Alien Metals (LSE:UFO) — Introduction to Alien Metals Limited

0:00 Good afternoon, ladies and gentlemen, and welcome to the Introduction to ALIEN METALS Limited Investor Presentation. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and could be submitted any time via the Q and A tab situated on the right hand corner of your screen. Simply click on Q and A, type in your question and press send. The company may not be in a position to answer every question received during the meeting itself, but the company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Me company dashboard, and we'll notify you

0:30 once they're ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Bill Brodygood, CEO of ALIEN METALS LIMITED. Bill, good afternoon. Good afternoon. Good afternoon, everyone. Thanks for joining us. I'm looking forward to giving you a heads up and a rundown on on ALIEN METALS, where we are in June 2021 already. So welcome, and thanks for your time. You will be able to find a more detailed presentation on our website. So for looking at more specific information that I might not mention during this discussion, please refer to that as well.

1:16 So what I thought we'd do, usual disclaimer, and then straight into if maybe you haven't seen this, an up to date corporate video gives you a bit of an outline understanding of of the company.

3:10 So there you go. A bit of bit of an overview of the company, some nice images, and just sort of a summary of of where we are, where we operate, the sort of commodities we're we're working with. So here's summary of the current capital structure. As you probably all know, ticker UFO, great ticker, always always been very popular and and one quite easy to remember. That's our current sort of capital structure, as I said. I think most significantly, you know, a £100,000,000 sterling worth of shares traded over the last six months, which is quite incredible and great because it adds sort of support and interest for us as a company.

4:01 As you know, we have a multi commodity project portfolio. Essentially, silver projects in Elizabeth Hill in Australia, fantastic historic silver mine with with excellent potential still, which we'll come on to. And with that, the Money Money North exploration license sort of wraps around the Elizabeth Hill mining license, which has also silver, but but as significantly nickel, copper, and PGE credits and anomalies that are associated with this major money money intrusion. Again, I'll talk to that a little bit later. And more recently, you've probably been following the the iron ore project in the Pilbara, the Hammersley iron ore project going really well, and again, I'll I'll come to that.

4:57 And in Mexico, the the two silver projects, Los Campos and San Selso, which are still great projects and still very excited to to get those first drill holes into them. And and Donovan too, the copper gold project, again, recently come back into the fold, and I'll I'll talk more on it. But I think what I'm trying to significantly say is that, obviously, these are great commodities, very strong commodities in the market at the moment. Here's a bit more of a summary of them. You know, silver, currently running $27.28 dollars US an ounce. An example, when the Elizabeth Hill Mine shut down in 2000, silver was running about 4 US dollars an ounce.

5:47 The the growth in the last probably six months in value and and as a as a commodity has has been fantastic, and and it's still strong, very strong. Again, there's more more detail there about the gold silver ratio, which is coming down, which is great for silver as a commodity both in industrial and practical uses, but also as an investor commodity. The iron ore, again, incredible growth in the last few months in terms of the the demand and the value and the cost. Very close 200, just over 200 US dollars a ton for the high grade sort of plus 56, 57% material, which is really the core of our focus of our work on on our Hammersley projects at the moment.

6:41 And as you'll see later, progressing really well. Again, long term outlook is is very strong and very positive. So again, very excited by that. So actually, let's go on straight to Hammersley. There's a lovely example of a very nice piece of banded iron formation. So if if you're familiar, we have the project contains two tenements, Brockman to the West and the Hancock Ranges to the East. The majority of work we've done to date has been on the Hancock Ranges due to accessibility. No other reason. They both have great potential. We've just been able to get on the ground at Hancock, do some drilling, do some working.

7:29 So here's a little summary of just a little video to show you a little bit about the the processes of the drilling. I'll just chat a bit. For those familiar, you can see fantastic country. So obviously this is this is virgin country, so we we have to put in access tracks, you know, cognizant of environmental issues. The second phase of drilling has actually just completed. Here you can see the rig working meter by meter sampling, so automatically samples are collected from each meter, bagged up, so you see the calico bag on the ground behind the chap, and then he lays down sort of the remainder of the sample. The geologist then will come along. He can then collect the samples.

