Q4 2022 Aqua Metals Inc Earnings Call
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Speaker 1: the next video. See you next time.
Speaker 1: It.
Speaker 2: Greetings and welcome to the Aqua Metals fourth quarter and fiscal year 2022 investor call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation.
Speaker 2: You can submit your questions on the webcast by typing them in the ask a question field on the left side of your screen. To queue up for a question on the phone, simply press star 1 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad.
Speaker 2: Please note that this conference call is being recorded.
Speaker 2: I will now turn the conference over to our host, Bob Myers of Investor Relations. Thank you. You may begin. Thank you everybody for joining.
Speaker 3: Earlier today, Aquametals issued a press release providing an operational update and discussing financial results for the fourth quarter and full year ended December 31, 2022. This release is available on the investor relations section on the company's website at www.aquametals.com.
Speaker 3: Hosting the call today are Steve Cotton, President and Chief Executive Officer, Doug Merrill, the company's Chief Financial Officer, Ben Tacker, Chief Engineering and Operating Officer, and Dave McMurtry, Chief Business Officer.
Speaker 3: Before we begin, I would like to remind participants that during the call, management will be making forward-looking statements. Please refer to the company's report on Form 10-K filed today, March 9th, for a summary of the forward-looking statements and the risks, uncertainties, and other factors.
Speaker 3: that could cause actual results to differ materially from those forward-looking statements.
Speaker 3: Aqua Metals cautions and pressures not to place undue reliance on any forward-looking states.
Speaker 3: The company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur except as required by law. The company does not undertake and specifically disclaims any obligation to reflect new circumstances
Speaker 3: As a reminder, after the formal remarks, we will be taking questions.
Speaker 3: Questions will be accepted over the phone from the analysts.
Speaker 3: And all other investors can submit a question using the online webcast forum provided in today's and last week's press release.
Speaker 3: We will take as many questions as we can in our available time slot.
Speaker 3: And with that, I'd like to turn the call over to Steve Cotton, CEO of Aqua Metals.
Speaker 4: Steve, the call is yours.
Speaker 3: Thank you, Bob, and thank you to everyone who joined us today. The fourth quarter of 2022 captive watershed year for aqua metals, with several new milestones surpassed and continued progress scaling our innovative battery recycling technology, which we call aqua refining. While we finished proving our lithium aqua refining technology at both lab and bench ice Ul
Speaker 5: process.
Speaker 3: The input to our process is from BlackMass, which is made by our supply partners from Scent with Emile batteries. Our progress enables us to continue advancing our discussions with prospective partners as we share samples of key products such as our directly recycled lithium hydroxide.
Speaker 3: for high performance batteries at representative industrial scale. Our continued progress during Q4 affirms our confidence that this will be a transformative year for aqua metals as we move from concept to production, and from a vision of clean metals recycling to operations and revenue.
Speaker 3: I couldn't be more proud of the work our entire team is performing and have never been more confident in our company and our prospects for the future.
Speaker 3: The air of lithium ion batteries is upon us. From electric passenger delivery vehicles to energy storage systems and portable devices, lithium ion batteries are everywhere.
Speaker 3: We are now at the precipice of the transition from the economy primarily powered by fossil fuels to one built upon clean energy sources.
Speaker 3: and the required critical minerals to repeatedly store and then release that energy. But even if the extraction of resources like lithium, nickel and cobalt ramps up globally, many of these metals are in very short supply, as battery manufacturing capacity continues to grow, and forecast show these supply shortages continuing for years to come.
Speaker 3: While new recycling manufacturing capacity takes only a couple of years to build, new mines and refining capacity can take a decade or more to come online. Recycling at scale will be essential to satisfying the New York growth in demand for lithium batteries.
Speaker 3: But we believe the current and many proposed recycling solutions are not viable long term. Current pyro and hydro metallurgy recycling systems are just too costly and inefficient and produce untenable amounts of pollution and landfill waste.
Speaker 3: Recycling one ton of black mass simply can't require the use of multiple tons of chemicals or result in multiple tons of waste and pollution and still be effective or sustainable.
Speaker 3: Our lithium-operifining plant is demonstrating that a closed loop sustainable recycling solution that eliminates the need for polluting furnaces and intensive chemical processes is not only possible, but it can be more adoptable and cost effective.
Speaker 3: By using electricity as the primary reagent to our patently unique and innovative combination of low temperature hydrometallurgy and electroplating.
