Arc Minerals (LSE:ARCM) — Investor Presentation

0:01 Good afternoon, ladies and gentlemen, and welcome to the ARC Minerals PLC Investor Presentation. Throughout today's recorded meeting, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time just using the Q and A go Good Before we begin, we'd like to submit the following poll. I'm sure the company will be very grateful for your participation. I'd now like to hand over to the management team. Simon Remy, good afternoon. Thank you, Mark. Good afternoon, everyone, and thank you very much for your interest in ARC MINERALS and in this call. It's very exciting to be presenting the strategy for the year and beyond about this great company. So let me kick off now.

0:56 So starting with a quick word on copper market. There is a case where we might be entering a super cycle for copper. The fundamentals are very strong. We have major supply disruption. We have a steady growth related consumption of copper. We have this new wave of electrification that will create a new layer of of demand, which we were not used to. And and we have also, which is fairly new, a strategic stockpiling of copper by the major countries in an environment of geopolitical tension and the potential economic war. So it's the perfect storm for copper. As you can see with the latest deck from Goldman Sachs, they expect copper prices to keep on rising all the way to around $15,000 per ton in the next few years.

1:47 And effectively, it's all based on the fact that you need between four, five, 6,000,000 tons of new supply per year to meet the expected demand over the next few years. So so the key here is we are in the right space. There are many other commodities that are attractive, but copper is definitely one of them where you want to be involved and invested. Now let's talk about the portfolio for for ARC MINERALS. Effectively, you have two flagship projects for us, and both of them, I will explain, are very strategic. So you basically have a package of licenses, but especially one license, which I will talk about in the heart of the copper Belt, especially in the MMG group of mines and deposits.

2:33 And you also have, of course, the package of license, which is effectively the largest footprint for exploration on the Kabompo Dome, which is in the Western Domes region of Zambia, where you have a lot of very large tier one mines, which I will which I will talk about. Starting with Botswana. So this is the the copper belt with two major operators on the ground. So you have MMG, the Chinese group that bought the mining complex about two years ago from Cupric Canyon, and you have Sandfire, the Australian group that has also the the the Macedo mine further southwest of the belt. And here you see our license in pink. We are right on the Northeast side of the copper belt, where you could argue the deposits are bigger, shallower, and higher grades. So you could argue we are on the better side of the Kalahari Copper Belt. I will bring your attention to the picture on the right hand side, which comes from MMG.

3:38 This is from the latest report. So this is not a few years old. This is from, I think, August or September of last year in the in the quarterly report or one of the later presentation. And so what's quite interesting is that even though, generally speaking, Chinese group in the mining space are more interested in production and potentially development, here, you're looking at a major Chinese mining group that also talks about exploration and new discoveries. And what you see here, what they call the fourth group emerging, which is only a few kilometers south of the Zone 5 Minutee, which is the largest mine in the Kalahari Copper Belt, you can see that they are flagging new discoveries of copper in that area, and and they call it a high priority zone for them.

4:25 And this is where exactly we are with one of our two licenses. So if we look more specifically at that part of the belt, on the left hand side again, I have taken a slide from MMG where they are flagging a few different corridors, and the one I want to focus on is the one they call the Zone 5 corridor. So it includes the original Boceto mine and the processing plant, which is on the Northwest end of that corridor. And then you have the Zone 5 mine, which is very big. And you have also you can't see it here yet because they haven't put out any any content about it, but they have just FID ed a new larger processing plant, which will be next to Zone 5 and only a few kilometers from our license.

5:10 So when you clean up that map and you look at the right hand side, which is the map we have put together with Vasili, you can see that our license is the only license stuck in the middle of that portfolio of mines and discoveries for MMG. So it's really important to slow down and really pay attention to this. You have the Kalahari Copper Belt. It's a long copper belt, which is very exciting from Botswana all the way to Namibia. You have one part of the belt which has higher grade, higher deposits, and shallower deposits and mines. This is where we are. And then you have that other end that has potential for sure, but has a slightly different profile. When you look at that end with MMG, we have that license right in the middle of it. And we're looking at only a few kilometers from the Zone 5 mine, which is highlighted in darker green here.

6:02 And in pink, you see one of our two licenses. Today, we'll focus only on that license because this is where we are most excited and where we have data and will acquire more data. So this is the P L1352017. It's just under a 140 square kilometers. So that's the focus for Botswana. Now we'll talk about the concept of the contact zone, and then I will pass on the mic to to Vasili. But this is quite important for some of you that have paid attention to the Kalahari Copper Belt. You will have seen this from other juniors talking about the contact zone between two rock formation. So one is called the Decar formation, which we simplified by DKF, and the other one is called the Emguacopan formation. And so someone forwarded that slide for me, so I'll just go back. There you go. And so this is the contact zone where all the deposits to date have been discovered in the entire Kalahari Copper Belt.

7:00 Again, the left hand side comes from MMG, and you can see that every mines and discovery is basically lying on that contact, which they highlight as that dash red lines across the portfolio of licenses. If you can see, still on the left hand side, which is probably gonna be easier on the right hand side. But if there's a way for you to work out basically the two discovery hall, which they call Zone 9 and the M 1 a fold on the right hand side of their picture on the left hand side, this is where we are. So we are straddled by the two recent discovery hall, which are described as high priority by MMG, and we are right stuck in the middle of it. And so on the right hand side is our map of our license. It is zoomed in, and you can see the two purple stars.

7:50 Those are the two discovery holes of M and G on the left hand side and one f folder on the right hand side, zone nine. And then you can see our discovery hole in the 2024 drilling campaign. And here's a very important concept. When we talk about that contact zone and when you see maps, whether from MMG, from other companies, especially the juniors, you will see drawings of that contact, which is just imprecise. And that's because the geological map that are used to estimate where those contact zones are are twenty plus years old for most of them. And so there is still a question mark as to the exact location of this contact. When you zoom out, it doesn't seem to be relevant. When you zoom in and you pay attention to the boundaries of our license, it is very critical. And so the specific example here for us is you have on that right hand side picture, the green line, which is effectively what I've just referred to. It's a drawing, an estimated drawing of where the contact zones are across the KCB based on all data.

8:59 And then in black is where we have defined the contact zone based on the actual drilling activity of ARC minerals, but also MNG. And then if you see the dash black line, this is speculative, to be very clear, but this is what we hope we will be able to define over the next few months, which effectively is that that contact zone, instead of being only a few kilometers long, which is great already within our license, it could be closer to 15 plus kilometers from the MMG discovery going through our discovery all the way to Zone 9 on the right hand side of that picture. And that is the key, and that is the main reason for the work program that Vasily is gonna describe in a in a second.

9:52 Yeah. Thank you, Remi. Hi, everyone. Yeah. So, I mean, as Remi has has has just mentioned, you know, the the the contact is where, you know, you you find the the mineralization is where you find the deposits. Based on the work we did last in 2024, which not only included drilling, we also did some geophysical surveys, and we had done an induced polarization survey, which actually picked up the contact quite well and actually natural fact remarkably well. So we know from from the the geophysics that we've done that IP works really well, And we know because we've got it tested with the drilling that we've done. So in other words, the drill holes are telling us where the contact is, and the geophysics we did has actually shown us that it matches with what the drilling is telling us. Now the I guess, the the the issue we face now going forward is is obviously do we carry on with the IP survey, which is gonna take a lot longer and is is gonna be more expensive, or do we start off with a with a max survey and which is gonna be cheaper and quicker?

10:59 And that's the sort of work that we've been sort of putting together over the last few weeks and months is to start off with a a geophysical survey along that contact, and you can see those rectangular areas. And so, basically, we're just going to follow from the area we've already covered and start with a a a ground magnetic survey, and then just go from left across to right and and covering that whole area across our license where we believe the contact is. Initially, we will start with a few lines of the ground based survey just to make sure that it works. So we do have data to test it against. And if it works well, which we think it should do, we don't see no reason why, then we'll carry on with a a max survey and follow that all the way along the contact where we believe the contact is. If for whatever reason, it it it doesn't it it it's it's not exactly showing us what we want to see or it's not not clear, we we can always fall back to the IP server that we know it works, and it'll just take us a little bit longer.

