Bluebird Mining Ventures (LSE:BMV) — Investor Presentation

0:04 Good morning, ladies and gentlemen. Welcome to the BLUEBIRD MERCHANT VENTURES investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Please just type in your questions at any time and press send. The company may not be in a position to answer every question it receives during today's call. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. And if you give that your

0:34 kind attention, I'm sure the company will be most grateful. And I'd now like to hand over to Colin Patterson. Good morning, sir. Good morning, Mark. Thank you very much. Yeah. Kick off straight away. I'm sure everyone wants to get on with their their morning breakfast, etcetera. So, starting off, with who we are and what we do, We are an unusual company. We are different from the rest, and we bring historical companies, historically producing high grade underground mines back into production. We have a team that has been doing this kind of work for thirty, forty years plus, and we've done it very well. We we don't believe there's another team in the world that does it better than us.

1:25 I'm sure you've all read the disclaimer. So as you know, we're listed we're listed in London, and, the type of projects that we focus on are ones that are low CapEx, high grade mines, and we can get into production quickly. All three of our projects, which are listed on the screen there, the Cochang, Gubong, and Batangas mine are all in that category. They're all mines that any one of them could be a a great success for this company, and, obviously, all three of them put together make it a pretty good package of companies. We have already defined a path to 60,000 ounces. We're well on our way to getting there.

2:14 Other than getting a mountain use permit for Cochang, That's the the one and only thing that's holding us at the moment, but we should be receiving that in the next two or three months. The team, as I mentioned, has had years of experience all over the world rehabilitating mines, bringing mines back into production, and making it a very profitably a very profitable exercise. We have yet to fail on any of our projects that we have tackled. As you can see on the slide there now, the two projects on the left hand side, I don't know if you can see my cursor, the Gabon project and the Cochang project in South Korea. And then over on the right in the Philippine area, blown up just below Manila, we have the Batangas project.

3:18 So as mentioned, we we like things to be derisked and easy, and we do have a defined path to production. The first mine that we're gonna tackle is the Cochang mine and followed very closely thereafter the Gubong mine. So we need to fulfill the license commitments, which is the temporary mountain use permit. We're then going to get proof of concept at Kochang very soon thereafter. And we will then move into a seven to 10,000 ounce production at Kochang generating cash and then up ramp up the production there at Kochang and use the funds from that to get Gupom up and running.

4:05 The one in The Philippines, the Batangas project, which is a brilliant project, was the original project of this company that we listed the the the initial IPO. Sorry. The IPO some years ago. And, unfortunately, due to political situation in The Philippines, the previous government was anti mining, so we put it on a back burner. The new government is now keen on mining. And as you know, we have just recently announced an extension to to our project, which, the government gave us, and we are in advanced discussions now with a local partner, here in The Philippines to basically run that project and and fund it as well to to the point of construction.

4:59 We should hopefully make announcements to that effect of that agreement with this Philippine company within the next two or three weeks. Hopefully, the lawyers don't hold that up any longer than they are at the moment. But the whole idea of of giving this out or farming it out to someone else is that we can concentrate on the South Korean projects. Korea is is a great place to work. It's also a place that used to do a lot of gold mining. As you can see in the the graphic down there, prior to the or during the World War two, it got up to nearly 350,000 ounces of production after the war had stopped and then rebuilt itself before finally, president Park decided to make Korea a country that focused on tech. And they've done a great job at that. But now recently, as you can see at the end here, mining is coming back to to Korea, and the government is doing great things to try and support and cooperate with mining companies. For example, they don't ask for any royalty. It's the only country in the world that I know that don't ask for royalty.

6:24 They subsidize regional drilling 80%. They subsidize environmental projects such as wetlands and the likes of that. So very encouraging and nice country to work in. Lovely people and a great country. If you haven't been there, definitely make plans to get there. So the Cochang project, as you can see there in the diagram to the right, has got a strike length of some two and a half kilometers. We're only looking at this little area up here at the moment, and there's enough ground there to keep us going and generate cash for quite a while. As you can see in that very first point, it did already produce 110,000 ounces of gold at an amazing nineteen point six grams per tonne plus 5,900,000 ounces of silver at 1,000 grams per tonne.