8:17 As you see, it's sipping out, so he can clean it, take a sample, take a for geological reference. Going going really well. You can see it's quite a big machine. We're looking at possibly next phase of work, maybe using a smaller unit that is a bit more agile for, as you see, getting up and down some of these bridges and areas. So that phase, that second phase has just finished. Here you can see a summary of the first phase of work. More importantly, that was completed recently. We have announced to to the market, so all this information is available. Significant intercepts, know, Hole 48 on on the Sirius extension, a 103 meters at 61.8% iron ore, essentially from top to bottom, still in ore at the bottom of the hole.

9:12 Fantastic. Really excellent. But as importantly, you've got the other holes with it, hole 47, you know, 73 meters at nearly 60%. The historic vaulted drill holes that coincide with these sort of levels and values. So looking really good, but significantly the so there's a there's a little summary image of of Sirius extension to show where the holes are. That that area, if you can see along here, is sort of the interpreted ore body that actually carries on right to, if not beyond, our boundary. But great, you know, we're developing that really well. Second phase of drilling has sort of helped to complete our understanding hopefully on that. Here's a little video that explains the the sort of Western Ridges targets.

10:01 So you can see this is a Google Earth image with the outline of the tenement. And what we're doing there, you can see the drill holes, so maiden program is the blue holes, and then the the second program, the red holes, filling in the gaps. Now this is trying to show you, and if as you turn it, you can now see in a three-dimensional way these ridges of the iron ore. The the ridges are formed, the iron ore forms the ridges, which is what we sort of now understand, and they like in a in a three-dimensional sort of schematic way, the red being the the iron ore ridges, which are the target obviously of our work and our drilling. They are quite prominent on the ground, and then now obviously, now we get a better understanding, you can see the extension of the areas we've we've only worked on those small areas compared to the size of the tenement, and we believe there's great potential for a huge amount more of, especially the high grade material on this project. So really encouraged, really going well. And again, that's more detail from the Western Ridges.

11:13 You know, 26 meters of 54% from surface, including 13 meters at 61 and a half percent pretty much from from the top. Fantastic. And and recent work is is adding that information, filling in the gaps moving forward, and we'll be looking forward to announcing that and updating the market soonest. Let's not forget, we're just talking Hancock, we've still got the Brockman tenement to work up, We're still very excited by that. We did some work before, some interpretive work. There are these historic BHP prospects that are significant as well, and we're very much looking forward to doing some maiden drilling and obviously next phase drilling when we have the required paperwork, which includes some heritage studies, really important to do, followed by the usual POW requirements, environmental permits to then go drilling. But that adds again to the potential of this project.

12:17 Still in WA, Elizabeth Hill silver project. There's that incredible nugget, 145 kilograms of pure pure silver, native silver, fantastic piece. Now actually sitting in in Perthmint in in Western Australia. Fantastic piece. Here, we'll just start to show you again a little bit of a video, give you a taste of Elizabeth Hill. This is a historic video we we found from we think about 1999. So here you can see the surface, the old head frame, cause it was an underground only mine at the time. Quite straightforward, nothing too fancy, but there you can see one of the guys heading down, not a large thing, but but he gets down to one of the levels. We're not sure which level. Obviously, Obviously, all the levels in the underground workings were significant looking at the mineralized mineralization.

13:13 So they're just giving an showing an example, you know, nice and comfortable in his shorts and t shirt pretty much. At least he's wearing a hard hat. Again, showing the mineralization as calcite carbonate system with this incredible enrichment of of essentially silver right through. So you can see this is sort of a span across the this drive, you know, wiring, cabling, ladders, x y zed. Quite straightforward, quite basic. And here, this chap is on good old fashioned air leg compressed air driven drill. He's either drilling for prepare for blasting or, actually, excuse me, drilling up the drilling the phase for for ore. So, again, the presentation has this information a bit more planned view. You can see the see the you know, this is where the head frame was, went down to one of the levels, digging in into the, you know, the richer section of the ore body.

14:16 Very exciting. We've just we're waiting on water results from the old the old underground workings to hopefully be able to clear them out. Here's here's an old map that sort of compiled and shows again where the deposit is, and we've got another little video to show you which hopefully gives you a bit of a a three-dimensional view on the ore body, how we've modeled it, how we see it fits together in terms of what was what was done, in terms of what what was extracted, what we feel still remains, and potentially what what the next phase of work. I'm not sure. Are we having any luck in showing this video?

