Lifezone Metals Limited (LZM) Earnings Call Transcript & Summary

Good morning, everyone. I'm Evan Young, Senior Vice President of Investor Relations and Capital Markets of Lifezone Metals. Thank you for joining us for this important update on the Kabanga Nickel project. Today, we'll walk you through the highlights of the strategic consolidation of our Kabanga Nickel project, our recently filed feasibility study technical report summary and our road map to final investment decision. We will finish today's event with a question-and-answer session. [Operator Instructions] Please feel free to contact me directly at [email protected] for any follow-up questions that are not addressed during this call. Let's get started. Before we begin, please note that today's presentation contains forward-looking statements. These are based on current expectations and assumptions and are subject to risks and uncertainties. We encourage you to review the full cautionary language in our filings with the SEC, including our Form 6-K and the feasibility study technical report summary. This presentation is for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any securities. The technical content is based on our feasibility study technical report summary filed on July 18, 2025, prepared in accordance with SEC Regulation S-K 1300. We encourage you to review the full TRS on our website. On today's call, we have Chris Showalter, our Chief Executive Officer; and Gerick Mouton, our Chief Operating Officer. Chris, over to you.

Excellent. Thanks, Evan, and welcome, everyone, to our call today. So on Friday, we announced a significant milestone, the first public economic study in Kabanga's nearly 50-year history filed under S-K 1300 SEC regulations. We have declared 52.2 million tonnes of proven and probable reserves grading 1.98% nickel. We have now definitively converted Kabanga's potential that always existed and demonstrate this is one of the most significant undeveloped nickel projects globally. So to highlight, these economics show an after-tax NPV of $1.58 billion on a preproduction CapEx number of $942 million. We have an IRR of 23.3% demonstrated with a payback in 4.5 years. And most importantly, to highlight, Kabanga is firmly positioned in the first quartile with an all-in sustaining cost of $3.36 per pound of nickel, well below the Indonesian average, which is paramount for a nickel project in this environment. All this with full strategic alignment to the highest possible ESG standards, which has been a steadfast commitment by our group. The second announcement we made on Friday was that Lifezone has consolidated 100% ownership of Kabanga Nickel Limited following our acquisition of BHP's 17% stake. This gives Lifezone full control going forward of project development, offtake and the time lines. Our Friday announcements were done simultaneously. And given their importance, I'd like to first provide some context for today's presentation. Our executive management advised by our Board had anticipated early this year a high probability that BHP would further assess the potential divestment of its nickel assets. Therefore, management was mandated to prepare and execute a strategy to replace BHP's funding should they choose to exit Kabanga. To do that, we needed to be very well positioned in 2 important ways. First, we needed to negotiate a clean BHP exit at no near-term cash cost to consolidate 100% control of Kabanga Nickel Limited to put us in this position to fully engage and negotiate with new potential partners with no restrictions. This, we have accomplished. We are back in full control of the Kabanga project. Second, we needed to deliver a viable and economic scenario for Kabanga. Our release feasibility study has done that. The staging of the mining refinery has cut upfront CapEx by 50%, while accelerating the mining ramp-up to 3.4 million tonnes per annum has brought forward cash flows and shorten the payback period. These are all accretive redesigns, so congratulations to the technical team. Next slide. So now I'll get into details of the transaction with BHP. BHP's 17% stake in Kabanga Nickel Limited has been acquired, as I articulated, giving us 100% control of KNL, which owns 84% of Tembo Nickel with the government of Tanzania, a local partner holding 16%. There are 2 parts to the consideration that we've agreed with BHP. The first $10 