Bluebird Mining Ventures (LSE:BMV) — Investor Presentation

0:00 Good morning, and welcome to the BLUEBIRD MERCHANT VENTURES LTD investor presentation. Company may not be in a position to answer every question it receives during the meeting itself. However, company can review all questions submitted and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Aidan Bishop, Executive Director. Good morning.

0:29 Hi. Good morning. Thank you very much, and welcome everybody to to the presentation. I'm actually in The Philippines at the moment, so sometimes we get Internet connectivity issues. So apologies if it doesn't always come across completely clear, and that's why I've got the the camera off. So I'm gonna take you through the presentation on BLUEBIRD, and then I'm gonna answer as many questions as possible. I've already received about a dozen or so questions, and we'll go through those after the presentation. So BLUEBIRD, joint venture model to develop high grade gold mines in South Korea and The Philippines. So just the overview of the company for those who might not be shareholders or familiar with BLUEBIRD. We are listed on the the main board of the London Stock Exchange. We actually listed in 2016.

1:23 And at that time, we only had a 25% interest with an option to increase to 51% in the Batangas gold project. And since then, of course, we've enlarged the company to include Korea, and now we have a larger interest, of course, in in Batangas. So across our three projects, collectively, we have about 1,800,000 ounces of gold across the portfolio, and we are very different from an exploration company in that we are looking to take these three projects into production, and we'll look a bit more at that as we progress. So recently, the blue we pivoted our business model to a farm out model where we have free carriers.

2:15 And so, of course, we've done that first at Batangas. We farmed out the Batangas project to a local company and a family that has, you know, decades of experience in in the mining industry in The Philippines in in production, and and that's going going very well. And more recently, we announced farming out the Gubom project in Korea, where a local partner will be able to achieve a 60% interest by investing a total of $5,000,000. So that will take us to a production, basically. So at Batangas, Blue Bird is free carried until it receives the last two permits required for production, so a production decision. At Gubong, we're free carried until production.

3:05 And we've also announced that we are in the advanced or very advanced stages, I would say, of a a farm out at Cochang. And so that's what we've pivoted our our our model towards. And we go into a bit more of that as as as to as to why we've done that as we progress. So you can see that the company the share price, it's obviously gone up quite dramatically over the last, you know, couple of months. I think the lows were about naught point four five, naught point five, and we're about 1.8 now. So it's been going up quite nicely. And personally, I think there's a lot more lot more room for us to continue to grow the share price and increase the share price. And, of course, we have a great incentive to do that as management, and you could see the management stake.

3:57 We've got about 25% or so of the company. And so there's a significant incentive for us to, obviously, to improve the share price and and progress the company. So going on about this transformative model around our our free carry model, targeting free carries at all three projects. And really, decision to do this was at some point last year when the share price was around no point five, and the market cap at the time was only about 4 or 5,000,000, I think it was. It really became apparent that if you're a $3.04, or £5,000,000 company, how are you ever going to raise the quantum of capital required to bring about production across all these projects? And so it was really with that thinking that we started to explore the merit of a farm out model.

4:54 And that's and it's working it's working well for us with the right partners, local partners that have that have capital. I think one of the questions was around why we did the farm out local partners and and so forth. And I think it's it's important to note, if you're an exploration company, you don't really make much of a impact in terms of environmentally, socially, or even and you're not really that visible because, you you know but when you're trying to get the gold out of the ground, it's it's becomes a whole different ballgame. And there's permitting processes. There's obviously social, political processes to go through. And of course, you know, in a country like Korea where English is not the the the language, and it's a completely different culture than sort of, you you know, British or or or Western culture. It just makes a whole lot of sense to have local partners who know how to navigate the local local environment.

6:00 So that's why we started to do the the the farm out. And and so far, it seems to be working working well. I I am absolutely confident that we will get the farm out deal done on Cochang and that we've made announcements about being in advanced discussions and so forth. Those continue to progress, and I believe imminently that we will have something positive to say as relates to as relates to Cocheng. In fact, I'm going to Korea on Monday. So I'll be there with Graham Fulton, who is part of the BLUEBIRD technical team, and we're gonna be there for the whole week. We'll be in Gubong, and we'll be in in in Kochang.