7:22 So as you can see, it is a high grade mine. It has four steeply dipping, veins, and we've accessed these main veins, and we've done a fair amount of, face sampling, face chipping, and reassess the resources there that were originally estimated by CORES. CORES being the the organization in Korea that authorizes mineral resource statements similar to, I guess. To be fair, it's not to the high standard. But, anyway, we went in, and we we know that Corus had already determined a certain amount of mineral resource in the Cochang mine. And by getting in there and getting to the face, getting our hands dirty, we were able to verify those grades and those tons.

8:27 So we were pretty pretty chuffed about that. So, basically, we we have a lot of faith in the CORES, resource statements, although we can't obviously state them as your your standard mineral mineral resources. As you can see, it's not very deep. In fact, most of the workings are all above added level going into the side of the mine, so very little is going on below. And it's got great potential at depths in this area, but more so down here in the South. The South vein, as you can see, there's that's where the silver mine was, and then there's this big chunk of about 600 meters in the middle that has yet to be properly explored and opened up.

9:15 So a lot of blue sky in the area as well. I'd like to just go through these points on the left in the blue box there because this is our model. And I've said it before, but I'll say it again because it's important that you understand we are quite different from other companies. We're not an explorer. We're not a miner per se. We are someone that does things quite differently. We look we hunt the world looking for high grade opportunities. We need opportunities that have good data, that we can verify from going underground and seeing where these working places are and where the grades are.

10:03 It should have great resource potential, obviously. We like places that are have got good access. We're we're not in favor of helicopters and trekking through jungles and the likes of that. We like to drive up to the back door. And then all three of our projects, the Patangas in The Philippines and the two projects in in South Korea, Essentially, we we drive up on sealed roads to the front and the back door of each of those projects. But we like things to have established infrastructure. We don't wanna have to spend large sums of money putting infrastructure in such as power, water, and the likes of that. And in all of our cases, again, all the infrastructure is right there at the backdoor.

10:50 Obviously, we like to do things that have got a low CapEx, so we don't like going things that have got high refractory ores or require complicated mining methods and or processing methods. So, for example, the two mines that we have in Korea, we're looking just purely at that leaching there. Very simple, very cheap, very quick to get going, and we're getting enough recovery from that to make quite a lot of money. Obviously, the stuff that's the goal that is left behind and it's is reasonably high would be reworked at a later date. And, obviously, high margin is the name of the game for us.

11:37 And, again, all three mines have high margins. The reason why we're going for Cochang first is it is the smaller of the two in Korea. Gubong is certainly the company maker, but Cochang is the easier of the two. Get the access to the mine is very simple. We have already accessed over a kilometer of tunnels. We've been on the into the stopes and climbed around and assayed and sampled. The community there, very supportive of what we do. And as you probably saw in an announcement earlier this week, the there's been a a leasing deal done on land, which will allow us to continue with the Mountain Use permit. To get a mountain use permit, basically, they wanna know which land are you gonna use. So we had to get a lease agreement for that, and that that was probably the biggest challenge for us to do. And it came through with flying colors with the full support of the local community.

12:47 So that's a little bit more on Cochang for those who'd want to come back and look at this in more detail. It has lots of blue sky. And as you can see, a lot of those purple marks showing high grades, 30 meters at 3.8 grams per ton and stuff like that. I'll move on. So just to quickly take you through the path to production at Cochang is the first one. They applied for the temporary mountain use permit, which we expect to get by the end of the year, if not due to Christmas and the likes of that, next year. We will then refurbish the the mine. Three weeks is probably on the optimistic side, but refurbishing shouldn't take too long. We've already done a lot of work there already.