million consideration is deferred for 12 months after FID. And as you'll see in the details, deferring the cash consideration has been a very strategic part of the negotiations. The second payment is indexed to Lifezone's share price, which would be $28 million at the current price and deferred for 12 months after the project has commenced commercial production. There is a total consideration cap of $83 million, which has an option to go to $75 million if our resettlement action plan is delivered to international standards, which will be verified by a third-party consultant after 12 months. For BHP to receive full consideration, Lifezone's share price would have to be north of $14 per share at the time of calculation. BHP does retain 1.17 million shares with a 12-month lockup and Lifezone has negotiated a right of first refusal to acquire those shares. Our considered view is that this transaction has the potential to deliver real value to shareholders because it is highly deferred and is priced at a material discount to the delivered feasibility study economic results. Okay, next slide. Okay. So I emphasized earlier that we commenced alternative financing processes at the start of 2025, well in advance of the pre-feasibility study delivery. This is very intentional so that we can identify and engage with interested parties and be in a position to quickly pivot and replace BHP once we deliver the feasibility study, which we've done. We've engaged 2 Tier 1 international investment banks for specific aspects of this funding. There was a highly competitive process previously when we chose BHP. So we've been very confident and aware of the level of interest that still existed in Kabanga Nickel. Standard Chartered Global Metals and Mining team has been engaged on both short- and long-term funding options. I also want to make it very clear to shareholders that we are focused on optimal shareholder value. And we believe this, like the previous BHP funding option exists at the Kabanga Nickel project level. At this time, we don't see value in equity raising at the Lifezone Metals TANESCO. In terms of the short-term financing process right now, we have nearly financed Phase 1, which is the short-term development financing package, and this is ready to go to Board for approval, and that is assessing several different options that we have received. The focus of this will be early works construction resettlement activities, and this focus is going to be on ensuring we maintain the project momentum on the ground. The second part of our process is a longer-term funding strategy. So we've been working with Standard Chartered to advance this process. We right now have a diverse international list of major miners, top 10 mining companies, sovereigns, private equity financiers, as well as strategic offtake-focused parties for long-term strategic investment and partnership. Again, we anticipated this. We've been preparing for this and a very robust process is currently underway. We do have several nonbinding indications of interest and term sheets received. We have several parties who have conducted due diligence and negotiations are fully underway. Several due diligence processes have concluded while some are still planned for August 2025. So again, we are in a full process in preparation for this event. The project financing process is going to be led by Societe Generale. We announced this last year. This is progressing very well with meaningful interest received from potential lenders really anchored by that initial indication of interest from the U.S. Development Finance Corporation. We will incorporate in this process other DFIs, ECAs from Europe, Japan and the U.S., often with a link to offtake. So to summarize, we have prepared for and are well into executing an alternative funding strategy. This is materially advanced with the short-term funding options nearing a Board decision. The long-term funding process has become an increasingly competitive process with the term sheets and expressions of interest we have in hand already. These combined with the project financing are how we will deliver the holistic funding solution for the project going forward. And now over to Gerick, who's going to walk us through the details of the Kabanga feasibility study before I wrap up, and then we are going to move into questions on the line. Okay, Gerick?

