodymium, dysprosium and terbium. At Monte Muambe, these 4 elements represent about 90% of the value contained in the ground. So they are very important for us. You will see our Mineral Resource Estimate is focused on these 4 elements. What you also have to know is that, first, if you look at the current consumption of rare earth elements, by volume, about 50% of the rare earths consumed in the world are for the permanent magnet markets and correspond to these 4 elements. And if you look at the value of the rare earth elements consumed in the world by value, 95% -- over 95% of the rare earth elements consumed in the world are these 4 elements, neodymium, praseodymium, dysprosium and terbium for permanent magnet applications. This is set to grow because of the green energy transition, as I've said. And right now, there is a deficit in the supply of neodymium and praseodymium oxide of several thousands of tonnes. And by 2040, this deficit is set to increase to 90,000 tonnes per year of NdPr oxide, despite all the projects which are being worked on and which are coming on stream. So this is to say that the fundamentals for the rare earth market, especially for the 4 magnet metals that we have at Monte Muambe, these fundamentals are extremely strong on the long term. All right. So let's go back to the Monte Muambe project. You can see a photo of Monte Muambe. So it's a sort of a ring structure with a basin. It looks like a volcano. It's not actually a volcano. Monte Muambe is located in Northwest Mozambique. That's between the borders between Malawi, Zambia and Zimbabwe. It's a very safe and mature mining region of Africa. Around us, there are several large coal mines, including Vulcan, ICVL and Jindal. There is a large iron and steel project called Baobab Steel. There are gold mines. So it's a very busy mining region of Africa. It's not difficult to find service suppliers, equipment suppliers, competent human resources. The project is held under a Prospecting License number 7573L, which was renewed up to May 2025, and it was transferred to Monte Muambe Mining Lda, which is our special purpose vehicle. So we have an earn-in agreement with the original owners of the license where -- Mozambican business people. Currently, we hold 20% of the project. We already have control of the Board, so we have control of the project. And our ownership of the project is going to rise to 51% on completion of the second phase of the project, which is Mineral Resource Estimate and Scoping Study. The Mineral Resource Estimate has been published last week. The Scoping Study is going to be published in a couple of weeks. So this change from 20% to 51% ownership is going to happen later this month. From that point, we will be entering Phase 3, which is a Pre-Feasibility Study. And upon completion of the Pre-Feasibility, we will get to 70% ownership of the project. Since we started exploration at Monte Muambe in 2021, we drilled about 115 holes, total over 7,800 meters and we've spent about GBP 1.5 million into the ground. As I've said, the Mineral Resource Estimate has been published. We will look at this in the next slide. The Scoping Study is due for publication third week of October. But we have already started some Pre-Feasibility Study activities. In July, if you looked at the RNS, we did some infill drilling at Target 4, which is part of the Pre-Feasibility Study activities. So I'm going to show you a little bit of geology. I see there is a question from [ Nicolas ] who is asking, what is my background? And how confident are we that we can extract value for investors? So the second part of the question, you will see that through the next slides. We have a very, very focused strategy, and I think you will understand this. But as far as my background is concerned, I'm a geologist by profession, I've got over 25 years experience in geology and business management, a big part of it in Africa. I have been working on different projects for about 10 years in Mozambique. And my experience is varied in the sense that I've occupied all sorts of position on exploration and mining projects, have worked on environmental aspects. I've been a mine manager. I've been a business manager and exploration geologist and mine geologist. So I have a very wide view on the projects. So this slide is a cross-section of what we call Target 1. We've got 2 orebodies so far, which have been defined at Monte Muambe. We call them Target 1 and Target 4. They form the base of the Mineral Resource Estimate. This cross-section, what you can see, we've got 2 types of ore. We've got what we call the high-grade ore, which is a pink area on the cross-section. And we've got a low-grade ore, which is a blue area. The high-grade ore is somewhere around 2.4%, 2.5% TREO in average, and the low-grade ore is between 0.5% and 1% TREO. So you can see that both orebodies outcrop at the surface and then they dip into the ground at an angle. Our work on the resource estimate is focused on the high-grade