12:07 But at least we've got a technique that we know picks up that contact accurately. Once we've we've done that, the plan will then be to to come and cover that contact area where we know the contact is with an airborne EM survey. The reason we we believe this is the the right technique, it's again, it's been proven. You know, the the discovery on the other side of us on the Moana Fault side by MMG was actually an e an airborne electromagnetic survey anomaly target that was tested. And so we know that that works. So the first stage is to do the magnetic survey to define the contact area exactly where it is and then to follow that up with an EM survey to see where we have the anomalies along that contact area and then to follow that up with a a drilling campaign.

13:07 Thank you, Vasily. So this is very much the focus for Botswana. It's all about that contact zone and and making sure that we derisk the license as much as we can prior to engaging in a drilling campaign. It's quite expensive, and we think we're on the right track. And the more we can de risk and the more confident we'll be in spending money on the ground drilling, which is a different category of spending than what you see here. Now let's talk about Zambia. Let's go back to what most of us know already, but we'll talk about the Western Domes. So the Western Domes is in the Northwest of Zambia. It's effectively the extension of the of the Central African copper belt, which is very well established over many decades.

13:55 But the Western Domes, even though exploration started decades ago in terms of major discoveries and developments of, you know, large tier one mines, it suddenly happened in the last twenty years or so. And so you have Kensenshi, really where it starts, that area, that that is owned by First Quantum. You have Lumwana, which is owned by Barry Gold. You have Sentinel, which is also owned by by First Quantum. And then you have this big gap, which is where we are, which is that blue area which we have squared on the other side of the Kabompur Dome. It's But quite important. The Western Domes is where you find new tier one deposits. This is key, and the majors are very well aware of this, which is why they are spending billions of dollars expanding and developing new mines. LUMUANA, Barrick Gold, has in the last two years developed a new super pit.

14:48 So it's not over. There's a lot more to be done in that region, and it is, relatively speaking, underexplored. Zambia is a giant copper exploration and copper mining nation, but that region, even though they have big mines, it remains very underexplored, especially on our side of the of the Kabon Dome. So now let's talk about this. The carbon pudding, you will see the subtitle, where is the rest? This is a famous quote from an expert geologist called David Wood, who has written some of the most important research papers on that part of the copper belt with some other co authors. And David Wood effectively has worked for many years for First Quantum on the Sentinel project.

15:36 I I think he joined in 2010 right when they acquired the the deposit from a from a junior company. And after spending years there, he finally joined Endlo in 2019. And then a few months later, he gave this presentation, which is a public presentation. I've put the title here, so you're more than welcome to check out the link on YouTube. And that one hour presentation to the geological society of South Africa He's effectively focused on the Western Domes and more specifically the Kabompu Dome, which he's an expert on. And towards the end of the presentation, I quote him, not me, he talks about the potential for 30,000,000 tons of copper on that dome. And he said, so far, we collectively, but especially him having worked for first quantum, has found 5,200,000 tons of copper deposit, which is effectively sentinel.

16:28 And he ends up asking the question, where is the rest? So let me tell you right now, I don't know where the rest is, but you have an expert that's telling you that, you know, there could be tens of millions of ton of copper on the edge of that dome. And if you look at that map, there is one junior company with enormous acreage covering a big part of that dome, and that's us, ARC MINERALS. So it's not without its challenges. I will come back to this, but it's quite important just to reset what we're talking about in terms of assets. This is the last underexplored dome of that Western Domes region. This is where you still find billion ton deposits of copper relevant for the majors, and there seems to be a lot of cover of copper that has not been found yet around that dome. And there is one company with enormous acreage covering that dome, and this is us. So I just wanna flag what this property is all about.

17:29 Now the work program that Enlow did, I will again pass the mic to to Vasily to talk about it, and then I'll come back as well to talk about Enlow specifically and the JV. But first, on the technical side, Vasily, please go ahead. Yes. So, you know, as we've we've we've received, I guess, all the data from from MINERA. Now we've started working our way through it. You know, what they did do, they did a very good job in re redoing the geology based on the 12,000 samples that they took, especially on the basin margins. So we've got information now that gives us a lot more definition on on that boundary on the, you know, where you know, between the the dome and the the lower end. They completed an audio magnet Lyric. It's an empty survey as well as gravity survey.

18:20 You know, over parts of the license. Unfortunately, they only drilled, you know, seven holes for 5,000 meters. But that said, they did make a discovery, and it's something that, you know, we did we know we got excited about, You know, they the and that discovery was, you know, roughly one to one and a half kilometers away from the oxide occurrence that we had defined at Chilliers East. So they've done, you know, a lot of good work, and, you know, we've got that information. We've now started working our way through it. And, you know, the plan will be to sort of understand what we have and then to to plan it forward from there. I mean, you can you thanks, Vasily, for this, but you can see in the subtitle, right, I talk about unfinished business.

19:09 The reality is we have been very frustrated, and I think most of you shareholders have been very frustrated with the lack of major progress. At the end of the day, you enter a JV with a major with big spending commitments because they can spend money you struggle to be able to spend being a junior on the ground, and that has not been really the case. So it's quite frustrating. We have lost a champion. I've mentioned David Wood on the previous slide. Within months of entering the exclusivity with Anglo American, he got promoted to to run Australia exploration or a similar title very quickly, and that's a real shame. Because as you can see in the sequence of events, he joins Anglo in '19. He makes a presentation in April 2020, and then after the summer twenty twenty, he gets in touch, and we enter an exclusivity.

20:00 And then it takes time for us to complete the transaction with Anglo. But in that time, he got sent to Australia. And I think, genuinely, we have lost the big champion of that project on the Endlo side, which is a real shame. It did not help that there were some very large mega merger and mega acquisition talk with BHP, Endlo, and now the merger with TEG. That just means that, you know, at the corporate level for such a big firm, this project here you see in front of you is not that relevant. That's the reality when you have much bigger things to achieve at the top level. It is frustrating. I will say this, though. To give credit to Anglo American, since we had agreed the terms of the JV, which, you know, we have said this in the past, and I'm fully behind the comment that this is an excellent JV in terms of economic terms that we have negotiated.

20:55 Those terms were never renegotiated by Anglo during the time it took from agreeing this term on a term sheet to completing the transaction. And as some of you know, it took a very long time. It's been a very frustrating process to complete the transaction, and not once did they try to renege on the terms. And I have to highlight it because as much as I am frustrated by by the lack of focus and and rhythm during the JV, they have been very fair partners in in the lead up to completing the transaction, and and that that is worth something, especially for major dealing with the junior. Now I will give you a couple of example. This is one of them with the midnight sun.

21:41 What happens to a junior when a JV partner decides to terminate the JV? And so and then I'll give you another example, which is what happens when you're a junior with legal issues on the ground. How can you get out of it, and what's the future for you and the investors? So let me start with this one more related to JVs. We are in the Western Dome still. I'm only focusing on the Western Dome's region, and I'm gonna talk about the Midnight Sun Mining company. Those guys were a much smaller junior, closer to to to the market cap we have. And in 2020, they've entered a JV with Rio Tinto, typical earning JV, which lasted just over two years, and then Rio decided to walk away. So that's one thing.