Thank you, Chris, and good day to everybody. The feasibility study confirms Kabanga's technical economic strength with an underground mine and concentrator using industry-standard methods and techniques. Our plan is to develop a highly mechanized underground mine using longhole stoping mining methods with paste backfill. The concentrator will produce a high-grade intermediate product with 17.5% nickel and very low impurities. Preproduction capital is estimated at USD 942 million, including contingency with a total life-of-mine CapEx of USD 2.49 billion. Our overall capital intensity is on the low end at around $18,800 per tonne of annual nickel production. Next slide, please, Evan. As Chris mentioned earlier, this is a historic milestone for Kabanga. For the first time ever in its 50-year history, we've declared mineral reserves, which are based solely on measured and indicated resources. The mineral reserves were estimated using long-term consensus pricing of $8.49 per pound of nickel, which equates to $18,700 per tonne of nickel, $4.30 pound for copper and $18.31 pound for cobalt. Next slide. Our processing flow sheet uses conventional crushing, grinding and flotation, which is proven. Metallurgical recoveries are excellent, 87.3% for nickel, 95.6% for copper and 89.6% for cobalt. This results in a premium intermediate product with very low levels of deleterious elements that has already attracted indicative offtake interest for all of the production life of mine. Next slide. Our all-in sustaining costs is sitting at $3.36 per pound of nickel, which equates to $7,408 per tonne of nickel and the total site operating cost is $70.10 per tonne milled. The cost advantage is driven by high-grade ore, our strong recoveries and obviously, the valuable byproduct credits, which we get from the copper and the cobalt. Next slide. As a result, Kabanga sits in that first quartile of the global nickel cost curve and is expected to be very competitive against other nickel sulfide and laterite producers. Next slide. The project generates very strong revenues and free cash flows, $14.1 billion in life of mine revenue and $4.6 billion in after-tax free cash flow. It is strongly leveraged to higher nickel prices while having the backdrop of the low all-in sustaining cost. With a net present value of $1.58 billion and an IRR of 23.3%, we believe Kabanga is a compelling investment. Our capital efficiency ratio is 1.4, which is very good and support that early cash flow and strong returns. Next slide. So on the sensitivities, if one consider a price of nickel at $7 per pound or $15,400 tonne per nickel, we maintain a healthy NPV of $909 million at 17% IRR. And if one go to $10 per pound of nickel, which equates to $22,000 per tonne of nickel, the NPV rises to $2.3 billion at an IRR that exceeds 28%. So the economic resilience underscores the strength of the project. As Chris mentioned earlier, our ESG is central to our overall strategy. We want to make sure that we minimize environmental and social footprint as we develop and operate the mine and we aligned with IFC Performance Standards, Equator Principles and obviously, the local Tanzanian regulations. Our resettlement action plan is aligned with IFC Performance Standard 5 with 96% of our cash compensation paid already to all the affected landowners and with clear steps to enable construction and relocation activities in due course. We believe we have designed a comprehensive and sustainable tailings strategy, which also achieves global best practices. Thank you. Back to you, Chris.

Great. Thanks, Gerick. So with the successful completion of the feasibility study and getting control of 100% of Kabanga Nickel Limited, we've been mandated by the Lifezone Board to enter into this next stage, which is execution readiness and FID phases. This will include advanced permitting, predevelopment technical work, finalizing commercial tenders for execution readiness and also delivering the funding structure as outlined with a strong focus on resettlement activities. We're targeting a final investment decision in the first half of 2026 on conclusion of a traditional diversified funding strategy, which we've just outlined, and we will continue to advise as to and when the elements of the strategy fall into place. So we will make announcements periodically as we close on various elements of this. Next slide. Okay. Just to emphasize, we have worked and communicated very closely with the Tanzanian government through this process. We've been briefing them and engaging them on the results of our feasibility study as well, we have discussed with them our funding strategy and this transition process. The government of Tanzania is fully advised, aligned and supporting Lifezone and realizes this transition puts Lifezone and the government in full control to dictate timelines and the important next steps so this project moves forward. We made commitments to the government of Tanzania. We all want to see this project move forward, and we're now in a position to direct the steps that will take place to accomplish that. Okay, next. Okay. So as I kind of conclude. So again, I'll reemphasize, we are now in full control of having consolidated 100% ownership of Kabanga Nickel Limited. We are able to make those decisions. And importantly, we've received very positive feedback from shareholders on the next direction that we are undertaking. The feasibility study, having been delivered by our technical team with highly positive results is an enormous milestone. We've challenged our teams to deliver and they did. Just one quote I've always appreciated, as Rick Rule mentioned to us early on when he invested, Tier 1 assets get built, it's just a matter of when and by whom. We are confident this mine is now in a position to be built, and Lifezone is going to be moving this forward in partnership with the government of Tanzania. That is the next step. We are well down the track of the project funding with detailed due diligence by prospective short- and long-term funding partners underway. We were ready for this, and we will be making announcements as we indicated. We will be updating the market and the shareholders in the near term. So to conclude, look, we're on track to deliver one of the world's most important and strategic new sources of critical metals, specifically nickel, copper and cobalt. This is a massive inflection point for Lifezone Metals, for the Kabanga project and for Tanzania, and we're excited about the future and the direction we're taking the company. So with that, I will pause and turn it back over to Evan so we can answer some questions.

