Arkle Resources (LSE:ARK) — Investor Presentation

0:01 Good morning, and welcome to the ARKLE RESOURCES PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Rory Harding. Good morning to you.

0:26 Good morning. Good morning to to everyone joining this call. Thank you for taking the time to join us. Let me just get my screen full screen. So let me quickly run you through. This is a short form updated presentation where we are with with ARKLE RESOURCES. And then following this, we'll we'll move into a a q and a, and I think you can should be able to submit questions as I'm as I'm going through the presentation. So let me jump in. Disclaimer, this presentation will also be on will be posted on the website. If it's not already, it it it will be later today.

1:14 So a quick background of ARKLE RESOURCES for those that haven't been following the company. I know I'm sure we've got some existing investors on the call. But the company's origins go back to 2004, originally, was named Connemara. The company was founded by John Teeling and colleagues. Many, know John, but he's been a prolific mining entrepreneur, of, Irish background and really one of the the early participants in the Irish mining sector, it's also been very successful in Africa. And the original asset of the company was the Stone Park asset, well, which we still have an interest in Ireland, which is a lead zinc exploration project, originally a joint venture with Teck. It's the second largest undeveloped zinc resource in Ireland to this day. It's just over 5,000,000 tons of lead zinc at around 11.3%.

2:12 That project is still, being advanced now by our JV partner, Group eleven, who are currently drilling on the property, and I'll get some more details on that later in the presentation. But the acquisition that brought me into the company as well as my codirector, Robin Birchall, and strategic adviser, Mark Burnett, was the acquisition of Namibia uranium in January of this year, which was done concurrently with a £1,700,000 financing. And we've repositioned the company with a uranium focus, calling ourselves an energy metal explorer. We've still got the legacy asset in Ireland in the lead zinc, which is progressing, which is a lot of underpins a lot of the value of the company and a lot of a lot of, essentially, you know, cheap slash free upside in that project.

3:06 Currently trading at around £11,400,000 market cap, and we also have some interests in Botswana, which I'll also talk a little bit more about today in a number of lithium licenses we have in the Makada Kari salt pans. So we retain the existing leadership. John and Jim are still on the board. They've been supported by incoming management. We have a great technical team that we put together that we're building with lots of experience in uranium, both globally, but importantly, Namibia, some of the very large projects that are in the country. So I won't go over every person here in in detail. Myself, the my background is my entire career has been spent in commodities across energy and mining, in in oil and gas, in trading and investment banking, and in and in operations.

3:58 I spent the best part of a decade of my life living in Sub Saharan Africa. So very hands on, very operational. Also worked in capital markets. Robin Birchall, some of you may know, also joined the board in in January with me. He's currently the CEO of several resources that are operating in Namibia in the with with copper exploration. And John and Jim, as I mentioned, you know, a long history and fair few successes in the in the in the mining sector. We have a very strong technical team. Our chief geologist, Chris Healy, was actually the head of the US business for Cameco for many years. And then we have an in country team led by Willem Kurtzer and others that actually have recently come into the team with a lot of experience exploring across Namibia in both of the key styles of mineralization, which is within the the the the granites, within the ULGs or elascites as they're often known, and also within the paleochannel type deposits. So a lot the the team's being being being built by the day and and and bringing in new people and and new skills and expertise and also developing our capital markets footprint.

5:16 So we've now positioned the company for uranium first strategy. I I would say that it's a rare exposure, relatively rare exposure to to uranium within London market. There are really only half a dozen companies on AIM for exposure to particularly uranium exploration. There are some some larger companies, you know, such as Yellowcake and and and the largest uranium producer in the world, Kazatomprom, that sit with the main board, but very, very small pack of us within AIM. So we think we're we're uniquely positioned for for exposure to uranium with good upside. And we have now completed our initial geophysics program.

6:05 We've got two styles of mineralization we're pursuing. We're in a very good neighborhood in a prolific district, and we've got our maiden drilling program underway, which I'm gonna go on to talk a little bit more about today and where we are really in real time where we stand with the current exploration program. It's a world class address. For those that don't know, uranium Namibia is the third largest uranium producer in the world. There are several majors there, including two of the big Chinese state owned entities, quasi state owned entities that are are producing once a Rio Tinto project that was that was purchased around 2019. You've got several large Australian companies who are currently developing mines. You've got the French government, which is Arano, who are our neighbors. So it's an excellent place to work. Lots of mining infrastructure, roads, desalination plants, processing and handling infrastructure for for uranium, and that's very important. Uranium is unique in a sense as a commodity because it is is regulated in a different way.