ore because as you will see, we are trying to focus on what is potentially viable. So we've left aside for now the low-grade part of the deposit, but it is there. It's included in the models, but not in the MRE. The other thing you can see on this slide is that the waste which covers part of the high-grade ore, that gray area on the slide is quite limited. And this is important because this means the configuration in terms of geology and geometry is very favorable for a low strip-ratio open-pit project. And the situation at Target 4 is similar. So let's look a little bit at the figures. This table is the Mineral Resource Estimate, which was prepared by Snowden Optiro, a very reputable geological consultancy, which has done all reserve and resource statements for other carbonatite rare earths projects in Africa and in Australia. You can download this full document on the website. I would like to focus on some important figures in this table. There is a lot of information. The first thing is a cut-off grade. To define this resource estimate, we've used a cut-off grade of 1.5% TREO. As I said, this is because we are focusing on the high-grade part of the deposits. The total resource estimate is 13.6 million tonnes at 2.42% TREO. And in the next slide, I will show you how that compares to other projects, other carbonatite rare earths projects. Is it big? Is it small? We will compare that. A very, very important aspect of this resource estimate for me is the percentage of the indicated category. At Target 1, we've got 8 million tonnes of ore, which are in the Indicated categories, that's about 58% of the total of the resource estimate. So for those, who are not familiar with the term Indicated. In a resource statement, you've got 3 different levels of confidence: Inferred is the lowest level of confidence and you've got Indicated, and then you've got Measured, which is the highest level of confidence. The more you drill a given orebody, the more information you have, so the highest is your level of confidence. And you will see that many projects when they have their first, their maiden Resource Estimate, most of it is in the Inferred category. So because we are trying to fast-track the project and again, to focus on viability, we made sure in our drilling plan that the spacing between the holes would be sufficient to get to the Indicated category for a large part of the resource. And that's what we managed to achieve, it wasn't by luck, it was by design, and that's something I'm very happy about. Now the other thing, as I said previously, is that Monte Muambe is a magnet metal deposits. So you can see that the resource estimate is focused on these magnet metals, not all rare earth elements. So you can see there are individual figures for the grade for praseodymium, neodymium, dysprosium and terbium. The total amount of magnet metal oxides contained in the ground is about 44,000 tonnes. The last important point, I'm sure people will have questions in terms of economic viability. The first real pass at looking at the economic viability of the project is that in the Scoping Study. The Scoping Study will be out in a few weeks. That's where you start to see financial figures like NPV, like IRR, like cash flow and so on. But to define a resource estimate, you can't just take any piece of ground with a little bit of rare earth and say this is my resource. It has to go through a first pass test of viability, which is called RPEEE, Reasonable Prospects of Eventual Economic Extraction. So our resource estimate went through this test. So we used certain parameters. We used a recovery to the final product, which would be a mixture of carbonate. We use a certain price for the content total rare earth oxide. And we even designed pit shells, actual pit shells, which showed us that this Mineral Resource Estimate looks viable. But again, the first pass test of financial viability will be the Scoping Study. Let's do a little bit of benchmarking on this slide. So benchmarking for rare earth projects and especially for carbonatite rare earth project is not very easy. The reason is that naturally, you would want to compare your project with existing mines, but with rare earth, there are not many existing mines in the world. There are a few in China for carbonatites. There is 1 in Australia, and there is 1 in the United States in California. And every single project is different. So it's very difficult to find something you can really compare and benchmark with. So we found it was easier to compare with more advanced carbonatite rare earth projects, which are at a Definitive Feasibility Study or Bankable Feasibility Study level. And we selected 5 main projects to look at, 3 in Africa and 2 in Australia. So the first thing I would like to bring to your attention is on the left-hand side chart. That chart shows you the tonnage against the grade in TREO precent for different projects. And on the same chart, you've got resource statements and you've got ore reserve