Thank you, Chris. [Operator Instructions] Our first question comes from Roger Bell.

Two questions actually, for me. So firstly, as you enter this execution readiness phase pre-FID, what are the kind of technical derisking milestones specifically that we should be looking out for? That's the first question. Second question is just elaborating on the rationale behind BHP's exit? Why at this point, would BHP choose to exit the project? And then I guess, you've already been thinking quite hard about the strategy for funding the project going forward. But how does this kind of affect that long-term strategy? Do you still anticipate at some point to be diluted below 50% of the ownership? Or how does the sort of shape of the ownership structure change on the back of this longer term?

Yes. Well, Gerick, why don't I take the latter one, then I'll turn it over to you for the first question. In terms of BHP decision, obviously, we have to defer to them to answer that directly. But I think given the announcement they made on Friday as well in their operational update, I think this decision reflects a strategic decision. And I think importantly, we've had a very supportive, positive relationship with the project team and their investment helped materially advance the project. And what their departure allows Lifezone to do now is we are just fully aligned technically, commercially going forward. And we are in the position to evaluate all the different alternatives we have in terms of funding. So to your question of whether it's majority pathway we -- and specifically, my job right now is to put all potential interested options on the table to the Board of Directors. And there's a very wide spectrum of what type of interest we're getting right now. So as I've said, we were prepared for this. We have been in negotiations for a number of months now. Standard Chartered is leading this process. And the good thing is there's a lot of optionality in terms of the directions we can take, and we will be evaluating those going forward with the absolute driving motivation to do what's in the absolute best interest of shareholders. Okay. Gerick, maybe for you the first question.

Yes. So we've got a two-pronged approach with the activities. So the one is going to be all FID-enabling activities that needs to be conducted. And the second one is got to do with [indiscernible] execution readiness and the setup of the project, which really comes down to the finalization of procurement, planning, commercial contracts and so forth for the long lead items. We need to go out and get competitive tenders for the mining contracts in terms of development underground, the 220 kVA power supply, which we will do in conjunction with TANESCO and obviously, the resettlement housing contracts that need to be in place once FID gets achieved. So all of these steps will ensure execution readiness. And really, we've got time to set up the project properly from a cost control perspective ahead of the final investment decision.

Okay. Great. Our next question is from Brandon Gaspar.

Congrats on this study and showcasing this project on a conventional basis. So some of this was already answered here. But Chris, maybe I could just press a little bit on the funding options. I know you're saying everything is on the table, but could you give a little bit more color on that? And if I'm hearing correctly, you're still open to a potential opening the door for a potential new partner. If you could just add a little bit more color there, please.