15:05 Oh, great. Thanks. So if you see, it's it's a very cool I think it's might be slightly we're now looking we're looking across. Right? We're looking down onto what is described, what is interpreted as the ore body. So the blue outline, the large blue outline is the whole of the ore body based on the on the work done up to 2011. The red, which is defined as stopes, is the main underground area that from records is the area that was mined out based on the information we have. And the black sort of what I call the boat on top is what's been planned as an outline for a open pit for the surface up to about 35, 40 meters at surface open pit area. You can see what's very important here is there is, yes, some material has been mined, but there's significant amount still there.

16:00 And also, in our opinion, there's still open structures and open on strike for this this deposit. These are our planned drill holes, which is rotating. So now I'm looking north. Now I'm looking from the E from the West looking East. So you see we're looking at targeting the old historically, the ore body to try and get a better handle on it, and also really to understand if there's potential for a larger envelope of mineralization around the the very specific silver ore body that's in that was defined and worked on in the past. So I hope I hope you've managed to sort of visualize that. And then, of course, recently, did a larger aeromagnetic survey and a a review of the the Elizabeth Hill mining lease as well as the the Money Money North exploration tenement with Southern Geoscience, and as you see here, this is just a a large summary map to help.

17:04 They came up with 20, essentially 20 priority targets. That's the mine site touched right in the middle here, but you have numerous targets. This is all these ones along the southern sort of end are related to the money money deposit and the the hunters platinum group, metal platinum group element reef that that has been, you know, has been defined here, but but obviously is still very much open to to working out. We have other other targets all the way along. So we're really excited about this. Actually, Monday next week, boots on the ground. We've got excavators.

17:49 We're gonna be doing some excavation work

17:52 looking for repeat mineralization systems around the mine site itself. We're gonna have geologists doing some recon, reconnaissance, doing some mapping and exploring in the area, and we're we're keenly chasing a drill rig to be able to do some of those test holes as you saw in the previous previous video. We also, obviously, we're working up looking at the tailings. Here, I think it's a great picture. It gives you, again, a a bit of a vision of of the sort of scale of of the tailings. They're very neat and tidy. Obviously, our predecessors managed them well. There they are tucked in there with a, you know, give it a scale, that's a decent sized four by four vehicle. So there's plenty of material there. We've done some early testing. We got what, over 400 grams a ton average grade.

18:45 Very early mortality tests, over 90% recovery. So looking very interesting. We need to do some more due diligence on this, and then at at the right point, if if things start to stack up properly, hopefully we can move forward with some sort of a deal to then progress.

19:06 And just to be clear, this is sort of to process and almost help to clean up the area, but also it'll generate some potentially revenue for exploration of the project. So sort of two birds at one stone type thing. That's just again one of the slides in the slide in the presentation, a bit more of a bit more detail on the recent sampling. So let me go to to Mexico, which should not be forgotten for a moment. Obviously, in the news recently, and I I noticed, and I apologize in our our investor video at the beginning, we need to update because obviously very recently, well, I think it was just last week, Capstone Mining pulled back from the earning agreement.

19:54 It's not, you know, it's it's it's frustrating in one way, but actually, we've gained a lot of information. They did a lot of work in a very short space of time. We're very thankful to them for that. From for whatever corporate reason, I think a combination of corporate and technical, they've decided that they're gonna, you know, invest their funds in other more, I believe, more advanced projects. This is our sort of early slide from from as Capstone was starting drilling. If I go to the next slide, this is actually from Donovan, from Capstone, excuse me, from last week. Just shows the sort of target they were looking at, a geophysical target that they were looking at, and these sort of high spots are, if you can visualize a 100 meters below surface,

20:50 and these are the location of the seven initial holes they drilled. Now seven holes in seven different places with quite specific targets to pinpoint, and as we saw from their very initial results table they provided, and I think we put on the announcement last week, no, other than a reasonable but shallow significant hit in in hole one, no significant copper, nickel, silver, gold intercepts in in any of the other holes. However, as I said, we we at ALIEN, we now have that project back in the fold, 100%. We have all their information, all their data, you know, $3,400,000 worth of work that they have done that we now get back into the fold.

21:44 We're already looking at it. We're reinterpreting. We have a raft of ideas, maybe we do some geochemical work, some maybe some more geophysical or reinterpretation of work already done. You know, I'd like to possibly already have my own ideas on possibly a couple of drill holes as well.

