Anglo Asian Mining (LSE:AAZ) — Investor Presentation

0:01 Good afternoon, ladies and gentlemen, and welcome to the ANGLO ASIAN MINING PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the q and a tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so, and these will be available via your investor meet company dashboard. Before we begin, if I may, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO, Reza Vaziri. Good afternoon, sir.

0:46 Good afternoon, everybody. Good morning from where where where I am. And I would like to, first of all, welcome all of you to our presentation. Today, we are so excited to present to you our growth strategy that will transition ANGLO ASIAN mining to multi asset and mid tier gold, copper, silver, and zinc producer. Next slide, please. Anglo Asian mining was floated in the London Stock Exchange in 2005. And immediately after raising the money market in less than four years, we built our first mine in Getabac area. And since then, we are producing gold, copper, and silver consistently.

1:37 The company has a strong track record of building and operating efficiently in Azerbaijan for all our domestic and international shareholders. Anglo Asian assets are located in Azerbaijan with traditional focus on gold production as well as silver, copper, and zinc. In last two years, we have gradually shifted our focus towards copper. Today's strategy culminates our transition to copper focused mid tier production profile miner. We have a strong history of meeting production guidance, debt free and cash positive. Next slide, please. As I mentioned before, ANGLO ASIAN has a great track record of operating mines for over fifteen years.

2:32 Myself and my family are the biggest shareholder of the company with the broad and management holding about 45% of the whole share of this company. This means that our interest interest are aligned with those of you or those of the shareholders that we have in the company. Growth strategy underpins a continued commitment to deliver attractive returns to the shareholder. Next slide, please. New strategic plan for growth to transition to multi asset mid tier copper and gold producer by 2028. With near term production forecasted to increase 30 to 50%, our current operation are currently performing in line with expectation, and recent exploration success indicate quality future asset that can and will be added to our portfolio.

3:35 Today's growth strategy presents an important step towards our future development and increase our level of market disclosure. Next, please. We have a strong track record. We have a strong track record of paying dividends so far. Steve, please take over. We have a strong track record of paying high dividend. So far, we have paid more than 41,000,000 to our shareholder, illustrating our commitment to delivering attractive shareholder return. Next slide, please.

4:26 In summary May maybe maybe just go back to the previous slide. Thank you. Becoming a premier mid tier copper gold producer and developer, how are we actually going to achieve this? Essentially, we've got three steps, that we'll be following to do that. We need to enhance and extend our current operations in Northwest Azerbaijan, where we operate the mines at Getabek and Gadiya. And then we need to increase our production growth through the construction of new mines. The first mines to come on stream will be those of Zafar and Gilar, both of which are underground mining operations with Zafar being dominantly copper plus some gold and zinc and Gilar being, gold and copper, of which has significant grades, if I may refer the audience to previous RNS, in relation to Gilar.

5:36 Following that, really, it's the the big copper projects that start to come into play. And the first of those two projects that we'd be looking to develop is the project followed by Garadag. So the first phase is essentially the transition from where we are today, extending that mine life and beginning that growth period. That's the transition. But when we bring in the Garadag property, which is the significant asset that hosts over 300,000 tons of copper in situ in the ground, that's transformational for the company. And then beyond that, we also have, external investments and future development that, I'll dis discuss a bit later.

6:23 But importantly, as we follow that timeline, the we have a three year objective to become a 100,000 ounce gold equivalent per annum producer. Next slide, please. Focusing on Azerbaijan, the company has eight contract areas or license areas with a land coverage of over two and a half thousand square kilometers. Essentially, the contract areas can be divided into three zones or sections if you like. We have the northern block comprising Getabek, Garadag, Kharkar, and Gosha that I'll be discussing in the next slide.

7:09 And we have as well in the central part of Western Azerbaijan, we have the Demirli and Gizul Bulak contract areas. And to the south, we have Ordubahat contract area and Vejnali. These projects will be discussed a bit later when I talk about the future pipeline beyond the the the the immediate production plans. Next slide, please. Focusing on to that northern block where I referenced pre in the previous slide, Geddebeck, Garadag, and Gosha. Those four contract areas are all in juxtaposition together forming one large contiguous area of over 1,400 square kilometers.