13:39 Stockpiling the ore. Basically, there's a lot of ore on the ground and in the stopes that we can initially use to to do proof of concept. So there's no breaking of rock. There's no blasting or anything like that. It's just basically pulling out the stuff that the old timers left behind and bringing it out to surface and putting it through a small crusher screen and into a vat. Once we've done the proof of concept, obviously, we prepare for full mining, which will be out four months, and then to complete construction, another six to nine months. And then we're looking at increasing production to build up to 2,500 ounces per quarter or 10,000 ounces per annum at about five grams per tonne. That will generate cash, which will allow us to spend more money on the Gubong project, which here we have here some pictures of the old mine in Gubong, which it was the second biggest gold mine in Korea.

14:41 And it was estimated to have mined over a million ounces, and I certainly believe that there's at least that left behind at at high grades. So it's done at 25 levels of of development, and which adds up to some 120 kilometers of tunneling underground. So it's an amazing project. It will ultimately be the company maker. We know, for example, that at the bottom of the mine where so this mine consists of multiple flat dipping veins, but veins number five and six, joined together and were apparently being mined at 20 grams per ton over two meters.

15:28 Obviously, we can't verify that until we get down there. The, type of deposit is a orogenic deposit, which speak to any geologist will tell you that, yeah, these things go to great depth. So we're we're currently at a depth, in fact, probably less than 500 meters at the moment. So long way to go. There's a lot of blue sky at at, Gubong. On the right here, we if we show you the, area that we have, in the green blocks, the area in the center here where you can see all the little squiggles and worms is the development. Is it a 120 kilometers of development that I just spoke about where the mining was done? So the the bottom of the mine is where my cursor is.

16:18 I I hope you do can see my cursor. But if not, I'm sure you can imagine where it is. There's a little purple box here, and if you've got good enough eyes I'm trying to see it myself to tell you the truth. It's 1.8 meters at 27.9 grams per ton, which is a a hole that intersected below the lowest level and which shows the the immense potential that this project has. There's huge if if you look in this block up here, which is the the inset there, If you look at that block up there, you can see great big gaps all over the place where the old time has left left it behind. They obviously mined these very high grade shoots, But these other areas were running at three, four, five grams per ton, and they left it behind.

17:17 So that's why we are confident that there's plenty of ground to be had when we get get into Gubong. I saw somebody just put up an arrow there, so, obviously, you can't see where my cursor is. So my apologies for that. No no problem, Colin. I can draw an arrow there if you need to. Just let me know. No. No problem. I'm I'm sure people are if they're not following, please just ask questions, and we can come back to you with with diagrams and arrows, etcetera, etcetera. So, yeah, the the as I said, this is the company maker, and it it is the one we will tackle after we've been successful at Cochang where we've debugged all the issues and problems.

18:03 So when we get here, we're gonna hit the ground running at Gabon. Its strike length is is one and a half kilometers on on strike and 1.8 kilometers down dip. So it is huge. And that the area we have is much bigger than that, and we know that there's potential for that to get even bigger still. Yeah. In fact, the very bottom comment there, original extent is three to four kilometers. So on on the Gabon one, so we have to dewater level one, which is not a big job. We've got three months here. I actually think it'll take one month or less. There's not a lot of water there. Refurbishing the attic and getting in there, I agree that would probably take three months. Sampling and surveying, which is our way of exploring.

18:51 We we don't waste money on drilling the place out. Why why would you do that when you're gonna get in there and actually touch the stuff, touch the the working faces where the ore is and be able to chip away and take as many samples as you want instead of just having one simple drill hole intersection.

19:12 We then commence stockpiling similar to what we're doing at Cochang, build build a plant, and then sort of eighteen, twenty four months later, be in production looking at 25,000 ounces going up to as much as 60,000 ounces per annum. The expected cost per ounce, all in cost per ounce, when I say all in, I mean everything, including taxes and, well, there are no royalties, but any any other costs that may be around, sustaining capital being one of them. The all in cost would be sub 800 US. So we were pretty confident that we will make money on. Grade is king, and both both the projects in Korea have got excellent grade and and so so does Batangas, which is what we're moving on to now.