Speaker 3: We can dramatically reduce our energy consumption. And eliminate as much as 95% of the waste associated with pyro and hydro recycling and truly close the supply chain loop in a sustainable way.
Speaker 3: We also believe that operating is now the only proven battery recycling technology that can produce lithium hydroxide at scale instead of making lithium carbonate or other lithium salts. Hydroxide is also consistently more valuable than carbonate in metals markets.
Speaker 3: This unique ability to generate lithium hydroxide natively with our aqua refining process significantly increases the value of each ton of black mass that we process today and it enhances our ability to economically process nickel and cobalt free chemistries like lithium iron phosphate or LFP batteries in the future.
Speaker 3: Our pilot plant operates in the heart of the domestic supply battery chain in the Tahoe Reno Industrial Center near many key players in Nevada's lithium loop.
Speaker 3: As we continue to advance operations at our pilot and develop our recently announced commercial campus,
Speaker 3: continue to advance the operations at our pilot and develop our recently announced commercial campus, we are also building a partnership ecosystem.
Speaker 3: We have secured Blackmass to scale our operations through agreements with lead and feed stock suppliers and are turning that material into saleable products and samples for ongoing partnership and advanced off-taker discussions.
Speaker 3: All this progress shows that Aquamentals is well positioned to lead as we begin to generate our first revenues from materials recovered from lithium ion batteries.
Speaker 3: We have broadened participation from the senior team on today's call. And I'm going to ask Judd to walk through the financials next. And then I'll turn the call over to Ben Packer, our Chief Engineering and Operations Officer.
Speaker 3: talk in more detail about the pilot plant and our engineering efforts.
Speaker 3: Lastly, I've asked David Mercury, our Chief Business Officer, to join the call to discuss relationships and partnerships in our commercial initiatives and provide an update on activity to pursue grants within the Department of Energy. So, I'll now turn the call over to Jeff.
Speaker 3: Thanks Steve. Let me start my comments first with our balance sheet.
Speaker 3: As of December 31st, 2022, we had total assets of 33.5 million and working capital at 10.9 million.
Speaker 3: We ended the year with total cash of approximately $7.1 million.
Speaker 3: And as a reminder, we expect to collect the remaining balance
Speaker 3: of 2500 Peru assets out of approximately 12 million by the end of March.
Speaker 3: Part of the proceeds from this cash collection will be used to retire the 6 million non-dilutive note with Alpen that we secured in 2022.
Speaker 3: Cash on hand and cash received from this asset sale significantly cover the costs related to our pilot plant and general corporate needs for the remainder of 2023. We also saw during 2022 an increase in property and equipment related to the equipment installed for our pilot plant and for equipment installed at Acne.
Speaker 3: Subsequent to year end, we completed the purchase of a building and property from an unaffiliated party located in Trick for $4.275 million.
Speaker 3: The land total is approximately five acres and the building is approximately 21,000 square feet.
Speaker 3: The company intends to redevelop the existing building and install our first commercial scale lithium ocke refining system.
Speaker 3: And the purchase was funded with a $3 million note. There were no other significant changes to our balance sheet since our last quarterly report. So, I will move on to the income statement.
Speaker 3: We had no commercial production during 2022, and as a result, no significant revenues were generated during the year.
Speaker 3: Research and development costs increased by approximately 94% for 2022 compared to the year ended December 31st, 2021.
Speaker 3: Again, these costs included expenditures made toward building out and commissioning our pilot facility. The driver will select theregezvous area and access a loop for this Badger pickup into
Speaker 3: General and administrative expenses increased approximately 1% for the year and December 31, 2022, compared to the year ended December 31, 2021. This was in line with the expectation and guidance.
Speaker 3: Non-CAST charges included in GNA, including stock comp, or approximately 2.5 million. For 2022, we had an operating loss of 15.6 million compared to an operating loss of 17.5 million for 2021.
Speaker 3: Our net loss for 2022 was 15.4 million or a negative 20 cents per basic in the alluded share compared to a net loss of 18.2 million or a negative 26 cents per basic in the alluded share 2021.
Speaker 3: The net loss in 2021 included an offset of insurance proceeds of approximately $4.8 million. We continue to manage our cash utilization, cash used in operating activities for the year and December 31, 2022 was $11.1 million. Issue forecast means we're approximately $800,000 to $850,000 per month.