6:47 So to look at the the to look at the portfolio, you can see the two projects we now, of course, in Korea and the project in in Batangas in The Philippines. What I find interesting about all of these projects is how accessible they are. So I can actually you know, right now, I'm coming to you. I'm I'm in Manila. I can drive to the Batangas

7:09 project in about three hours. If you look at the Korean map on the left here, from Seoul to Gubong is about a three and a half hour drive, great roads. And then from Gubong to Cochang is about a one and a half to two hour drive. And literally, the entrance to the Cochang Cochang mine is literally 10 meters from the road. So you've got great infrastructure access, which is a is a significant a significant cost saving. So here we are. We're looking at our our our strategy. The grades are good in all of our projects. If you look at the Batangas project that we're currently going through a, what you call, a declaration of mining project feasibility, which is a feasibility document. It's a requirement as part of the permitting process.

8:02 We're we're focusing on, yeah, high the high grade gold in in in low of course the grades to a very Aden. Hi, ladies and gentlemen. Thank very much. Aden, we just seem to have just lost you momentarily there. If you could just say.

8:31 Gubong and Cochain. Do please bear with me while we reconnect, Aden. We'll just wait one moment for that connection to rip in. Agent, just do please bear with us. I'm just reconnecting, as we speak, so give me a few moments. And, unfortunately, that Internet connectivity issue looks like it's popped up, so bear with us one second while we get back in. Thank you.

9:32 Hayden, thanks for coming back. Let's just get you back up. Hayden, how are you back with us? Sorry. Just we missed you for for about a minute there. You just you just disappeared. So you're back in the room. Thank you. Okay. Apologies for that, guys. The I don't know what every day in The Philippines around this time, the Internet becomes quite unstable. You will be able to go to this presentation. It will be uploaded, I believe, to the website today, and you'll be able to have a look at that. Maybe what what given the instability of the the Internet connection, maybe what I'll do is I'll just go through I'll start going through the questions. There's quite a lot of them. Let me let's let's start I'll start doing this. So question one was what does the company see as a realistic AISC all in sustaining cost of gold of production of gold at each of the company's projects now? That's a good question. We've made announcements previously on Kuchang and Gubong, where at the time when we assessed it, we were looking at about a $700 costs per ounce, which obviously is very, very low. There was a pre feasibility done at Batangas about ten years ago.

10:46 And, again, that was also a very low sub $1,000 costs. And when we reworked the declaration of mining feasibility around the the the high grade Lobo, I think you'll see that cost come even lower and also an increase in increased number of ounces. So that'll be interesting to see. But again, very low cost across all three projects, which, of course, with gold prices around $2,300 is is is is good. The next question was, what time scale does management now see for initial gold production at any of the projects? I think that's that's a good question. So, of course, across in we're in permitting processes in Korea.

11:33 Kochen could be in production six to nine months once there's permits. Gubong will take longer. Batangas, once we've got to that production decision, we've got those two permits, we could probably be within production within twelve months. I think that's realistic at Batangas. Next question. Have the authorities in Cochang stipulated that they favor a South Korean partner in order to issue a permit? Nope. They haven't done that. They haven't done that. So we that's just a decision that we took in our assessment of Korea, the country, the social setting, the political setting. It was it's just a whole lot easier to navigate with a local partner than it is for a company that none of us are from Korea, none of us speak Korean.

12:26 So yeah. So no. Next question was, can you outline what obstacles we still need to get over before permits are granted and production can proceed, please? Yep. So, Batangas, so two key permissions, a direct declaration of mining project feasibility. So that's being undertaken now. What what is the declaration of mining project feasibility? It's basically where you present a technical document on the life of the mine, the ounces per year that you want or or the the tons you want to process, the ounces per year, the costs, and so forth. So once we have that declaration of mining project feasibility, it's gonna be a pretty accurate reflection of what is actually gonna be the case when we start mining at Batangas.