22:27 Two years later, COBOL, which was a really cool AI driven explorers backed up by American billionaires, they came in and they said, we're interested. We enter a JV. And just exactly a year later, they walk away. So just just put yourself in that situation where you're the investor in a junior company, and you have not one major company, but two major companies having a look and deciding to walk away. So what happens next? Well, since then, they have potentially discovered the next billion ton copper deposit in that Western Doves region after some of those majors and very smart people looked at it and walked away. Their share price is now up sixfold, and they have raised tens of millions of dollars in the last few months to basically finance what a major would do, which is having six, seven rigs on-site all year round and drilling the deposit. So, look, I have no views of Midnight Sun, but all I can see are the numbers in front of you here. And this is that after two, what you could call failed JVs, and maybe you could call the Android JV a failed JV, but there is clearly a lot of life after JV if you're sitting on the right property and you still try to have a go at it. This time, they were like, you know what? We'll have a go at it again, and it's working as it stands right now. I don't know about the future, but it's working pretty well for them and for their shareholders.

23:48 So that's one example of life after JVs where the bigger partners walk away, not once, but twice. The other example I have for you, again, we're just talking about people and projects in the Western Dome region, is prospect resources. It used to be called Argonaut Resources. It's not used to be called. It used to be held by Argonaut Resources, a very small junior listed on the ASX. They've had legal issues with their former partners. I don't know if that rings a bell to some people, but it does to me. And they've been struggling to make progress on the asset. In 2024, Prospect Resources, which originally was a lithium developer and sold the Arcadia mine in Zimbabwe for big money to the Chinese.

24:34 They paid a special meter, and then they tried to find the next tier one project to try to replicate what they've done, but in a different commodity. And so they looked at this project. They acquired the project from Argonaut Resources, and they eventually cleared the legal issues related to this project. Again, what happens twelve months later? First Quantum doesn't do an earning JV. They invest just under $10,000,000 at the top core level listed company at a 36% premium to the share price the day before. So this is really important. Right? The share price has gone up sixfold, and now they're again similar to Midnight Sun. They have a market cap of about a £165,000,000. So if we take a step back, which is not easy to do, neither for us nor for shareholders that are less directly connected to the company.

25:25 But if we take a step back, when you sit on the right property and if you stay strong and you keep on putting your head down and developing your assets, whether it's dealing with illegals, and I will talk about this, or whether it's dealing with going back to the geology board and trying to see with your limited means how you're gonna have a crack at it again when the majors have looked at it and decided it's not for them, there is still enormous potential. And that's because, like I said, the Western Domes region is massively underexplored. And I will highlight here the example as well. You know, it's the first time that I see so it's not the first time ever, but in my research, I noticed a change of behavior from some of the majors, and in this case, first quantum in the deals they do with the genius.

26:15 When I used to be CFO of ARC, some of you might remember how sometimes I could be aggressive about what I would never accept as an earning JV deal with majors where you have no cash, where you have a small spending commitment. And even though you might have a ten, twenty, 30% junior stake, there's not much you can do with it for many years. Here, I'm very excited to see that some of the majors that needed the most, I guess, are willing to do what's right for all shareholders, including the shareholders of the junior company. So I just want this to sit with you guys about life after disappointment and after frustration and roadblocks along the way on the legal side. This is not the end. And for those two companies, this was the beginning of a of a massive upside.

27:05 Now let me give you an update on the corporate side, talking about cash and how do we handle the projects going forward. What do we do at the topco level? So we've done that transition of of CEO a few weeks ago. On the cash side, what we're doing is we are still deferring fees. We have reduced fees, by the way. So that was not driven by me. That was driven by the by the REMCOM at the board level. But now the executive team are on a lower fixed remuneration than it used to be. And on that basis, on top of it, we are deferring the fees by 50%, which we used to do before. That's to maintain the flexibility realistically.

27:51 We're just making sure that we sit on a on a decent cash pot to not be under stress, to be able to handle all workflows. Zambia, mostly on the legal side and on the technical side. I will talk about this a little bit. And and Botswana, where it will be a lot more on the exploration work program. But so that's what we're doing on the cash side, which means that as of today, not only with the cash that's sitting at the top core, thanks to recently the payment and the settlement of the deal, the DRC deal, which we did a long time ago, but which we have finally settled in terms of receiving a reduced cash payment, but nonetheless, a cash payment of 625 k dollars. It does help a lot. And so the cash we have at the Topco level and the cash we have at the local Zambia level, which was left by Anglo American, we have enough cash right now to cover all the g and a, whether Topco, subsidiaries in Botswana or Zambia, and more importantly, the work program in Botswana, which which Vasilis described. So that's where we stand in the near term with that cash covering a few quarters.

28:59 Now it doesn't stop me from looking at all options. There is nothing here to to to give you. There is no new information on that front. But to be very clear here, the simple fact that we're sitting on such strategic licenses, I hope it was clear now when I've described that license in Botswana, stuck right in the middle of what is the priority ground for MMG, and they are exploring, not just mining. And when you look at the acreage we have around the Carbon Podome next to First Quantum, which is now very proactive in Zambia, it wasn't always the case a few years ago despite being a very big miner in Zambia. Right now, the behavior, not just on the mining side, but on the exploration side to find feedstock for their enormous processing plants, it's a really it's a really big change of of behavior from them. Those are strategic assets we have. And so based on what I'm describing now, you know, we have been approached by everyone.

29:58 And to be clear, I'm not seeing this in a kind of, like, overbullish pumping way at all. It's only normal that when you're a geologist working for the majors or mid sized or juniors as well, but for us, it's more relevant to talk to the geologist of majors. It's only normal that they knock on the door and call Vasili or call me and say, hey, guys. I've just seen the news about the JV with MLOW. Can we please talk? Can we have access to your data? So I can tell you, it's not matter of information, that almost every big company you can imagine, active or not active in Zambia right now, have approached us and are asking for access to the data room. We are setting it up as we speak, and we are also talking to the corporate business side of the same companies.

30:45 I have nothing tangible to tell you because I have nothing tangible in front of me. But those discussions are happening. It's normal, and it just makes sense because of the asset we have. I am not guaranteeing or promising anything here, but I'm just giving you the logical information that people are reaching out because of the nature of the asset. In Botswana, it's the same. It's not as big a list as in Zambia just by virtue of the number of players active in the KCB, But, you know, I don't need to spell it out for you. But indeed, we have been approached about our license. And at this stage, it's still a debate internally, but where we stand in terms of the assets we have, in terms of and I will comment to this in a in a couple of slides.

31:36 In terms of the valuation of ARC MINERALS relative to what I believe is the the value of those assets, you have to basically balance out the constant need of the genius of of having access to cash by selling a license, by having an upfront payment in an earning JV or raising money, obviously, versus the value you believe you can create developing it yourself. And so this is under review right now. But, yes, everyone is interested in what we have. I'm not I'm sure we're not the only one that have licenses where majors are interested in, but the nature of the assets we have means that it's completely normal that the majors are talking to us, and we discuss with them. We have a dialogue, and that's that's my job to make sure that I look at all options on the on that front.

32:26 Another point on the corporate level, I'm well aware, and and part of that feedback has been kindly shared by Simon as well here on this call, but we need to improve communications with shareholders. And so and it will also help me, by the way, not having to answer sensitive questions by email. And this is no disrespect to the people that send emails, but to be very clear, as a listed company, I cannot give any information that is not in the public domain to anyone asking questions by email or any other media format. So I'm very happy to engage. I'm very happy to build a relationship and a dialogue. But please, to anyone who expects to have information that is not in the public domain by sending me an email, it's just not gonna happen. So that's one aspect of it.

33:14 To compensate for this, we will increase regular shareholder communication. Over the last few weeks, I've caught up with with Simon and the team at Chart to ask them, what do you think I should do? How can we make it better? How can we get closer to shareholders or potential shareholders of ARC MINERALS? So it's starting today with this with this call. We will do more of those when I come back from Indaba. We'll set up either another call or physical meetup in London. And I will also commit. Maybe I will regret it later on, but I will commit to writing a quarterly management report, if you will. This is what we have in Canada with an MDNA, and I think it's a bit strange that we don't need to do this in The UK. And so I will try to apply best practice and and write a quarterly report.

