Contango ORE Inc: 2021 Accomplishments and Plans for 2022

0:07 All right. Well, hello and welcome everyone to Contango Auras live summit today hosted by 6. I'm pleased to introduce President and CEO Rick Van Neuwenhuysen. He's going to walk us through a company presentation after we will be accepting questions live. So as a reminder, you can submit your questions on the Q&A panel on the right-hand side of the screen at any time during the presentation. And as always, the summit is being recorded and will be available to watch afterwards on six.com. But without any further ado, I'm gonna hand it over to you, Rick, to kick us off.

0:36 Well, thank you, Dasha, and good morning, everybody, or good afternoon, depending on where you are. Thank you for joining us today, and we'll give a corporate update and then really focus on our plans for 2022. So obviously I'm making forward looking statements so draw your attention to our slide and some cautionary notes on resources and reserves and on gap measurements. So just quickly, we are focused on our 2 main projects, Bancho, which is development stage project, joint venture with Ken Ross, and our Alaska Native partner at the Tetlin tribe, and our lucky shot, our 100% own lucky shot mine where we're undergoing an exploration program this year.

1:24 We have 3 early stage projects. I won't spend a lot of time on those. They are early stage and we're doing work to advance those, Shamrock, Eagle Hona and Triple Z. But I think right now they're not really the big value drivers, our other 2 projects are the big value drivers for shareholders. Just a quick update on our capital structure, 6.75 million shares outstanding. Our directors and officers have increased their shareholding of the company. So we're obviously long-term believers in what we're doing. We're about $17 million in cash as of the end of January here.

2:06 And we have our strategic investment made by the Alaska Future Fund. We certainly welcome them as a significant shareholder as well. I think everybody knows that we were uplisted to the NYC American trading under the same symbol CTGO, so just be aware of that as well. So our Manchow project, 1.3 million ounces of measured indicated resources, average grade 4 grams, located right along the Alaska Highway on land owned by the Alaska Tetlin Native Tribe. We formed a business partnership, as you know, with Kinross. They paid $93 million for their 70% interest. And the whole reason this thing came together was to take advantage of the Fort Knox milling facilities, which for us lowers capital costs for the project, results in a smaller environmental footprint for the project and overall lower execution risk.

3:04 We're not subject, our capital costs are only fairly modest. And so in a time where we're seeing lots of inflationary pressures on projects, when you have inflation on say 100,100 to $150 million project, that's a lot different number than when you have inflation on A0A billion to 1 billion dollar project. Which of course, our capital would have been a lot higher if we decided to build our own project with tailings and milling facilities on site. So I think these all result in a much lower execution risk project for our shareholders. View of the site here, it's a pretty easy place for mining.

3:51 We're on top of a big hill, basically. The road here connects to the Tetland Road. This is the road to the mine site. This road connects to Tetland Road, which is only about 5 miles away from the highway. We completed a $19 million program in 2021 last year. That program really supported completion of a feasibility study and getting the permitting underway. We recently approved a $48 million budget for this year with $28 million going towards construction. Complete the feasibility study, get the project permitted and get everything lined up for production in 2024. And of course, with some ongoing exploration that will take place as well.

4:46 This is a slide shows our guidance on anticipated economics. This was issued by Ken Ross. I think in

4:59 July of last year. Still looking at over 1 million ounces of gold production over a 4 to 4 to 5 year period on average, producing about 220,000 ounces for the project and our 30% would be again on average about 66,000 ounces. We will use an elevated cutoff grade and focus on sending material of about 6 grams to the Fort Knox mill. So this will be what will be loaded on the trucks from the Mancho site. Ken Ross's guidance on capital 105 to 130. And this is ready to take into consideration the inflationary pressures that we're all seeing in the business and in our own lives. So I'm going to use the $130 million as our base case in terms of our percentage of that. So it'll be in the neighborhood of $45 million of our expected expenditures.