22:06 So we're, you know, we're getting on with it, and there's no no real change to to tactic there, just so now it's it's back in the fold. As I said, this is an image of a sample taken out of this this Los Alamos water well, again, last week by Jose Luis, our sort of exploration manager down in Zacatecas. Fantastic example. As a geologist, I look at that and I think that's that's amazing. It's got malachite. You can always see the the copper. Hopefully, you see this clearer than I do. On the screen, you've got some fantastic sulfides through here, quite pickled. This sample, just so you're aware, we're we're submitting already this and a couple of others that work with it into the laboratory to keep the momentum up, and I've actually asked for a specimen to be sent to London so I can have it, you know, have it on my desk or or

23:04 wander around with it and show people the potential. And this is great. This is really good mineralization. We now need to work out where it's coming from, and of course, its source, which we still believe is there's great chance it's sitting under Donovan two somewhere, and we need to find it. And then, of course, there's our two silver projects, San Celso. Again, fantastic project. We are very frustrated by the drilling permit situation. We are working incredibly hard. Do not think we're not. We are talking to to local communities, to the environmental agency, to the mining department.

23:50 There were recent elections in Mexico, local sort of

23:55 quite similar I think to what we had in The UK recently. So we feel that's positive because there's a seems to be a fresh team in the in the municipalities that are supportive, and we're we're working hard to to get those drilling permits to to be able to push ahead with these because we still have a lot of faith in them as as project Los Campos as well. I mean, incredible numbers and, you know, been looking at other projects in Mexico and still struggling to find comparable projects with with the sort of grades and and and numbers that have been defined today. So ongoing, you know, to be honest, as frustrated as as the next person on this, doing what we can.

24:44 Then there's our Greenland project that we were granted last year. With the pandemic, Greenland kindly or or sensibly offered a stay for the year. So therefore, everything everything is sort of being postponed by a year. So even though the clock has not actually been ticking on this, they've sort of pushed it another year ahead. So that's given us a bit more of a chance to we have had a look at the project. We've got some ideas in place. We've been talking to some people who worked on the Citroenen project right there, so they've got great, you know, firsthand information about operating in this area, some geology, everything else. So, you know, still still working in the background on that, still there, not not just sort of pushed in a draw.

25:40 That's really hopefully, it gives you a good taste of of where we are today. Looking forward to to providing more information, more more results on on the Hancock drilling as we start back into Elizabeth Hill. Very excited about that. Donovan too as well. And always, we're looking at other projects. People are coming to us with different projects, similar jurisdictions, other jurisdictions, so we're always seeing what will fit the the ALIEN sort of ethos and and skill set to potentially add to the to the portfolio. So thank you for your time. I think there are some questions that came in earlier. I'll hand it back to you. That's great, Bill. Thank you very much indeed for the presentation.

26:29 And as Bill said, we have got some pre submitted questions. And do please continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. But just while Will takes a moment, just to look at those investor questions submitted already, I'd like to remind you that a recording of the presentation along with a copy of the slides and the published Q and A, can be accessed via your Investor Dashboard on the Investor Meet company platform. I'd also like to remind you that your feedback is important to the company. Immediately after the presentation has ended, you'll be redirected for the opportunity to provide your feedback in order that the company can better understand your views and expectations. Bill, as I say, we had a number of pre submitted questions, perhaps we can look at some of these before we go into those live Q and A. If I may, the first one reads as follows. Now we have 57 drill results back from the Hancock Range and the rig back out there redrilling.

27:18 When do you think we may have some kind of guidance regarding an MRE?

27:21 And are you looking to JV if the resource is large enough and the DSO quality and it has the DSO quality and if it's over a 100,000,000 tons, is this a JV for the big boys like a BHP, Rio or Brockman mining? Sort of three questions in one there for you, Bill. I going to say that's, yeah, that's three questions. No. Thanks for the question. Hopefully, I've answered a little bit as I was speaking earlier. I think we are we're great. We're in a position. We're really driving forward the Hancock tenement anyway. Yeah. We've done did 57 holes. Just We about finished another, I think, 35 or 40 holes to fill in the gaps, I think, I showed. At the moment, no, we're we're looking at you know, we're being sensible, and we'd always look at opportunities and and either partners or somebody who who, you know, they decide they got a very large check to give us to to take over the project.