7:56 The image on the left is showing such contract areas, and outlined in the white is the contract area of Getabek. The blue icon's basically showing where we are currently operating from. That's the Getabek Mine and Gadea Mine where we produce gold dore copper concentrate. The development projects in the short term are those of Zafar and Gilar, also shown in the Getabet contract area. To the north of that are the two properties of and Garatag, which form part of the recent acquisition, by the company in in to acquire those projects in, last year. We actually only received all of the data, last September.

8:48 And since then, we've been aggressively and, working very, very hard on defining the resource potential of of and Garadag, and both of those have been subject again to recent RNSs. To look at the potential, if we look at the right hand side of of that particular slide, In the southwest corner, you can see a cluster of copper values representing the Kharkar deposit, and about two kilometers north of that, the Garadag cluster. Garadag itself, is in the order of the potential of three kilometers by 1.8 kilometers as represented by, the cluster of of of copper values shown in and around the Gara Dag area.

9:41 However, to the northeast of that, you can also see another couple of, deposits, which are known collectively as Jayachai, where grades are known to be above 2% copper. And all of those black dots on that trend essentially is where historical data has picked up copper greater than 0.1%, thus indicating that it's a mineralizing system that collectively we have called the Garadag copper Belt over a 10 kilometer strike length. Next slide, please. The company has, a long term track record of meeting its production guidance and is highly experienced in developing its exploration assets through to production in Azerbaijan.

10:38 So our production target ranges are shown in this particular chart with, the annual lower target range and higher target range for each for each year. Importantly, you can see in the transition period phase one between 2023 through to the end 2025, we're looking at a potential growth of 30 to 50% on our, production. Beyond that, in 2026, which is when it's forecast that the property will come on stream, that's the big copper asset, You can see from there through till 2028 when Garadag is scheduled to come on stream, we're looking at in excess or in the order of a 150% total production growth.

11:29 So this is essentially showing the time the the the timeline of the production increase through phase one transition and phase two transformational. Next slide, please. Having having actually discussed the potential of all of the the production assets going from the current top the current production of any order of 50 to 55,000 ounces upward to seventy, seventy five thousand ounces, and then onwards to a 175, that being 36,000 tons of copper, we need to think what is our future beyond that?

12:18 And the company has developed a robust pipeline to underpin its future growth. With this pipeline, we've essentially split it into four subgroups, the construction phase, development phase, future projects, and the longer term exploration. So we've already briefly discussed the construction phase with Zafar and Gilar. Portal construction and underground tunneling has commenced on these projects, And the intention is to be accessing the mineralization towards the end of this year, early twenty twenty four, to bring them into production. And they would then continue to support and supplement the production from Getabec and Gadir.

13:08 Importantly, those projects that I've just discussed are all processed at the Getabec area. The development phase, which include the copper assets of Harhar and Garadag, will have separate processing facilities to that of the Getabec area itself. So the Getabec area would continue to be able to receive material, from South Aguilar plus surrounding near mine exploration while we then start to develop in parallel the Harhar and Geradag projects. It's highly likely given the geographic position of these two assets that they would have a shared processing facility.

13:58 That would also then allow for efficiencies in land allocation, power management, environmental management, etcetera. And so the company currently is conducting quite extensive surveys, and mineral mineralogy tests to look at processing methods including flotation, heap leach, bacterial heap leach, and options for open pit or underground mining. Another scenario could actually be in situ leaching that the company is assessing as well. So that effectively then brings us to our 2028 start of production and where we achieve our mids mid tier status, having produced or be producing in excess of 30,000 tons of copper per annum.

14:53 Then we have our future projects. These blocks essentially are description or titles of our other contract areas. At Ordubat in the Nakhchivan region of Azerbaijan in the south of the country, we have significant copper and gold potential. We've been working there for many years and, working closely with international groups, studying porphyry copper style mineralization. And, I'd just like to confirm that recently we've also started to conduct drilling programs in that area. Vecinali is under a mining study to assess mineral resources as well as regional exploration to assess the gold and copper potential in that area.