7:14 Of course, because of, you know, the the the potential uses of uranium, you know, within, you know, the weapons industry, but also because of, you know, the the potential, considerations, you know, associated with with nuclear power and the sort of strategic importance of those things, and they've effectively become national policy. So having that well developed policy is really, really important. So Namibia has that. So when you do find a deposit, you come to developing a mine, that infrastructure is there. We've got a work program underway that was funded by our oversubscribed placing in January this year of £1,700,000. We've completed our geophysics interpretations. I'll go into a little bit more detail about the following slides. And we brought forward originally, we plan to start drilling in September was our initial plan, and we brought that forward to last month.

8:05 So we're underway with the drill program now, and I'll into a little bit more detail on that. As I mentioned, building the technical team, we've got really good people, and we we're bringing in more good people by the day into this project. And as it becomes more developed and more exciting, you know, actually, people start to approach us, which is great. And then we've got the portfolio upside primarily from our JV in the Stane Park license, which is operated by group eleven who are currently drilling 15,500 meters over the the next eighteen months, you know, close to, you know, a thousand meters of that by has already been been drilled. And I'll I'll I'll go on to to to to that on another slide. And then we have our lithium brine licenses in Botswana in the Makarakadi Salt Pounds, which is additional upside for investors.

8:57 I will skip over this slide here. So you can look at it on the presentation, just sort of highlights those those projects we have from the four EPLs in Namibia, the three EPLs in in Botswana, and our Stone Park JV interest, which is sits just over 21% right now. So why do we like uranium? We believe as to most analysts in this sector that we're in a multiyear structural upcycle in uranium. There was a long period of time where there wasn't much investment in uranium. There were mine closures. Nuclear power plants were, you know, either decommissioning or kind of coming off of their their their nameplate life, and now they're being extended, you know, thirty, forty, fifty, sixty years. In some cases, in Western countries, you're seeing new reactors being commissioned.

9:54 A lot of people talk about, you know, small nuclear reactors and new technology, etcetera. That's great. That's coming. But even if you just look at the current conventional reactors in terms of their demand and their extension of life, there is a huge projected uranium supply gap leading up to 2050. And the price has moved pretty significantly since 2021, would fallen as low as $30 a pound up to now where the spot market's trading over 80. But very importantly, and if you look at this graph here, that little dotted line is the long term contract price. And you see a lot of talk about spot prices in the uranium market as you do with most commodities. But uranium is somewhat unique again in terms of the fact that there's a relatively small group of buyers or or a small type of buyer, which is utilities in most cases for most of the demand.

10:51 And so they want they want security of supply, and so they're interested in long term contract price. So, really, the spot market sort of fill fills buffer inventory, if you like, but the long term contract price is what's really important. And and that is reaching a multiyear high right now at over $90 a pound, and you even see the big players, you know, the likes of Cameco, talking about putting ceilings on long term contract prices as high as a $150 a pound, which gives you a little bit of a sense of where they think prices might be going and where they want to contract. And then you have the, you know, the sort of physical, you know, buyers and stockpiles like Yellow Cake and Sprott, etcetera, you know, who've been, you know, increasingly acquiring more uranium.

11:37 So it's a it's a it's a it's a very good time to be in the uranium market, and we're very bullish about the outlook for uranium. And, of course, you know, the the price and the appetite for producers and users of uranium will will will lift explorers too. So this is a map here of Namibia. You can see our four licenses. We we spend a lot of time talking about these these three licenses, 82988290, and 8995. We actually have another license, which is 7986, which sits on the the North Side of Rossigne, but currently, the exploration is focused on that northern block. It's a it's an excellent address. As you can see there, we've got Tricoppa right between our two licenses. That's an enormous deposit. It's over 300,000,000 tons now at around a 140 PPM.

12:30 That was originally discovered in the early two thousands, drilled out, you know, up until 2007, and then it was purchased by Arano. It's the French government owned company. It was then called Arriva as part of a package of assets, but really that was a jewel in the crown for for 2,500,000,000 US dollars. And so they're now moving that forward into development. There's updated EIA. They've just run, I think, sort of the 20,000 meter drilling program there. They've spent a lot of money on infrastructure. They've got desalination plants, pads. You know, fences are going up, workers' accommodation. So as far as we're concerned, that's sort of moving slowly but surely towards production.