5:55 Operating cost, Ken Ross is still guiding towards $750. Obviously, this will be updated with the feasibility study, but we'll right now that's the guidance that we're going with. Lots of community meetings going on. Whenever you start permitting a project, you're engaging with the communities. Of course, we engage a lot with the Tetlin. Tribal council itself, but we've also had meetings with and I said we hear I'm using the royal. We at Skin Ross. Is leading the charge here. They're conducting the meetings. We just had 1 the other day here in Fairbanks. But all the communities along the road group are being met with and taking note of concerns from the local community.

6:44 Here's a slide that shows, it's done by McKinley Research. It's a socioeconomic research firm here in Alaska that's commonly used. The project will provide about 280 new construction jobs, 400 to 600 direct mining and trucking jobs, and obviously it fluctuates over the mine life. And those are direct jobs. So there's usually A2X factor in indirect and induced jobs. Average job

7:18 pays close to $130,000 a year. It will be the largest employer in the in the area outside of Fairbanks. In the in the region. Over the course of the mine lights expected to purchase about 420 million foreign $25 million worth of goods and services locally. And obviously the native village of Tetlin will earn royalties. A new cell tower to support the mine operation will long-term benefit the local communities. Obviously there will be, our joint venture will continue to donate dollars for the local community for training, education, scholarships, et cetera. So overall, some significant benefits to Alaska, but specifically to the region around the project.

8:09 The Mancho site is located in the hills just off the corner of the slide here, behind the bushes there. This is the Alaska Highway. The gravel road there is the road to the Tetland Village. That's the road that will be upgraded once we have the 404 permit, which is that process is underway. So 250 miles up to the mill at Fort Knox. And of course, Fort Knox has been operating for 25 years. They are actually celebrating their 25th year anniversary this year. So you know the mills, well founded. It's been, proven has a proven track record of operation, as does the tailings facility. So, you know, don't anticipate any significant mill startup issues.

8:58 Obviously, we'll work on how to process the mansure or sue the mill. That's basically what will be in the feasibility study that we'll publish later this year. I mentioned the $19 million program, basically completed everything to put together the feasibility study, metallurgy, hydrology, geotechnical, in-pit geotechnical studies, geotechnical studies for the placement of all the facilities. And again, we're not building much here. It's a pretty small footprint site. 2 pits, 2 waste dump areas will backfill the north pit with rock from the waste rock from the main pit.

9:46 Feasibility has said I mentioned due in probably early in the second half of the year. With construction starting this summer, and it's a $28 million construction. Plan for this summer, Mostly in the in terms of building a camp, both for construction and during operation of the mind. And then roads and laid on areas to support the mining activities on site. We're really only building a truck shop and. And the mine offices themselves. So again, not a lot of construction going on on site here. Look at ramping up production in the second half of 23 with full production plan for 2024. A lot of exploration potential here. I think I've mentioned this several times.

10:34 We have a huge acreage of land under lease from the Tetlin tribe, along with some adjacent state mining claims. This slide here with the anomalous gold and soil geochemistry represents less than 5% of the total land package. So lots and lots of exploration to do here. We only have a modest exploration program plan for, excuse me, for 2022, about $3 million. And again, we'll be looking at things that are immediately adjacent to the 2 known deposits at North Manshaw and Main Manshaw. So we're not venturing too far afield here. We're really just looking for add on ounces. And obviously the main focus is to get the feasibility study done and get the project built, but we will have some modest exploration going on, as we did this last year in 2021, a little bit larger budget planned for 2022.

11:28 You have $3 million. So while Kinross leads the charge here on getting Manshaw feasibility study done, get the permitting done, start construction this summer with again, the plan to be in production by 2024. While Ken Ross is doing all the heavy lifting on that project. We'll be working on our 100% owned projects. Now just outline them quickly here. You can see the in yellow, the Manshow, the Tetlin lease outlined there in yellow. You can see it's a substantial amount of land associated with that package of, or that joint venture area.

