Contango ORE: Corporate Update and a view to 2025

0:04 Good afternoon, good evening, depending on where in the world you're signing in from today. I really appreciate you for taking the time out to join us today. Say I'm joined by Contango Wars CEO, Rick Van Duynehyze and CFO, Mike Clark. Gentlemen, how are you today?

0:16 Good. Good to be back on the 6 platform again. Yeah, good to see you guys. Now here's how today's gonna go. I'm gonna ask Rick and Mike a few questions, then I'm gonna open it up to questions from the live audience. So today is a interactive event. Please feel free to use the chat button at the bottom right of the screen anytime during today's presentation. I'll say that today's event is also being recorded. It will be available on both YouTube and at six.com probably tomorrow morning Eastern time, quite early in the day. Now, Rick, before I get into the few questions that I've got, I love you could just give us a quick review and wrap up of 2024's production. Sure. So we started production at our Moncho project, a joint venture with Ken Ross, mining at Moncho, transporting the ore to the Fort Knox mill, just located outside Fairbanks by a truck.

1:05 And we had the first Gold pour in July. I think it was July 8th. And then roughly a month of processing Moncho Ore in the first campaign or first batch. And then a second batch in September and then a third batch in November. And the third batch was above plan, if you will, and totally produced about 42,000oz of Gold. Most of that came in at the end of 2024. By the end of 2024, there were a few little straggler ounces that actually occurred in 2025, got sold in 2025. But basically 42,000oz. And that was the original guidance was between 30 and 35.

1:51 So this was definitely well above guidance. Cost came in in the neighbourhood of our guidance around 1,200. I think all of this was based, the original guidance was all based on the Feasibility Study. And so, we produced more Gold at roughly the guidance cost that we gave at US$1,200. I think the Feasibility Study had up to US$1,116 in there. Clearly, costs have moved up a bit, but obviously the price of Gold has moved up even more significantly. We did the feasibility study. We used a US$1,400 Gold price for establishing reserves, if you will. And so that was basically 3 batches delivering about 42,000oz net to to Contango for our 30% share of production. In total, the mine produced about 200,000oz. So this is not really a small mine. It's very good grade. Again, it's the Feasibility Study grade and using the US$1,400 Gold price cut-off, resulting in a little over 80g per tonne.

3:03 Now we're using a US$2,500 Gold price for the 2025 and going forward life of mine plan. That brings us to November when we gave guidance towards the middle end of November, I think it was now, where for the 2025 mine plan and the life of mine going forward, our costs had gone up and I'll explain a little bit why they went up. And our production guidance actually went down from what the original guidance was, the Feasibility Study, by 15% or so. And obviously, that was not taken as good news by the market. And our share price got hit very hard.

3:54 I think we're off about 40% in that week of trading, so to speak. I thought it was a little overdone for, we're still gonna generate 60,000 ounces of

4:09 production and generate good strong cash flows, roughly $50 million of free cash is expected to come out. That was the guidance. We think it is a conservative plan. I think that's what we typically expect from Kinross. And if I look back on 2024, the original guidance was between 30,000 and 35,000oz and we produced 42,000oz. So obviously there's no guarantee that we'll do the same thing this year, but I think it's fair to say that when Kinross puts a mine plan forward, it's something they're going to meet or beat. So I think that's our attitude

4:53 on the existing mine plan. I took the opportunity to buy more shares. My chairman also bought more shares at the low price. We obviously still believe in the company and believe in the business plan. Mike, anything you want to add to that? No, that's perfect. I think the only thing outstanding is we're waiting for the Q4 financial reports from Kinross so we can get the actual cash costs and ASIC costs that we should have the next month or so. Speaking of, Rick, there are a number of questions I thought of for how to kind of figure out your head space and how you're thinking about the future of the company. But really, I guess 1, just to jump off of what you just said, why did you and the chairman just invest a lot of, to my eyes, a lot of money in Contango stock?

5:45 Well, yeah, I mean, we thought it was an incredibly good time to buy stock at a low valuation. I mean, if you look back at the last quarter of last year, we had the election and Trump won by a solid margin, which I think is good for the mining industry in general and for resource development projects in general, specifically from a permitting standpoint of getting stuff done, which of course under a Biden administration has been difficult. So I think from that aspect, it was a positive thing, but the gold price came off 200 bucks. And I can speculate as to why all that was, but certainly crypto took kind of center stage with Trump's endorsement, Elon Musk and all that whole dynamic.