34:02 I know and sometimes, you know, the risk of it is I don't have much to say. Hopefully, I will have things to update on on a quarterly basis. And in any case, it is useful to have that summary of what has been done, where we are, and always sticking to the plan ahead for for the projects and for the company. So that's that's the talk on the on the corporate level. The legal update here, I have to be very careful because I appreciate, and it's only normal, and it's right that shareholders want to know more and understand better the status of the existing legal cases, and I fully agree with you guys. I want to understand it better myself, to be honest. But equally, even though it is in our interest to improve understanding of the situation on the legal front, we collectively want to make sure that this is not counterproductive.

34:53 And when you have live cases ongoing, you have to be very careful that you communicate in a way that cannot be used against you. So all I can say on on on the legal cases is we have already made good progress. We have communicated that everything you see here on that slide is not new information. It is bullet points of what's already in the public domain through ARMSs last year. And so what is clear here based on the advice from our lawyers, based on the guidance of the nonexecutive director who recently joined AJ Shonga, who was the former attorney general of the country and the former president of the Zambia Law Association, I feel very confident on all the cases we have in Zambia related to the properties that I've been discussing. And so in terms of concrete example, we have mentioned before, we have already challenged the consent judgment to transfer that license. I forgot the number right now. I'm sure most of you know the number, but which now is held or was held by Lunda Resources.

35:54 We have managed to challenge that consent judgment. It's in the process of being reverted back to us. That's one example that I can talk about to to you guys. Same on the writ of FIFA, which we have mentioned in the past in a legal update a few months ago. We had secured a stay of execution of the writ. It's temporary, but it is a win along along that process of getting to a ruling. And another point as well, which is quite important, is, you know, the rule of law in Zambia is very strong. So even though we're frustrated by the cases we have, the cases we used to have, by the way, before we entered the JV with Anglo American. The rule of law is very strong, and it does matter.

36:40 Maybe sometimes when we are tired of those cases, we might feel it doesn't work, but it does work. And the reason why the majors are coming to Zambia it's because they're confident that even if there were to be legal disputes, the rule of law will win out in the end. And if you're confident that you're on the right side of the law, then you should be confident that you're gonna win the cases. So it's not a pass away command to say the rule of law is strong. It does matter an enormous amount, and it is reflected in the billions of dollars invested by the majors in the country over the last few years. So it is worth highlighting even though it's not specific to ARC MINERALS. A final point on the legal cases, some investors are doing a fantastic job at tracking everything that's happening on the legal side, the specific dates, and then waiting to hear back from us about those dates.

37:34 I am not a lawyer, so please be patient with me. But what what I have understood over the last few weeks and few months is when you see a ruling date being mentioned by a judge, it is not a committed binding ruling date. It is indicative. So there is one, and I won't say much more about it, but there is one that refers to the 12/22/2025 as when we are expecting a ruling by the judge. This is not binding. This is an indication of the ruling. And I can tell you that as of today, we are not aware. And as of yesterday talking to our lawyers in Zambia, we are not aware of that ruling being decided or communicated. Someone has touched my license, my slide. Let me just go back. So I just wanna clarify that. Please bear with us. Ruling dates are not firm. And on that one about the December 22, we still have not heard back. Okay? And then you have hearing dates.

38:31 Hearing dates tend to actually stick to the schedule announced, but most of the time, what comes out of a hearing is not material. Sometime it is just to decide to not make a decision. Sometimes it is to maintain a stay or to remove a stay. And so when there are hearings and the hearings are going ahead, if you're aware of those dates, please do not expect necessarily to hear back. If there is a material change by law and by regulation being a listed company, we will update the market. But if we don't update the market, it's either because there hasn't been a ruling being communicated yet or the hearing that might have happened has no material impact on the asset or on the company. So I hope that's quite clear to to everyone.

39:18 It is not that we try to not communicate or to hide anything. We're trying to do the right thing, and it's complex. It takes time. And we're trying to find the right balance in terms of communication while focusing on the on the on the task for us in country. A final point from me before talking before taking questions, it's a bit of a summary of of of what ARC is about, and then, you know, we have spent about, you know, thirty five, forty minutes talking about the projects already. But I will just put this out there. Look at that table here, And I think some of you know that I come from an investing background, so I do pay attention to valuation, to what's the right value, how to create value, how to destroy value for shareholders.

40:03 But look at this table here. I've selected, and I and I have not I've tried to be as honest as possible about the companies I have selected. Some of you will look at that table and say, well, hang on a second. There are lots of juniors out there with a 5,000,000 market cap or 10,000,000 market cap that are in Zambia or that are in the KCB. Yes. But here, I'm focusing on the companies that have their focus either in the Western Domes, where they have control of the licenses and not a JV or minority stake, or the juniors that have the main activity in the Kalahari Copper Belt. And, actually, when you just focus on those criteria, which is the one that matter to me as ARC MINERALS, you only have those companies here. And so what's interesting to look at here is basically midnight sale and prospect, which which I've described before as example, they are at a more advanced stage than us. Okay? So they are comparable in terms of where they are and what they do.

41:00 However, they are more successful than we are today. But it's quite interesting to see their valuation now, which is around £170,000,000, have converted to pounds. Then you have another group of companies, which are the one in the KCB. It's not because the KCB is less attractive in terms of valuation, but they are at a much earlier stage of exploration. They have no discoveries, but they are holding exciting grounds in the KCB. I believe we have more exciting ground in the KCB as I have described, and I believe we have very high potential ground on the Kabompodome in the Western Domes similar to the guys at Midnight Sun or Prospect Resources. And finally, you have Belala Rocks. I don't know them very well. They're listed in Australia.

41:45 They have a portfolio in Argentina, and they have a portfolio in the KCB. It's my personal opinion. I don't think they have licenses in the heart of the fight in the KCB, but nonetheless, this is their focus activity. And so it is the right thing to put them in that table if we want to be realistic. And you have ARC MINERALS with that market cap just shy of ever £11,000,000. And so I leave it up to you guys to think whether it's the right value, whether it's massively undervalued or not, but I pay attention to this. And when I see this, it's my duty, it's my job to create that value. Because if I see the guys much higher up the table, this is what I want to achieve. I cannot guarantee it. You know, we're talking about exploring in Africa. It's a risky game, but this is my aim is to achieve that kind of outcomes for myself as a CEO and for shareholders.

42:38 And when I look at the guys in the KCB who are at a similar stage as to where we are, I believe we have a better license. And I believe it is down to us now, Vasili and I and the rest of the team, to prove that up and to rerate according to the work we do and hopefully to be compared to those valuation. That's the first step for me. And then I will just highlight as well, and I will stop there. When you see that portfolio of companies, we are the only one listed in The UK. And so that's quite interesting. Right? If you want to play the game of investing in a very attractive KCB project for exploration in The UK, you have to talk to us. If you want to have exposure to the Western Domes in Zambia in The UK, you have to talk to us. Okay? So that's what I want to conclude with you guys. It's very frustrating, the collapse in the share price over the years.

43:35 And look. I'll take the blame for it, and we will take the blame collectively as a company for it. But there were a lot of things we could not control. And in any case, my job is to look forward and to execute on the strategy I have just described. And that table is a table I will look at every single day this year to remind me of what I have to do and the potential if we do that job well and we're bit lucky as well. So I will stop there. This is the end of the presentation from from that point of view, and I will pass it on to the to the q and a session. That's great. Vasily, Remy, thank you very much indeed for updating Investor Day. Gentlemen, please do continue to submit your questions just using the q and a tab on the right hand corner of the screen. That's why the guy is taking a few moments to review your questions. I'd just like to remind you, a recording of this presentation along with a copy of the slides and the published Q and A will be available via your Investor Meet company dashboard.