statements. Resource statements are in gray. The ore reserve statements are in blue. For those who are not entirely familiar with the difference between resource and reserves. Resource represents what you've got in the ground. Reserves represent what is viably minable as demonstrated in a feasibility study. So if you compare the 2, you can see that in terms of tonnage, you've got lots of resource statements that are going into the 200 million, 300 million tonnes for carbonatite projects. But if you look at the reserve statements, what is actually viably mineable, most of the projects do not exceed 30 million tonnes. And that's very important for us. It shows us that there is no point to try to drill hundreds of millions of tonnes just for the fun. That would be a waste of time, that would be a waste of investors' money. So we focus our project on what is potentially minable, again. And we compare our Mineral Resource Estimates with ore reserves of other projects. Our aim is to have a Mineral Resource Estimate that can be almost entirely converted into an ore reserve statement. If you look now at the right-hand side of the slide, sorry, the top chart shows you the tonnage of 5 different carbonatite warehouse projects, which are at PFS level. And in red, we have Monte Muambe. So what you can see is that the tonnage of these projects, that is somewhere between 15 million and 30 million tonnes. There is some sort of a sweet spot there. With 13 million -- 13.6 million tonnes, we are slightly below this 15 million tonnes, not far at all. And in the next slide, I'm going to show you how we can get to this same --, let's say, somewhere around 20 million tonnes. So that's the tonnage. The bottom chart is the grade. The grade for carbonatite rare earth projects can vary a lot from about 1% to 5%. The grade is not the only important parameter. There are many important parameters that affect the viability of a project. But if you look at the grade on the first pass observation, if you look at the grade of Monte Muambe with 2.4%, we are somewhere in the average. So what that slide tells me that in terms of tonnage and in terms of grade, we are in a good position. Our resource statement is very close to the reserve or reserve estimates of more advanced projects. So we are on the right track, definitely. All right. So here, we now have a map of Monte Muambe, you can recognize a ring structure. It's about 4 kilometers in diameter. The pink area in the center is a carbonatite, which contains most of the rare earths, but can also find rare earths in the finite area around the carbonatite, which is colored in green. And then in yellow and red, you have the rare earth anomalies in the soil, which are indicative of what's happening below the surface. So you can see Target 1 and Target 4, which forms the base of our resource estimate. And you can see the outlines of the actual pit shells in black. And immediately, what you can see is that there is a lot of potential for more because there are a lot more anomalies and some of them have been partly drilled. If you look at our latest operational update in August, we had a very successful drill hole at Target 3. That was the second drill hole at Target 3. So we are definitely going to drill more. So in practice, how are we going to increase the tonnage of our resource estimate. First thing, we are going to drill a downdip of Target 1 and Target 4. Right now, the bottom of the pit shells correspond to the bottom of the model, and that corresponds to the deepest point that we've drilled, but the ore is still continuing at depth. So starting this year and also next year, we are going to drill deeper, and that is going to increase the tonnage of the resources at both Target 1 and Target 4. And in addition, we are going to continue drilling other targets like Target 3, Target 9, also Target 11, which was discovered through trenching back in August, just 2 months ago. And there is another target that we call Target 6, which is under about 30 meters overburden. We are going to reevaluate it to see if it's potentially interesting to include it in the resource statement. So there is a lot of upside. There is a lot of ground to increase our resource statement to where we want it, which will be somewhere around 20 million tonnes with the same order of magnitude of grade, 2.4%, 2.5% total rare earth oxide. The other thing that you can see on this map and which is quite important, is that there is a lot of space there in this basin and there is actually enough space to fit in the basin, the open pits, the dams, the plant, the tailings storage facility. So we can have a very self-contained operation separated from the rest of the world. Nobody lives in this basin. There is no -- there are more settlements, so there is no relocation involved, and nobody even lives inside the license apart from our own exploration part. I'm now going to invite Louise, our CFO, to take you through the financial slides of the presentation.

