Cobra Resources (LSE:COBR) — Company Update: Boland Ionic Rare Earth Project and Manna Hill Copper Project

0:00 Good morning, and welcome to the COBRA RESOURCES PLC investor presentation. Throughout this recorded meeting, investors will be in listen only mode. Questions are encouraged, could be submitted at any time by the Q and A tab. Just situated on the right hand corner of your screen. Just simply type in your questions and press send. Company may not be in a position to answer every question received during the meeting itself. Have the company to review your questions submitted and publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Rupert Virko, CEO. Good morning, Sam. Thank you very much, Paul. Thank you, everybody, for taking the time out of your day to, listen to our story. Now for existing shareholders, hopefully, I can provide some further color on some recent announcements and what our forward plan is at both our Boland and Manor Hill projects.

0:51 And for new or potential investors, hopefully, I can give a a decent overview of what our two projects are, some background to the company, and what our strategy is, and why we are South Australian focused, and in particular, focused on three important critical minerals for the energy transition being diprosium, terbium, and copper. Now we are a UK listed, but South Australian focused company. We are listed on the main market of the London Stock Exchange. We currently have a market capitalization of around £33,000,000, we have just over $932,000,000 ordinary shares on issue, and we have 165,000,000 warrants that are currently in the money.

1:52 In terms of cash position, we are well funded with a significant amount of expired warrants exercised in the last few months, and we hold or will hold 6,450,000 Barton Gold shares. They are a South Australian focused gold explorer, and we have a holding based on an asset sale that we did of the Woodner Gold assets to Barton Gold to consolidate and add to scale for their projects, and that is a future cash source for us to advance our Boland And Manor Hill assets. Our major shareholders, Australian based, very successful investors and project developers.

2:44 David Clark is a company director, and Bruce Pancutt and Craig and Suzanne Bull are very successful previous shareholders, and they're very supportive of the company and have maintained their position over the last three to four years and are very supportive of our strategy going forwards. Now South Australia as a jurisdiction has two distinct benefits, in situ recovery and copper. It is the only jurisdiction in Australia that actively regulates in situ recovery and actually encourages it as a preferred mining method. We have three operational ISR uranium mines in the state, and we have a fourth that is currently in pilot study, and we also have in South Australia over 70% of Australia's copper reserves.

3:47 Most of these are now owned by BHP, and we believe we're very well positioned to use a very skilled and talented technical team to really capitalize on two exceptional opportunities, and look, we're in the game to make money for our shareholders, and we believe we have two assets that can most certainly deliver that. Now, Poland is our ISR Diprosium and Turbine project. It's located on the Ayr Peninsula. We have tactically, over the last eighteen months since making this discovery of very unique style of rare earth mineralization, amassed a significant landholding to control this opportunity.

4:36 We have over 3,200 square kilometers of this prospective paleochannel geology, and in this system, we have mineralization that is ionic in nature, but it occurs in permeable sands. So this means that we're getting recoveries at acidities that the equivalent of a pH five, which is a black coffee, and up to 80% at pH three, which is nice glass of Pinot. Now the benefit with this is in situ recovery is the lowest cost form of mining, lowest CapEx requirement, and operationally, it is very simplistic and has great environmental credentials.

5:21 And we think that all of this will enable us to deliver a project with very robust and competitive economics, and the work that we've done in our flow sheet optimization recently certainly supports that we can further reduce costs to improve project resilience, and that's exceptionally important in a commodity like rare earths where there's still only two operational rare earth mines outside of China. So we have a very tactical strategy in play here, and we want to control a significant opportunity, and worth going forwards is largely gonna focus on resource definition and doing that at scale.

6:10 Now Manor Hill, we hold an option over this project, and this is an exceptionally exciting project. This is a porphyry province. It's been locked up now for twelve years due to land access challenges with native title groups, which has been resolved. We have clearances in place, and we've just announced we have all our environmental approvals in place to commence drilling. We have a geophysical survey crew out on-site at present at the Blue Rose Prospect, where the last hole drilled some thirteen years ago was drilled intersected 48 meters at 2.2% copper and point seven six grams from just 11 meters.

6:57 So we believe we have scale, high grade, and very economic grades being very shallow, and we're really excited to start drilling this, which is likely to commence just after Christmas. So firstly, I'll give some background on the rare earth project for those of you who aren't so familiar with it, and and why we believe it's significant in what can sometimes be considered a bit of a flooded market for rare earth stories. Now first of all, what you need to understand with rare earth market is the challenges that are in place due to China's dominance.