Speaker 3: million utilized towards the purchase of property and equipment.
Speaker 3: 1.8 million proceeds from the sale of the equipment and 0.5 million utilized towards the additional investment in Linnaco.
Speaker 3: Net cash provided by financing activities was $13.4 million for the year.
Speaker 3: This consisted of 6.5 million in net proceeds from the sell of aqua metals shares pursuant to the ATM and 5.9 million net proceeds from the bridge loan.
Speaker 3: We have maintained a healthy balance sheet throughout 2022 and into 2023.
Speaker 3: Our year-ending cash balance, expected lithium battery metals revenues, and asset sales in 2023 will support our current organization and pilot plant operations throughout the year.
Speaker 3: With that, that concludes my remarks on the financials. I will now turn it back over to Steve. Thanks, Judd.
Speaker 3: I'd now like to have Ben Tacker, our Chief Engineering and Operations Officer, speak about the pilot plan. Thank you Steve. As Steve mentioned, in December , we completed equipment installation and began operating our first-of-kind lithium aqua refining battery recycling facility at our Innovation Center in the Tahoe-Reno Industrial Center.
Speaker 6: The facility is the first pilot scale electro-hydrometallurgy battery recycling facility in North America.
Speaker 6: The fully automated pilot is operational enabling clean, safe, and immediate recovery of valuable critical minerals from spent lithium batteries.
Speaker 6: As a reminder, the facility utilizes electricity to recycle black mass rather than chemicals, fossil fuels, and high temperature furnace operations.
Speaker 6: Our proprietary patent-pending technology is a low-emissions, closed-loop recycling solution capable of recovering all valuable metals and minerals including high-purity lithium hydroxide, cobalt, copper, nickel, and manganese dioxide from lithium batteries.
Speaker 6: Lithium Aqua Refinery utilizes electroplating powered by electricity to recover metals enabling low cost and efficient production of high purity products.
Speaker 6: In the weeks following the commission of this plant, we began successfully recovering critical battery metals, some sent lithium ion batteries at production scale throughout our electoral hydro metallurgy process.
Speaker 6: The first product we covered was high purity copper, a metal that is essential to building a domestic battery manufacturing industry.
Speaker 6: More recently, we recovered high purity lithium hydroxide directly from lithium battery black mass.
Speaker 6: The recovery of lithium hydroxide significantly improved the economics of recycling, and the
Speaker 6: So lithium ion batteries as well as other battery chemistries like lithium iron phosphate or LFP.
Speaker 6: where lithium makes up a majority of the valuable material into battery.
Speaker 6: Over the coming weeks, we expect to recover nickel, cobalt, and manganese dioxide, recycling all the valuable minerals within a common black mass feedstock.
Speaker 6: Because aqua refining is designed to remove trace elements and recover these pure metal selectively.
Speaker 6: to recycle critical minerals and achieve net-zero emissions. In addition, we have recently laid out a phased commercial development plan for our new recycling campus, with space for more than 10,000 metric tons per year of recycling capacity. Lastly, we have a lead aqua refinery operation with our partner and licensee, Acme metal, in Taiwan. Acme and aqua metals are currently in discussion about the next phase of that relationship. With that, I will turn it back over to you, Steve.
Speaker 3: Thanks Ben, and thanks to you and your team for delivering our vision and commitment for getting our innovative pilot plant up and running. I hope many of you on this call can visit the plant over the next few months as seeing it first hand can really help in internalizing what we have created with Tootin Special.
Speaker 3: I'd now like to have Dave McMurtry, our Chief Business Officer, speak to our commercial initiatives and partnerships.
Speaker 3: So this is the 1st time Dave is to participate in our quarterly update call a quick intro. Dave was appointed chief business officer in July 2022. From his previous role as chief strategist, he's a talented Silicon Valley tech executive with experience in renewable energy and international market development.
Speaker 3: For the prior 25 years, GAVE has held multiple global executive positions, including with Intuit, Inc. and Habitat for Humanity International. Thank you, Steve. As Steve noted, my passion for renewable energy led me to Occa Metals, and as a global business leader, I know our technology will make a lasting difference.
Speaker 3: Our team is strategically pursuing multiple paths to scale the growth of aqua refining, which will reduce the need for mining.