Yes. And thanks, Brandon. So when you look at the delivery of the DFS, I mean, we're looking at about a $1.1 billion total CapEx project. The indications right now from a project debt equity mix is roughly 60-40. So that will give you an indication of roughly the split between debt and equity. And what we're looking at right now is really a process of -- I think the most I can say right now is we are entertaining a number of different scenarios. Without giving any more details, the -- there's a very wide spectrum of what type of interest there is. And that's -- really -- I probably shouldn't push more and say more than that. But the important thing is we have nonbinding interest term sheets in. It really canvases a wide berth of specific strategies. So when we say strategics, these are other similar top 10 mining companies within the right -- within the same level as BHP that have interest. They're in the scenario where we have the export of concentrate, that obviously opens up a new arena. We have 3 indications for offtake agreements that have fed into the DFS. And so that's a new area of potential interest. I think when you look at the M&A environment right now, having several other nickel projects having been acquired, it's a competitive time right now cyclically to be going into these negotiations, and we feel like we're in a very strong position to take advantage of that. Also, I would emphasize that Kabanga is very strategic. We have gotten a lot of feedback in this process that there is a lot of interest to diversify away from Indonesia and really provide a Tier 1 first-class non-Indonesian source of nickel and cobalt specifically. And so that very much works to our advantage. And then obviously, there's always interest from the ECAs and the offtakers. So I would see a potential, again, a wide spectrum, but a lot of interest to package these areas of interest into a holistic capital structure that will really fill in the full equity package. And we'll give more details as we go forward. But importantly, there are 2 processes. What I just outlined was a longer-term strategic process. We do have a very advanced, shorter-term funding option that is going to be going to our Board very shortly. And the strategy there is we will go into a short-term financing scenario that will give us the best possible position to run a competitive process in the longer term and really identify and bring in who are the shareholders and stakeholders that share our values, envision the pathway for the project very much as we do as Lifezone and move forward in a new direction. So hopefully, I was able to give a little bit more detail there.

Absolutely. Just one other question from my end. In terms of the timeline to FID in 2026, what are sort of the key risks to maintaining that timeline between now and then? How much buffer is baked in? And how much is the sort of the budgeted or estimated spend between now and then for the company?

Yes. I think we will be coming out with our H1s very shortly here within the next 10 days. So we will be disclosing a lot of details there in terms of the financials. What we envision right now is this Phase 1 short-term funding gets us well bridged well through FID and gets all the predevelopment capital deployment into the resettlement program, as Gerick articulated, all the immediate transition focus work streams. So that's really -- that in addition to the cash balances we have at the moment, we're in very good shape. So there's no issue there. And it also gives us time to run a more highly competitive process. So the good thing is in terms of the target for FID, that's more dictated by the project finance pathway. The replacement of the equity investor or consortium is very advanced, and we'll be in a position to communicate that much earlier than the actual closing of the FID. So I think that's something we'll be able to make meaningfully before. So investors should have a very clear picture of who the equity investors or consortium or combination will be well before we get into that first half of 2026, when we would get to a definitive FID closing process.

Okay. Our next question comes via the Q&A box from Taylor Combaluzier. He says congratulations on the transaction and the feasibility study. A couple of questions. Could you comment on how your commodity price forecast in the feasibility study compared to the current price and forecast?

Gerick, do you want to take that one?

Yes. As I said previously, our base case for the feasibility study technical report summary, we use long-term consensus pricing, which I quoted before. And I think we wanted to stick with consensus because it's consistent with the market forecast and provides a robust foundation for our economic modeling and remains resilient across a wide range of those pricing scenarios, as I've articulated before. So that was the reason.

Great. Thanks, Gerick. He has one other question here. What are the next steps in the resettlement action plan? Could you comment on your engagement with local communities and how you'll ensure a smooth transition on that front?

Yes, sure. So as of July 2025, as I said, 96% of all our cash compensation agreements have been paid. We've established a resettlement working group, which we call RWG when we took over the project at a very early stage, and that's been running ever since. And that's where you normally consult and discuss with all your stakeholders, the engagement plans, et cetera, as you step through the project to ensure that kind of transparent, inclusive consultation processes, which is required by the PS5, Performance Standards. We've constructed demonstration houses, 5 of those, which goes beyond what PS5 actually asked for. We then brought the people to these physical houses that they would receive once these houses are built, and we've got -- taken their feedback and we finalized those designs and we're ready to execute those ones in the new [indiscernible] where they will be relocated to. Construction of those resettlement housing is ready to begin. And as I said, the next step is for us to go out to the market, open that process for the tendering in terms of the different contractors within Tanzania that could be able to build all of these houses and then to step us through that process that we're ready. So when FID arrives, we can immediately place those contracts that we can push forward with the building of the houses.