15:44 Demirli and Kizilbulak, they were the two properties that were located in Central West Azerbaijan referenced in the previous, map of of Azerbaijan when I was referencing the the contract areas. Demerli is adjacent to the Khizil Balak contract area in the Karabakh Economic region. And the Demerli contract area contains the already built Demerli copper molybdenum mine and plant. So developing operations at Demerli should have an accelerated timeline once access is granted, and any production from Demerli is currently not included in this current forecast.

16:33 Additionally, it's known obviously that Gizobolak and Damirli has significant exploration potential for polymetallic mineralization, more gold properties, and copper molybdenum. The external Azerbaijan investment of the company is that of Makoa and Esperanza referenced here. Anglo Asian Mining has invested in a company called Libero Copper, and the company holds 19.8% shareholding in Libero, which is listed on the TSX Venture Fund, Toronto, and owns several copper exploration properties in North And South America, all of which are in stable jurisdictions.

17:22 This portfolio includes the porphyry copper deposit of Makoa. Makoa is one of the world's largest under or undeveloped copper molybdenum resources located in Colombia, and Esperanza, a porphyry copper gold and epithermal gold project in Argentina. The other projects are porphyry potential and, copper gold targets based in British Columbia, Canada. But Makoa itself contains an inferred mineral resource of over 600,000,000 tons at a grade of point three three. That's containing over 2,000,000 tons of copper and 230,000 tons of molybdenum.

18:08 So, you know, currently, Anglo Asian mining is working very closely with the Libero team. The projects are world class, and, we look forward to looking at options to develop those in the future. In terms of our long term exploration, we are looking at not just, projects within Azerbaijan, but also other future, global opportunities. But just to come back to our hub and our home country of Azerbaijan, our long term exploration is essentially focused on 50 plus regional exploration targets. That's known mineral occurrences and deposits that are located in the company's eight contract areas in Azerbaijan.

19:03 So what I'm trying to demonstrate here is that the company has a robust strategic plan for increasing its copper assets to become mid tier status. But on the back of that, there's significant future growth potential underpinned on our pipeline as well. Next slide, please. This is our production targets by mine contribution. So you can see the the contribution of Getabec, but then the importance of Gilar in the short term, the gold color in the slide, and the progressive increase in gold equivalent ounces.

19:50 From 2026 onwards, this the the slide clearly shows the importance then of coming into production and then later, the startup of operations in 2027 at Karadakh and targeting the larger production in 2028. ANGLO ASIAN Mining has a proven fast track ability to construct mines, and have demonstrated the ability to work the mining value chain from exploration to final metal product. We have all of those components in place within the company to be able to materialize this type of project. Next slide, please.

20:42 This slide is looking specifically at copper, and we can see the the step changes in copper production from 2026 onwards. And as referenced before, it's the and Garadag properties which give us that sequential jump. This strategy really is is copper focused, and you can see that, essentially, 2028 is when we would achieve that mid tier status. Next slide, please. This slide really looks at the gold ounce production and the copper tonnes production and the impact that they have on the projects.

21:39 The gold ounce production is generally declining or flat in the in in Getabec, but it's the right hand side that is key here, looking at the significant increase in copper production going forward and the contribution of those mining operations. So this strategy anticipates that the contribution of copper to the company's revenue will exceed that of gold dore from 2026. So the aim is to move the company to being a significant copper producer while being underpinned by precious metal production.

22:28 Why is that? Next slide, please. This slide basically gives some background information with regards to the the the copper lev the leverage to copper and the electric electrification scenarios and global impact of of essentially going towards net zero. Copper is a critical metal for the energy transition to net zero that is expected to benefit from increased demand as we move towards electric electrification and the intensification of related projects.

23:14 As mentioned on the previous slide, copper is expected to become the principal product of the company from 2026. So we see a synergy with global demand of a particular metal with our growth strategy. Next slide, please. This demonstrates, some of the examples of where copper really is significant in terms of electrification. On the left hand side, you can see therefore the the copper use by generation type and the significant increase in the the tons per megawatt going forward as we move towards the green revolution and net zero.