6:35 And you saw Bitcoin go up and Gold price go down. So we tuned to $200. So that was a bit of the backdrop.

6:43 We went from 20 something down to $18, $17, $18. And then we put out our new guidance and life and mind plan going forward, which obviously was a disappointment to the market. Higher cost, lower production.

6:59 But again, I thought it was seriously way overdone because we're still producing gold, we're still making money. Our priorities are pay off the debt, delivering to the hedges, and advance our other projects, all of which we're still planning on doing. And is it fair to say, and I guess Rick, I'll start with you, but this is really a question for both of you, that the announcement in November was a worst case scenario rather than a kind of guaranteed spot for where Muncho production's gonna be? And how has that evolved? Yeah, we certainly see it as, you know, Kinroth putting a conservative plan out there that they're confident they can meet and with the expectation that we think we can beat it.

7:45 And I'll give you some examples. I'll focus on the, why are we producing less ounces? Well, because the state government put in place bridge weight restrictions on the Chena floodplain bridge, which meant you can't put as much weight in the truck because it's a gross weight that the bridge weight restrictions are based on. So

8:08 when you lower that, you lower the amount of gold you can deliver because we do have a fixed number of trucks that we can run a day. And that's by, you know, so sort of a self-imposed limit, but it's, you know, it was basically, I'd say a commitment to the community that, you know, we're gonna have, we're gonna run 60 trucks a day and not more than that. So when you self-impose that, that restricts how much gold you're going to end up producing. So that was certainly part of that, the whole dynamic. And that resulted in the roughly, I'll call it 15% less production than the original feasibility study guidance. But there's another component here. So in the cost going up, part of that certainly is it costs you the same amount of money to run a truck, whether it's got 43 tonnes of ore in it or 50 tonnes of ore in it. So that's part of it for sure. But there's another big part of it, and that is the Feasibility Study was done at US$1,400 Gold.

9:07 The mine plan going forward is done at US$2,500 Gold. That's a 40% difference. So when you have a higher Gold price, you're assuming what is reserved. You use a lower cut-off rate, which means your average rate goes down. Therefore, your cost per ounce goes up because you know, mills are fixed throughput things. So,

9:34 our costs going up are certainly related to the bridgeway restrictions and the other limitations on how many tonnes of ore you can put in a truck, but they're also very much related to the ground Gold, the average Gold rate that went down 100% due to the price of Gold and up the higher price of Gold. And what I think the market failed to appreciate is that dynamic, using a higher Gold price and a lower cut-off rate, adds a year to the mine life. So we don't have less Gold. We have actually, in life of mine, we have actually slightly more Gold. And that's all part of the dynamic. So Like I said, I think it was a huge overreaction from the market, personally. That's why I thought it was a good buying opportunity. I'll be clear, my chairman shared that view.

10:25 I appreciate that. You did mention the bridge and I'll get straight into it because it came up in the chat. It's certainly come up on email. A number of people have written in asking about any updates on the bridge. Now it's usually capitalized the and bridge. So curious if you got any news there just so we can let investors know. Yeah, so I mean, you know, timing is everything in this business. So the bridgeway restrictions were put in place by the Alaska Department of Transportation, who's responsible for managing all the transportation corridors, and that includes the bridges. And they were put in place because essentially the federal government had not approved their plan, their overall highway plan for how you spend, when you spend federal dollars, they have to approve how you spend those dollars.

11:14 And it wasn't anything specific, It was just a number of things in the plan that the federal government wasn't happy with. And so it was, you know, go back to do your homework. But that resulted in, because they didn't have a timeline as to when they could do the proper maintenance and repairs, upgrades, or if you will, on the bridges. Not just this bridge, but a bunch of bridges. And so when you do that, the state says, okay, well I don't know when that bridge is going to get fixed. I've got to be

11:45 more restrictive on the bridgeways. So that's when they went in place. Now, as it turns out, at the very end of December, the federal government approved the state's plan for the overall plan for spending next year's, this year's 2025 budget. So now they're gonna go back, And now that they have an end date on when they can fix the bridges, by I guess they have the money to do that, they'll go back and it's not going to happen like tomorrow or is this going to happen this year? Probably in the summer, I guess, but when they did it last time. And update what those bridge rate restrictions are. So we might well see those come up and that would mean another couple of tens of more. So, you know, it's, these things are a little bit frustrating, but like I said, it's not the end of the world. We're still hauling more and we're still more involved in making money.