13:12 Of course, at in Korea, the the permits we need obviously, we need a mountain temporary use permit. I think also it's worth bearing in mind that we can actually do some work now even without a mountain temporary use permit because we do have, in Korea, what is called a mining rights. That's your sort of governing permits. We also have a permit to develop. So we need to get a mountain temporary use permit. And depending where we set up processing, there'll be some sort of permission that was gonna be required there. So, again, that's also the reason for bringing in a local partner who would have a lot better understanding than we would of how to navigate permitting and so forth in Korea. So the next question was, can you provide information regarding the heavy machinery required to go into production and advise if these are already bought or are these still to be obtained, please? So we haven't bought any machinery at at this point.

14:11 The time to to do that would be once the once we have all those permits. And then, yeah, and then that would be the time to start buying buying machinery. So a Batangas, they'll I think it's worth being as well. Like a Batangas, it's probably you you look to contract out a lot of this to contractors. Right? So it wouldn't be necessarily us buying all this equipment, us necessarily doing

14:38 doing the mining per se. You you would typically it would not be unusual to have contractors to do certain certain things. So for example, in Korea, if we do some work on added refurbishment, that's not necessarily something we would necessarily bring the equip in. You could actually put that out to contractors. So so some of it, we might have and some of it could be could be. Why was having local South Korean investors on board a prerequisite by the government to moving the projects forward? Why won't BMV able to do this without them? No. It it wasn't a prerequisite by the government. The government did not insist you must have South Korean investors. That was a decision that we made. And again, it comes down to really language, culture, understanding.

15:25 It's just a whole lot easier to navigate with with with Korean investors. Similarly, in The Philippines, even though I've been in The Philippines a long time, again, it's easier for Filipino investors, partners to be able to move things forward than it is for for for foreigners. I think that's that's probably true in in in in many countries of the world. Next question. Can you tell us more about the JV consortium? Who are they? All we know, are they our local businessmen? Do they own a mining company? Have they mined for gold before? What business have they been in? So, yeah, I'm assuming you're referring to the Korean consortium for the Gubong project. They are all very successful people.

16:13 They've got various different businesses. One of them has got a graphene business. They've got one of the most advanced graphene companies in the world. They personally invested, you know, over a $100,000,000 into that business over the over the past decade or so. So have they mined for gold before? No, they have not. But that's okay because they effectively are an investing partner. Within the agreement we have with them is the technical support advice can come from BLUEBIRD. So they're looking for us guidance on the technical side of the project. What they're really there for is to be a local partner is investment and to be able to navigate permitting and also the local community and local politics, etcetera.

17:04 Okay. When do you envisage the MTUP being granted for both projects? Good question. I wish I knew the answer to that question. So, of course, at Cochang, the board of audit and inspection is is reviewing the MTUP process as we speak. Now they were meant to do that they were meant to do that within, I think, was sixty or ninety days, but it's been quite some time. And they they did write to us a couple of months ago saying they, you know, inundated with workload. So, yeah, we just gotta we just gotta wait and and and until until they, yeah, until they do their process. I think I think one of the reasons I'm going to Korea next week with Graham is to look at what we can do or what can be done at the projects now before we even get the MTUP.

17:53 So I'm keen that we and and the local partners clean as well to see what we can do to move the projects forward. So there's certain things that we we can do inside the mine and without an MTUP. So we're gonna be looking at that next week as to what we can do without an MTUP, what needs an MTUP, how how we can really get this this project moving. So that's about the best as I can answer that question. What is the NPV of all three projects to BMV working interest? I don't know. The NPV at Batangas, there was one before. It was done ten years ago. That was quite a big number. It was over a $100,000,000.