20:07 And as I mentioned, Batangas, we will be passing this on to a very well known team of people here in The Philippines who will pay for and manage the project on our behalf for for an earning, which we are currently negotiating. There's been something like 20,000,000 worth of exploration done on this area. It actually does have a jolt resource of some 36,000 ounces at 6.6 grams per ton. So it is it is a really nice little project, and it's certainly one that we were very excited about when we started the company off quite a few years ago. Unfortunately, due to that political situation that I mentioned, it had to go on the back burner.

20:53 That's back on front now, and we would we would hope to monetize the value of this through this partnership that we have with the Philippine company. For those that aren't aware, in our books, we have written this project down to zero because of the previous government situation. We didn't know if we would ever get the chance to get this thing going again, but we're thrilled that we can. And we're pretty sure that the Philippine company has what it takes to make this thing happen. So just to, sum up the parts again. So what do they say? Tell them what you're gonna tell them. Tell them and then tell them what you told them. So here we go on the third part of that.

21:41 Ko Chang, estimated non jolt resource of about 200,000 ounces. Historical CapEx estimation of the infrastructure that's already in the mine has been put at about $5,000,000 Seriously, I would regard it much higher than that. Production target initially is 10 to 12, but we do believe it can potentially go as we open up the area and get into the down the strike there, potentially take it to 20,000 or 30,000 ounces. And it's comparatively simple to reopen, and that's the reason why we're starting with that one first. Let's do the easy stuff first. Low low low fruit, as they say. And then once that's going, we'll be climbing into the company maker, which is Gabon, and that's got an estimated resource of about 1,300,000 ounces.

22:32 The historical CapEx there has been put at a greater than 20,000,000, and that's a 120 kilometers 100 and of tunneling. I can tell you now, 120 kilometers of tunneling is worth a lot more than 20,000,000. But anyway, we're being conservative. Production target is 60,000 ounces per annum and in the longer term, a 100,000. It's as I mentioned when I was talking through it, it's open at depth and at strike as is Cochang. And the Patangas project, the resource at the moment is estimated about 440,000 ounces, of which 36,000 is already in Joc resource. Exploration expenditure today to 20,000,000. That was by the previous company before we boarded off them.

23:26 And there's a lot of great a lot of green blue sky potential there as well.

23:36 So just a comment at the bottom there, about on the 11/27/2020, an independent expert valued the project at some where it was, where the figure well, 50% of it. So 22,000,000 is what it they valued the whole project. This is the Cochang and Gabong projects. And this was done to facilitate the purchase of the two projects from well, the remaining 50% of the two projects from Southern Gold. And as you're probably aware, we paid that 11,000,000 in some 200,000,000 shares of BLUEBIRD, which made Southern Gold our biggest shareholder.

24:23 They are very supportive and cooperative. In fact, next week, myself and the COO

24:33 to Korea. Oh, not tomorrow, Sunday. And we we will be meeting with the CEO, Rob Smiley, to discuss how how we can continue to cooperate and work together with with these projects. I might add that that 22,000,000 that was determined by the independent expert was done at a gold price of $1,400 It was then discounted by 90%. Sorry, the discounted cash flow was done at 15% discount and then a further 90% discount to arrive at that figure. So as you can see, our market cap is nowhere near what we actually paid for that project.

25:25 So final slide. Oh, sorry, there might be one after this. What is the last one? That's a good one. Okay. That is the final slide. Final slide, again, just to recap, we have two low capital expenditure mines, both high grade. And we have got extensive proven historic data and we can easily upgrade the resource. We estimate that there could be as much as 1,500,000 ounces. I actually believe in time that it'd be more than that. And initial production of 60,000 ounces probably in the next four to five years, and then thereafter growing to a 100,000. We have a a very rapid defined route to production.