12:36 One last one on the bridge. Aiden from the chat asks, have bridge bypass options been explored? He says that some cursory research suggests that there is a potential to bypass the bridge. Yeah, I'll say that certainly there are a number of opportunities to bypass the bridge, but frankly, and this is me speaking, not trying to speak on behalf of Kinross, but they are the manager and operator. We see them as more community-complicating, not as community-friendly, if you will.

13:13 And people said, okay, we'll just break them into singles and take them across. Well, can I get twice as many trucks running? So, you know, so then I think, and to be perfectly honest and blunt, I think this plan is a plan that can be met. I think over time there'll be some incremental improvements If they take off the bridge weight restriction and maybe gain a couple of tons there. There were other contributing factors to the overall reduction and that is that

13:42 the ice and snow build up in the summer, in the wintertime, was included in the max load from the state's perspective. So that reduced a couple of tons there. You pick up a lot of ice and snow when you drive a truck business. And then in the summertime, it's mud. Now, most of that Gets stuck on the on the traders the truck and trader mostly it's the traders From the mine site down to the highway highways generally pretty clear certainly clear of mud so solution put a wash station in and So get the mud off in the summertime and just proactively knock the ice and snow off

14:23 at the bottom of the, before you get on the highway. Because the highways generally are pretty clear. So Those are all things that are incremental, but the mine plan that was put forward in terms of tonnage was based on hauling effectively 43t of ore.

14:43 But if you can gain back a few more tonnes by knocking off the snow in the wintertime and knocking off the, or washing off the mud in the summertime. Yeah, I'd make that up. The other area was moisture content. The top of the ore body has proven to be more moisture absorbent, if you will, than what was in the feasibility study. Water weighs another couple of tons when you pack it into the rocks. So looking at ways, and they're doing this now, is looking at ways to not have water accumulating in the bottom of the pit, and not having it accumulating anywhere near the stockpile so that

15:25 the rock doesn't have the ability to sort of tap on the moisture content as well. So those are all mitigating things you can do and that they are currently looking at. Keeping water away from the bottom of the pit is drainage and putting barriers up where water might leak in. Same around the stockpile, just put a drain in and work it that way. This was the first 6-months of operation we're talking about here, right? In terms of production, not in terms of mining, because mining started last year ago, November. But this is a bit of a learning curve, and you don't always get it 100%, but I'm confident we'll make incremental improvements on getting back some of those tons in the truck and trailer assemblage. Great, I appreciate that. Mike, I wanna get you in here. I got 2 in a row for you. What's the forecasted timeline for debt repayment and what's had to change after last year's announcement?

16:28 Currently, the debt repayments and hedge deliveries are all targeted to be out by the end, paid out by the end of December 2026. With the extended mine life and annually lower production and slightly higher costs, it's caused us to kind of look, re-look at it and look to kind of push things out slightly into 2027. So that's what we're currently discussing with the lenders. We're all more or less in agreement on what needs to be done. It's just taking a bit of time to get here. And so we anticipate we should have a final solution in place within the next couple of weeks with an outside date of the end of February. It's really just ticking the boxes. When you extend beyond the maturity date, that means you just have to go do a few extra things for the lenders. And the fact that we have 2 different lenders, there's been some changes in personnel with the lenders in addition to Christmas holidays. So it's just taken a few extra weeks than what was originally thought it would take, but everything's being very constructive and we're confident we'll be there in the next couple of weeks. Okay, great.

17:28 Jason from the chat asks, Michael, throw this to you as well, Will the lower production extend the time that we're selling hedged Gold? And he notes, wouldn't it be better to close the hedge sooner rather than later?

17:39 Yeah, no, it's, we would love to close the hedges and, you know, we're looking at, you know, opportunities in ways that we can do that. But currently as it stands, we're just focused right now on just working with the lenders to make sure there's more than sufficient capital or cash in the bank to make all of our payments and deliveries. So right now it's kind of a balance between principal and hedges. But I think we're going to explore everything we can. And if the mine does better than currently modelled and which at current Gold prices, it's US$2,700 versus the US$2,500, there's plenty of opportunity for that. And we will be looking closely at buying down those hedges as quickly as possible. I think that's our focus right now. I'll just add that with the third batch sort of being an extra batch, if you will, from 2024, we deliver those to the hedges kind of in advance of when they needed to be. So we're doing everything we can to reduce that issue.