28:15 That that would be great. And let's not forget that when these as I understand, these permits were originally picked up in a ballot, and at the time in the ballot, whereas where if more than one company applies for a license in Australia, it goes to ballot, that Rio, FMG, and I believe even BHP had put their their name in the hat at the time of the balance. So we know they're they're they're out there. We know they're they're all around us. So the size of the what we come up with in MRE, as I said, the the series we're hoping to develop in in the next couple of months once we get the full results from the second set of sampling and and are comfortable that Howard Baker is able to is comfortable to do something, then we will see what that produces and and see what what position we're in. But we're always open to, you know, ideas, suggestions, partners, one has to be these days.

29:18 That's great, Bill. Thank you very much. The next question we've got here is when do you think we'll get drill results from Capstone, Donovan two? Thanks again for the question. We've had as as I mentioned earlier, they they gave us a very sort of summarized table, very small table. I've been in touch with them. We're just finalizing the handover of all the core and all the data. So any day, we should have the full set of data from them, which will be the the geology, the the analysis, all the specifics of the drill drilling, and actually physically the core as well. So that'll so I'm expecting that in the next few days. Yeah. Perfect. Thank you, Will. Next question we've got here relates to the Mexican projects. Can I ask when and where we are with getting the licenses for the two Mexican projects? Before you receive, when do you think drilling will commence?

30:14 Well, as I mentioned again earlier, I mean, we are we are doing, you know, we're doing our utmost to to get those those licenses. And I assume, put it this way, I still have, unfortunately, and importantly, I think we've we've always had the funds tucked away ready for this drilling the the two main drilling projects on San Selsa and Los Campos. They're still there. I just moved them up the budget each month, but they're still there waiting. We have with Jose Luis on the ground, he set updated quotes and availability of drill rigs, equipments. We're ready to go as soon as we have the permits. So, again, I don't you know, as soon as we can. So, you know, watch this space, really. That's great. Thanks, Bill. Next question we have here is the company currently researching and costing a go it alone approach like Fenics for mining the DSO.

31:06 Furthermore, can Bill guarantee there's no more placings and and shared dilutions will occur this year? Okay. Two two quite different questions. Yeah. Look, Fenics, I think we've I've touched upon Fenics before. Fantastic. They've done, you know, an incredible job. I think the other there's two others. There's Stripe Resources as well. But if we just focus on Fenics, I think they have a seven, eight million ton, excuse me if I've got that wrong, resource DSO. They're trucking it by road over 400 kilometers, and they're doing a great job. And I we absolutely are gonna look at I'm keen to look at that option because I'd like to think we're we're very close in terms of resource potential, the fact that it's at surface, so it's almost like free dig.

32:02 We're a lot closer to the port. I mean, we're only 170,180 kilometers by road to Headland, Port Headland, I believe, and and of course, we're in the heart of iron ore country, so the infrastructure is there to know, the roads are fantastic and everything else. So absolutely, we're looking at all options, as I said earlier, because we have there's a good chance we have that potential. And if the iron ore price stays at where it is, then even more so. On the on the fundraising side of things, we're I can't guarantee anything. I can't sit here and say 100% we're not gonna we're not gonna go out fundraising before the end of this year because this is expiration.

32:50 And if suddenly I get myself a or we get a a maiden resource at at Hancock, and actually we feel it's necessary to have that extra input of cash to really push it to the next level, and I don't have that in the coffers at the moment, then maybe we will need to fundraise. So I think if we do, it'll be we'd like to make sure it's it's done properly and and with with as many people's interests in mind to, you know, for the right reasons to push the company in the right direction. That's great. Appreciate you. Thanks, Bill. Please, can you explain the reason Capstone are not continuing with Donovan two? Is it a viable project for us on our own, or will it be shelved? I think, again, I alluded to that earlier.

33:36 Capstone originally informed me that from well, two things. From a main drilling program, they hadn't had a significant intersection, so therefore they as a main from a main drilling program, that's very important, so therefore they they were discouraged. However, they did clearly tell me they are acutely aware that they have not done an exhaustive exploration program on that property. And secondly, when I sort of tried to say, look, we've got a few ideas. Are you open to to working, you know, put our ideas in the hat and see if you guys wanna work work through that? They sort of came back and said, there is there is also a high level, a corporate level.

34:22 I I get the sense there's a desire more to go to to put their their their funding into more advanced projects. So, you know, they they came in, and this is very important, they came in with a strong belief in the project. I don't think they're leaving thinking it's it's not a good project. As I've alluded to, I think it's still a great project, and I think there's there's a lot of potential there, and we're still very excited. And don't forget, 20 k's down the road is a 100,000,000 ton, 1% copper, VMS deposit, and these things are like mushrooms. They pop up, okay, underground mushrooms like they they appear in blue in in groups. They don't they're not isolated.