44:25 Simon, if I may just hand over to you. You've had a number of questions from investors throughout today's presentation as well as a number before. So thank you to everybody for engagement. I may, Simon, just ask you to navigate us through the q and a, I'll pick up from you at the end. Yeah. Of course. Thanks, Mark. And, Lathine, there's been a lot of questions asked today, and a lot of them are seeking the same answer. So I'll do my best to filter those out and, you know, come to those that are most commonly asked. Once And again, I do apologize. I'm I sent one of Mark said earlier on. If we don't cover one of the existing questions or questions you've asked, yeah, I do so do apologize. And a lot of the focus of today's presentation has been on Botswana, Remy. And, yeah, for many investors here, including ours, and, you know, we we put people into the historic fundraising, Zambia was always the hook that enticed them to invest in ARC MINERALS.

45:11 And, yeah, we, like a lot of people, have been quite patient. You know, we've been quite well, Nick was very open with us in previous discussions about this being a bottom drawer company and, you know, just wait for it all to play out. But there's no getting away from the fact that the Zambian operations haven't progressed this script. And I know that you've gotta be considerate about potentially significant and sensitive information in presentations this time, but could you just give us more of an in-depth update on the legal situation and whether these legal situations prevent you engaging with, like, other parties? I think one of the, yeah, chaps on the questions, yeah, Michael indicated that, yeah, he believes that the value is locked up in a lot of these un unresolved legal issues. And, yeah, if you could just comment on that, that'd be great. Yeah. So, look, thanks, Simon. I mean so the there's different points here. So the the first one on Botswana, I think, the focus well, let me start with Zambia. Sorry.

46:02 So nothing has changed. And and when I joined, you know, just for background, I joined ARC as an investor, I think, back in 2018. And then by having quite a big block of shares along with some friends, I was invited to join the board as a nonexec. And then by actually, you know, spending a lot more time than a nonexec should do, I've been invited to step in as a CFO. And so so I know full well what ARC has been about for the last few years, and it hasn't changed. This carbon prodrome is a very big deal, and the acreage we have on the carbon prodrome is a very big deal. I haven't talked about cheese a yeast because, you know, right now, it is not the focus, but there is another topic which I would love to talk about at some point. So the excitement and the interest I have and the belief I have for the Cabomport Dome has not changed a single bit. Anything with a higher copper price and the new discoveries that some of the juniors are doing in the Western Dome's region, I'm even more excited than before.

46:58 And by the way, the discussions about me potentially joining as a CEO were driven by Anglo departing the JV. So so that was a big deal for me to finally, you know, have control of the asset again. So the focus, the excitement we have for that project has not changed. If anything, it's increased. But but we can't deny the fact that we have a lot of legal issues to deal with, and we're confident about it. That's no problem, but but they're there. And so I will not today approve a large exploration budget on that ground while I still want more clarity like the shareholders about where we stand on those legal issues. We are confident, but I'm not the judge. And so I want clarity to start considering spending big money on the ground again. We are spending money.

47:48 We are being compliant with all the licenses, and that requires doing some work and spending money. But that's, you know, high tier of exploration spend. We're not doing this just yet. But so don't get me wrong. We we this is still flagship. This is very much a very important asset for us, and and I hope it it it you felt it by by going through the presentation. Both one and and I'm so sorry for flip flopping. Your question about legal cases hampering discussions with major, the answer is no. It doesn't hamper. Don't get me wrong. I'm not saying it's great news to have legal issues. But what I'm saying is it doesn't stop us from having those discussion with the bigger companies.

48:35 The bigger companies do not stop talking to us because of the legal issues. It's public. It's been public for a very long time. If you remember, we had legal issues when we were entering that JV with Englum. And clearly, that did not stop them from agreeing and maintaining super attractive economic terms in that JV despite the legal issues we used to have. So so here, there's no problem. You know? It's a at some point, you need to these issues. You need to come to a ruling, etcetera, but it doesn't stop us from engaging. There is work to be done. We have only recently received all the data. There's still data missing, I believe, Vasily, from ENGLOW on all the work they have done. And so this doesn't affect us in terms of engagement with the majors. And as you can see with prospect resources, it did not affect them either in securing topco investment from a major despite having had legal issues on the ground with a former local partner. So And can I can I ask if you if you're if those conversations are beginning to happen, you know, firstly, does anybody anticipate being in a position where they want to sink some holes this year? You know, somebody has asked that question. And how do they feel about entering into discussions with you guys with, you know, legal issues like this? Yeah.

49:51 What what's the reaction to somebody like Yeah. So, look, without saying too much, they are the majors that are very active and very influential in the country. And you have the majors that are not very big and very active in the country. So that's the extent of what I can say. And so for some, it will be that's the truth. It will be a big issue, and that will scale them away from from going further. Some others and some others have had much bigger issue legal issues by themselves in country where we're talking about billions of dollars of disputes. I think this does not scare them at all. So so that's the extent of what I can say. Now going back to Botswana because, you know, you you flagged how Botswana was was was not not flagship at the time. I'm the one who acquired the Botswana assets when I was the CFO of the company from from Kopore. We've changed name now, but it used to be Kopore.

50:47 I love that asset. I've always loved it. I was trying to be cute by acquiring that brand, paying in shares because we were at a much higher valuation than we are now. And I believe I haven't double checked the math, so so please excuse me if it's a bit wrong, but I believe we have not diluted by more than 5% for the acquisition of that grant. And looking at it now, it looks like it's a it was a very smart move. Even though I got a bit of flak for doing this, however, many years ago, I love that grant. I love the KCB and and that license. By the way, when we discussed with corporate back in 2020, 2021, they were looking to vend off the entire portfolio, right, whether piecemeal or as a block, and they had enormous acreage in the KCB. And I think also across to Namibia. Correct me, Vasile, if I say something wrong here.

51:34 But we picked that one. You know, Vasile reviewed it, and he said, look. It's always exciting to have a big portfolio, but we don't know what we're gonna do with this. We don't have the money to spend properly on all licenses. We're gonna have to really increase. So unless we're in the game of taking a big portfolio, which we're gonna give up a year later and keep only a fraction of it, this is the license to focus on. And so credit to Vasily. There was his message was very clear from the very beginning. Look, Remy. You want to go in the KCB. Here's a big portfolio, but I would only care about that license. And the other one we have as well. But to be honest with you guys, what really excites me is the 1352017, the one I've been focusing on today in the presentation. So Botswana is a big deal for me. It might have looked small at the time, but that's because of the value of the acquisition relative to the market cap. Yeah. Today, if we had to do that transaction, we probably have to pay more anyway as opposed to the 1,500,000 or so we paid. So we probably have to pay a few million dollars, and it would be more than 50% of our market cap or by 50%. And now it would look a lot more like it's a flagship asset. It is a flagship asset.

52:38 And we were so focused on Zambia with the JV, with Enblo, and so we just didn't give it the attention it deserves. We Is that is that the reason you've come back ultimately? Because, yeah, you didn't necessarily need to come in and take the CEO role. But do you feel like there's some unfinished business with Oh, yeah. Yeah. Yeah. Mean, it's I mean, leaving. I mean, I've made that comment internally, and I really hope not to regret it. But when left, I thought it was the best day in in ARC MINERALS' life. Nothing against Anglo, but it's just the virtue of being stuck in a JV where you're powerless. That's the reality. Okay. So can I talk to Vicinity about that? And, yeah, can you talk a little bit about that Anglo relationship? Because you were probably one of the point men that were, you know, due to be, interacting with them on a regular basis with drilling, updates, and it seemed from an investor's perspective that communication was very poor. Yeah. There wasn't a great deal of, frequency to information to get anybody excited about what was going on. Nobody had any real insight into what was going on on the ground.