7:45 So what we have on the screen at present is the margin curve for 2024 where rare earth prices were very much suppressed. Now what we see in this is is what companies were achieving through production output over that period, and what we see is Mount Weld, which is held by Linus, and Mountain Pass, which is MP Materials, the two largest rare earth mines outside of China, were not making money at the rare earth pricing in 2024. Now we're seeing significant improvements in pricing, but we still have the supply risk, and we don't have developed supply chains ex China to process these materials.

8:36 The US governments and and Europe, in particular, are doing all they can, and we've just seen the UK government join the party, recognizing the importance of ensuring sovereign supply of critical minerals such as rare earths, and what that means is we're going to see a number of supply chains come online in the next three to five to ten years, but what we need is resilient mines that can be cost competitive with the Chinese operations at lower suppressed prices to build resilience into those supply chains. Now what's important on this graph is all these mines that are making money are in situ recovery operations in China.

9:32 Now what is important, though, is COBRA's Bolong project is materially different to the ISR mine in China. Now we have a lot of advantages over that as well that will enable us to deliver a market resilient and self sustaining source of dicrosium and terbium, which are two of the most important heavy rare earths. Now why is that? Well, we've made a very unique discovery. It's the first of its kind. We've built this land position to control the opportunity and to deliver scale, and when I mean scale, we want to deliver a resource that can support a multi generation mine life.

10:21 It's very sustainable. We're talking about an ISR mining process that would be months, not years, like uranium ISR, and we'd be integrating this mining process into the existing agricultural or farming practices, and we will demonstrate that we can remediate the aquifer through our process, and that aquifer is two times saltier than the sea. So as a water resource, the value is very low. Now most importantly, ore body is enriched in those two valuable heavy rare earths. Metallurgy is ionic. We are aiming for the lowest reagent use.

11:06 Now reagent use is important because acid is one of your largest cost, and we're really targeting to be cost competitive with those Chinese producers. Now why do we think we can do that, and why can we bypass the environmental risk that is associated with those ISR mines in Southern China? It's largely due to our unique nature of our paleo channel hosted mineralization. In Southern China, they use ISR, but they rely on gravity. Now this process is unconfined. The groundwater is not saline, and they cannot control where their licksivian or their acid comes back to surface.

11:53 So they introduce a high risk of acid mine drainage, but they do it at a very low cost and low CapEx process. Now why we're different is through our test work to date, we've confirmed that through an overlying clay aquitard, we have a permeable ore body or permeable mineralization that is bound by aquitards. Now the importance of this is we have high permeability in that ore zone, but we cannot lose our lixavant upwards or below, and therefore, that really mitigates the risk of any environmental contamination, and it also gives us high treatability and great recovery from our ore body. So we benefit from the low CapEx and low cost without the environmental downside.

12:51 Now we're confident in this because we've just completed infield hydrology studies, and in this process, we've effectively demonstrated or or replicated the ISR mining process, and has demonstrated that that mineralization is laterally contained in a uniform permeable sand aquifer, is sustainable and productive in terms of its water discharge rates, We have excellent lateral connectivity and uniform drawdown, so that really equates into cost effective design of our wellfields. We're talking 20 to 30 meter well spacings, and that when coupled with our productive laboratory based hydrology tests, it really confirms that we can achieve high recoveries at very low cost.

13:50 So our test work is supported, productive, and effective in situ recovery. Now this is some of the test work that we've been working on to optimize metallurgical process at Anso Laboratories. Now this is a 55 kilogram sample of composited intervals of ore across a number of holes of our existing bowl of mineralization footprint, and what we see here is as we inject aloxivion at a pH 3.3 molarity, which is low molarity, we very quickly draw that pH or that acidity of the sample down to a pH of four, and what happens is we actually get to a point and rare earth start to recover very rapidly, but when we get to a certain point, we catalyze an oxidation reaction in the ore body, and we actually make acid.

14:52 It goes below our injection rate of pH three before settling back out, and at that point, we get rapid recoveries of those valuable rare earths, and this is happening in just seventeen days with acid consumption of just 3.88 kilograms per ton of ore treated. Now that's important because acid cost is one of the largest costs in the rare earth extraction process. Now there are a lot of rare earth resources, but the cost and economics of recovery is what differentiates the good from the bad. Now if you look at our project at Boland and we benchmark it against other Australian or ASX listed hopefuls, you'll find two things, not only at the most benign recoveries do we have the highest recovery rate of DY and TB at pH five, four point five, and three.