24:07 Taking things slightly more closer to home, even electric vehicles, the transition from a combustion vehicle with an average of 23 kilograms of copper per vehicle transitions through to over 82 kilograms per vehicle for battery electric vehicles. That is a huge, huge volume of copper metal that's required going forward. And on the right hand side, looking at the energy aspects of the the green revolution and and targeting net zero, you can actually see there that the the compound annual growth rate has been suggested to be 16%.

24:57 So many sectors of industry around the world, copper is a critical metal for this energy transition to net zero. So to summarize the the strategy in context of the resource potential, the company has over 1,000,000 tons of attributable copper at various resource categories. And the new strategy for Anglo Asian mining is to transition to a multi asset mid tier copper and gold producer by 2028 and onward development of its project pipelines to continue to provide benefit to all of the shareholder and stakeholder base surrounding the company.

25:52 Thank you very much. Next slide, please. Over to you, Reza. Thank you, Steve. We have a strong track record of paying high dividends. So far, we have paid over $41,000,000 of dividends to our shareholder. This illustrating our commitment to delivering attractive shareholder returns. Next slide, please. In summary, we are incredibly excited by the strategic growth opportunity in front of us. We have a strong track record. We have an experienced team. We have a healthy balance sheet with no debt and healthy cash and healthy cash in the bank and also cash generative.

26:43 We now welcome any question that you guys may have. Thank you. Reza, Steven, that's great. Thank you very much indeed for your presentation this afternoon. If I may just jump back in there, and what I'll do is I'll just bring back up your cameras there. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Rosa, Steven, as you can see there in the q and a tab, we have received a number of questions throughout your presentation this afternoon. And thank you to all of those on the call for taking the time to submit their questions.

27:31 But, guys, if I may just hand back to you to respond to those questions where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Certainly. Thank you very much. If I may, Reza, I shall read the questions out, and then we we shall decide, who best to answer. There's a question here from Jake Dee. It was a presubmitted question. Given the extensive plans for development of the new mines in Azerbaijan, do the board consider further investment should they require it in Libero copper to maintain the stakeholding is worthwhile? The question actually references well a 29% stakeholding, but my understanding is it's actually less than 20. But, Reza, would you be able to answer that?

28:24 Sure. Libro is extremely important for us. We have reviewed. We knew that it's a good company with good management. Also, we are strongly believe in Macao, which is one of the largest copper potential in the world. So we're gonna our interest is gonna be there. It depends on the our growth strategy, but still, we are extremely interested to keep our position in Libro at the moment. Okay. Thank you. I'm just looking at the next two, and they seem to have a similar theme. From Chris t, how well funded are you to achieve your strategic objectives?

29:14 And from James c, how will and Garadag mines and processing facilities be funded? So, essentially, the question is about the the future funding to achieve our objectives. As I said, we are cash generative. We have revenue. We have good money in the bank, and also we have access to the credit in local and international bank. At the time being, we have $32,000,000 of credit facility available for us, which I signed about two weeks ago for our own International Bank of Azerbaijan. And, also, there are other banks in Azerbaijan that they are extremely interested to work with us.

29:59 In in short, we have money, we have revenue, and, also, we have access to the credit facility in Azerbaijan and also outside of Azerbaijan. Okay. Thank you. There's a question here from Paul D. On slide eleven and twelve, which were the slides relating to production targets by mine contribution, gold equivalent ounces, and copper to become the primary product, The question is as follows. Your forecast indicates production from Gilar tailing off in 2027. Given that recent drilling results appear to be showing the resource at Gilar getting richer and larger at depth, is it possible that Gilar may produce for longer than you are currently anticipating?

30:56 Shall I take that one, Reza? I'll do this one. Yeah. Sure. Yeah. The the the recent the recent drilling, has actually been quite phenomenal at at Gilar, with some significant intersections, 60 plus meters thickness at, very, very high gold and and and copper grades. And, essentially, this this part of the the the development plan focuses on that lower zone of the high grade material. So, yes, Gilar is growing as we're drilling. Gilar is essentially split into an upper level and a lower level, and it's that lower level we're looking to bring into production first because of the the significant grade.