53:37 Following the conclusion of that Anglo joint venture, have you been given further information to enable you to better understand this asset? And has that given you the ability to draw some cross section imagery from scanning imaging systems or anything of that nature? Yeah. Well, let's just start from the the first one. I mean, you know, yeah, was was there a bit of frustration in in in dealing with in con you know, in dealing with the angler team? Yes. Communication wasn't that great. You know, as Remy said, it was, you know, it was a blessing in disguise now, you know, that they've left because at least now we've got access to the information. I mean, at that time, you know, they were very they kept the cards very close to their chest. And and maybe strategically, that was that's how they operate.

54:32 I don't I don't I can't say I know how the the inner workings of the organization works and what the people can share and what they can't share, but they did keep their their cards very close to their chest. Now that we've got the database, I mean, there there was some data missing. We're probably about 95% of it now complete. There's a few more things I need to get in from them. And I have been working my way through the various bits of data that we have. And as you as you indicated, there is some some good stuff as I highlighted earlier. They've that they've remapped the geology. They've redone the structure. There there are some cross sections that they've done, which are quite interesting. It does show that the the basin is a lot more complex than than we had originally envisaged, which is a good which is a good thing as well.

55:20 And, yeah, I mean, we we, you know, we we we are working through through the data, and it's, you know, it's it's you know, everyone actually wants to you know, all the parties that we've of been been talking to over recent weeks and months want to have a look at that data. So, yeah, I mean, it's it's a lot of and it's big. I mean, each drill hole file, for example, drill hole folder is about 600 megabyte. So it just shows you, you know, how much data is in is in each one. So there is a bit of work still to be done, but, you know, we've got everything now, and we can start working our way through it. Okay. And you you spoke about Dave Wood being a historic champion of the of the asset and, yeah, the driving force behind the joint venture at Anglo. Why do you think yeah. Yeah. Aside from the fact that there was a change of in country manager, why do you think they drilled so few holes? Why was there not more exploration done?

56:09 I know Nick's talked previously in previous presentations about this being a project of global significance potentially for Anglo, and it doesn't feel like they really fulfilled their side of the bargain when they when you when you look at listen to some of their things that they they presented before. Yeah. I mean, you know, I I think You know, I I believe the anglers' intention upfront I mean, if you look at if you remember, I mean, the the transaction itself was an $83,000,000 spend from memory. So they clearly had intentions to spend big money on this ground. I I I mean, I I can't talk on on their behalf, but, you know, I can only say what what from the outside, what I could see going on. And definitely, the the BHP bid did scupp of things on the ground. You know, I think it was public knowledge. There was capital conservation throughout the group.

57:04 And, obviously, when when when a when a big corporate like that starts once it starts conserving capital, exploration is the first one that's going to get ahead. So I do think that, you know, partly, you know, you know, that was partly the responsible one of the reasons why they didn't do as much as they as they as they intended to do. I mean, I I will give Nick a lot of credit. I mean, the the the the drilling that they did in 2024 was a lot of pressure that came from Nick to force them to actually do something. So, you know, I suspect that, you know, if they had their way, they probably wouldn't have drawn anything in in in 2024. And, you know, as far as champions are concerned, yes. I mean, you know, Remi touched on it. You know, we had you know, Dave Wood was the the person who sort of really wants to get his hands on the ground.

57:54 He moved along. We had a lady come in from from Argentina, and then, you know, she didn't she didn't stay very long either. So, ultimately, there wasn't really a champion internally, and maybe that was a sign at the time that, you know, their focus was shifting, you know, on on conserving cash. So that that's really what I could say for now. Okay. Fine. And you both obviously feel pretty positively about the departure of Anglo. Yeah. Now you look, yeah, in the rearview mirror. Are you gonna be publishing any of the information that they've, you know, first you with in in the foreseeable future, or is it is that restricted because of the legal situation? No. I don't think I mean, it's we I mean, look. The most important data, if we if we dump it down to my level, is is the is the Discovery Hall, you know, in.

58:42 Mhmm. Yep. The very technical data will be under NDA as we share with counterparts. So I don't think there's a data that will speak much to people like me, to be honest. Okay. The way to take it all. Equally, this is very much, you know, part of a of a virtual data room you you you share with the with other counterparts and forwards to the technical reviews as well. Okay. And give given that you've mentioned Chaser East, yeah, I know this can be considered a small project in comparison to the primary assets that we've discussed already today. But, historically, you just, you know, undertook some desktops desktop studies at Chaser to assess the viability of an oxide plant. Copper price is significantly higher. Yeah. Everybody's looking at their screens, seeing, yeah, commodity booms, silver, gold, copper, etcetera. What's the likelihood of that being reinvestigated?

59:33 And could that asset potentially cover some of the future expenditure for exploration with, yeah, relatively limited financial outlay? I mean, look. At this stage, we have not done anything new about that oxide deposit. I remember very well the numbers. I mean, I still have this spreadsheet in front of me about playing around with the numbers and the economics of the projects, and I can see the the copper price I used to use for for different scenarios. So look. I mean, if we see even other companies, right, Midnight Sun just put an RNS or the equivalent of an RNS last week or earlier this week about themselves. Even though they're on their path to potentially defining a tier one copper deposit, they're also flagging the fact that they have a very small high grade shallow oxide zone, which they might want to consider for small mining activity.

1:00:22 So it is only natural that, you know, if you find that that small high grade deposit and the economics at this stage look like it would be very attractive, it's only normal to want to investigate. We have not done anything yet in the last few months about it. It is on my to do list to rerun the numbers. But, you know, to be clear, it's early stage. So it was a desktop study we did. I remember Vasily flagging the fact that cannot take it further until we do MET test because then it has big implication on the flow sheet and the recovery numbers you would put in your model. So, look, we've done nothing new since then, but it is definitely here on the to do list to have a look again at the numbers and see with the budget we have, what are the next step to see whether we should progress it further.

1:01:14 So nothing tangible, but I have not forgotten about it. If And anything, have been reminded because this is exactly what Midnight Sun has just announced last week, which looks really small compared to the, you know, flagship exploration play, but it makes a lot of sense. Okay. And another smaller asset that, you know, was acquired back in April 2025, Chingola. Is there any update on the status of that? This one's for you, actually. Yeah. I mean, that that one, we we we've been we've had, both. I I guess we can just say that we've it hasn't really passed the due diligence stage. We've been working our way through it, and there's some some due diligence issues that popped up that haven't been resolved. So, I mean, we haven't really spent a lot on other than we you know, we've paid, I think, $10,000 to secure the option on it.

1:02:03 And, you know, given our our history in in in in Zambia and and and our experience, we just felt that the approach a belt and braces approach to any new license is probably the way forward rather than plunging in with both feet and then trying to deal with issues retrospectively. So it is a due diligence issue that came up that, you know, we're still trying to resolve. Okay. I'll come back on to Botswana, if I may. I think there were some of us that were perhaps under the impression that, you know, sale of Botswana to a joint venture partner at some point in the future might be the cash cow to then enable us to accelerate drilling once again in Zambia. What have there been any discussions with other parties? You you talked about a data room in Zambia.

1:02:49 I don't know. You've just sort of talked about, you know, some of the people in in Botswana, but potential takeover of those licenses. Well, we have been approached, but I don't wanna say this as if it's like a brand new news. Again, it is very much driven by the quality of the license and the location of the license. But we have been approached by by by people you would expect to approach us due to the location of the license. Numbers were thrown around in a noncommitted, nonbinding way, so it is not worthy of of communicating publicly because if anything, I think it would be misleading. And and now I feel that, you know, again, going back to the market cap, to the valuation of the of our peers in that space, it would take a lot more for me to really consider parting with that license.