13:17 And I think they're waiting for crushers and a bit of other infrastructure. But, you know, we really have a very significant neighbor over our fence developing a mine with a very, very large resource. To the north of us, we have the ASX listed company, Elevate uranium with a Maranica deposit. That number on this map here needs updating, but it's it's I'll show you on the next slide where where we summarize some of these numbers. But they've recently increased the the grade of that resource and the size of that resource, which is which is paleochannel hosted. So both of those neighbors are paleochannels. I'll explain what a paleochannel is in a moment. And then we have Rossing, which is a mine that's been operating since 1976, which was the Rio Tinto project, now owned by the Chinese by CNMC.

14:10 And so we will move to exploration on that at some point in time. It looks very tiny there. It's a relatively large size of license. It's just the other ones are hundreds of square kilometers. It makes it look a little bit smaller. But really a very good neighborhood, and we've got this corridor, you know, of of mines. It's about 200 kilometers long by 65 kilometers wide there. Some people refer to it as a Alaska Italia. So as I mentioned, we've got some very well established producers. You've got, you know, close to 1.5 to, you know, 1,800,000,000 pounds really kind of in total inventory, including measured, indicated, and inferred resources. So really world class jurisdiction for for uranium and explorers, but still a lot to be explored. A lot of the uranium is is undercover. You don't pick up radiometric signature.

15:05 You know, it's a it's a desert terrain and, you know, gamma signature from so radioactive materials decomposes gives off gamma. You get a radiometric footprint, but it's you know, a a little bit of cover, even 60 centimeters doesn't give the footprint. So you've got large areas with large resources, but potentially still, you know, a lot of discovery potential across the region and a protracted period where there wasn't too much interest in uranium, and that's why these opportunities are there now. So I mentioned we've got one license next to the Rossigne Mine, which is still producing six six to to 7,000,000 pounds a year there. They've got tonnage of 23,000,000 tons at 330 PPM. That's a hard rock project. It's an Alaska to a ULG project, one of the styles of mineralization that we ourselves are exploring.

15:55 And they're constantly exploring for satellite deposits. You know, they have ongoing exploration in their satellite areas around the Rossigne Mine. A lot of money's been sunk into that project for a long period of time, so it's an incentive to keep the mine running, keep it producing. Trecopa, which is our our neighbor, the French, which talk to you a little bit about as is Maranica, which are highlighted there. So it's recently increased the size of their resource and their grade. And then you've got some development projects. You've got a Tango and Tumaz, Subbanum and Deep Yellow. These are both Australian companies listed on a on on ASX. You know, over 1,000,000,000 market cap there at Deep Yellow. Bannerman fallen back a little bit recently, over 600,000,000 Aussie dollars market cap. And so you've got real projects being developed. So not just resources, active mines, projects being developed, being permitted.

16:53 And so, you know, there we are at the bottom. Exploration project, high upside, haven't got any resources yet, but, you know, hopefully, not before long and, you know, currently trading just over £11,000,000. So I'll talk to you a little bit about our recent exploration and the program that we've just run. So we started with aerial geophysics. So we used a company called Excalibur, very well known company in in in the region globally that effectively fly an aircraft with sensors on it. And that aircraft flew around over just over 12,000 line kilometers. So a significant program. And so it sort of traverses the licenses longitudinally, and we have two sensors on that aircraft.

17:46 So one is the radiometrics, and the other is the electromagnetics. The radiometrics let us see that gamma signature from radiation at surface. So we get to see the the the hotspots if you like. It's almost the photograph in a way in that but rather than, you know, light, we're looking at a different a different spectrum in in in that we're we're looking for gamma and radiation. And then we also have the electromagnetics, which lets us understand a little bit about under the surface of of the ground and to be able to see structures. And that helps us identify intrusive structures, potential, you know, kind of faulting and basements and different rock types, might have created an environment in which uranium would be either deposited as a secondary deposit or form.

18:42 So we have and I don't think I can zoom in on this, unfortunately. But maybe I'll just I'll do it on the next slide. I'll turn my my pointer on so I can draw on the map. But in in the eastern side maybe I'll do it here, actually. Drawing. There we are. So on this eastern side here, this is the one of the paleochannels that we are currently drilling. So these paleochannels are secondary uranium deposits. So uranium that's formed in hard rock primarily in granites and basement through, you know, many millions of years. Geological processes, uranium's being concentrated within these rocks, and then groundwater then leached out the uranium, and it's deposited it. It's oxidized water. Dissolved uranium, and then it's been reduced in a particular environment within these ancient river channels, if you want to think of it that way.

