Uberaba

We've changed slightly.

The Uberaba project, it's kicked off its pre-feasibility study in Brazil.

That's going nicely.

Um, and as I said, we ...

The core opportunities, we've got near, very near term pre-feas.

Also quite near term the DFS.

Um, Uberaba gives us a solid platform for growth.

The key, key about the two projects is the one project has got a 16-year life because it's a finite source of gypsum.

It's about $5 a straw delivered for you in your range.

You might be 100 miles from anywhere, and you might be 600 miles from the central, which usually is in Uberaba, which is the Brazilian capital of Cebu.

And they would drop, they would come and get you and fill up your tank and put your straws there for 30 bucks, for five, six dollars.

So it became a...

We only need $50 million of equity for the Uber Arbor project to produce an EBITDA of circa $100 to $110 million a year.

which I think is a very, very good metric for Rambo to be looked at because, you know, we could probably even fund that out of our free cash flow from Palaboa because Palaboa was anticipated to go into production in 2029, Uberaba late 2030.

Yeah, I mean, we could just do it now.

Our free cash flow from Palaboa will go a long way to funding a portion of the Uberaba project, but we don't see any funding issue there.

When you see...

The next slide, you'll understand why I went and I found the project in Brazil after I realized what we had in South Africa, because they have very, very similar projects.

George, very good to speak with you.

You've now started the preliminary feasibility study for Uberaba with Mosaic.

What's the key questions you need to answer at this stage?

Well, basically, like any stage gates of a project, you go through initial economic assessment or PEA.

And I'm pleased to announce that we are on track to produce what we believe will be a very positive pre-feasibility study on this project as well.

And George, SRK is preparing the maiden JORC resource.

How important will that MRE be in defining Uberaba's scale in economics?

This is actually basically, we already know the answer, if that sounds strange to you guys, but Mosaic are a global business and they have a large phosphate resource which has got a life of excess of over 40 years feeding their phosphoric acid plants at Uberaba.