18:37 So what Rick's saying is we bought out the 16,000oz that were supposed to be delivered in January, we bought those out in December when that Gold price dipped. And so by doing that we've freed up between, if Gold prices stay the same when we start batch 2 and our first batch of this year, we should have made a million and a half to 2 million bucks at these Gold prices by making that trade. So those are the things

18:59 we keep looking at. And obviously, we would like to be unhedged. And so we'll just keep delivering as quick as possible. That makes sense. Appreciate everybody in the chat. I know there's quite a few questions there. So I really appreciate everybody shooting them in. I'm gonna be bouncing back and forth. And if I don't get to it, please bug me in the chat. I do want to try and get to all your questions today. I got one more, Rick, I'll throw it to you first. As the short volume in Contango does appear to keep reducing, what do you think will or could turn around the current comparative weakness in SharePros? You know, I think when people don't see that we're still generating cash, I mean, we saw a lot of notes and conversations about, well, if they won't be able to deliver the hedges, they're going to go bankrupt. That's frankly just complete nonsense.

19:50 Bankers don't put you out of business. We have a new mine plan that's based on an US$1,100 increase in the Gold price. That's not a bad thing. We're going to make more money than we anticipated that was anticipated and assumed in the Feasibility Study. We're going to start the first batch, first campaign for 2025 in February, I think the date was the fourth, I think they're going to start. So, I think we're on time, we're on schedule, we're going to produce Gold and we'll report on that. And just to let everybody know that it's kind of business as usual. As Mike says,

20:37 since we've already delivered the January hinges, this will all be sold at a spot which presumably is $2,700 plus. So yeah, we're going to make a bunch of money. That's always good. It's a good thing for a company. Let me add on to that. I think once we announced the re-sculpting of a small amount of these principal repayments and hedge deliveries into what we expect to be early 2027, I think the market may feel a little more relaxed about our position and less concerned about us not being able to deliver.

21:15 Sure. I appreciate that. One person wrote in on email and asked what Contango's view on distributing free cash flow to investors via share buybacks, cash dividends versus M&A? I'll throw it to whoever wants to answer first. I'll start, Mike, and you jump in. The first order of business is paying off the debt, delivering the hedges. That's business number 1. Business number 2 is advancing our other projects. Part of that is working on an arrangement to process the ores first from Lucky Shot and then eventually from Johnson Trac. So I'd say those are our 123 priorities. Paying a dividend to shareholders, frankly, is not a priority now. It is a long-term objective of getting this company to where it's making a lot of money and can then distribute that to, a portion of that to shareholders.

22:11 Great. There's kind of 3 categories of questions left. So I'm gonna try to just in case in the chat you think I'm skipping your questions I'm gonna do the Moncho ones in order other projects then we'll get into more esoteric questions for Rick there's some of those in the chat so first is have the results from the 2024 exploration program added to the resource base This is for Moncho. I just asked that question to Ken Ross actually, so I don't have an answer to it. And it's kind of in 2 parts. It's the pure exploration program, but then it's also using this higher gold price. You know, what does that have? What does that mean in terms of stockpiles and stockpile grades?

22:53 Because when you're mining, if you're using a $2,500 gold price versus a $1,400 gold price, there's a lot of material that, you know, now is ore. Sure. So, yeah, we don't have a hard answer to that, but we're working on that right now. Great. Thanks. I know we already went over it, but always good to reiterate. T. Decker from the chat asks, when's the next drop and how much? Sorry, what's? Like, when's the next round of production, I think is what he means. Oh, we said drop, I wasn't sure. So yeah, the campaign, the next campaign starts in early February. It'll basically last most of the month of February. And then every 3 months after that. So it's the middle of every quarter, basically, is the planned production

23:44 for 2025. Great. BA Minex in the chat asks, has ore production reduced to balance currently reduced transport? If so, is more development or other work being done or a reduction in contractors? No, there's no reduction in the contractors. Black Gold Transport is the primary contractor or the only contractor for hauling the ore. And their contract hasn't changed. The only thing that's changed is that the load is the same weight, right? The assumed weight is the same. It's just that there's, because of the bridge weight restrictions and what have you, it's the effect of load's not 50 tons, it's 43. Right. And if we can make up, let's say we can get, in the summertime, we can wash off the mud that accumulates on the truck ride from the top of the hill to the highway, we gain another couple of tons. And if we do the same with knocking the ice and snow off before it gets on the highway, then you're probably going to pick up some tons, but you're going to get back some of those tons.