Speaker 3: Our sustainably recycled lithium batteries can help ensure a robust supply of critical metals to meet the bipartisan infrastructure law and the inflation reduction acts ambitious goals for domestic content and enable us to share samples and advance our discussions with prospective partners in battery and cathode manufacturing.
Speaker 3: black mask providers, cell component manufacturers, and CAM, or cathode active material manufacturers. Potential partners who have already reviewed our process flow sheets and mask balances under NDA have and will continue to visit our Innovation Center pilot plans.
Speaker 3: We have conducted demonstrations of our proprietary process, showing both the process firsthand and the resulting materials we recover from BlackMASS. We anticipate this will lead to additional partnerships.
Speaker 3: A key near-term focus is securing additional off-take partners, to whom we can sell predefined quantities of recovered murals at a predetermined pricing structure.
Speaker 3: This will close the loop on our own business model, giving us a steady supply of black mass and willing customers for recovered materials. Interest in our technology is increasing, and this provides significant confidence as we look towards the remainder of 2023 and beyond.
Speaker 3: Finally, let me speak to our progress with grants, and specifically the Department of Energy.
Speaker 3: We believe the completion and commissioning of our pilot plant operation, combined with the recently secured real estate for our five-acre commercial-scale recycling campus, opens the door for us to effectively pursue the upcoming round of grants and loans in 2023, both from the Department of Energy and the U.S. Department of Agriculture, which we believe will have a greater focus on recycling. We have established a team of seasoned professionals to identify, apply for, and pursue grants, and we expect we'll have more to say about these efforts in the coming months.
Speaker 3: cell and battery pack manufacturing and now sustainable recycling. Our state of the art recycling campus will be in Taorino Industrial Center in the epicenter of the region's growing battery ecosystem. Our first step, which is already underway, is modifying the existing building to meet our needs. We will install a commercial scale lithium-hot refining system capable of recycling 3,000 tons of lithium battery black mass each year. We expect to complete the redevelopment of the current space and finalize equipment installation this year and to commence operations at the new campus in early 2024. Over time, we anticipate expanding with additional buildings on the five-acre site.
Speaker 2: key followed by the number 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And for those on the web, simply type your question in the Ask a Question field on the left side of your screen. Thank you. We'll pause for a couple of moments to pull for questions.
Speaker 2: And our first question comes from Samir Yoshi with HC Wainwright. Please state your question. Thank you.
Speaker 7: Thanks for taking my questions.
Speaker 7: Thanks for giving a good overview, all four of you, thank you for that. Just a few clarifications on the partnerships. On the ACME front, you said there will be next steps are being discussed. Can you give a little bit more information on what kind of steps are being contemplated there? Hi, I'm Kelly. Thank you for having me, on this northern assistance email.
Speaker 3: Thanks for the question. On ACME, the site is up and running as a showcase last quarter, which was several weeks ago. Now we are doing showcase demonstrations with our partner there, ACME in Taiwan, to various stakeholders. I will ask Ben to fill in some further detail from the operations.
Speaker 6: perspective. Thanks Steve. We're currently working with that community to bring through key stakeholders including key government agencies in the region of Taiwan.
Speaker 7: and working with them to find out our next steps, which we should be announcing soon. Okay. Okay, so we'll wait to hear on that front. On the Dragonfly front, I think you mentioned specifically solid-state batteries that they're planning to develop or manufacture, and you will be supplying lithium hydroxide for that.
Speaker 7: Are your other targeted customers also in the solid state space or are they in the non-solid state space as well?
Speaker 3: Yes, our marketplace is not only solid-state such as the lithium iron phosphate, which is actually cobalt and nickel free for dragonfly energy, which we can talk about as well, but the overall market allows us to address multiple stays in mercury from the commercial perspective.
Speaker 3: and I can't list who all they are, but many of the similar companies to Dragonfly to come in and see under similar Similar partnerships where we will take their scrap and return them with our off take products Thank, Bob.
Speaker 7: Got it. And then I just have a question on just help us visualize what is exactly happening at the pilot plant. I think you mentioned high purity copper was produced and now you're working on bicamide hydroxide and then subsequently on nickel cobalt and manganese dioxide.
Speaker 7: Is the same black mass used over and over again and you're extracting these one at a time or how is it actually happening at the site?
Speaker 6: I don't know if I completely understand the question, but the black mass that we bring into the system, it's a one pass through our operation and we're able to recover in the high 90% of all the metals in that black mass. We're able to recover in the high 90% of all the metals in that black mass.