26:13 And I I suppose I'd just like to focus on that one a little bit there. Unlike exploration companies and and people tend to compare us to exploration companies. So an exploration company that had this, a pure exploration company, if they had these projects, they would probably be coming to shareholders and saying, hey. Give us 5,000,000, and we'll, drill this thing out, and we'll prove it up to jock or forty three one zero one. And and then we'll, come and ask you for more money so we can do a feasibility study. And then we'll ask for some more money and to build a plant and to get into the mine and this, that, and everything else. That's what I suppose is the traditional route to getting the mine up and running would be.

27:01 Our way is give us the 5,000,000, and we'll just get stuck into the mine. We know it's there. We've done this time and time again all over the world. We've always been successful. These projects are probably in terms of the other mines that we've operated worldwide, are better than, well, let's say, I would say they're in the top 10 to 15% of the mines that we've worked on as a team in the past. So we're we're damn confident that, we can make money out of this, and we don't need to waste money drilling out resources, etcetera, etcetera. As and as you probably are aware, management have put a lot of their own money into this company, over $2,000,000 of our own money plus sweat equity, which, you know, right throughout the COVID period and the things like that when companies needed to keep it tight, we did.

27:56 None none of our team have taken any cash for salary at all. So just moving on from that point. Projects have got excellent infrastructure in as I say, we you go when when we when I go there on on Sunday, basically, you catch the bullet train down to Daejeon and then hire a car Daejeon. It's a 1.25 hour drive to Gubong or a one and three quarter hour to Cochin. And we base ourselves in Gabon for the time that we're talking to the various local governments, and and, of course, Southern Gold is based there as well. As mentioned, we have a lot of upside from Batangas.

28:44 The monetization of something is written down to zero in our books at the moment. And the last point and probably the most important part is that we have a a team of guys that have excellent experience done it time and time again, and there's no reason why we we can't do it again. That that was my last slide, and I will ask for questions. That's great. Colin, thank you very much indeed for updating investors this morning. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated on the right hand corner of your screen, which is why Colin has a few moments to review your questions submitted already. I'd like to remind you the recording of today's presentation along with a copy of the slides and the published Q and A will be available via your investment company dashboard. We'll notify you when that's ready. Colin, I haven't given you any time really. But that said, you've received a number of questions ahead of today's presentation, a number of questions today. So thank you firstly to everybody for your engagement.

29:44 Colin, could I just ask you to open up that Q and A? And if possible, could I ask you to read out the questions and just give a response where it's appropriate to do so, and I'll pick up from you at the end. Okay. So first question, why are you so different from an exploration company? I think I did explain that pretty well in in the presentation, but we are different. We don't spend money on exploration. We are not explorers. We do not have geologists, although we have some very good friends who are very good geologists who help us when we need it. But, essentially, we are operators. That's all we've ever done in our lives, and we we know how to make mines work, even mines that have been closed down, and we've done it time and time again all over the world.

30:30 The second question I've got here, what makes the two South Koreans so attractive? Well, great is king. There's no question about that. Great is king. When these mines closed down, they the gold price was sub 100. And in fact, I think one of the mines closed down when it was at $35, the old gold standard in those days. And we we know that and it's from not only from Korea, but from other experiences around the world that old timers left pillars, left dirt on the ground that to them was not payable, and we know it is very payable. So we see the two projects in Korea as great great projects for for basically grabbing the stuff that the old time has left behind, which have also developed for us. Thank you.

31:33 I'll move on to the next question. Can you talk about the grade in comparison to other gold projects? Well, I suppose the only gold projects that I could really talk about are the ones that myself and my team have involved ourselves with. I guess, probably the most recent one that I where we did a good job was the Apex Mine in The Philippines where we bought with with the help of a consortium, the the mine for some $7,000,000. And then two and a half years later, sold it for well, we didn't sell it. We had a firm offer for $180,000,000. So it it shows you what can be done by fixing up old mines. You get quick quick reactions from from other companies. But the grade at the Apex mine was four, five grams, so similar to the ones in Korea.