15:57 We also get those recoveries achieved at the lowest end of acid consumption. So that gives us a huge economic advantage, and we have something very unique in our ore body that we've demonstrated through further test work where we introduce an oxidant into the process, and truthfully, we don't even need an oxidant. Just through circulating that groundwater in the field test, we reduce the acidity of that well field. And in the testing, though, what we've shown instead of using an accident an acid, we inject an oxidant. We create enough sulfuric acid to achieve our pH endpoint at pH three. So this is further reducing our need for acid.

16:48 It makes our project more resilient because we're not relying on so sources of sulfuric acid, which are sometimes challenging. It's very competitive market, and we see this as a significant advantage, and we're very excited to incorporate this into our economic scoping. The second bit of work that we've really focused on is how we maximize the value of the important rare earths. Now the important rare earths are the magnet rare earths being neodymium and prasidinium along with diprosium and terbium. Cerium and lanthanum are the most abundant rare earths and have the lowest value.

17:35 Now we have a very good weighting of heavies when we consider diprosium and terbium and our other heavier errors, but when we remove the cerium from our process, and we've we've demonstrated through this through testing it there. So by using different reagents that we're working through the most cost effective process to further increase this removal, which is seeing us being able to improve the proportions of our heavy wearers and diprosium, and terbium, and neodymium, prasidinium very significantly. Now why is this important? Well, if you consider what the value payable value is of an MREC with this ratio compared to this, we're effectively increasing the value of our MREC by about 40 and hopefully also improving the payability from the industry standard 70%.

18:36 So we see a lot of advantage to doing this. Not everyone can do it. We can do it because of our anoxic environment. Our cerium hasn't previously been oxidized. So this is a huge advantage that places us in a very enviable position to create a more in demand mixed rare earth carbonate to emerging markets. The next piece of our puzzle that we're focusing on is the demonstration of a resource at scale. We have complete confidence now in our ISR recovery process and huge confidence in our metallurgical flow shed. So now it's about scale.

19:22 We've acquired and amassed a significant landholding. We've reanalyzed all of the historic work, and that's to find the right geological conditions that are similar to Boland in some key zones. To the South of Boland, a target called Head where we're seeing that's that's after Travis's brilliant innings on the weekend, so sorry to rub that in to any cricket lovers, but that target is fantastic. We have eight meters of thick ISR recoverable mineralization at over a thousand ppm with dicrosium and terbium enrichment.

20:07 We really like this target due to the scale and consistency of that permeable horizon, and this is very much a priority for us. Now our shareholders are very keen to see us out resource drilling. One thing we're very conscious of is our social license to operate. This is low value, but very significant farmland in that it's broad acre cropping, crops are coming off at present, and as soon as our target areas at head, bowling, and stokes are available, we plan to be out there drilling at rate. Now we expect to, in the coming months, drill up to 20,000 meters of sonic core and air core drilling to define and support our resource.

21:00 Once we've done that resource, it'll be a very rapid process to deliver a scoping study. We've done all the work on our met process. We need the resource now to support that. Now market valuation is very much based on our rare earth story. What's not really priced in, and what our real upside is is the Manor Hill project. This is a hugely exciting asset, and we are very fortunate to be the company that can drill test it after twelve years. Now when we look at South Australia and its copper endowment, which is significant, there is one key feature that stands out with all the major copper resources at Olympic Dam, Oak Dam, Prominent Hill, and Carrapateena.

22:03 In mettolluric surveys, they have geophysical features that show very deep crustal fertility, and what I mean is we're getting MOHO coming up structures, pulling, and creating forwards that are mobilizing metals into the lithosphere. Now what we're excited about is at this project at Manor Hill, we don't just have one of those fingers, so they're often referred to as the fingers of God. We have three. So we've got the right big system crustal architecture to support major discoveries, and what's fantastic about this asset is those that crustal architecture has already delivered some outstanding historic exploration intersections.

23:03 At Blue Rose, we have 48 meters of 2.2 copper, point seven eight grams gold. Have We a 135 meters at point 5% copper. We have 41 meters at 1.6, and these are all incredibly shallow intersections. We have other large porphyry targets at Alabama and Netley Hill, and we also have Carlin style gold that is basically at surface at a target called Golden Sophia. So we have a plethora of targets. Now what's important for us is to deliver a strategy to show scale and to be cost effective in our strategy to realize value here.