Great. Thanks, Gerick. Looks like we have a question on the line from [ Greg Lewis ]. Greg, can you please unmute and ask your question? Greg, we're -- I see you're unmuted, but unfortunately, we can't hear you. So maybe I'll go to the next question on the line, and we'll come back to you. So to Mike Niehuser, could you please ask your question, Mike?

Yes. Can you hear me okay?

Loud and clear.

Can you provide an update on the government of Tanzania and infrastructure improvement with road and rail and that type of thing and maybe the pace that they're proceeding?

Gerick, take that again.

Yes, I'll take that one. I'll speak to the rail infrastructure. So the new standard gauge rail is operational from Dar es Salaam to Tabora. The section from Tabora to Isaka, we will then load our intermediate product is expected to be operational by November 2026, well before it's needed by the project. So that entire new SGR rail will be up and running. We've priced for our own wagons as part of the feasibility study, and we will go into talks with the Tanzanian Railway Authority about how that will work in terms of us getting access to the line and potentially using their locos that's currently pulling the passenger wagons all the way from Dar es Salaam to Dodoma. So -- and I don't know if you've recently seen 2 weeks ago, they've been commissioning the freight services as well. So all of that's up and running. And then what they've done at the port is they've built a new dry port, 88 kilometers outside Dar es Salaam, Kwale, where it's a dry port. So the SGR arrives there, most of the goods then gets offloaded and stacked and then material control from there. And then there's a port link that brings that material into the port. And as we all know, the port is quite congested. And with the assistance of DP World that's taken over there about 18 months ago, and they're going to invest around $250 million in terms of upgrading the port. That port link has now provided a lot of positive in terms of the congestion they used to have at the port facility. So DP World managing that is doing really well. So all of that is obviously playing towards the project and making sure from a logistical perspective, all the way from Kabanga to the Port of Dar es Salaam, we can have smooth logistics for the product.

And also, as far as the selection, it sounds like you're putting together this financing to give yourself some time so that you're able to bring in the right people in terms of construction as well as partners. But with the level of interest that you've received with the options, you're going to have -- it sounds like you're going to have some time to work these over. What are the chances that you might just go without a partner? Or are they so attractive that that's -- at this point, that's the direction you're going to go?

Yes. Thanks, Mike. I think just given the size and the scale of the project, we think it very much merits a collaborative approach. And the quality of the interest we have right now is exciting. I think this is something where we're going to have a very highly selective process. And so as I said earlier, we are very advanced. We've had a lot of ongoing negotiations to date. And we have already a shortlist process underway. A number of site visits have already taken place. We're in the process of additional site visits. So I can't say too much more, but I think the collaborative approach is one very strong option. And I think that's going to be something where there is -- that strategic nature of Kabanga gets a lot of attention. And I think we're able to really bring in and select really key stakeholders, financial investors, strategic mining companies, export credit agencies. You've seen the agreements we've had with like the U.S. Development Finance Corporation that also anchoring the project finance brings in a lot of interest from really the pedigree group of financiers you would see in a project financing capital raise. So we're in a very strong position, and I think we'll have some very good selective decisions to be making in the near term. But I can tell you, this is -- the bridge financing is just a pragmatic immediate focus to maintain momentum on the ground that's smart, that gets us busy on the ground with all the priorities. And then we're able to manage the longer-term process that we're running through Standard Chartered. So all very well designed and very specifically orchestrated for us to really maximize value in this next process.

One more quick question, if I could. It sounds like you're being very nimble and progressive in taking advantage or taking control going forward. But this is really the first phase of the conventional side, if I understand this right. You still plan on advancing the second phase with Kahama, and I'm sure the government is quite interested in that. So could you comment on that phase as well, even though it's not bound up in the initial capital cost?