24:47 And if the States re-evaluates and re-does the calculus on the bridge weight for limits and says, oh, we can probably up that by another ton or 2, then we'll get all that back. It's all incremental. There's no quantum difference here. It'll be little increments of improvements. And the same with the moisture. Yes. Like I said, it's, they're all things when you first start up a mine, you go, you focus on, you know, getting tons and then you go, Oh, Those are wet tons. We don't want wet tons. How do

25:17 we get rid of that water? Right. It makes sense. Little increments. They add up. Someone in the chat asks, this is moving on from my show now. What's the plan for Johnson Track this year and how's that plan going to date? They want to know if there's any estimates for when its path to production is? Yes, I think our five-year guidance is still on track to achieve that. Frankly, the main thing we're doing right now is kind of related to permitting. The easements, you know, the CERI has the easements in place now, so we can, the next step is doing all the permitting to connect for a road access from the mine site down to

26:06 a potential barge site on the coast. And then the second easement is actually for the barge site. So technically there's 2 easements. We kind of think of it as 1 desert, you know, they're linked, right? So that's the main effort is to do all the baseline environmental studies to support permitting a road and park site facility at Johnson track. That's the main effort. And then secondarily, we would look to build a road to connect the campsite to the portal site. So those are, that's the other effort that will be taking place over the next 2 years on both of those things.

26:52 Great. Meanwhile, sorry, the third thing that's going on is we're permitting the tunnel site to construct a tunnel, an access tunnel. So very much like we've done at Lucky Shot where we permitted the access tunnel to get underground so that you can do the development state filling to complete the feasibility level study.

27:15 So that, yeah, we have not yet permitted the tunnel side of Johnson track. So that's the third thing that's going on. And I'll say add one more to it. We are working on a PEA. I think we announced that last year and we're still on track to get that done early this year. I think it'll, I'll find out, I've got a meeting tomorrow, so I'll find out what the schedule is, but we're not in a hurry. We want to make sure it's a good, solid PEA that we believe. So there's no sense in trying to rush these things. Sure. But the reason we want to put it out is we want people to understand what the quantum of value is that there is at JohnsonTrack. And then, of course, that's the, I guess, that's what 5 things that we're working on it with respect to Johnson track. That's great. One other followup Johnson track question from the chat.

28:15 They want to know if you plan to put in a rail or road. They mentioned they saw it in writing. It alluded to either or. No, Johnstown has never been a rail. It's, we're too close to the water. We want to, and the train is very steep there. So you'd never get a rail. Now this is a road access from the mine site, or where the objective mine site is, down to a port site or a large port site on the coast. It's about 20 miles, roughly speaking. And when you're on the water, barge traffic is by far the easiest way to transport, you know bulk items. So It's a lot less expensive to move things by barge than it is rail.

29:05 So Lucky Shot, just to cover it off, Lucky Shot, and this is probably maybe where people are confused, Nixon, Johnson, Lucky Shot, Lucky Shot is about 20 miles from the existing Alaska Railroad at Willow. So and Lucky Shot's literally less than 20 miles down to that railroad there. So that's a place where we might use the rail. Is that what you're saying? I think that was the case, but good to clear it up. A couple of broader questions. Somebody from the chat asks, just to understand your thinking, notes that in previous presentations, you've indicated Contango's goals are producing around 200,000 ounces a year. He notes that with the Mine Life and Lucky Shot in Moncho, he's curious how you anticipate getting there. Cause from his eyes, you'll just be replacing the production from Mancho with Lucky Shot rather than adding like additionally.

30:00 Yeah, certainly Lucky Shot is, if you don't find any more ore at Moncho, that's what you'd be doing, replacing that. Johnson Tract is what doubles that, basically. And of course, we have our eye on a few other things that we're looking at. So that's where we think we can get up to 200,000oz of production. That's the goal. Great. We say it's more like a goal. Obviously, there's a lot of work that we have to do to demonstrate that we can do that. But that is the plan. And currently, what is the estimated mine life for Jonathan Tract? Well, that's what the PEA is going to tell us. But we're looking at, I would say, 5 to 7 years is kind of what you're looking at with the current resource. And we don't have any plans to try and expand the resource. That's plenty of resource to start a mine on. It's really good quality. And I've always been more of a fan of quality than quantity, especially for a junior producer.