12:08 We have our Eagle Hona project immediately to the Northwest, our Triple Z project to the North, where we're waiting for permits from the state of Alaska from a land transfer that needs to happen between the federal and state government before they can actually issue our permits. So stand by on that one. On the Shamrock, we'll have an exploration program this summer and the main one I want to talk to you about is Lucky Shot and our plans there. So Lucky Shot, as we've talked about before, is a high grade quartz vein mine operated from 1919 up until 1942 when the war act shut everything all non-essential mining down. They mined quartz and free gold at this project.

12:54 Very, very simple gravity circuit to recover the gold. They had an excess of 80% recovery with just a simple gravity circuit. When it was operated back in the 19 twenties 1940.

13:10 This district produced about over 600,000 ounces of gold between 1 and 2 ounces per ton, so it produces 60 grams. The Lucky Shop mine itself produced 250,000 ounces,

13:26 1.6 ounces per ton, which is about 40 grams per ton. There's additional production at Coleman and War Baby. At the Coleman, another junior company in the 2004, 2009 time period, drilled out a resource over there, a little over 200,000 tonnes at 18 grams per tonne for 120,000 ounces. So that's now included in our land package. Our focus is really going to be on the Lucky Shot mine itself and drilling down dip from the historic 250,000 ounces of historic production. We've increased the land package to about 17,000 acres. There's patented lands right around the Lucky Shot area there and over at the, to the east over at the gold bullion.

14:22 Otherwise it's all state mining claims. And we've, as I said, we've expanded our land package to about 17,000 acres, which is, you know, 20A little over two thirds of the historic Willow mining district area. Another project, Lucky Shot, like our other projects, Lucky Shot is on the road system. We're kind of in the area of Palmer, Wasilla, and Willow. This is about an hour away from Anchorage, so great infrastructure.

14:58 But we think this is a key to being able to acquire projects and advance them quickly with the aim of getting them into production. Very simple geology at the Willow Project. It's a large granodiorrhetic baffolith that hosts a series of quartz veins at different levels. Historically, again, these things ran 1 to 2 ounces per ton in grade. There were 30 mines that were active. We're gonna focus on the Coleman, Lucky Shot and War Baby area initially, and then kind of venture out from there as we understand the geology better. We hired the ex-Pogo mine manager, Chris Kennedy, to head our Lucky Shot program, and he's got things well in hand and well underway already.

15:51 I mentioned the drilling over at the Coleman. Most of it was at the Coleman. There was some little bit of drilling at the Lucky Shot and War Baby. This is just an example of the kind of results that you'd expect to intersect with high-grade quartz-free gold. You can see the, you're seeing values of, you know, 7 grams per ton up to over 1,000 grams per ton. And this is fairly typical for these high-grade quartz-bane systems, which means you have to do a lot of drilling and take a really good sample, as large a sample as you can. So that is our plan when we get underway here. We've done some drone work to give us a really good topographic control. This was undertaken in the late fall. We just started to have the snow on the ground, but we now have detailed maps over the main mine area.

16:47 This map shows the historic underground workings off of the Lucky Shot level at it, which is kind of on the side of the hill, about a third of the way up the hill. You can see that spaghetti area there. This is the historic mining where the 250,000 ounces at 40 grams per ton came from. The in search level at is what we're going to refurbish and get further underneath the ore body to drill it out. And we've got our mine contractor on on site. We've done a drone survey of the underground, so we know what to expect. Again, we have a detailed survey of the underground and we have, we know exactly what to expect and our mine contractors been through this so they we've got a great idea of how to get going and how to get started here. Equipments on site right now we've been building a snow shed that's just about 100% complete now.

17:44 This is a requirement of NSHA whenever you're working in a heavy snow area, which we of course are here in Alaska. And this is just sort of like an Arctic entryway to your mine. It just makes it a bit safer. So As I said, our mine contractor is on site. This is the insert tunnel level here. You can see we're lucky shot here in the yellow is the historic underground workings. We're gonna refurbish the first 1500 feet of this at it and scale it out to a 10 by 12 size so it's the right size for our anticipated purposes for when we get to mining. And then we're going to extend it another 7800 feet into the footwall zone and then put a drift in parallel to the vein with drill stations.