18:41 I don't know if we worked on MPV. I think we did do an NPV at Gubong and Cochang. Personally, I don't really look too much NPVs. You know, I I'm really more focused on how to moving the project forward. Let's get it into production. You know, an an NPV is a bit of a theoretical number anyway. Right? And how many mining companies publish NPVs and you look at their share price and market cap is is not even not even close. Right? So I think there is I think we have published work in the past on NPV, but it's not something that I really look at, to be honest. What is the planned production output for Kochang and Bubeong? So the plan the plan previously was always to start Kochang first. Why was that? Because it's a small project, technically very easy, and we could be starting you know, we could be getting, 10,000 ounces or so a year out of that and then increasing that and moving to Gubong.

19:40 The goal the goal was to get about a 100,000 ounces a year of production from both mines combined. Of course, you wouldn't start there. You would build up to that over time. So that's the the production hasn't really hasn't really changed. Yeah. It's just we gotta once production starts, I suspect it will start, you know, 10,000 or so ounces of Cochang and then move across to to Gubong. In fact, one of the reasons as well going to Korea next week, of course, is to hopefully close out the Cocheng discussions positively and also to discuss the strategy with the local partner around which one's going for management consider a share consolidation from 700,000,000 to 200,000,000 shares and in the name.

20:55 Consolidation, haven't really thought about this. I've got billions of shares. I don't think you wanna get to that point, donation.

21:01 Company name change, absolutely. Yep. I've I've been advocating that for for some time, and I think you will see something very soon in terms of a name change. So watch this space on that. Not necessarily sure it's gonna have the word gold in it. It might do. It might not. But I guess that leads on to my neck the next question is what is the strategy to acquire new assets? And with the partners you have, are they not competing with you on prospects? That's a good question. So let me ask the latter part of the question. We're not they don't no no one's competing with us. We haven't been we as a company, we haven't really been we don't have an active strategy. We must go and find new assets. I think it's really for us, it was about pivoting to this free carry model.

21:54 Once we conclude Cochang, which I'm sure we will, then that's yeah, there could be opportunities for more assets. Those might not be in Korea. They could be. They might not be in The Philippines. They could be. We're not really competing with our local partners either in The Philippines or in Korea. As I say, particularly the Korean partners, they're not mining experts at all. They so we're not not competing on on prospects. It's not easy to find the right type of project, right, particularly if we stick with our focus around reopening old mines. It's it's not it's not easy to find the the perfect projects that sort of fit our approach. But, yeah, it's it's fact, I was in a meeting two weeks ago, and somebody has an old gold mine, funny enough, in Indonesia.

22:47 And they were taking me through a presentation on that, which all looked very rather interesting. But we'll see what we'll see what happens. How did you arrive next question. How did you arrive at the $5,000,000 figure for 6,000,000 of Gubong as this seems low in comparison to what was paid for the project, especially now the gold price has risen?

23:08 What do we pay for the project? We paid I think we paid we had to we had to pay Southern Gold. For Gubong, it was about $6,000,000, I believe it was. And we paid them in shares. So which, of course, they are now completely out of the equation. I think they probably exited about the naught point five p level. Oh, but, anyway, there you go. Is it low? Was it low? I don't know. Okay. The gold price has risen now. The way I look at it, it's you know, if we get these permits, then and we get into production, we're all there's all we're gonna there's a lot of money to be to to to be made here. But what I recognized is there's just a need to have a local partner. So there was no real there was no real I don't think there was a whole lot of science behind how that that figure was derived.

24:02 We went back and forth on some numbers, and that was the number that we agreed to. I think it was an important number for BLUEBIRD because we believe that production can be achieved with that number. So if if BLUEBIRD is free carried and we're producing gold, that's a very strong position to be in as a company.

24:23 Glenn b, thank you for your presentation. Shame about the Internet connection. Sorry. Welcome to The Philippines. I'm a long term investor and freely admit to knowing nothing about mining. Okay? Well, we're glad to oh, three questions. Here we go. Scrolling down. What do you estimate to be the life of mine for Cochin, Gubong, and Batangas? That's a good question. So Charles Barkley, you know, forty or fifty years in mining, always would tell me is an underground mines never really they never really die. You know, they can go on. So if you look at in fact, at the presentation, there's a slide on the upside at Gubong. You can see like a a red area there where drill holes historically have gone down into that. And they're only mined down to 500 meters. And that's an orogenic gold deposit. These typically go down two kilometers. So at Gubong, the life of mine could be, you know, it could be it could be decades.