35:08 So, yeah, we not at all are we gonna shelve it. Absolutely not. Brilliant. Thank you. And the the final pre submitted question we have here is with the recent Capstone, Donovan two news, does the board plan to refocus the strategy across all its projects? It would appear to most private investors that we should focus all efforts and resources on Hammersley and DSO before spending any resource on any other projects. Okay. Again, hopefully, I've alluded to some of this already, but I think all along, I'd like to think we've always tried to, you know, spread the the the funding and the costing and the development on all the projects because I don't I've seen too many projects get shelved or put in the drawer, dust buildup. Look at San Seltso and Los Campos. San Seltso was a project that the company, Arian Silver, floated on in 2006, and you know, I find it quite amazing that they did some great work in 2006, and then it got put in the drawer.

36:09 So at the moment, we are and we're we're very fortunate. We do have funding to cover Elizabeth Hill, Money Money North, Hammersley, you know, the Hancock, do some more work there, which we're doing. Because as well as the drilling, finishing up the drilling, there's some digital terrain modeling to do. There's possibly some mine type scheduling or reviewing to do. There's all sorts to to keep keep going in the background. But as I said, we've got we've got funds in the coffers for for maiden drilling on San Selsa and Los Campos, and we have some in the background in in sort of get back for Donovan too. So I don't wanna we're not gonna focus on one thing. We're gonna keep working up all of our projects, and as they develop, maybe that will change. But for now, we I'd like to say that we're still working up all of them because they all have, in in our view, great potential.

37:08 That's brilliant. Well, that concludes the pre submitted questions. If I may, could I ask you just to click on that q and a tab just on your screen there? Yeah. We've had a number of questions submitted by investors during the meeting. So if I may just ask you to read out the question, even who it's from, and just give your response where appropriate to do so, please. Yeah. Sure. Excuse me. I'm still having to read across, but I question. When will Turnipope update their research note on our iron ore using current iron ore prices and a reduced discount factor now that we have proved we have DSO? Good question. I think, again, we need to complete a little bit more update of of recent results, And, hopefully, as I say, now that because we've sort of been in the throes of the second phase of drilling. So let's I would say probably pertinent to await the results of that.

38:02 And as I said, we are we're doing some other things in the background. And then potentially, they can update their note based on a full set of data because probably for the Hancock anyway, that at the moment will be a a sort of, you know, that'll be the end of a drilling phase for maybe a couple of months or three months. I do wanna do some ground survey work, some more mapping on the ground to to test out those other ridges that we we have interpreted as of there, but we've never been to to prepare for another round of drilling maybe later on in the year. So I would say in the next couple of months, hopefully, we can get them to to update that. So but I appreciate your question. Right. Where?

38:48 No. Sorry. Okay. Quick question there. Have there been any discussions with DSO majors regarding DSO JV? There have been no discussions yet. However, that doesn't mean we're not talking to people mainly in Australia on, you know, on on the projects. But again, we need to get that next level of confidence in the projects. Essentially, we need an MRE, an initial resource to really, you know, then then people will go, well, actually, your compliant mineral resource. That's acceptable. Acceptable is probably not the word. That that's a real strong ammunition rather than me sitting here saying, look, guys. I think it's really good, and look at all those nice holes, and look at the nice geology.

39:38 I get an independent resource geologist to provide a dual compliant resource, then then I can still say that as well for the the remainder of the area, but I have that as a, like, a sort of, you know, a major a major tool to to move forward with. So definitely talking to people. As I said earlier, we're we're looking at all options. Hopefully, that's answered your question. Okay. When do you okay. Shipping generating revenue from DSO. That's you know, it doesn't happen overnight. We we got I think that's we are in a bit too early stage to be even contemplating that. As I said, we're looking at options, but all these things take a bit of time. And you've got to remember as well, at the moment, especially someone like Western Australia, the amount of work going on is unbelievable.