23:48 And because of that, we're very focused on blue rose. Now blue rose is important because it has two styles of mineralization. We have a scan replacement system related with a greater porphyry system, and it has all the right features to deliver a major porphyry discovery. We have a geophysical feature that is a remnant magnetised feature that's indicating multiple phases of alteration, and then we have previous work that confirms the spectral alteration is that of a porphyry system, and it's occurring on the right structural trends.

24:36 Now what we also have is that 1.6 kilometers of defined mineralization. Now what's important about that mineralization is we don't think that the scale has been adequately tested, and through our reinterpretation of data, we're very confident that we can greatly add to what's previously been defined. Now we've got some fantastic intersections here. We've got great depths, but what's important is the upside. Now when we look at this asset directly to the north of that mineralization, we have a gravity high. Now it's important to understand the geology and what is causing that high. So when we look at that in section, we have strata bound skarn replacement mineralization.

25:28 We see mineralization in the footwall, which is generally where that skarn will be most deformed, and we have a large oxide overprint. Now what's important is the density difference between the black shales and the limestone. Black shales at two, limestone at about three. Now when we look at that gravity data differently, we can pick out a very prominent geological feature. Now what we can see is that star mineralization really overlies and sits on a on that gravity edge or the largest change in gravity, and that represents that limestone unit. What we can see is it's actually folded in a syncline feature, and we see an extension on the other side of that intrusion.

26:26 We believe we can define a further six kilometers of that potential mineralization through the interpretation and ground truthing that we've done for that scan unit at Blue Rose alone, And what we're working to do so we currently have that IP survey underway to validate this interpretation, and what we really want to see in that IP survey is we want to see a chargeability anomaly at depth at that syncline's fold hinge. Now what will that tell us? Fold hinges are where we get the greatest deformation in strata bound mineral systems, so we get the most amount of forward flow. So what we want to see is high chargeability that would reflect sufficient and high grades of copper sulfide mineralization.

27:26 Now when we commence drilling, hopefully just after Christmas, we'll be looking to test this theory. We're going to be testing for this northern limb, and we're going to be drilling for depth continuities of that very high grade mineralization. And when we get those results, we're going to look to turn around drilling very quickly here and look to advance this to resource definition, and the claim of the crop is that that work will deliver great results and further scale, but we're not even testing the porphyry style mineralization. This is part of the porphyry system, academically it's confirmed, and with that work, we'll then aim to test those porphyry envelope mineralization like a heavy iron style and greater mineralization occurrences at depth with a diamond drilling program.

28:32 So this is hugely exciting in its own right and will operate in parallel with the work that we have occurring at Boland. In terms of other projects or other targets at Netley Hill, we have a plethora, but one for immediate follow-up after Blue Rose is Netley Hill. We have a 3,000,000,000 ton chargeability anomaly with proven pore free mineralization. We have low grade copper, great grade molybdenum from almost the surface. We have one diamond drill hole drilled where it intersected point 1% copper and point o 5% moly from surface.

29:18 So we believe there's huge scale to be able to be advanced here and a lot of value to support a resource of blue rose. Carlsbad gold is an amazing form of mineralization for low cost mining, and in these current gold prices, that solar mineralization holds huge value. We have these sort of intersections at Golden Sophia that are very akin to very profitable operations in the Carlin Trend in Nevada. I must mention that all of these intersections, 28 meters at point three five, 60 meters at point five eight are within less than 10 meters to surface.

30:08 Now what we need to do here is define scale, and how we're going to define scale on this current trend is to use very low cost soil sampling techniques defining to identify that structural trend. That work will occur early next year, and what we hope to see is significant scale added. Now time frame for what people should expect from COBRA, we expect to have further results from optimization or flow sheet optimization testing in the coming weeks. We expect to have results from the IP survey. We hopefully will have that rig on-site just after the Christmas period, and well, we certainly will have it after the Christmas period. We'd love to get a few holes in before Christmas if it's possible, and we will have a very action packed start to 2026 where we're drilling multiple projects with multiple rigs.

31:15 We're well funded, and we're really excited about what we can deliver for COBRUS shareholders in the coming twelve month period. Now thank you for your time. I think we can move on to questions, Paul. Fantastic, Rubella. Thank you very much indeed for the presentation. Ladies and gentlemen, please do continue to submit your questions just using that q and a tab situated in the right hand corner of the screen. But just want to take a few moments to review those questions submitted today. I'd like to remind you that recording the presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Rupert, as you can see, we've had a number of questions both pre submission throughout today's presentation. Thank you to all the investors for submitting those. If I may, just ask you to click on that q and a tab where appropriate to do so. Just read out the question, give you a response, and I'll I'll pick up from you at the end.