25:19 You know, once we once we get into it, we we we will see. Cocheng, again, they only mined there's only, like, three levels of mining there, so a lot of upside there. Again, there could be a significant life of mine there. Batangas. So at Batangas, one of the with the declaration of mining project feasibility, you have to have a ten year mine life. It's a requirement by, you know, the law here for that. So you we we we would model everything around the ten year mine life. But again, at Lobo, where we're focusing on, the previous partner only did very limited drilling and exploration work, which proved up a resource and a reserve. But, again, significant upside to that. So there could be a lot longer to mine there. So I I think that's the great thing about all these three projects.

26:11 They all have upside in terms of extra ounces to be discovered and added to the book. So the next part of that question was when or at what point do you estimate the company will start to generate revenue? I understand that the the short term, the revenue from Cocheng will be used to develop Gubong and perhaps subsequently also between us. No?

26:30 So we'll start making generating revenue when we can start mining, which we touched on earlier in the presentation. I don't think it's necessary when we were the 100% owners of these projects, the idea was to get Cocheng going first, and then maybe we can use some cash flow there to slowly start doing some things at Gubong. But I think one of the better things about getting a local partner is we've got a 5,000,000 farm in there, which will take Gubong into production. We're looking to do something at Cocheng, but the game will take Cocheng into production. And, of course, Batangas, we're free carried to a production decision. So quite likely that BLUEBIRD won't need to that blue that we will be producing at Gubong and Cochang before BLUEBIRD has to contribute any more cash.

27:22 Batangas is being the declaration of mining project feasibility is underway, and that will show the show the costs to bring about production there. I'm personally expecting that the costs of bringing Batangas into production is gonna be very low. It's gonna be very low. So we'll we'll see how that looks. And the third question here, looking beyond this, what are the company's long term plans for revenue? Is a dividend envisaged? If so, when? And by when? I'm not necessarily looking for a date, more an estimation of at what point in the production process. Yeah. I mean, if if if we're making you know, if we're if we're if we're profitable, we're producing enough gold, and why would why why not? We we definitely would look at a dividend.

28:08 As to when that would be, I don't know. In terms of how many ounces, not sure on that one either. I think, you know, the longer term plan was to build up a career to a 100,000 ounces. I think we had mapped out a plan to be able to do that over a five year period. So, you know, if you're producing 100,000 ounces of gold a year, the share price is going be a lot greater than it is today and dividends becomes a likely annual or regular event. Next question, Michael b. What happens if permits are not granted? Well, so that's a good question because I think some people think it's a bit all binary.

28:54 Well, okay, let's say, if if the mountain temporary use permit isn't granted, so we're just we'll apply again. It's very simple. So it's not like it's game over. So a mountain temporary use permit in in Korea is related to a specific piece of land. So you could apply a gain. You could pick a new piece of land. Yeah. So that's that's we'll just we'll just apply again until we get it if if that happens. And, that was one of the reasons why the value of a local partner because they will be able to understand the process, the politics, the social, the community much better than than we will ever be able to to do so. At Batangas, a mining project feasibility is not a case of it's granted or not granted.

29:46 It's it's basically you it's a technical document that ends up getting approved by the government. The environmental compliance certificate, again, that that's that comes out of a process as as well. So we fully expect that we will we will be able to achieve those. Okay. Michael b again. The company have enough cash to get the company to production? Well, we're not financing production. So that was, again, why we had a local local partner. So 5,000,000 at Gubong should be sufficient to bring about production at Gubong. And when we conclude the the farm out deal at Cochang, we will look to be able to to we will look to be able to be in production there. So we if we were going into production today at Batangas, then, of course, there will be some cash needed for that, but we don't know exactly how much yet, which is what the declaration of mining project feasibility is is is going to do. So my I think the earliest production realistically at Batangas optimistically would be towards the back end of next year.