31:08 That's why I kind of chuckle with Moncho, because when we use a US$1,000 higher Gold price to estimate reserves, we lost a gram of Gold. We didn't lose a gram of Gold. It results in a 7g average grade rather than an 8g average grade. But 1g is the average rate of most open-pit Gold mines today. So that's our margin just between using a Feasibility $1,400 Gold price and today's long-term gold price that people are comfortable using in a mine plan of $2,500. So that's a robust project.

31:55 And because of that, we added a year of the mine life. Sure. That makes sense. T from the chat asks, any thoughts on repricing the warrants that are currently at $20? I'd say no. Mike, you're welcome to chime in. I haven't really talked to you about it. I guess it's an alternative for us and we could do it. It would just take a little more thought and figuring out if it's worth the effort. But it's definitely an option if we wanted to go that route. Great. This is the most esoteric question so far. So Rick, I'll throw it to you. Feel free, Mike, to jump in if you'd like. I want to know what you think is, this is Patrick from the chat, wants to know what you think is driving global gold demand today and what are the most likely drivers during the next 2 to 5 years?

32:42 Oh, OK. Clearly, central banks, not our central bank, but other central banks, mainly China, Iran, Turkey, Russia, they're buying gold. Central banks, those central banks are buying gold fundamentally because they think that the US dollar is overvalued. And they are, those countries, those same countries are proactively looking at creating an alternative to the US dollar. I don't know whether it'll be successful and how long that's gonna take, but it clearly is a plan that those countries' central banks have, and they have that in common, so it's not like it's just one of them. It's not just China, it's not just Russia, it's not just Iran, it's all of them, and they have some other interesting folks that are playing along, like the Saudis.

33:37 So yeah, it's an interesting dynamic. You know, US dollars are reserve currency. It has been for since World War, well, effectively since World War I, but more formally since World War II. But, you know, reserve currencies come and go. It used to be the Dutch guilder, and then it was the British pound, and they came and went, and at some point, maybe the dollar comes and goes. I don't know. Obviously, for me personally, living in Alaska, some of it's a good thing and some of it's not a good thing. But that is the principal driver, is central bank buying, And I don't see that going away.

34:23 Great. If anything, I think it's gonna accelerate because our president Trump is not afraid of that. He's built his empire on that. So I don't see I don't see that going away. No, fair enough. 2 more questions from the chat. Then I'll throw it to you guys for a last word each. Jay from the chat asks with the DSO method for Johnson Tract, will there be any processing on sites, breaking down some of the ore because, you know, some pieces are too large or the 2 examples that he gives? The only thing I think we will take a look at is ore sorting. And that may require crushing, because usually you have to have sort of a uniform, more uniform size. You don't want to have basketballs and pebbles.

35:13 They don't serve well. But That would probably be the only thing, but nothing, I'd say nothing from a strictly processing crush grinding standpoint would be only yours or it's probably the only thing we'd look at. Great. We wanna keep it simple and keep it very small footprint. That makes sense. Last question from the audience. Mike asks in the chat, any updates on the trucking lawsuit? Short answer is no. It's scheduled for the lawsuit from Citizens for Safe Communities is scheduled for hearing in August.

36:00 Great, appreciate that update. So as that is, I think I got to all the questions in the chat, but while I'm giving Rick and Mike a last chance to sum up today, please do shoot any last questions you got. But Mike, I'll throw it to you for last words before tossing it to Rick. Yeah, I think we're in a good position going into this year with our cash and working with our lenders. As production starts, we're confident that we will deliver on the schedule that Kinos has given us and we hope to do better. And I think we should be able to deliver on the guidance and if not, beat the guidance on costs and production for the year. Great. And Rick, I'll throw it to you to wrap us up today. Yeah. Look, Last November in the reduced production profile and higher costs, obviously that wasn't good news, but I think it's been an overreaction by the market. I think once we start production back up and we're hitting our targets and maybe beating our targets over the course of the year.

37:05 My hope is that we'll get back to where we were and as we continue to demonstrate the value that we have at Johnson Track and Lucky Shot advancing those projects, I think the PEA will be a good marker for the potential that is inherent in Johnson Track and why we acquired it from Heigl. It's a spectacularly high-quality project and I think our plan is the right plan for developing that project. Awesome. Rick, Mike, thanks so much. I know we went a little over time, but as always I appreciate it very much. Everybody in the chat, thanks for joining. And for those watching the replay later, also thanks for watching.