Thank you, Cedric. As Cedric said, I'm the CFO. I came on board at admission on the 9th of June. As you can see, the financials have got gaps in them, and that's because we are currently completing the June 2023 audit. So some of the information I can give to you today, I'm afraid is limited as we're in a close period, but I can say that expectations are that the reporting accounts will be published in the next couple of weeks, definitely by the end of October, and we are expecting an unqualified audit report. However, I can highlight to you that we are fully funded to complete the MRE and the Scoping Study, which Cedric can said it's expected in the next couple of weeks. We're also funded to acquire a further 31% in Monte Muambe subsidiary, and this will take us up to a 51% interest. And also, we are funded to commence our work on the Pre-Feasibility Study. And indeed, some of this work is already planned and has been completed, as said earlier, on Target 4. Our cash position is currently on budget and our balance sheet at year-end will include a convertible loan note of GBP 275,000, which is convertible and repayable in May 2024. The ultimate decision with that lies with the noteholders to decide whether they want to convert it or have it repaid. So unfortunately, results are -- it's hard to give you too many results, but the accounts will be out at the end of the month, and then we'll answer your questions. And after the accounts are published, I'll be arranging our AGM, and so I hope the other meetings and some of your shareholders there. The shareholder information is on the next slide. The highlights are the fact that the Directors and senior management hold just under 9% in the company, which I think gives confidence that we have the confidence in the value of this company going forward. Also, apart from the shareholders named on this slide, we are not aware of any significant shareholders with holdings over 3%, and actually, I think that was one of the questions. There's a large nominee holders, but I can assure you that none of those shareholders within those nominee accounts should hold more than 3%. Also, the shareholdings haven't changed since admission, which is good. It shows we have the continued support of our long-term shareholders. Warrants. So this is our warrant position, current warrant position. As you can see, there are just under 69 million warrants in issue, 83% of which are price -- exercise price between 10p and 12p. Just to note that earlier in the year, we extended the life of around 16 million warrants to ensure that those shareholders that have been supporting the company from an early stage, still have the same opportunity to share in the future value of the company. Hopefully, that shows you that we want to treat our shareholders fairly and equitably. And so hopefully everyone will have the same opportunity to benefit with the value of the company. The 40 million, the largest net of warrants are the 40 million admission warrants. Just note that these have piggyback warrants attached to them. The piggyback warrants basically means that if those admission warrant holders -- if the share price hits 12p, they will have the option to exercise their warrants. Obviously, the shares will be issued, but they'll also be given another warrant with a future exercise price of 20p. Just to leave you with this slide. Conceptually, if 50% of these warrants were exercised, a further GBP 3.5 million of cash would become available to the company to continue to support our current operations. A quick question there. Why isn't any of the Directors buy shares in the last pacing? So actually, they did. There was -- I bought 15,000. Christian bought some. A lot of people bought shares. I think it was GBP 65,000 worth of shares were bought. And then a lot of the Directors were also paid in shares. We have to remember they didn't have any income for several months. So finding spare cash on top of not being paid for several months was also -- was difficult. And we still have some of our Directors being paid in shares in lieu of cash, just to make sure that more cash than is needed is not taken out of the company. Brief overview of the team. This is our team. We have 2 Executive Directors, myself and Cedric. Between myself, Cedric and Martin, we've been with the company for just under 3 years. We are very lucky to be supported by a very experienced and diversified team. We have 3 nonexecutive directors who supports us in the business, mining, governance and compliance experience. And just to highlight, 2 other members of the team, Gavin Beer, he is our Consultant Metallurgist . He's very well known, highly regarded in the industry, and as a specialist in critical metals, minerals, and he's been working very closely with us on our metallurgy and we'll continue to work very closely with us through our PFS, and we are gaining lots of experience from him. Also, Pedro Manjate is one of the original owners of the license in Monte Muambe. He's very experienced Mozambique businessman. He's local. He is highly supportive of the project and continues to aid us if we need help and support the operations. I will pass you back to Cedric whilst I have a glance over the questions that have been submitted. Thank you.