40:29 So getting the right people to help us, to consult for us, to do this sort of work, you know, sometimes we're gonna have to wait a little bit longer, a little bit like some of the assay recent work recently, frustrating, but I'd rather wait a little bit longer to get it done properly than to rush through a job with someone who or a team that might not be proficient enough for for what we desire. So I think it's a little bit early. So there's a second here. The the Elizabeth Hill tailings, are you in a position to monetize these tailings yourself or in JV? And if so, when? Okay. Again, the tailings, as I said earlier, we're still at a phase of due diligence. We don't know yet exactly if this project will be a viable economic project. As and when we do, that'll give us a be in a position to then talk to the current owners of the the tailings because as you must recall, we do not own them. They they were not part of the initial acquisition.

41:28 They were already owned by another party when we acquired the the mining lease. However, yeah, I mean, we are again, I'd like to think that we're being sensible with with the funds that we're spending spending some money on due diligence in the right way to with the expectation that this will become a viable operation. And actually, had a call this morning with our metallurgist in in Perth, Evan, who's fantastic and really knows his stuff and really, you know, really positive. So just, you know, we'll just keep working on it. Might take a bit longer than we all hoped, but, again, the priority holdups, timings, ongoing.

42:16 Ongoing. Alright. There's a very technical one. Are you targeting Borglada ion formation as the surrounding Wongara rhyolite seems less like the host iron ore? Okay. Without going too much technical detail, yes, we're we're obviously targeting the ion formation. We have we have already drilled it out essentially at the main target, you know, the extension of the serous prospect. However, we haven't we are still testing other areas close to that that might still have, you know, repeat or other mineralization. So not ruled out, but, yeah, we are the focus is on the, you know, the the the high grade formations at this stage in the game.

43:07 Okay. The the Biff Ridges appear to follow the fault lines and faults. The ridges actually just to the ridge is basically they're they're all the ridge is like a set of beds. If you if you take a you know, if if if you got a layer cake of, know, I keep thinking of Battenberg, it's not Battenberg. It's like a green and a well, like in our presentation, a red and a green and a red and a green. And then you slice them at an angle through, you can see where the the iron ore being harder than the the dolerite that that sits in the formation with it, therefore, is is dominant in the topography. So it sticks out as ridges. Because it all then angles down slightly, dipping down about 20 degrees to the south, so they sort of come out, and each ridge is basically representation of a different iron ore bed within the larger formation.

44:01 Okay? And therefore, what we what we now understand is that you can follow those beds for several kilometers, and that that's what we've been doing. Well, we haven't done enough for several we've done a couple of kilometers on on Ridge E and Ridge C mainly, but we're looking at at carrying that on. Because, again, Hancock, we've covered maybe 30%, not even, of the of the tenement area. So that's ongoing. Yeah. Structures within a falls, there's not there are a couple of falls, but they're mainly more north south, so they're they're sometimes dislodging the ridges, the beds, but we're getting a handle on those so we know where to jump. So if a bed hits the fault, we then move maybe north 50, a 100 meters, and then carry on our our exploration, our hunting for it.

44:55 Hope that helps. Okay. Are the tailing negotiations still under the forty five day extension announced in the prior RNS? And will the market be informed upon this extension deadline within the week? Look. The there's no negotiations at the moment. I think, again, we are doing a due diligence on the on the project, on the tailings. We have not entered into negotiations because we don't know yet if the tailings will prove an economic opportunity for us and for the current owners. Very much we are working under an extension period. We the the current holders are aware of that, and they are also aware of the the the difficulty in getting lab time and everything else. So we will keep the market informed, of course, and make sure as and when a decision is made that, you know, the the ideal potentially will be struck, but we're not in that position at the moment, and I hope that sort of clarifies that.

46:03 I lost my oh, I can't scroll down at the moment, weirdly. Okay. Did you mention there are plans to commence drilling at within days to weeks? Sorry. Yeah. I did mention that part of the on the mining lease, we do have a POW for drilling and trenching. I'm not sure if you recall in the presentation, we showed you with the three d sort of model of of the ore body at Elizabeth Hill, we're very keen to put four or five almost twin drill holes into the ore body to both test the ore body itself, extensions to the ore body, but also the the halo around it because we feel there's possibly areas that were not properly tested outside the the core of the silver.

46:54 The silver deposit that we've seen in in old documentation and old reports, so we wanna test those. Yeah. So we have again, the funds are there, the core boxes are pretty much there, the core area is ready, we just need a draw rig. And we are, again, between ourselves and the the team in in Perth and and some of our consultants are working with us, Everyone's knocking on everyone's door, and we're hoping soon as possible to to have a core rig. We wanna do core as well. Very important to get that get that visibility, to get that information from from Jocor. So, again, working hard to to get that done. Now I hope that again.