32:36 However, the apex mines were deeper, hotter. The ground conditions were terrible, very loose hanging wall, and at times, even dangerous could be regarded. Certainly, some areas where they had almost mud slides, yet we still made a good turn of those ones. Another comparison would be the Emperor Mine where Charlie and I worked for a number of years. We took it over from Western Mining when Western Mining were walking away. In fact, the guy who handed over the keys to my office, the general manager from Western Mining said, enjoy shutting the mine down. Anyway, that mine today is still going, and we we got that company up from a 50,000,000 Australian market cap when we took it over. And when Robert Friedland came and joined us, he saw the the benefits there.

33:33 The price went up to, like, $354,100,000,000 US oh, not US, Australian dollars. So, again, it shows you what you can do with those as well. And, again, the grade at Emperor would

33:47 have been very similar to what's in Gabon and Kochang at the moment. I'll move on to the next question. You say you've put capital in. How much is this? Well, enough to make my pocket burn. And will you put in more? If I have to, sure. Or if we have to, as management, sure, we will, if we really have to. But we have already put in a lot of, our own sweat and effort and work and a lot of hard cash as well. So I would say it would be in excess of 2,000,000 US dollars to date, if not more. Next question is, is South Korea a good gold producing country?

34:34 Well, if you go back through those slides, in more detail, you'll see that at one stage, there were 200 operating mining companies or mining operations in Korea at one stage. So it's it's not a huge one like Australia or America or China or anything like that. However, it does have quite a lot of gold mining there. And if you ask Southern Gold, they they will tell you it's a great area to find big deposits, big gold deposits. So we we think it's a good place. I'll move on to the next one. The valuation of the Cochin and Gabon was 22,000,000 at a gold price of 1,400.

35:21 Why do you think the company is trading at such a big discount? Beats me. Good good point. It shouldn't be. We we do have magnificent project there. I I think the 22,000,000 that it was valued at undervalued it. Obviously, the gold price of 1,400 and then at discount of 15% and then another 90% off that definitely undervalued that. And, of course, we our market cap doesn't even reflect that amount. So all I can say is the the sentiment in the markets generally, not even gold sector, all sectors, down. Gold price not helping us at the moment. And, of course, every every, one out there is wondering where the hell are we gonna get money to get this thing up and running. So I guess, thinking that we're gonna do a cheap placement.

36:19 Well, I can use for them. That's about the last thing we'll do. Okay. Then the next one, the company has very little cash left in the bank. Explain how you will pay let me move my cursor. Pay for wages and equipment to bring Kocheng into production. Okay. Yeah. We do have very little cash, but, initially, we have enough to get our permit and get the temporary use money mountain permit in place, after which we do have a facility with a line that would get things going pretty nicely, certainly by the initial equipment, storage in the area, etcetera.

37:06 And, yeah, at that point or while we get into that point, we would have to, look at the multitude of options that we have in front of us, including things like, streaming, crypto, which is the next question I see, partnerships, joint ventures, mergers, project finance from Korean funding institutions. And but least of all, a placement because at these prices, certainly, management that own some 30% of the company do not want to dilute what what we've worked so bloody hard for, and we don't wanna dilute that. That's for sure. So that would be an absolute last resort effort to put money into the company. We we think there are multitude of other ways we can do it.

38:09 The the next question sort of touches on one of them. There was a finance agreement with crypto company, ORIC Network, in South Korea. Is this money still safe and available for withdrawal? So the deal's still there. However, those who follow the crypto market would know that it isn't doing too well. And if a if a company doesn't have it, they don't have it. So I guess if crypto turns around, the deal's still there, and the money will come our way. They already, advanced us at about a $250,000, which is payable from future production at a gold price that's got a small discount to it.

39:03 So, yeah, it's still there. It's still there. We haven't said no to it, and we haven't taken action against them for underperformance because there's no good doing that. You never know. They might come jumping back in a year or two. Who knows? Okay. Your recent accounts say due to very little cash left, you're not a going concern. How do you hope to address this? Is this your only option placing at lower prices? Well, I've already said, no. We won't be placing at lower prices. Almost the last thing we'd do. And yeah. Sure. You look at just about every exploration company out there. Very few companies actually have the money that they need to do the next twelve months, of work, and they there's always a plan to to raise it or do whatever.