1:03:36 I really think there's something here that could be a company maker on its own regardless of Zambia, and and and you will have to put quite a lot of money on the table to convince me to part with it. So so we have a data room in place. Some people have access to the data room as we speak in Botswana, but they will have to convince me that that that, you know, it is worth moving on from that license. And right now, I'm not in the mood to to move away from that license at all. So so, yes, discussions, but I don't want to mislead people in thinking there's a deal around the corner. I'm I'm all for doing a deal, but it has to be it has to be worth it for us. Okay. Thank you. And we've you've you've sort of already covered the the points about professionalism and the company's communication profile. You know, there was, you know, perhaps some suggestions that the news previously was being, you know, front run and, you know, market was moving in advance of market updates.

1:04:32 And you've already laid out quite clearly the investor meet platform and the quarterly updates. So I'm gonna move on from, you know, some questions that I've been asked about, yep, future communications going forwards. But I would like to come on and chat to you briefly about cash runway and, you know, future cash runway. You've said about foregoing salaries to extend the cash runway for the future. Yeah. You just elaborate a little bit more on that if that's okay, please? Yeah. No. No. Sure. So so we're not foregoing, and we're deferring to be clear and not be not mislead investors. We have reduced in absolute term and and relative terms the the compensation for executive, starting with me and and the rest of the team. And on that reduced basis, we are deferring half of that for us to have that runway and to make sure that we're not under pressure from raising money for g and a, from raising money for for for for the work program and other things. So so that's the way we're organizing ourself at the moment.

1:05:32 There is, by the way I don't know if that was implied in your questions, but I'm sure eventually it will come up. There is quite a a fair amount of unpaid money owed to to to directors, management, and the board. Some of them related to many years ago, settled options. Some of them re re related to past bonuses, and some of them simply related to the fact that we have been deferring fees for quite a while now. So that is owed to people. So, again, I want to be clear here, and I won't be apologetic about it. We will still commit to what is due to people, directors, management, etcetera. That will happen. Now it's not in my interest to settle any of this in cash to the directors and the management. What I'm trying to do, what I want to do with those two big projects. But it will be settled in one form or the others. I have nothing concrete to say here, not because I don't wanna share it. It's just because I don't have right now the clear answer for it. I'm in discussion internally with the team and the board to find a solution to meet those commitments from the company to them, but to do it in a way that's aligned with shareholders, that is not massively cash burning. And so I don't have an answer.

1:06:50 I will not commit to anything right now, but I will take ownership to the fact that this money is owed to people, and it will not be forfeited. So so that's, you know, one point I wanted to clarify. I I think there's been, yes, specifically some questions about the, you know, bonuses related to the Anglo transaction as well that ultimately, you know, proceeded that then was terminated by Anglo. Yeah. I mean, look look. It's I mean, we can go go on on this, and I I can understand that for shareholders, when you see the share price collapsing, you're like, well, hang on a second. I've lost a fortune on my investment, and and the guys have paid x y zed. I understand that feeling. But let me remind everyone here. I have invested more than 99% of the shareholders listening to this call or investing in this company, and I have lost all that money exactly like them. With the difference, I can't just buy and sell whenever I want to. Nor could I when I was only a nonexec on the board. So people need to appreciate to some extent. And if they don't like it, they can just walk away, by the way. But I have invested and Nick has invested hundreds of thousands of pounds in the company, and then you're stuck looking at the share price going down. And you can't make that decision at some point before the tax deadline, before anything else, or looking at another investment, or you're calling people with a new placing to do on another company, we cannot suddenly sell £20,000, £10,000, £100,000

1:08:20 worth of stock to do some other stuff, either personal finance or other investment. We can't do this. And so in a way, you know, people have to appreciate that, you know, it's one thing to have a remuneration and and shareholders to see the share price go down. Equally, when I was the CFO, that share price went up many fold. Potentially, I need to do the math, but a lot more when you include the the warrants. There was a placing I did with you, actually, Simon, back in April or May 2020. And and, you know, people can sell and make five times, 10 times the money. Yep. So so here, you know, it's I'm not trying to be combative or anything, but I just wanna put a little bit of context that, you know, I have like I said before, I started as an investor. I have invested lots of money in this company, and then I joined the board because I'm very excited about this company.

1:09:09 But, equally, I have not managed to sell a single share. Right? So so I just wanna put that out there as well. I I think that I I think people appreciate that there has to be incentivization for management in order to see progression with some of these companies. And, yeah, I I I think it's good that, yeah, this conversation has been had because, hopefully, it reclarifies things for people and, you know, they ultimately, it puts the board in their court, you know, in the decisions made. I'm sorry, Simon, because I realized that I haven't quite answered very clearly the question. You you're talking about the bonus rates to the JV. Look. And I know sometimes it can be upsetting to hear this, but it is the truth. This is this was an exceptional JV in terms of economic terms. You cannot dispute no one can dispute that. The numbers are there, and I invite everyone to scan all the on the TSX, ASX, or AIM and find me the same economic terms. So there's no dispute there, and that was driven by Nick. I was heavily involved, and Vasily was obviously the technical brain behind it all. But, you know, that was a major achievement, and so the REMCOM decided to award bonuses related to that achievement. It just happens that it gets published in the semiannual or annual account as the JV is now frustrating and the share price has gone down.

1:10:21 So it looks really bad, and I appreciate that. But, you know, let's go back to where we were before. You know, it it takes a certain type of of people to keep fighting until the right JV and the right terms. I will not give names, but we had two other earning term sheet by two other majors in 2020. And we have Do you just just quickly to interject. Do you think the additional information gives you the capability to secure potentially a better JV? Yeah. I I'm not putting you on the spot, but yep. And I know that you don't necessarily know the answer to this, Ben. Yep. I I don't think it's the data. I mean, Vasily, please pipe me in there if I say something that doesn't make sense, but I think it's the macro environment. Right? I mean, I have refer and I don't wanna spend too much time and kind of, like, piggybacking on a major being being publicly active at the moment, but, you know, I I will, though. And I don't do it to pump ARC MINERALS, but please, you know, appreciate that. But, you know, first QUANTUM, you go back 2020, first QUANTUM was all about Cobre Panama. Right?

1:11:21 This was the new big flagship project. And and Botswana and Zambia, sorry, was a little bit of a tricky one. They had massive mines, but they had their own disputes with the with the with the administration of the time. And so, you know, if you go back in time, first quantum was would not want to really engage with us in those days because it was just not their focus for them. Even though the geologically speaking is very attractive, it was just not their focus. They were focused on Panama. So my point here and now that has reversed, by the way. I will not talk about first quantum with regards ARC to MINERALS, but I will talk about first quantum and the information we see in public domains, expansion, CapEx, deals with the juniors, which I have mentioned before, and other juniors, by the way. So they're a lot more proactive. And, unfortunately, for them, because they are exceptional operators, and they have always been, they have an amazing reputation, they've have had major issues in Kobre Nama Kobre Parama. Nothing to do with operations, but as we know, to do more with the with relationship with the with the with the administration there. And so things have changed. So to answer your question, and and and I'll let Vasily obviously pipe in, but I'm not too sure that it's about the data we have acquired from ENGLOW. It will definitely help everyone. All all the geology guys are desperate to have a look, but they will always be desperate to have a look at new data from anyone. And so so it helps. It will be more interesting. The Discovery Hall at Cesar East that Vasily has mentioned has a lot of value. It's my it's my nonindicated view, to be clear.

1:12:50 But I think it's more sometimes about the macro environment and and the stars being aligned with the majors now having the appetite to do stuff. And right now, we are seeing this in that in that part of the world. Okay. Vasily, any anything you wanna add on the technical side, which which maybe I I cannot appreciate myself? No. I mean, look, obviously, the the the information is enhanced, and there's more detailed information. So they they it will put the technical people in a better position to take a view because there's additional information there. But, you know, does it add any value? It's still early to say. I mean, this is really, you know, the the in the eyes of the beholder in terms of what they see from that information. You know, there's AMT data. There's gravity data, which wasn't there before. Additional additional drilling data and deep drilling. I mean, remember, they they pushed a couple holes down a kilometer. So, you know, that's sort of doubled, maybe, yeah, almost, you know, you know, more than double than what we ever did in terms of depth. So there is some information with respect to the deeper parts of the basin, which I think will be quite useful to to everyone looking at that. So, yeah, I mean, you know, it it it it's it's it's certainly valuable from that perspective.