All right. So to kind of wrap up the presentation, we are going back to this aerial photo of Monte Muambe. It's a bit zoomed in, so you can see more of the details. The brown -- detailed brown hill right in the middle, that's Target 1. It's very visible. And Target 4 is a little bit in the mist in the background. Again, you can see there is a lot of places in this basin to put the entire mining operation. You can also see that nobody lives there, so there is no relocation, which is quite important. So to summarize our value proposition, the first thing is the market. The market for magnet metals has got very, very strong long-term fundamentals. It's critical to the green energy transition for drive trends of electric vehicles and for wind turbines in particular. So a very, very solid market. The second important point is the project itself. So far, the project ticks all the boxes of a good carbonatite project. It's in a good location. We've seen the geometry. It's very suitable for open pit mining. The -- Mineral Resource Estimate is very good, very encouraging. We are very happy with it, and we have a very clear path on how we are going to increase -- first increase the tonnage to the level we want and then convert this into an ore reserve, which will back a Pre-Feasibility Study, which will be our next step. And the last thing is the company itself. You can go back later to the comparison slide, and this presentation will be uploaded shortly on the website. And you will see -- you will be able to compare the market cap of our projects with the market cap of other more advanced projects. We are currently at about GBP 3 million, and you will be able to see what is the upside. We have some good news flow coming with the Scoping Study with a 51% increase. We are also going to apply for a mining concession shortly. In Mozambique, you can get your mining concession at an early stage in your project. You don't have to wait until you get the final PFS and that helps to derisk the project. So a lot of good news flow coming soon, and it's a good time to get on board.