19:37 And at one point in time, and most of them run sort of in this direction in terms of the channels that are running running like this. And so these ones are sort of striking in this direction. And here's where you've got the you've got the Trochopa, one of the Trochopa deposits, and you've got another one here, right, that sit within this is within the Arano property. Property. So one of the things that we're looking at there is the the paleo channel deposits in the on that eastern side, and then we've got this this granite target, this ULG or elascites where we took some very high grade surface samples in a previous program, over 3,000 PPM, that we've now been trenching, and and and we are drilling that as we speak.

20:26 We've got some other really interesting ULG targets up here in the North. We've got it's not marked here on the map because we can't delineate it, but we've got an interesting paleochannel target here as well in the North of 8298. You know, again, could be an extension of this is the Maranica deposit that's marked up here. And we've got some other these are also some other ULG targets. Right? And we also have got a sampling program that that was run last year in 2025 that returned some very high grade surface samples. So pulling all of this information together, coming up with models, coming up with targets, which will then move to drilling. We also ran something called a horizontal loop electromagnetic lines, which I'll talk to you about on another slide, which helps us map a little bit of this kind of ancient river channel, understand the basement profile potential contact and where uranium might be deposited.

21:23 Let me just undo these before I move on. Yeah. And then we'll move to the next one. So this is the ULG target, the next slide I'd show you on the the paleochannel target. But this is where we ran so this is about a kilometer long by by 700 meters wide. Just this just this little area here. You actually can't see my mouse pointer unless I switch this one on. There we go. So this one here where we've got about a kilometer by 700 meters in this ULG target. So it's a very high grade surface sample previously. That's what gave us a a sniff of it. We then did the geophysical interpretation from the from the the aerial geophysics and the radiometrics, and then that led to doing more surface work and trenching. So we ran also a horizontal loop line.

22:16 This is electromagnetic. This is ground electromagnetics. This just gave us a little bit of more information on the profile. And then currently, we are and we'll put out some maps, you know, in the coming weeks on this as well with, you know, the drill maps and where we put the fences, etcetera. But, essentially, you know, we've been trenching around this area here trying to understand what we have. We put out an RNS on that last week with a little bit of indications of what we're finding in the in in the trenches in terms of kind of visual stacks of alaskites and schist. So these are kind of interlaced interleaved stacks of this this this ULGs, which is uriniferous leukogranite.

23:04 So it's a granite with uranium in it, a particular type of granite, that then sits in layers, if you like, like a layer cake with a barren material between it. So we've uncovered, you know, what we what we had hoped to see there. We know from our handheld devices, there is there is gamma signature, hopefully uranium rather than than thorium, but we have some previous assays that show very high uranium grades. These are all positive indicators. And so now we are we are drilling several holes, orientation holes, to understand better the the depth profile and the stratigraphy and lithology of of that area and what we might have.

23:53 And there's also, you know, visual carnotype, which is uranium mineral at surface there as well. We also have done a fence of holes on this Western Channel. So we announced this was in an RNS last week. Originally, we were just going to drill the Eastern Channel on this first pass program, and then we decided, well, the drill rig is is there. There are cost efficiencies to drilling whilst it's there in terms of mobilization, demobilization. So let's do some work, And that's and that's why we decided, you know, we had the the confidence to kind of step up the program and get drilling and, you know, really find out what we what we have there to to depth. So those programs are underway, and, you know, we're we are hoping for positive results.

24:44 After we drill these holes, we end up with a, you know, an interval of say, about an interval is one meter. And so, obviously, you wouldn't necessarily have uranium in all of them. So the advantage to uranium, you know, exploration as well is we can do downhole spectrometry. So we do downhole. So we put a a sensor down the holes after we drill them. So there's a contractor that does that for us. They come and process that data and can show roughly where uranium is in particular intervals so we can actually know which ones to send off for assay. So assay costs are not, you know, are relatively expensive in the scheme of things and be 40 depending on the type of assay, 40 to $80 per sample. So if you've you've you've drilled two and a half thousand meters and two and a half thousand, you know, times 80, it's a lot of money. So, ideally, we from the spectrometry, it allows us to discern which ones to assay and which ones to not. Save us, you know, a 100 to $150,000 in assay cost doing that spectrometry.

25:45 So that's why we take the time to do that before we we send off for assay. So this is our paleo channel target over here. Let me turn my mouse on. So these are kind of from the horizontal loop from a survey of horizontal from drilling, from the geophysics. So from all of this information we've collected as well as these surface samples, so these were not the sort of some nice high grade surface samples down here on the paleo channel. We're now doing fence lines of holes, and we did a couple of step outs that we've announced as well of doing another fence line on it, so we'll publish this in the coming weeks. So we're doing some against the the sort of inferred paleo channels in various places, we are we we we have been drilling holes. We've now done 52 holes. Actually, this was presentation was updated yesterday, so probably at 54 holes by now.