Yes. And what we looked at when we had the initial results of the DFS, we looked at the potential for us to do a much more economically attractive and more pragmatic staging and sequencing. And what that does, that unlocks a much more attractive capital intensity ratio upfront, more bankable, more investable. And especially as we looked at, there's obviously challenges in the nickel market. So we wanted to put forth the best, most investable case. And that took a little bit of a rework in terms of how we could unlock some of the economics within the design. So the technical team did a great job mapping out and we shared this with the government of Tanzania and said, okay, there's always a pathway to beneficiation. And in most circumstances, it's a stage process where mines get built first, downstream processing is a natural follow-on from getting a mine built, get revenue generating, get that into production. And we basically walked them through the rationale for that. So we've been in constant communication with our partners in Tanzania. I think they understand that this is a viable path for us to maintain momentum, and they've been very supportive. So that's how we've kind of articulated and rationalized this to the government of Tanzania. And they're -- again, they're strong partners. They want to see this mine built. They're supportive, and they're critical as an ally in this as we progress.

Thanks Mike. We'll go back to [ Greg Lewis ] here. And hopefully, Greg, your machine is working. But if not, then perhaps yes, Ben Summers can ask your questions for you.

So first, can you just walk us through the decision to exclude the refinery from the current feasibility study? And then my second question is more alongside the current administration kind of following the support from the previous administration, kind of any color there on what -- anything you've heard from them or kind of any color there from the support of the current administration?

Yes. Thanks, Greg. Yes, I mean, as we have publicly disclosed, we do have multiple work streams with the U.S. Development Finance Corporation right now. That involves political risk insurance, which has been progressing very well. We are publicly on the DFC website as part of their due diligence process. So all our environmental and social studies are there for public comment, and they have been posted. So there is a very public process underway on the risk insurance product. In addition, the release of the DFS will trigger the project finance process with the team at the DFC and then also there are other discussions underway. So I think the supply chain focus globally puts us in an incredibly good position right now to run a highly competitive process. And I think we're seeing that across the board. We have a very international, very global list of top-tier companies that we're engaged with right now. And I think the support we see from kind of the various European, American, Japanese kind of group is, there's a lot of pieces we can stitch together there. So really, we're in a preferential position to be able to be very selective in terms of who we include in that whole consortium. And again, we're not -- our Board -- our job is to deliver all options to the Board and make recommendations. And -- but that's going to be a very global process.

Okay. We've run a bit over time here. So maybe we'll take one last round of questions from the field. So [ Ross Schimel ], if you please want to unmute and go ahead.

So you mentioned a wide variety of outcomes, potential partners going it alone. I guess on the other side of that is the option to just you get a bid and some -- there's a sticker price on this thing now, right? We have the feasibility study. At what point does that option become something that's more preferential? Maybe you could explain sort of or talk about the whole spectrum of go it alone to just sort of selling the whole thing.

Yes. No, thanks, Ross. And I think we -- I'll kind of reemphasize that we have a very wide degree of interest in the project. And our job is to assess and look at all these varying options, and they're going to come in a varying degree of participation and partnership models. They're going to come at, as you indicated, at offers for the entire company. I mean, whatever comes into the process, we will evaluate. And ultimately, what this comes down to is we have delivered a very strong economic study. The valuations that are now out in the market should be a reference price for shareholders of how we as management are conducting negotiations with potential interested parties. So that is the base case at this point in time. And our job is to deliver all the full spectrum of options that come across from interested parties, and we will deliver those to the Board for consideration analysis, and that is the future responsibility we have as management. So as I said, we are evaluating all strategic scenarios, and we will do that in the best interest of shareholders and value to the entire shareholder base. So hopefully, that answered that carefully.

Okay. I guess given that we've gone a bit over time, I see there's a few questions in the Q&A box. So I will follow up with each of you individually offline. So with that in mind, I just want to say thank you to everyone for attending today's event. If you do have any additional questions that haven't been answered, please feel free to follow up with me directly at [email protected], and I'd be happy to answer any questions offline. Thanks again to everyone, and enjoy the rest of your day.

Thanks all. Appreciate it.

Thank you.