47:41 Same deal. The the reason you can't scroll down is that you've answered all the questions that have come over there. Sorry. There's there's one more I can see. Share consolidation on the horizon. To be honest, I I can't comment on that, but there's no there's been no discussion or or or thought to that at the moment. To be quite honest, our focus last few months and for the next few months is to really drive these projects forward to really be cost efficient with with the funds we still have. And, you know, we still we still got some solid funds to to be able to do the work I've been talking about and, you know, really really get start getting these projects really out on the map. And and as I say, maybe maybe adding another one into the mix in the not too distant future.

48:36 Bill, that's fantastic. And, actually, you've been very efficient with the questions there. So thank you very much. You've answered every single one we've had through, so that's greatly appreciated. I'm sure the investors appreciate it as well. If there are any further questions that do come through, you will have that ability to to review them. But, Bill, perhaps I can just ask you for a few words just to wrap up before we redirect investors to give you some feedback. Yeah. Sure. Look. I I appreciate everyone's time today, depending which time zone you're in as well. I hope it's been I hope you've enjoyed I've tried to do it a little bit differently, show you a bit more interactive, a couple of the old videos, a couple of our just sort of work in progress, really, some thoughts on, you you know, data we've got, like, for the Elizabeth Hill ore body, you know, that's based on historic data.

49:26 Very excited to get on the ground finally and really get into it. As I say, I mentioned, I think, earlier, we're getting some water samples tested so that hopefully we can we can start getting back underground, get back in that mine that old mine, see what's there. I hear some incredible stories about, you know, when it was just as it was closing down, the guys were standing on silver on on the bottom drive one and two. The the floor of the drive was still there was silver in it. I mean, it's it's it's very exciting, and it's what I suppose exploration's about. The iron ore, I think, you know, not to to blow our own horn, but I think we've done fantastic things in a very short space of time. There are projects, there are areas that possibly have been overlooked.

50:14 But, again, you've got if you put it in context, five, ten years ago, even three, four years ago, smaller potential projects were not really considered viable, whereas today, you look at companies like Fenics, Strike, Resources, fantastic. They're doing really well. You know, great role model in a way for us, and it shows you don't need multibillion dollar, you know, pockets and, you know, these incredible railways or anything else to actually become a producer of iron ore, which is very exciting as well. And I think, to be honest, who'd have thought when ALIEN announced they'd you know, they picked up the initial percentages on on these two projects that we would be in this position today.

51:02 And Mexico, look, I'm really excited. It's it's it's excuse me. It's quite hard to convey that we're not I'm personally you know, Donovan, the Capstone guys are great. They have lots of good ideas. They did loads of work, but maybe, you know, they're they're just not in it. They're obviously not in it long term now, but I think we've benefited from the work they've done, from the, obviously, the information that they've generated. I'm actually very excited that we've got that back in the fold, and I think importantly, in an exploration world, if you look at Donovan two, for example, they there was not there was nothing there. There's a bit of geochemistry, a little bit of geochemistry, a few samples from Los Alamos, the the old shop, the old pit, water well, whatever you wanna call it, some good geophysics, but there hadn't been a single drill hole.

51:55 And now we're in a position we've got some drilling, but more importantly, these often deposits and and significant ore bodies, they're not found by the first operator. Sometimes they're not found by the second or the third. But, you know, it's so I'm I'm not put off at all, but I I hope the investors out there still have faith in us to to keep you know, to drive it forward in the right direction. And, again, San Celsa and Los Campos, they're great projects, and I just you know, we are doing what we can through through all the correct channels, and it does take time, and it is frustrating. And let's not forget, there's been an awful pandemic where so many people have suffered, and I think we're still in a really good position, a very fortunate position as a company, and, you know, we're just I'm really looking forward to the next next few months and to to sharing it all with with you all.

52:54 Bill, that's absolutely fantastic. Thanks again for updating investors today. Could I please ask investors not to close the session? You should be automatically redirected for the opportunity to provide your feedback. In order that the management can better understand your views and expectations, this will only take a few moments to complete, and it will be greatly valued by the company. On behalf of the management team of Valium Metals Limited, we'd like to thank you for attending today's presentation. That concludes today's session.