31:48 But while we're developing and producing that lower level, we'll also be assessing the upper level as well. So we've got opportunities to enhance the production from Gilar, both from the upper level and expand expansions of the lower level. So to answer your question, Paul, is it possible that Gilar may produce for longer than is currently anticipating? The answer is yes. Okay. Thank you for that one. Michael C, have you gained access to Demirli, and do you know the state of the facilities there? Reza? Sure. We have not gained the access to Demirli yet based on the agreement signed between Azerbaijan, Russia, Armenia, and Turkey.

32:41 The Russian peacekeeper, they have a commitment to stay there to maintain peace until, I believe, another year and half. As soon as they leave, they're gonna give us the access to them early. But with the recent development and discussion which is going on between the countries by mediating The United States and European Union, I believe that agreement comes much sooner than one and a half years. Therefore, we immediately after that, we're gonna get access to huge resource of them early. Okay. I have a question here from Paul D. It has been very rich news flow, period, from Anglo Asian.

33:31 Could you explain what news you anticipate coming in the next three to six months? Well, I'll take that one. Okay. Apart from the obvious regulatory information that's required, the annual report, etcetera, etcetera, the company will be continuing to update, the market and its shareholders on the development of the underground mining assets of Gilar and Zafar, progress updates on both, and Garadag. So we're anticipating that news flow would continue. We'd be providing an update status of the Gettybek block.

34:17 And as results or news is developed from all of the other contract areas that we're working on, they would be, reported on accordingly. Thank you. Yeah. Okay. Question from John c. Okay. This one is quite a long one. I'm trying to understand how the gila gila ore is going to be treated. The gila ore is rich in both copper and gold. Historically, the agitation leach plant is good at recovering gold, but it is expensive to run with ore that also has a lot of copper. Our flotation plant is good at recovering copper, but poor at recovering recovering gold.

35:06 Will Gila ore oh, sorry. I've just lost. Will Gila ore therefore be treated sequentially by the flotation plant and then the agitation leach plant to ensure we recover the maximum amount of gold and copper? We ran this configuration a few years ago. Can this configuration manage to treat 1,300,000 tons per year? Okay. This is actually a very good question, because when copper ores are processed through the agitation leach, depending on the mineralization style, that copper mineralization can consume the chemicals being used in that process.

35:52 So we do have the ability of, putting the agitation leach and the flotation plant either in parallel or series with the ability of either processing agitation leach first and then the tails of that product going through flotation or the other way around, float off the copper concentrate first and the tails of that going through the agitation leach. It essentially comes down to the financial analysis. Which method is actually going to give us more shareholder benefit one way or another? And so the mineralogy is actually very important because not all copper metals actually consume certain chemicals in the process.

36:44 So given the high grade of gold, it's anticipated at the moment that it's likely to go through the agitation leach plant first and then the tails of that going through to copper concentrate because we would get a higher revenue from the copper dore product than a gold contribution into any copper concentrate that would be produced through flotation. So it's a bit complex. I can't actually say hand on heart. We this is what we're going to do, but I tried to explain the scenario. And, obviously, the test work will give us the best answer in terms of which one would provide the better revenue stream. Thank you.

37:33 Okay. Question from Dave x. Will the dividend be safe in the short term? The short answer is yes. Our aim is to maintain our dividend policy, and we have no intention to reduce it or cut it. Okay. Question here from Ian M. In eighteen years, AAZ has never gone back to the market to raise more capital. Hopefully, that will remain the case. This is what one of one of our advantages that we never let any shareholder to be diluted.

38:19 If the fund was necessary, the the the main shareholder come up with it, and they never let anybody to be diluted. Hopefully, we're gonna keep that policy for the future as well. As I said, we have revenue, we have cash in the bank, and we have access to the credit facilities in Azerbaijan and out of Azerbaijan. Therefore, I don't see any need to do cut the dividend or reduce the amount of the dividend at the moment. Okay. A question from Thomas d. Has the share buyback now been definitively abandoned, or is it ongoing? At the time being, we are not buying any share because we have a growth strategy in front of us. Our focus as our growth strategy, and I don't believe at the moment we're gonna buy back any shares until further notice.