26:38 And, you know, over 1,000 meters of drilling. And so we originally announced we do 1,500 meters on this program. We're gonna expand the program exactly what number we get to. Not quite sure. The geologists sort of play it by ear a little bit. They decide let's draw another hole. Let's drill another one. Then we'll let them go with that. But we're funded for 4,000 meters of drilling. We were going to split it across two programs, but in the high likelihood, in this first phase runs at very least over 2,000 meters, you know, maybe 2,800, maybe maybe 3,000 meters. So we'll see where they drill to. But that program's underway, and as I said, we're drilling right now. We've completed the holes in terms of the the initial design fences and the step outs over in the east, and now we're up on that target that was on the last slide and drilling some relatively deep holes. These these holes, of them, we capped them at 25 meters because these paleo channels are relatively shallow. Sometimes you drill into basement.

27:39 Sometimes you've got some softer material that's not kind of real basement, but there's a there's a there's an interface or a contact there. So we don't drill much deeper than 25 meters. So often you find mineralization. I think the kind of I think at Langerhainrich, they they their resource goes up to about 45 meters, but very rare that it's it's any deeper than that. So we drilled that out. Now we're drilling some 200 meter holes and some a 150 meter holes over on the ULGs. So pretty excited about that and and hoping for good results. So you're hoping for good news flow through the rest of the year, or you should expect good news flow, I should say, we will have these downhole surveys done relatively soon, I think, the next two weeks, and we'll start to send samples off from assay.

28:26 Current lab turnaround times are sort of five five to six weeks, which means results start coming back from from the lab in early September, also from the trenching. I think we've sent off over 500 trench samples now as well. Those are the first into the lab, So we'll be getting those back in due course. And then we'll have the downhole spectrometry, which isn't an assay, but it gives us an a uranium equivalent from the survey. And it's very well calibrated equipment because these guys that do this, they've been around for twenty years. They've worked for all the other majors on the same type of mineralization, the same same style. So they know what gamma ray spectrometry profile they get vis a vis an assay. And so that's a really useful information to have in in in the meantime.

29:12 And then we'll have some I'll talk about the new Stone Park in a minute. We'll have some some news flow outs on Stone Park too, hopefully, from the from the current job program. So we're we're pressing ahead, and, you know, we're excited about that. So we've got the Stone Park asset and a lot of our shareholders that have been with ARKLE in its previous iteration before the uranium assets. We're very familiar with Stone Park. As I mentioned, this started as a project between ARKLE when it was Konamara and and Teck. And a significant lead zinc resource there at 5,100,000 tonnes at 11.3 lead zinc. And importantly, I should mention so we've got the so we you hear a lot of talk about Palace Green. So this is this is a Glencore project here, which is the Palace Green zinc deposit, which is one of the largest undeveloped zinc resources in the world. It's 45,400,000 tons to around 9% lead zinc.

30:15 So we've got these pods over here. This is where the existing resource is at Stone Park. It sits within three pods, and this is a higher grade. So if and when I would argue Palace Green finally gets developed by Glencore, then it's gonna make a lot of sense to have the high grade and shallower ore from from our existing Stone Park resource. So this is regardless of of anything else, you know, that happens. No exploration potential. We just have the resource that it is now. There's a lot of there's a lot of value there. I don't know if any of you had a chance to read the Hanneman Partners research report, but I encourage you to do that. You can you can get that from the Hanneman Partners site, but they put a value on our state and park resource, which more than underpins our market cap.

31:09 I think they're using the the model they've used, you know, values it somewhere around 20,000,000 US dollars. So I encourage you to to have a read through that. It's very good research, very well respected research from Hanneman Partners. So we've got our existing resource. And what are we doing now? So the operator, as I mentioned, we own 21 just over 21%. The operator now is group eleven, our partner, and we have an option in all drill programs that we can we can kind of pro rata dilute on the total cost that's been spent on the project, or we can contribute and hold our our interest. On the last program, we decided, you know, our contribution to that program was better spent on Namibia for now in terms of value addition. That would be the better the better decision for the company and for shareholders.

31:59 And but we will this is a 2,700 meter program of that total 15,500 that's currently underway. So we'll let them so we we chose to dilute. So we've diluted sort of nominally around 1%, and we'll always take that call going forwards about where we are with the project and and and, you know, the the cash position of the company and what we do. But we've got a a very significant number of meters being drilled on the property now, which we're really excited about. We're drilling some step outs from these existing pods here in the north at at Stane Park, and we are going to drill three holes as well down here on this prospect that sits in the in in the south of the license at on the the the Kultili prospect.