1:14:06 Okay. Great. And I'm just a bit conscious of time. So I'll I'll come to the last couple of questions. What do you see as the sort of biggest shareholder catalyst in the next six to twelve months? I mean, look. It's I think the work program in Botswana is very exciting. I know I'm only talking about geophysics here. I don't want to no doubt, but it's it's this contact zone, you know, it's and I invite everyone to to look at even the other juniors' presentations because this is what it's all about, and we seem to be the the best located junior in that space. And so I really want to see what come out of the of the geophysics, and then, hopefully, it's exciting enough to justify an ambitious drilling campaign as and when we have the right results. So I I would really flag that part.

1:14:53 In in Zambia, well, look, I've been quite clear that, you know, there's a lot of dialogue and discussion going on with all kind of parties. I cannot pre commit, so so please appreciate that I I really cannot pre commit because if I do, I I'm simply, you know, lying to you or misleading you. So I don't know. But but look. It's it's there's a lot of activity in that space. Like I said before, the legal issues we are dealing with and we are very confident about do not necessarily stop the dialogue and stop the ability to do a deal. I have nothing concrete to tell you. I will not promise anything, but I hope you understand by now that this is a very, very attractive asset in Zambia even regardless of the legal issues we have there. So I would flag really those two aspects of it. I think we have a bit more control of the timeline in Botswana.

1:15:44 And so there, you know, hopefully, we'll update you very soon. We have already quotations for for some of the geophysics you have seen. We're waiting for EM, and then we'll start to roll out the web program. We have to make a few decisions, but then we'll roll out the program. Next month, we'll probably be able, I hope so, be able to tell you what we're doing exactly on the ground in Botswana. And so that that would be very exciting. Okay. Brilliant. I I don't think anybody would dispute. Yeah. As patient as many people have been, the, you know, value of what potentially sits in the ground, and that hasn't changed in the years that, you know, I've been invested personally and, you know, for clients. And, ultimately, if you can get to a point where that valuation is realized or that value in the ground is realized, I think we all be very happy. But just on the topic of, you know, where there's value, there's been a lot of companies raising money overseas and, you know, having very, you know, positive share price movements as a result of exposure from other investors.

1:16:45 Have you considered overseas listing? I'll I'll make this my last question. Look. It's it's it's it's crossing my mind as we speak, and and partly when I was working on the on putting together that valuation table at the end of the presentation. I haven't done much work yet. So but it is on my to do list to look at the pros and cons of a dual listing on the ASX or TSX. I will give you my first kind of really first impression of of of what's happening here. Two things. One, you look at that table. And like I said, it might be a good selling point to say we're the only UK company that gives you that type of exposure. It's great. That's the kind of pitching scenario. But equally, if you reverse it, always saying that you cannot rerate in The UK. I'm I'm testing the boundaries on purpose here, but, you know, either you say, guys, it's a no brainer.

1:17:39 You know, we should be worth three times, four times more. Or the other version is to say, well, you cannot rerate in The UK. It's a wrong market for you and and tough luck. I don't have the answer to this, but but, you know, it is pretty blatant when you look at that table of different players. The second aspect related to your point, and I didn't wanna blur the lines too much, so I haven't mentioned it before, but there's a there's a dual angle and message on what I'm about to say. There is a company called Mining listed on AIM and dual listed on the TSX. And and Nick is is actually a a nonexec on the board there. Two two things related to that company. One, they've had not one but two majors working away from a JV on their gold asset in Colombia. And and I could have put it there, but, you know, it's a different company, different commodities, different country. But, you know, the share price is up 20 times in the last fifteen months. Okay?

1:18:31 And that's by being alone now. Back alone on their turf after two majors walked away, mostly for political reason, but still walked away. Share price depressed, takes ages to clear out of the JV separation, and a year later, 20 x. Okay? So that's just one aspect, which you can add to the example I've given before. The second point related to that, and I've been monitoring it quite closely, in The UK, each time they've raised money, and you could argue it's because of where they were in terms of success or lack of success at the time, but, you know, they were raising what you would expect, 500,000, 1,000,000, £2,000,000 on the market. But then lately, and, of course, it's driven by their success on the ground, but, you know, they've been raising over 20,000,000 Canadian dollars very fast on the TSX.

1:19:18 And so I don't have the answer right now, but this is what I'm discussing internally is look. We this is a rich man's problem. We do not have a rich man's problem right now. We have a poor man problem. But if we are successful as I expect us to be, whether in Botswana and or in Zambia, there will be a point where we will raise money to do more and to do more on the ground if we stay alone. And maybe it's only a million quid. Maybe it's £2,000,000. But, hopefully, I'm in the same situation as Midnight Sun or Orozul, I'm raising $10.15, $20,000,000 or £10,000,000 because I have five rigs on-site. So we're not there. Like I said, we have poor people's problem right now and poor people ambition for the next few months. But I need to plan ahead. And if indeed there is a scenario where in the second half of this year or next year, we're in a bigger league and we are starting to prove that we're onto something quite substantial, and I want to raise £10,000,000 because Vasilis is like, guys, if I have the money, I want six rigs on-site right now all year round.

1:20:23 You know? And then I don't know what I as a shareholder, yep, I'd I'd love to see six rigs somewhere. I'd love it. Yeah. Have the frequency of news flow that we we've been such really lucky. I'd love to. But look. You know what? I'll put it to you, Simon. Can you raise £20,000,000 when the time comes? Let's hope so. Be still on the end market. But look. It's nothing concrete right now, but you raise a good point because it's it's crossing my mind more and more. I haven't done the work there. So I will do the work anyway just for the sake of understanding the pros and cons of post markets and also the cost of it. Are there any kind of, like, side effects which might actually become too productive because of liquidity? I don't know. But, look, I will look into it. There's nothing from right now. But, you know, if we are successful, obviously, that's the plan, but we cannot guarantee that. There will be a point as to, you know, can we raise is that the depth and the liquidity in The UK to raise £5,000,000? I haven't seen this in a long time for a junior. What about £10,000,000, etcetera?

1:21:18 So look, it's it's we'll look into it. That's great. Simon, thank you very much indeed for taking us through today's q and a. I know we're into an hour and twenty minutes, so probably a good time there to wrap up. So thank you to everybody for your engagement this afternoon. Remy, I know investor feedback will be particularly important to you both. I'll shortly redirect investors on the call to give you their thoughts and their expectations. Remi, perhaps just final words from you before we redirect investors for feedback. Yeah. Thank you, Mark. Look. I feel I've spoken too much, so apologies for that. But, look, as a as a very conclusion, as and I hope you can see the passion in the assets, but, you know, I do believe we are one of a kind in terms of the assets we have relative to the market cap we have. And I think as a proposal to investor in The UK as a UK listed company, I do find ARC MINERALS very exciting from an investor point of view. But I will caveat that with the fact that we have a lot to prove to you guys in terms of the execution strategy, in terms of the communication, and and and that is on me and the team, but it's very much on me.

1:22:22 And so it will start with improved communication, And, hopefully, I can show to you that that we can deliver and that we are transparent with you as to what we can and what we cannot do. But, look, thank you all for for being here on this call. I don't know how many people we have left an hour and a half later, But but, you know, it's very much appreciated, and and and it's the beginning of a of a new journey for ARC. So thank you all. That's great. Remi, thank you once again for your time. Lejerman, please don't close this session. We'll now automatically redirect you so you provide your feedback, and that would be greatly appreciated, I'm sure, by the company. On behalf of the management team of ARC MINERALS, we'd like to thank you for attending today's presentation, and please do enjoy what's left