Speaker 6: Anything that we do not recover or leach out It's just a single pass through and it's not a not a circular System. Oh, okay. So copper nickel cobalt all these metals are extracted and the same same goal Yes one pass through and we we are able to
Speaker 6: We cover each one of those. There's different product cells, but they're all in series. So as where we remove the copper then it goes to the next stage where we recover the next metal and so on.
Speaker 7: Yeah, that was my question. Thanks for clarifying that. And then just one more question on the actual results for the December quarter. It seems both the G&E as well as the R&D, the R&D and the R&D.
Speaker 7: numbers are lower sequentially and it is actually the lowest quarter of the year in terms of GAAP operating expenses. Do we expect these levels going forward or was there anything special in this quarter?
Speaker 8: Yes, this is Judd.
Speaker 8: So our R&D costs will actually go down in 2023. There's a lot of R&D expense related to getting that pilot plant up and running. And so now it's just running things through that plant and getting ready for expansion in the future. With the R&D and the R&D, we'll see a slight increase.
Speaker 8: You know, we were happy that, you know, for the last 3 years, our DNA, it's been pretty close. Um, and try to keep that cost in line. Um, we'll see some, some of that increase, you know, as we're expanding this year and the pilot operations and trying to get ready for, you know, the new campus that we're building out. We'll see some of that increase.
Speaker 3: cash position perspective and then also how much of that receivable you'll still have left. It looks like you're about three and a half million that'll still be there exiting core.
Speaker 8: We expect to be in a very healthy cash position by the end of this quarter. We ended the year with the $7 billion. And then we expect it's been communicated and even press release gone out from the company buying the $2,500 per location.
Speaker 8: That that will close by the end of this month. So just you know three weeks from now Those funds will come in And so we should be in a really good healthy cash position And so that does a couple things for us it keeps our cash balance strong, which we've been successful the last few years always
Speaker 8: keeping a healthy cash balance. It helps us to fund our pilot operations and our G&A throughout the rest of this year.
Speaker 3: I will take it off the line and try to get more specifics. On the partnership pipeline, can you talk about the order of magnitude of the number of partners that you guys are engaged with and how mature those conversations are at this point? Thanks, Colin. This is Dave. Hi everyone, this is Andy.
Speaker 8: So, yeah, we're very excited about our coming year because the pipeline is very full and they again, I can't share names under NDA, but they are the largest both offtake and stock providers. Meaning those who are making black mass, we're talking to the biggest three, those who are taking black mass and turning the batteries or other products are also the largest of the categories. So we're and they're very mature. So we're very excited about the coming year.
Speaker 8: Thank you operator. We certainly have some questions coming in on the portal. And I'll jump right in. So, 1st, this is in the in the grants and government relationships area. Can you offer additional details about your efforts with the and the grant status and how those efforts are going kind of overall and in general. Thanks, Bob and question. Is this a day again? So I recognize I. I hit the government category a little quickly. It might be worthwhile to spend another minute explaining the process. So, for those who haven't been watching the deal, we understand the IRA. I was different from the bipartisan infrastructure.
Speaker 3: where you write three to five pages on your solution to that problem. And then finally, if you receive a letter of application, which is a minority of the concept papers, you receive a letter of encouragement to write a full application. We have received a letter of recommendation on our most recent grant 2768, which means we are encouraged to continue based on our concept and technology.
Speaker 3: is a solution to a problem the DOE thinks needs to be solved. So we are prepared now. We have a full team staffed, which includes our DC-based advisors, to respond to multiple FOAs or funding opportunity announcements that come from the DOE. And we'll have a lot more to say about this as well as future FOAs very soon.
Speaker 8: Thanks. Great. Thank you. And we touched on this a little bit with some of the questions from the analyst, but there is a move toward some of these LFP batteries. Can we talk a little bit about how that affects us?
Speaker 3: move as quickly as we can. Over time, as we talk to the partner network that Dave was talking about, there are partners that have opportunities with the deployment of our technologies at other locations and we're going to consider those and we will probably have more to say about that in the longer run. But the real birthplace and the key...
Speaker 8: anchor for us, it has been and always will be right here in Reno and in Nevada, the Lippman State. That's great, thank you. And maybe this is related to that because there's some questions about kind of longer term vision. We've outlined the campus and we have a couple of different business models with the different minerals. Is there a
Speaker 8: Can you maybe talk about how we see the lithium business playing out and is this possible that leads into other business models in the future?