39:53 And you'll see numerous company audit reports that that particular statement, which is a fairly stock standard statement for junior and or exploration companies. Of course, it we told our auditors that we intend to get coaching up and running and maybe even a little bit of a. And, of course, they said, well, you haven't got the money for that. Of course, we don't. And, that's that's what you have to put in your accounts to be transparent and open. That's life. Moving on to the next question. What value can you attribute to Patongas? Well, as I mentioned, 20,000,000 had been spent on the company for exploration.

40:44 There was a net present value calculated by the previous owners, which I don't recall exactly, but it was, yeah, more than 20,000,000. And guess we we purchased it for just under 2,000,000. So what value would I hope to get out with this deal with our Philippine company? Well, I I think they will make it successful. I think they will get the the value that was predicted. And that by the way, at that time, the gold price was 1,400 when they did the net present value calculation. So if we get 10,000,000, I'd be very happy.

41:31 But it's a it's a tough question to to answer that one until we until we see what actually happens. Certainly, you want more than 2,000,000. Why should I buy now? Well, yeah, it hasn't been cheaper, and, we're we're about to take off. So, yeah, now is the time to buy. I can't and I think gold, hopefully, is going to help us in the very near future. I'm a bit of a gold bug. We have a great team of guys, great great projects, and things are happening now. Our Southern Gold our Southern Copper no. Our Southern Gold happy with the rate of progress since they've became your major holder.

42:20 Well, you know, COVID held us back. We weren't allowed into the country. And in fact, when I went back in June this year, I was, I think, almost one of the first people allowed back in in Korea. So we we haven't held back getting there. And, certainly, now that there's no no more COVID restrictions, things things are happening. As I as I mentioned previously, Southern, Gold are cooperative, and we we get on well with, Rob Smiley. So I guess I'll know more after, meeting with him and his team, next week.

43:08 Then we have, the company has very little cash left. Where are the funds coming from to start coaching development? I I think I've already answered that. Will BLUEBIRD require funding to allow to begin production at coaching? Again, I think I've answered that one. Next question, where and by who will ore from various projects be processed and refined? So the first project, as I mentioned, is the Cochin project. We would certainly process it to some form of a concentrate, at which point we will be looking to get that concentrate toll treated somewhere. In fact, when I'm there next week with Charlie Barkley, we are planning to meet up with a local Korean gold company that could potentially toll treat that for us to to get our first goal of concept proof of concept goal.

44:13 That's great. Colin, I think you've been very generous, I think you fired through all those questions. There were a couple of a a similar nature, which I think you covered off as well. So Colin, thank you very much indeed for being so transparent with those Q and A. And thank you once again to everybody for submitting their questions. Colin, if any more questions do make themselves available via the platform, we'll send those to you after today's meeting. I just wondered, Colin, I I know that investor feedback will be important to you and to the company, and I'll shortly redirect investors on the call to give you their feedback. But I wondered if I may, just before doing so, Colin, ask you just for a few closing comments, and then I'll redirect investors to give you their feedback. Okay. Thanks, Mark. Yeah. I'll finish off by saying we we're a good team of guys.

45:01 We've done it before. I I still say I know of no other team that does it as well as what we do. We have great projects there with very low capital expenditure, and we will get things going there much faster than any exploration company could do and certainly a lot cheaper than most mining companies can do. I see Barry Kay has put a question about changing the name. It is a thought, and maybe we will in time to come just to to reflect that that we are we are quite different from everybody else. That's great, Colin. Thank you very much indeed.

45:47 I think as you say, Barry's question just came in, and I think it's a question from John that we can address post today's call. Colin, thank you once again for your time this morning. Ladies and gentlemen, could I please ask you not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. Please, this will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of BLUEBIRD MINCHUMENT Ventures, we'd like to thank you for attending today's presentation. Good morning to you.