30:58 And if we got the permits by, you know, end of q one, then that's that's that's realistic. Let's see. Next question, Richard j. Assuming cash flows on the near horizon, say, two years, what are plans to get these what are the plans to get these out to long suffering shareholders? Assuming cash flows on the near horizon, what okay. I think you're asking how are we gonna communicate to shareholders about cash flows. If that is what is being asked, then once we have the declaration of mining project feasibility at Matangas, we will be able to publish a lot of information about that. And then you'll be able to see how the cash flow looks like. We've already published certain information on Kocheng and and Gubong.

31:48 I'm sure that can be that was done pre pandemic. I'm sure we can update that with the help of the local partner as well as we continue to progress. So there you go. I think we've think I've got And, yeah, you've you've you've covered off every single question, so thank you. Your Internet has actually been been stable. We're just monitoring throughout. So if you do wanna carry on to with with any of the slides, then do feel free or or wait to see if any further questions come through. I'll tell you what we do. I mean, feel free to keep asking questions, but I've just pulled up this slide on Gubong because one of the questions was about upside, life of mine, and and and so forth. Here's that slide I was referring to. So if you look at Gubong here, right, and that red zone, so there was some historic drill holes that went into that and there was grade.

32:34 So you could see the life of mine could extend beyond the 500 meter area that was mined, and that could be that that that could be substantial. It's it's not really possible at this point to predict how how that might how that might look. Of course, at Gubong, when the Gubong mine closed, it closed in one day. So, you know, your first mining is really just to remove pillars, post scraps, ore that was left behind and so forth. And, of course, ore that was left behind that was not economic then will be economic today. And, of course, technology has improved today. So, you know, we're we're expecting, you know, substantial production there. So that was Gubong. Let's see if I can pull up the Cocheng slide.

33:22 Here we go. Cocheng. So you can see here that there's two different parts of this mine. You've got the silver mine and gold mine. And along the surface, it was applauded how the two two join up. And, that hasn't been looked at thoroughly. So there is a lot of a lot of upside there at at Cochin. Now the question has just come through. Is the 100,000 ounces production fee gross, so around 40 k net to BMV? Yes. That's that is correct. That that is correct. So that's that is correct. 40,000 ounces of gold per annum at $2,300 an ounce would be yeah.

34:09 Let me pull up my calculator here very quickly. Will be quite a lot of money. So 40,000 times 2,300 is $92,000,000 a year. So if we're making $92,000,000 a year, that's that's that's pretty good. Is it another question coming through. Richard, is it most appropriate to now view the company as a pseudo streaming company, albeit where we have supplied physical mine rights instead of cash in exchange for a stream of cash receipts for the period of life of mine upon mining commencement? Is it most appropriate to now view the company as a pseudo streaming company? Don't know. Haven't thought about that one. I don't know. I the way I look at it is we are looking to go into gold production.

34:59 We got local partners at two projects, about to be three projects that are taking us that will take us to production in Korea, production decision. And it could well be at that time, you know, we we have a very more much more active role in the company. I don't know. So we'll see what happens there. Excuse me. More slides here on on on the coaching. Aidan, small typo error on the chart. 712,865,942 shares in issue. And it should be okay. We've looks like we have 900 shares too too many. So okay. Noted. I will have that corrected. Thank you, Barry k.

35:56 NPV. He asked somebody else about that NPV. This project here was the NPV of 181,000,000. There we go. Another question. Do we see BMV being another apex in terms of being taken over? That's a that's a really good question, actually. I think that given the upside of Lobo so we've, at Batangas, we've got established York resources of 440,000 or so ounces. When these projects have those two permits and production begins, there's it'll be hard to keep on to hold of this project. People are are gonna wanna buy it. That that's for sure.

36:45 So I think it would be I think it would definitely become a the tanks will become a takeover target. Do we see b m oh, but you mean BMV, the whole company? Well, that's a good question as well. I I it could be. Yeah. It could be. I mean, what's interesting about Korea is, of course, the last foreign mining company to bring a gold mine into production was Ivanhoe in the in the nineteen nineties. So, you know, gold producers are always looking at new jurisdictions, what's coming on stream. So I think in particular, Gubong is a huge, huge project. It was the second largest mine, right? So if that gets permitted and goes back into production, that could also be a an acquisition target. Although, I must say our our Korean partners are very proud of the the Gubong mine, and I don't think they would want to wanna sell that one without a fight. I mean, they they they really see, you know, going the distance on that one.