39:19 Okay. Thank you, Reza. Question here from Grant b. You have been operating in Azerbaijan for a long time. Given that you are growing production in the country, how is it working with the local government agencies with regards to permitting and development? So far, we had a great experience with the government of Azerbaijan. They cooperated with us in any problem that so far we had in Azerbaijan. We have excellent relation with our partners, Ministry of Ecology and Natural Resources. We have fantastic relation with the Ministry of Economy and rest of the involved ministries in our work.

40:06 That relation, I believe, it's gonna be continued, and I don't see any reason to be otherwise. Okay. Thank you. A question here from Chris l. Given the poor cash flows initially, prior to the new mines contributing, is it likely to be feasible to maintain a dividend in 2023? And part b of that question, also, any news on VEGINALI. So dividend 2023 part a, And part b, any news on Vaginari? Go ahead, Steve. We in dividend part, I can say we're gonna maintain our dividend policy for 2023, and we're gonna pay dividend we paid last year and the year before.

40:59 In about, can explain it, but at the time being, exploration is also going on and the development simultaneous exploration is being conducted in Viginally property. Yes. And Anything, Steve? Sure. To to supplement that last statement about Viginally, the company is is trying to assess the volumes of material previously mined under under previous occupation. However, angloation is also developing at the Vecnally mine itself to try to assess the mineral potential deeper on the vein system.

41:48 That's at the mine itself. But Vaginali is a contract area, and that contract area hosts a lot of other targets. And recently, we've commissioned a satellite survey by, Worldview three using a company called Exploration Mapping to assist with identification of mineral alteration zones for target identifications. So as much as at the moment appears to be on a back burner, the company is actively working on both the mine and the contract area. Thank you. Okay. Question from James c also about VEGINALI.

42:42 Please, could you explain why VEGINALI is somewhat deprioritized in this plan? My understanding is that until recently, this was fully operating mine that if react reactivated, could generate cash flows in the short term to provide the financing to pursue development opportunities. Shall I take this one, Reza? Go ahead. Go ahead. Answer it. Okay. And, partially, this this question was answered in in the the the previous, answer to the question relating to Vegenavi. Parts of the mine were inaccessible, which have now been made accessible, and a significant amount of mineralization from our understanding of the resources as previously published underneath the Soviet era expiration period. We don't have any recent, resource statements.

43:45 There's been quite a bit of extensive mining. Exactly how much, we're still accessing different areas underground to try to make that reconciliation. Yes. Some of the sidewall grades are very, very high. And if we can actually demonstrate that that vein system continues deeper, or indeed there are parallel vein systems to the current line, then for sure, it could generate further revenue for the company. But it's a small operation, so it's it's a small tonnage high grade gold. So, really, the way we're looking at Vengali and Gaucher to some extent is similar is that they would be contributor mines to the overall production and not company making operations such as and Garadag.

44:45 So that's why, to some extent as well, they're visually being put on the back burner partially because of our we're unable at the moment to commit to a a tonnage and a grade because of the situation of the the physical state of the mine underground and trying to assess what's already been mined. So, yes, they're there. But from, the point of view of contribution to the production schedule, they've been left out. But should we find particular zones that we could mine quickly, then for sure, they would absolutely, contribute to cash flow going forward. I would like to add something to what just Steve said. Also, don't forget that as a result of the war, the the processing facility camp and everything was almost destroyed.

45:41 So we start building from scratch. Now we have the laboratory. We have the camp for the the workers to stay there, and we have also overhauling the processing facility. So it is in the plan, but as Steve said, it's not the priority. Okay. Thank you, Reza. I have another question from Paul D. What are realistic plans for Audubat? When the company was originally floated, it was the focus of development, but events perhaps got in the way. Is access to Audubad straightforward now? It looks a huge resource, but what needs to happen before you can start to plan or start planning to develop it?

46:31 Go ahead, Steve. Absolutely. You're correct. When the company was floated, Ordovad was very much, the focus of the the potential of the group at the time. Soviet resource statements are really quite significant in terms of copper and gold potential. Some of those have not materialized, some have. And we need to further evaluate Audubank geology to understand the larger scale potential. Now before the company looked at, smaller deposits such as Piers Bashi and Abiut, which are vein gold systems, as discrete small scale operations that, given the topography and and the the geography, would be quite difficult to construct and and process economically as stand alone projects.