18:36 You can see that here on kind of shown schematically on the cross-section the existing tunnel 7800 feet of additional tunnel and then we'll drill it off. That's stage 1. Stage 2 will drift further through the vein and set up drill stations in the hanging wall. While we go through the vein, of course, we can test mine it and we can bulk sample it and gather a lot of information on actually on what the vein, how it actually will be mined. Again we'll focus on the the Lucky Shot, Coleman and War Baby area to start with, but historically this district has a whole series of quartz veins at different levels. Some are above us structurally, some are below us structurally. So we'll be in our exploration efforts, we'll be looking for things that are beyond just the Dahlke shop vein itself.

19:35 You know, We've got a whole district here to work with. That's the third largest gold producing district in the state of Alaska. So pretty significant land holdings.

19:46 We will continue to work and advance our early stage projects Eagle, Hona, Triple Z and Shamrock. And we'll look forward to updating you on on those results as as they become significant. Key takeaways. Our flagship project is Manchow 1.3 million ounces. Ken Ross paid $93 million for their interest, their 70% interest. They're keen to make this project work and get it into production as quickly as possible. We spent $19 million in 2021. Our budget for 2022 is 48 million, including construction in 2022. Should be ramping up in the end of 2023 for full production in 2024. We believe this plan is a low execution risk plan. We're not building a mill, we're not building a tailings facility, we're simply trucking New York to an established mill that's been operating for 25 years at Fort Knox. Our share of production is anticipated on average to be 66,000 ounces of gold over a 4 to 5 year period of time.

20:52 750 all in sustaining costs. And that today gives you over $1,000 margin. I do caution always that if the price of diesel fuel goes up, our costs will go up because obviously hauling the trucking the ore up to the Fort Knox mill is a significant portion of the costs. But I also say that if we're seeing inflationary pressures in oil, we also typically see the gold price move up as a standard hedge against inflation. So I think our $1,000 margin is relatively safe.

21:30 Lucky Shot provides an extra opportunity for growth. And of course, we've got a successful track record. We know how to do business here in Alaska. So I will stop there and we'll open it up for questions. Great, thank you so much Rick. So obviously there was a lot accomplished in 2021. Can you just give us an overview of everything that you did? Yes, So 2021 was a busy year. We completed the $19 million program, slightly under budget. This was at Manchur, this was the joint venture budget. So that was a successful year in doing a lot of infill drilling at the project, all in support of completing a feasibility study, you know, along with your typical metallurgy, geotechnical studies, and getting the permit document put together. So that was another major achievement.

22:27 It was announced just before the end of the year. So many people may have missed it, but that's why I put it out in the highlights as well. It is a major accomplishment to get a, you know, a 404 permit put together for the Corps of Engineers, so really hats off to the Ken Ross team for getting that done. It was one of the objectives, joint venture objectives for the year. So the Corps of Engineers has put that document out for public comment. I believe it's a 30 day comment period. So that process is all now formally underway. So, yeah, again, Mancho is, I think we accomplished everything that the joint venture set out to do with the $19 million and set ourselves up really well for pre expenditures this year. At Lucky Shot, of course, we acquired Lucky Shot and I think that makes for a significant second property for the company, 1 that we own 100% of and we're in control of our own destiny there, so that's always kind of nice.

23:30 We hired Chris Kennedy, which I think is a real coup. He operated the Pogo mine for, I think, close to 9 years. And when it transitioned between, when Sumitomo sold their interest to Northern Star, He stayed with Sumitomo for a year, but then got itchy feet. He likes being underground and likes managing projects. So we were very, very fortunate to get him on site. And of course, he's wasted no time in getting our mine contractor, Atkinson, engaged in the snow shed built that got underway just before the holidays. And we're waiting now for all the rest of the equipment to arrive. It should arrive later this week. And we are in a position to start underground refurbishment at Lucky Shot starting in a week or so. Actually, we're already sort of starting it now, but not with all the equipment. Hopefully, in a week, all the rest of the equipment.