37:41 So but who knows? It's all in in the future, if we will be a takeover target. Apex, of course, was Colin Patterson's last major mining project that they acquired for I think it was about $7,000,000. And yeah. And then he he got out when I think the offer was about a 180 or something like that. Next question. What do you envisage annual corporate overhead to be on a per annum basis? And given management's large stake and disjoint between peer valuations, I assume dilution at these levels is not envisaged. So this is one of the reasons why we went to a free carry model, as I said earlier, is, you know, when, you know, when we were a no point five p share price company, we were at a market cap, I think, three and a half, four million pounds.

38:27 It's not realistic to be able for a £4,000,000 company to go and raise 10,000,000 to to bring about production of projects. So that's why we entered this free carry model. The market seems to like it and has responded well to it. So what does that leave the company having to finance? Just corporate costs. Right? That's it. So we don't really have a whole lot of those. So, you know, what what are the corporate costs? Well, you paid you paid the FCA, you paid the London Stock Exchange, you paid the share registrar, you know, that that that's that's basically, you know, and a few other costs here and there and that that's about it. So your question is what do you envisage the annual corporate overhead to be? I suspect it's probably going to be no more than 250 to 300,000 a year. That's about it.

39:15 So yeah. So, you know, it's it's it's it's not a whole lot. Dilution at these levels, no. We're not really looking at them. I I don't don't really wanna do that. Of course, when your share price starts rising, everybody wants to give you money. But it's I mean, personally, I still think the share price is very low. You know, if you look where we were before the Southern Gold buyout situation, we were close to 6 p. And I think we were going on a all time high. So, you know, it's it's great to go from 1.5 to 1.8, but I just I still think the share price is very low personally. So yeah. And it's in my best interests personally, speaking as a shareholder and also as director of the company to keep getting that share price moving. And so that's why you've seen an uptick in stakeholder and investor and market engagement, and we're gonna be able to continue to do that. So I'm I see a lot of news flow coming out of Batangas over the next sort of six or so months.

40:19 I see news flow coming out of, you know, Gubong as we progress, Cocheng as well. And so yeah. So I think that answers that one. Richard Jay, thank you for answering my question. BMV presentation in Manchester many years ago. You know, probably the share talk presentation, If I remember one. Yeah. Okay. In fact, I'm coming to The UK. I believe it's hopefully, do some interviews and and so forth. Available for everybody, and I I suggest you take a good look through it. If you have any other questions that you wanna ask me, feel free to email the company or email myself, [email protected], and I will endeavor to answer.

41:26 Yeah. Is there any more questions that anybody wants to ask? And I think you've covered off everything that we've had through. And, of course, any further questions do come through, you have the ability to review those, we can publish responses on the investor.me company platform. And perhaps before just redirecting investors to give you their feedback, if I could just ask you perhaps for a few closing comments. Yeah. I think look. So closing comments. I'm going to Korea next week. So me and Graham Fulton, very excited about this trip. We're going for a couple of reasons. One, continue advanced, closed, finished discussions relating to the Gubong farm farm out. Also, it's a technical meetings in Gubong and in Cochang. So, look, the the free carry model is is being is working well for BLUEBIRD, and I'm convinced it's the best way forward for the company. And the share price is going to keep moving upwards in my opinion.

42:17 There we go. Fantastic. And thank you very much indeed for updating investors today. Can I please ask investors not to close the session? As you know, we're automatically redirected to provide your feedback in order Aiden and the team can better understand your views and expectations. This will only take a few moments to complete, and it's greatly valued by the company. On behalf of Aiden and the team at BLUEBIRD MERCHINING VENTURES, we'd like to thank you for attending today's presentation, and good morning to you all.