32:05 No problems, Paul. Okay. Can you give an estimate give a date when a mineral resource estimate will be available? Okay. For Boland, we're very much targeting March, April. We have a lot of drilling to do before then, but we are well positioned on our existing Boland area to do, but we'd very much like to incorporate the head prospects into that exist into that initial resource estimate. Now why is that? Thick intersections for ISR really give very robust economics, so very important that we target that area. Now there's been a process through the acquisition of that that's taken some time to work through.

32:54 We have the NTMA assigned. We expect the tenure to be assigned to us very shortly, and that will enable us to get on the ground. So we're still very much targeting that that March, April period next year. Given the inherent ESG credentials of the ISR process and the rehabilitation of the tenements, who do you see as potential clients for future offtake agreements? Great question. Look, commercially, you want to be able to attract the highest the highest dollar value that you can. Now the unique bit about the rare earth industry is we're starting to see governments supporting price floors.

33:45 Now I'm not saying that's the best thing for COBRA, because if we can be the most cost competitive producer of rare earths. We don't need governments propping us up. But what I think will really appeal to off takers and the people that we're in discussions with will be our very low carbon footprint and resilience. So resilience will be in a low cost nature and our ability to be flexible in our mine plan because we're not using large infrastructure. So what that means is I'd expect to have European off takers. I'd hope to see some American off takers and some Asian off takers.

34:33 We would like to get exposure across multiple markets because that would also give us resilience in in that offtake as well. Now what we hope to see in the next few months is we'll be testing that offtake market. We'll be producing from that scaled ISR study, sufficient MREC for a number of off takers to test that product, and, look, that's gonna be a very exciting time for us. With the metallurgy since September, the September webinar signalling further cost saving, lower acid consumption, ore body acid generation, and increase of product value, serum suppression.

35:24 Can you give updated rough ballpark figures for ASIC, so all in sustaining costs, and value per kilo MREC, and clarify if the value is before or after accounting or payability. Okay. It's a very detailed question. Now in terms of cost of production. Cost of production, we are growing in confidence that we can be very, very bullish that we can deliver an all in cost of less than $6 US a kilo, and that is without us generating our own acid. Now if we can further reduce that 3.88 kilos, I think we could get down to 4.5 US dollars a kilo EMREC, and that's very much our target.

36:22 Now on the payability and the EMREC value, probably the best way to answer this and and because prices have moved pretty significantly, and it's it's hasn't been uniform. Eutrium has gone from $3 US a kilo to over $25.30 dollars US in the last few weeks, which materially improves our basket value. But what would we expect? So industry standard payability is 70% of the traded or or the quoted Shanghai oxide metal values. Now on that basis, with the serum suppression, I'd like to think that our MREC is well worth well over 30 US dollars a kilo, and our payability providing that our impurities and radionuclides are in spec or very low, which is certainly what we expect them to be on our initial product.

37:30 We would like to see that payability go from 70% to hopefully 80. So that would be a very important milestone if we could secure offtake around those terms. Okay. Given that the maiden MRE for rare earths project will only cover a small, albeit very substantial part of the paleo channel, do you plan to indicate the total likely scale through incorporating a million ton number exploration target in the MRE? Good question. Certainly something we'll look to do. We want to be very confident in our resource. We want to drill to an indicated status because why we wanna do that is that gives us a lot more confidence in our scoping economics, and that will enable us to fast track the process to prefeasibility.

38:37 So that's a very good question. It will probably mean closely spaced drilling at Head And Bowland to support that high confidence resource, and some broader spaced drilling that would either be inferred or an exploration target beyond that point. Is COBRA now going to follow Donald Trump's lead and drill baby drill? Yes. You bet it. We are. One thing that's been very important to me is we need to derisk our land access. Now what's that mean? We need to do right the right thing by our stakeholders, but we also want to give ourselves that runway that once we've completed one program, we don't need to go back to our regulators to get approval for the next.

39:29 We are positioned now to support a lot of drilling at both Manor Hill and Bowen, and that's exceptionally exciting for us at shareholders. You say Bowland ISR is a quick process. So when do you think you'll be selling rare earth? So when I mean quick, I mean, the desorption of the rare earth is a very rapid recovery rate. So in that bench scale test that occurred over seventeen days, if it was uranium in situ recovery, we'd be talking many months out to years with the process. But because we have high permeability or high transmissivity, it means we can treat our ore quickly and recover the ore quickly. So that means a well field might only be in production for, let's say, two to three months with remediation, and therefore, it could be reverted back to farmland.