32:47 Group eleven have been having fantastic results on their Baliwai property, which neighbors up to the north. They've been finding copper. They've been finding silver. One of the exploration models is, you know, do we have that at depth? But really, even absent that, right, we, you know, we we we're excited about the lead zinc potential in its own right. And, you know, this cross particular prospect was one thing that, you know, group eleven have acknowledged for a long time as one of the the best drill prospects in Ireland, and they've been waiting to go back and develop that asset. Ireland's a great country to operate. You've got, you know, several mines developed now over the last sixty, seventy years that have they've all been profitable. And so a lot of interest there in the sector and a lot of support from government too. A little bit more about this Kiltili prospects. So this is a large breccia body. Probably should be a map on this slide, but I'll just show you back here. It's a large breccia body that's coming across this faulting zone here that's running along this Northeast southwest direction on that corridor.

33:51 And this shows all the hallmarks of of of the major Irish type zinc systems, the brecciation, the faulting, really creating this plumbing system for the hydrothermal fluids that deposit lead zinc, mainly on the contact with the limestone. A hole was drilled previously there in the same area. It it intersected a fault with a 150 meters of vertical displacement, which was great. There was mineralization on that, but not quite deep enough in that particular hole to hit that con contact with the Wausaucian limestone, which is mainly what where you you you you find the lead zinc mineralization. So we're going back to test that now, which we're excited about, and group eleven are excited about. We're also doing some step out hole or one step out hole in this first 2,700 meters at Stone Park RESOURCE, I should say. It's the licenses Stone Park to the northern side where we're also hoping to, you know, identify potential mineralization of lead zinc.

34:56 And this project is great for us because it's good. It's sort of low cost or cost free news flow for ARKLE. There's underpins there's a lot of value there in this asset in Ireland. And, you know, we're very happy that our partner Group eleven have been very successful with their exploration over the last few years, have now moved their focus away from just Valley Wire into doing more here on the Stone Park asset. And then I'll just touch on this let's give us we have at least twenty minutes for q and a here. Just touch on this lithium brine license in the Makada Kadi salt pan. So these are three large licenses that sit around the Makada Kadi, which is where a river essentially run into the desert and evaporated over a very long period of time.

35:46 And this was sampled previously last year showing, you know, lithium in those brines. There were various electromagnetic and geophysical techniques that were used to map those conductive layers and primary brine zones. So decent width of brine. Those projects are kind of, you know, teed up for for follow-up. But right now, we're very, very focused on our uranium project, which is going great. And, you know, so the what we have we're not an operator there, but, you know, excited about what's happening in Ireland. So we'll go back to Botswana. I was there a couple of months ago myself out there with the geologist looking at the site, understanding what permits are needed in order to drill. We if we when we drill, we will start with this southern license here, which is right next to Arapa, which is the the big historical diamond mine of the the Doswana, say historical production.

36:46 And we'll see where we get to with lithium. These markets tend to be cyclical. Lithium had a few bad years. My personal view is that and there's a lot of analysis that moves towards this that by next year, the market will swing into deficit again on a supply demand basis for lithium increasing usage of batteries in in storage and electric cars, etcetera. So definitely some upside there in our lithium projects in Botswana as well. So currently capped at 11,400,000 market cap. There's a share price of around naught 0.75 p naught 0.75p per share. Hopefully, we'll we'll we'll we'll get that up higher not before too long.

37:34 Significant shareholders myself own just under 5% of the company as does mister and other directors as well have plenty of skin in the game in this company. Our largest shareholder is a Namibian, Aaron, was the underlying vendor of the uranium licenses that we acquire. He's been incredibly supportive, you know, and strong local partner and is really pushing things forward very nicely in Namibia. So in summary, we've got exposure to three commodities, uranium, lithium, zinc. Uranium has very much become the focus of the of the company's work program and expenditure going forwards. We're in a great neighborhood. Exploration is underway. We've got our zinc exploration now into a into a drill program in Ireland where we've got historical resources and some additional upside there in lithium.

38:27 So let me close this now on my screen. It might be closed on your screen. I'm gonna close on mine. Let's have a look at the q and a and see what we have here. So few questions. So what have we got? So future plans for uranium mining, or do we sell the asset to a bigger company? I think you always keep open minded on those type of situations. If things went fabulously well with exploration and we find ourselves with a market market cap of, you know, £600,000,000 and, you know, several years down the line and you've got a significant resource and the the the market is there to to develop a mine and and it makes sense for shareholders, then, you know, you do see explorers become miners.