47:38 That's where we were looking at bringing them together. But the we've also identified significant alteration zones in that area, and much of it is actually copper related alteration styles of mineralization. And in and around the I'm sorry, the the Ordupad area, there are a number of known porphyry copper mines in adjacent countries. And so that that that area is is high potential for copper mineralization. Access now to Orduberg is fairly straightforward. Currently, it's it's it's a flight from the the the the main part of Azerbaijan into Nakhchivan.

48:30 However, we still have access by road through adjacent countries for moving drill rigs, equipment, etcetera. And we've recently actually carried out that exercise, and we're currently drilling at Audubad identify having identified targets for potential copper alteration systems. So we've been working quite closely with the Natural History Museum of London who have a specialist department looking at geochemistry and porphyry potential. And so working closely with them, we've identified a number of drill targets. And so, really, this is the first stage of of rekindling activity in the area.

49:17 So thank you. Yep. Any comment, Reza, about Urdubat? Absolutely. And, also, for your information, I met with the governor of Urdubat about a month ago, new governor of the Urdubat. And he was extremely supportive, and he asked us to accelerate, basically, the activity in Urdubat, which we are doing it right now. Okay. Thank you for that. A question from Thomas d. Might the company one day consider taking over Libero, or will you simply remain a minority shareholder? At the time being, our focus is our own growth strategy. But, you know, it might happen in the future.

50:05 But as I said, our main focus at the time being is our growth strategy in Azerbaijan. Absolutely. Yeah. I think that's that's correct. But, you know, I would like to say, as I mentioned earlier on as well, Libero, Copper have some significant projects. We have a significant, shareholding in the company. And, technically, their their operations team and our operations team do work closely together. So, we don't we we don't see ourselves as, being competitors in the market. We're working together. And at an appropriate time, should the projects deem that it's sensible for the parties to get together or a transaction be agreed, you know, it would be by mutual agreement.

50:59 So at the moment, we would simply remain a minor minority shareholder until such time, further discussions are brought forward. A question here from. Actually, I think it's the last question of the the q and a session. Seeing as the company has multiple avenues of funding, which will be used for the five year strategy, would the company still consider investing in or purchasing companies outside of Azerbaijan? As I mentioned, once again, our focus is our strategy for growth plan. If something comes up, we definitely look into it. It's not that we're gonna reject it. But at the time being, our main focus is our growth strategy plan.

51:58 Do you wanna add anything to this, Steve? Yeah. Sure. I mean, just just lastly, I mean, obviously, as a company, we are globally aware. We know what markets we're interested in. And should the correct opportunity materialize, you know, we would be investigating it. We're not simply blinkering ourselves to something that has the potential to grow the company further in the future. So as much as it's not necessarily an active part of our business right now, certainly, we're aware of what potentials are out there. Okay? Thank you.

52:43 Okay. From what I can see, I believe that's the the last of the questions. So thank you to everybody for supplying those questions to us, and I hope that, myself and Reza have been able to answer satisfactorily, the concerns and questions. So if I may, I'd like to hand over to Reza. Steven Reza, if I if I may just jump back in there. Thank you very much indeed for being so generous of your time and addressing all of those questions that came in from investors this afternoon. Reza, if I may, just before really redirecting those on the call to provide you their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great.

53:30 Sure. In short, I I can say to summarize what you said, ANGLO ASIAN MINING PLC is a great company, cash generative, multi asset, great vision for the future, and access to credit facility in and out of Azerbaijan. So, therefore, I'm sure that with the track record we have, we're gonna achieve all the goals that we have already set forward for the company. At the moment, also, I would like to thank you, the moderator, and all participants for joining us today. We appreciate your support in our journey to elevate Anglo Asian mining to a multi asset, multi mid tier gold and copper producer.

54:16 And, also, we look forward to keeping you informed on our road map developments. Once again, thank you all for your time and for your attention. Reza, Steven, that's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This won't take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of ANGLO ASIAN MINING PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all. Thank you all, and good afternoon. Thank you very much. Thank you.