40:28 In terms of being able to sell the RES, I agree. We're in a race, and we need to move quickly, and I'd like to think that we've and, look, we're always gonna set ambitious timelines because we wanna push our team to deliver. But with scoping, I'd like to think we'd be looking at a pilot study later next year. We already have the well field in place. We have the environmental baselines largely done, so let's be ambitious and demonstrate our mining process with a bulk product, which could very easily then feed into operations. On the REA side, you spoke about bowling ahead stopes but omitted Gillespie.

41:19 It appears that you had to have the largest potential. Could you provide some flavor around what might exist at Gillespie and when you're planning to explore? Great question. So Gillespie is a very promising target. The geology is a little bit more complex there, and land access will take a little bit longer, but that is certainly an area of priority for us. I'd say that the time frame for testing that is more like six to twelve months rather than the immediate future. So certainly focusing on Head and Stokes initially, but we'll certainly be expanding out to to Gillespie after that, Paul.

42:11 Great presentation excluding the Ashes references. Sorry, guys. I'm still really enjoying last weekend, so I'm gonna have to make the most of it while I can. Is arsenic an issue or potential issue with any of the projects, Kevin? That is a very good question. Arsenic is not an issue with rare earths. Arsenic can be associated with sulfides, particularly pyrrhotite. We don't have pyrrhotite in the scan at at Blue Rose, so we don't expect it to be an issue. Look. We haven't done a lot of metallurgy at Blue Rose yet, so I can't definitively say it's not, but I don't expect it based on the geology and mineralogy.

43:02 Considering all the excellent recent news flow from Bowland, what do you consider the main remaining risks, if any, that may influence the commerciality of the Boland project? And are you looking to add more acreage to the project if it becomes available? Look. I think we have a great controlling position now, Chris, at across that area, I don't think we need more, but we will add to it if we think the right perspective areas are up for grabs. So, look, I'd I'd say we want to be the lioness of the heavy rare earth industry and the ISR, the ISR operation of the Western world.

43:52 That's the opportunity that's ahead of us. So if we need to add more ground, we certainly will. How many million tons are you targeting for the MRA, Lawrence? Well, that's that's probably the million dollar question, mate. What are we targeting? Well, we would like to deliver a at least initially in our first scoping study, a generational mine life. So let let's say ten to fifteen years. Now how big does that need to be? It probably means that we need a 100 to a 150,000,000 tons of of contained within that initial resource. So that's very much the baseline target we're looking at, Lawrence, but the upside is much greater.

44:42 The scale of to to put it into perspective, that's three square kilometers at head to deliver that sort of number, and that's an 85 square kilometer target. So it could be many multiples more. Rupert, thank you very much indeed. You've taken every single question we've had through, and thank you very much for that. And thanks to all the investors for submitting those questions. Of course, any further come through, we're about to review those. We've published response in the investor meet company platform. Just before redirecting investors to provide you with their feedback, know it's particularly important to you. Rupert, can I just ask you for a few closing comments, please? Sure, Paul. Look. Thank you everyone for your time tonight. Thank you for your questions. Hopefully, I've managed to address the majority of them.

45:31 Look. I I think the one key thing that we see as significant is the bold project from where we see the highest risk components in the rare earth space being metallurgy and cost of extraction have largely been addressed. So we took that direction to address that component first before we really looked at delivering a scalable resource. But that time is now, and we're now ready to deliver that large resource. So it's very exciting. That is what our market what our company has capitalized at, and, really, the upside is the Manor Hill project, and that upside is huge.

46:21 We don't see the dynamics for the copper market going backwards anytime soon, and we are in the right jurisdiction to deliver a scalable asset there in its own right. We're resourced in terms of our team to really deliver there, and we're very excited about what the next six months offers for our shareholders, and we're gonna be doing our very best to market it as that news comes to light across both of these exciting projects. Fantastic, Rupert. Thanks again. Thanks for updating investors today. Can I please ask investors not to close the session? It should be automatically redirected to provide your feedback, and all the team can better understand your views and expectations. This will only take a few moments to complete, and I may be greatly valued by the company. On behalf of COBRA RESOURCES PLC, we'd like to thank you for attending today's presentation. That concludes today's session, and good morning to you all.