39:23 Certainly, though, right now, where we are, we're very focused on exploration, want to be explorer, and we would take advantage of opportunity for an exit if one discovers a deposit of scale and a value that you've got a bunch of neighbors, some of the largest uranium companies in the world with producing mines, with producing plants that want ore, that want deposits, that want to expand their plant life, which is hugely advantageous. Because in a lot of jurisdictions, you might discover something enormous, but there's no infrastructure. You haven't got a neighbor. So we've we we, you know, we have to keep an eye on those neighbors. You gotta keep an eye on m and a opportunities. There could be other explorers who want to move from being, you know, explorers into being developers or miners.

40:08 So keep an open mind. But right now, very focused on on being an explorer in proving out resources and and creating value that way for shareholders. A question on lithium in Botswana. A lot of talk of last year's AGM about Botswana. What are the next steps? So the next steps in Botswana are we've done the interpretations of the geophysics. We now want to look to go and go and drill and take samples. So we're not going to go and drill out. When you've got a brine system like this, they're they're relatively homogenous in terms of the the the depth of them might vary from place to place, but it's really about understanding at this point the the the the makeup of that particular brine, the amount of lithium, magnesium also in the case of these particular brines. So you actually go and have to do some boreholes. Essentially, we take a sample.

41:06 So you have to take samples from the borehole. We have to send them out for a laboratory analysis, not just for assay, but actually to understand how can you extract the lithium from them? So we're still work waiting on some environmental permits for that project as well in order to to do that, but we have been very focused. That's not really been the that's not been the factor that stopped us drilling right now because, you know, we wanted to push harder on that. I'm sure we could get those things more quickly, but we've been so focused on this exciting project in Namibia. That's what we primarily raised funds for earlier this year. We have made a provision to drill one hole within our budgets, drill one hole in Botswana. But, you know, we'll we'll we'll we'll focus where we think we're gonna create the most value at this point of time, and we think the most value creation is from what we're doing in Namibia and then our passive interest in staying part.

42:06 We've got would the board consider a strategic investment or JV in other lead zinc projects in Ireland and The UK based on expertise from Stone Park? I think right now, we're very except very focused on transforming the company into a uranium explorer. But we do whoever's asked that question, you're right to to say there is some some legacy value of the experience gained and, like, intellectual property through the experience in zinc. It's not just even with Stane Park, particularly with mister Teeling going back many, many years in the Irish zinc industry. And, again, if an opportunity presents itself for JV and strategic interest, for tie out, for spin out of assets into, you know, a new zinc company with other ones, if it creates that anything that is good for shareholders, and we ourselves as management are all shareholders, Anything that's good, that makes sense, we would look at everything on a case by case basis. Strategically, no. We're not looking out looking for the new zinc assets in Ireland. People do sort of bring proposals, you know, ideas for forward from time to time. But, you know, really, yes, we're focused on on Namibia, I think, is the short answer to that question.

43:29 There's a question here about future exploration spending, Namibia, Botswana, and Ireland. So I think the the the focus as I said, per the fundraising that we did and the use of proceeds that were announced with concurrent with the acquisition of the uranium assets. Current expenditure is focused on Namibia. We have made a provision for one hole in Botswana, which is from financing that was done the previous year and and assessing whether that's a good use of money or whether you spend more on Namibia for for value addition. And then in terms of Ireland, as I mentioned previously, we always have the opportunity to dilute, and one could argue relatively nominal dilution because it the the the formula looks at the total spend on the project over the course of the project life. So you can get relatively good bang for one's buck in terms of upside by not participating.

44:26 But if the results of this first, you know, draw program are astonishing and creates a lot of value and and everybody sees that, then we go, okay. Well, actually, it makes sense to to participate now and and fix our interest at 21, you know, point 36%, right, and not dilute. So we'll take that on a phased basis in terms of where we participate in Ireland. As announced, we're not participating in this first 2,700 meters, but that doesn't mean we might not participate in in some of the follow on meters. But for right now, very focused on Namibia. Can I elaborate on why I believe the company's licenses are prospective despite being adjacent to the world's board deposits? So one of the things that makes them the perspective is the there's a the the work that we've done. So the the interpretations of the geophysics, being able to see structures, continuation of existing structures, also from the horizontal loop EM effectively seeing that these are the paleochannels that run into into the Trachoma deposit. So really just a case of how much uranium settled there. Right?

