Ann: Cyclone Metals and Vale execute Development Agreement, page-67

@Inzaghi88 - I assume that you mean that you are saying you will be at RUI Explorers conference and will ask questions of CLE while there are post answers afterwards. If so, my questions are:

1. Is there already a plan on when and how Vale will start to spend the US$18M? If so, what is it or when can we expect any announcements about that plan.
2. Rather than a gradual ramp up, with Vale's access to capital, will we be more likely to see starting production in the 20Mtpa to 100Mtpa range as proposed by phase 2 and phase 3 of the scenario as set out in the investor presentation from March 2024?
3. Given the high grade and low impurity of the product, what is the estimated selling price and what is the basis for that price (will the price of green steel drive the price of the ore or will it be a premium based on 62%/65% Fe? Have Vale given any indications on their view of selling price or premium?

Thanks