Speaker 3: Our primary business model with the lithium-R-C refining is really to operate, build and operate plants and enjoy all the profits associated with the creation of the various minerals that we create.
Speaker 3: Thanks, Steve. This is Dave and we're talking now with many partners who have extended their businesses beyond NMC. Quite frankly, the categories of batteries, the chemistries we're now talking about going high nickel, which is a nice way of saying low cobalt because of the geopolitical challenges of cobalt. If you're unaware, 70% of the world's cobalt comes from one province in the DRC, which is politically challenging. People are also in other categories like data centers and ESS are wondering about different types of chemistry. So the beauty of the aqua metals technology is that we are not NMC centric. We can use our technology, our clean and renewable technology to work on very different battery chemistry. So we are wrong.
Speaker 3: the minerals that we produce from that we derive from black mass but because we're at a pilot stage it's not going to be a gigantic amount of revenue in 2023 but that will start to change as we get around the corner into 2024 with phase one of our campus deployment and I'll ask Judd to
Speaker 3: comment on what his views are in the revenue model since he is the CFO . Yeah, thanks Steve. Yeah, so as Steve mentioned, we will see revenues this year from the pilot operation, not huge amounts, but starting to head in the right direction. Where it gets more exciting is when we...
Speaker 3: start building out and getting the pilot or the demonstration commercial phase one at the campus facility going. So we predicted that and modeled that that first phase could generate about three or the process 3000 tons of black mass.
Speaker 3: through that. And so if you think about that and start to model that, we look at what is the value of the metal in that black mass per ton. And we're seeing anywhere today's metal price is between twenty and thirty thousand dollars worth of metal. So that first phase to generate sixty plus million dollars of revenue.
Speaker 3: The campus is intended to be built out to a total of 10,000. Capacity, and so once we get that 1st phase 1 up and running 2024, we'll begin developing and constructing and installing equipment in the 2nd phase. To get it up to that 10,000 ton capacity so that gives you a little bit idea of what.
Speaker 6: in the first half of last year. So we're expecting those patents to come through any time now. We're somewhat at the mercy of the other governments reviewing them. But we're excited that we could be announcing those very soon.
Speaker 9: Talked about
Speaker 8: You know, how the pilot plant is going to build out the campus place. You know, how the pilot plant is going to build out the campus place.
Speaker 8: If I cut out there, could you maybe a restate the question cut out?
Speaker 8: Okay, sorry. This is related to the pilot plant and building out the new building on the Walton campus. We talk about
Speaker 8: time and days and how we think about scaling pilot plant as we want to start moving equipment and building out the new campus.
Speaker 6: I can give you an update on the pilot plant and then what we are calling our demonstration plant which is the larger 3000 metric ton plant that Judd referred to. At the pilot we are currently going through the commissioning phase and seeing the metals work through.
Speaker 6: schedule and will be wrapping to a 24 by 5 schedule which will really help to throughput in the near future.
Speaker 6: It allows it to reach steady state and maximize the throughput of the operation. So we're going to see that ramp quite quickly here over the next couple of weeks. On the demonstration plan, so we're going to be designing and building for a full 3,000 metric tons of capacity at that operation.
Speaker 6: Once we get that system installed, we will do a similar type of a ramp where we will see that number go up over the course of two to three months as we make it through the commissioning system and fully charge the system. We will do a similar type of ramp where we will see that number go up over the course of two to three months as we make it through the commissioning system and fully charge
Speaker 8: That's great. Thank you. Ben. That was the last question coming in on the portal. So I think we can. Start to wrap up.
Speaker 8: That's great. Thank you, Ben. That was the last question coming in on the portal, so I think we can start to wrap up. Great. We could see how people are feeling right now.
Speaker 3: Well, thanks everybody for joining the call today and lots of great questions and we're always here for follow ups. We're also. Are here if someone wants to come and see the facility. And now that we're operating, we can arrange that we've been prioritizing, as I said in the past strategic visitors and but as we continue through this quarter and into next.
Speaker 2: We anticipate we'll be able to take more people through the facility and show everybody how special it truly is. And thank again everybody for your time and we look forward to further updates in the near future. Thank you. This concludes today's conference, All Parties May Disconnect. Have a great evening.