45:35 So that's part major part of the prospectivity is not just that we're next door to someone with uranium, that actually it's the same channels running on the same strike that have brought the same fluids downstream into into what's, you know, become other deposits. And you see other explorers as well who've had a deposit slightly downstream, like at Langer, and they've continued upstream up the paleo channels, and they've also found uranium. And we found uranium at surface. We've seen visual carnitite as announced last week within this initial drilling program. That's the that's the uranium mineral, secondary uranium mineral. That's the precipitate from the leach uranium. So it's just really a question of how much uranium have we got rather than is it there. But that makes it highly prospective on the ULG targets. Again, we've had assays. Uranium is there.

46:28 We're in a prolific corridor. We have the same structural systems, dermal structures that are associated with uranium. And as I said, we've seen ULGs. We've sampled them. We see more of them. We've trenched them, and now we're drilling them. So, yes, it's great having neighbors. Having neighbors with deposits doesn't always mean you've got a deposit, but we've got very large land packages, and we have evidence, visual evidence, and and previous assays of uranium. So certainly well worth a follow-up. Question here about Harding and Cockbill on the board of Botswana Minerals too. Is there a mandate to look for synergies? Yes. Myself and and David Cockbill are also on the board of Botswana Minerals as is as is John and and Jim. Botswana Minerals is the legacy company of of what was Botswana Diamonds. They've been in the country for a very, very long time. Huge land package. They're exploring.

47:24 It's an independent I'm a nonexecutive as is David. It's, you know, where we can where it's not there. There's no the the companies are run completely independently. We're not looking at joy JVs or anything together like that. Doesn't really make sense. They're separate companies with separate mandates. But one thing that we do have the advantage of is relationship sharing. So the CEO of Botswana I mean, we have licenses as ARKLE in Botswana. The CEO of of of Botswana Minerals has tremendous experience in Botswana going back decades with senior De Beers, was involved in you know, was there with Lucara, with Africa Diamonds. So we have the advantage of all these relationships we can share, which are hugely valuable, local partners, logistics, operations, consulting geologists, all the people. So it's really yes. It's useful for me. Having some involvement in Botswana Minerals because it gives me the advantage of all the relationships in Botswana that they've had going back decades, which I think that's that's probably the best synergy, I would argue. Might be some cost savings going forwards because when they drill, we want to drill, we can bid together for drilling meters and get a better price.

48:35 ARKLE has been a great success story. Congratulations. Thank you. Thank you. Well, I hope it continues to be more successful. What does success look like in 2027? I think good question. I think a great a successful drilling program that we have now, good indications of uranium mineralization. These aren't sort of not like drilling drilling a sort of a deep porphyry where, you know, you hit one big discovery hole, and that's it. Right? This is systematic drilling, so so we know we've got uranium. So it's not a case of where we're hoping to find it systematically working out how much of it we have, how extensive it is, you know, gradually building up a resource, moving from a preliminary drilling program into a secondary one to a third drilling program, and hopefully getting to to a maiden resource estimate. Right? That's the for me, the big goal is I get a resource. Right?

49:36 You know, put that put that on the sheet. That would be that would be a success for me. It's a good a good first pass drilling program that that creates an environment for a second and third drilling program that takes us through the maiden resource. And then the other thing would be, you know, good results out of Stone Park, successful holes showing, you know, good lead zinc mineralization and, you know, potentially copper silver like they have at Baliwat. So we'll see what we we see what we get through that. That's great, Rory. If I may just jump back in there as you have addressed all those questions for investors today. Rory, before we direct investors to provide you with a feedback, which I know is particularly important to yourself and the company, could I please just ask you for a few closing comments?

50:22 Yes. Well, thank you firstly to everyone that's taken the time to join and watch this presentation today. Happy to to answer any further questions. I'm very open to being contacted by shareholders. Whether you own a £100,000 of stock or you own £1, I'll always take your call. Very happy to very happy to chat, explain to you where we are, what our plans are, what our strategy is. So, you know, we appreciate all shareholders of any size, and and so, you know, please feel free to call me. There's a number on on our r and s's and an email that you can you can reach out to to, which you get redirected to me, and I'll happily give you a call. So happy any follow ups. Hoping for good results through this this current drill program that will go on for another few weeks and and lead that into into good news flow. And I'll also mention that we have our AGM on Thursday this week in Dublin.

51:24 For any of you that are also in Ireland that want to come to our AGM, meet me, the other directors, have a chat. That's gonna be at midday in Dublin at at the Tealings Distillery. So, yeah, love to love to see any of you there. Fantastic. Thank you once again for updating investors today. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good morning to you.