That's great. Cedric, Louise, thank you once again for updating investors this afternoon. [Operator Instructions] Cedric and Louise will take a few moments to review your questions submitted already. I'd just 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 Meet Company dashboard. Cedric, Louise, I'll just bring up your cameras for the Q&A session, if I may. Just to say you've obviously received a number of questions from investors, and Louise, thank you for addressing some of those throughout the presentation and Cedric as well. But if I may, just hand back to you just to read out the questions and give a response where it's appropriate to do so, and then I'll pick up from you at the end.

Okay. Thank you. So we've got 2 pre-submitted questions. We'll take the questions in the order they came. The first question is the usual question around cash balances and burn rates. Where are we? How much are we burning monthly? With the upcoming activity in October, where do you envisage cash balances to be by year end? And I think this is a recurrent question that have come from other listeners too. Louise, I will let you take this question.

Yes. So as I said in the presentation, we're currently undergoing audit. So the report and accounts will be published shortly. So hopefully, that will answer some of your questions. Our burn rate is on corporate activity in U.K. and Mozambique is around GBP 65,000 per month. And we will be preparing budgets going forward once we've issued the Scoping Study to be able to see what the PFS will cost and how that will affect our budgets and cash balances.

Thank you, Louise. The next question, the company has identified potential ionic clay rare earth projects in Africa and suggested that 1 or more of these could be acquired near term. Could you please update investors on the current situation, specifically how soon do you expect 1 or more licenses to be added and will further capital be required to facilitate this? So we are working on this. I'm not yet in a position to give a date when these projects will be acquired. Obviously, we will announce things as they become announceable. You have to realize that -- I'm sure you understand that acquiring a project -- a quality project in Africa is not something easy, whether you do it through a deal with an existing license owner or whether you apply for a license with the government. These processes take time. So we are working on it, and we are making good progress. I'm just not able to give you a time line yet. And in terms of our capital, we will assess this once the projects are acquired. Yes, the answer is yes, I would expect further capital to be required, but it's really too early to say how much and when. The next question from [ Chris ] is, is MMM, is Monte Muambe economic given the MRE numbers? So I will be able to answer this question on our next presentation once the Scoping Study is out because the Scoping Study will show things like NPV, payback time and all these important economic parameters. But I'm sure you've understood from what we've presented. First, the Mineral Resource Estimate to be certified by Snowden, had to go through this RPEEE progress -- process, which is a first pass test of potential viability. And the second thing is that when you compare the size and the grade of the resource estimate to more advanced projects, there are reserves, it compares already. Of course, tonnage and grade are not sufficient to make a project. There are many other parameters, all sorts of technical and economic parameters, which will be in the Scoping Study. So again, I will be very pleased to answer this question when the Scoping Study is out in a few weeks. The next question from [ Matthew ]. Why did you decide on 1.5% TREO as a cutoff grade when other miners have included TREO down to 1% cutoff in their MRE? That's a good question. There are different parameters you have to look at when you choose the cut-off grade. You look at the statistics of the deposit, you look also at the geometry. In our case, the geometry is very, very well defined. These orebodies are very consistent. So we found that in the first approach, 1.5% TREO was the most suitable grade. And again, we are trying to focus on what is potentially viable. But as we go from the Scoping Study to the Pre-Feasibility Study, we are going to do a lot of work on this because in projects which are complex like carbonatite rare earth projects, there are many parameters that can be optimized. So it's possible that in the future, we might use a lower cut-off grade or we might stick to 1.5%. This will be optimization work, which will take place during the PFS. The next question is, when will the company have to raise funds again to continue with Monte Muambe? It's too early to say. If you look back in the prospectus, you will see that we are funded to start some PFS activities, and we already have started some, but we are not funded for the entire PFS. We will have to secure more funding at a later stage to be able to complete the PFS, but it's too early to say when. I'm not in a position to say when yet.

Shall I take the next -- the next question is why does the Board think the share price has collapsed? And I combine that with the question afterwards, can you give me your opinion on why the share price is performing so poorly considering the tiny market cap and the great project we have? And I think that's the question we've been scratching our heads with over the last a few weeks as well since we released the MRE. In fact, I'm speaking to brokers and market makers yesterday and the macro is the markets are not good. It's -- they don't want to say cost of living crisis, but that's what they said. But I don't think that's just the answer. When we look at our company, it really -- a few shares. There could -- a few shares sold, very small amounts to move that share price quite significantly. And I don't know, Cedric, did you show the market cap of all the other companies compared to ours?

Yes, Yes, we can go back to this slide. Let me just move back.

Because our market cap is small compared to the reserve we have if we look at the market caps of all the different companies on this slide. And I can -- I just -- we're just hoping that -- we not hoping, but we do believe that when the Scope Study comes out, which actually has solid numbers in it, that people can really understand and get grips with, we should see a good improvement on our share price.

The market caps of the projects, we are comparing ourselves with in terms of tonnage and grade of our resource. These are projects which are much more advanced. We are where these projects were several years ago. And we have a very, very clear strategy. Again, we don't want to go into numbers of hundreds of millions of tonnes of resource. We have a very clear strategy, and I think that's the message I want to pass today on how we are going to get to the same stage much more rapidly and much more efficiently. So yes, the share price is a bit of a disappointment right now, even for us, but we are working very hard to make sure that the project continues to deliver good results. And we believe strongly that the project is starting to be recognized now that the MRE is out, will be even better recognized when the Scoping Study is out. Even the 51% should have a good impact. So we are working very strongly on the news flow for the next few weeks, the next few months, and we are really believing that we will see some impact on the share price.

That's great. Cedric, Louise, I was going to ask you for closing comments, but I think on that positive note, I thank you for your time, and thank you to all the investors for your engagement this afternoon. Can I please ask investors not to close the session? And you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Altona Rare Earths Plc, would like to thank you for attending this evening's presentation and wish you all a very good evening. Thank you.

Thank you.

Thank you.