24:31 So those are the 2 big accomplishments. I think the third one probably is just getting ourselves listed on the NYC American. I think we'll get a lot more exposure to investors there, a broader group of investors, both institutional and retail. So that was also one of our objectives for 2021. Absolutely, that's great. And looking to 2022, what are your plans? Well, spend the, again, the Venture joint venture, spend the $48 million, complete the feasibility, complete, substantially complete permitting. Permitting is one of those things that you're always kind of doing. So you never ever finish permitting. Even when you're in operation, you always need new permits. So it's a bit of a process, but complete the permitting to the point where we can finish all the construction efforts that we need to do. Of course, get started on construction this year, $28 million dedicated to construction projects, the camp, roads, lay down areas, getting everything lined up for the main construction period which will be in 2023 with ramp up in probably the last quarter of 2023 and lining ourselves up for full production in 2024.

25:46 So that's what's happening with Manchot. With Lucky Shot, we'll should be in a position to start drilling in July. So we've got the mine contractor, Atkinson, on site. They're just waiting for the end of their last last part of their shipment of their equipment, which is I think the drills and the and the and the scoop. So once those are in up on site we'll be heading underground and refurbishing the underground, extending the underground, and then drifting parallel to the vein. That should be done, and we should be able to start drilling in July of this year. So probably about A34 month building program lined up there. And our objective is to outline between 500,000 and 1 million ounces of gold over the next 2 to 3 years. So that's, it's an exploration project. I know we're mining because we're, you know, we're doing this exploration program from underground, but we're not processing at this point. This is still exploration.

26:54 Well, all right, well, thank you so much. Robert has a question here. He's asking, what is the trucking distance to the Fort Knox Mill? So it's 250 miles from the Metro site. Down to the Alaska Highway up the Alaska Highway. And to the Fort Knox Mill, and through. Through Fairbanks, which is the largest community that the truck route would travel, we actually kind of go around Fairbanks. There's a series of, I'll call them highways. There are 2 and 3 lane paved roads that kind of go around Fairbanks. So we're not, you know, driving the trucks, you know, sort of right through the town of Fairbanks. They kind of do an end run around the town.

27:45 And, you know, the highway was, you know, set up for hauling for truck college. There's no limitation in terms of, how many trucks, this will represent about on average, about, a 5 to 10% increase in the truck traffic. There are no permits that are required for this. Your trucks just have to meet the highway standard so you can overload the truck, there's appropriate drivers for the trucks And obviously a lot of safety precautions are gonna be put in place by Ken Ross. Again, big company that brings a lot of systems, if you will, to their operations. So these trucks are gonna be outfitted with the latest technologies to monitor speed controls and to monitor driver fatigue.

28:41 These are all things that are going to be put in place to ensure that the highest safety standards and highest safety factors are met. Great, thank you. Chris is wondering what is the anticipated duration for the trucking scenario? I'm not sure if I understand the question, but I mean, it's the 4 to 5 year mine life. Obviously we'll have a stockpile of ores at Manchot and we'll have a stockpile of ore at Fort Knox, you know, probably immediately in front of the mill facility there. So yeah, so I'm not sure. You're talking about how many trucks? The number of trucks varies between about 40 some odd and about double that, 90, 45 and 90, something like that. Yeah, he sent another question, so maybe this will clarify or maybe this is another question, but will the mill segregate peaks ore or how will that work? That's what he asked.

29:44 Still working on that. That'll be in the feasibility study. There are already kind of 2 options here, blending and batching. Batching would be running the mills sort of separate for man show ores. Still a lot of, that will be really in the feasibility study. So look for a final answer on that, you know, hopefully sometime after mid-year. So Samantha's asking, do you anticipate any delays this year because of the COVID situation in Alaska? That's a good question. We didn't see any significant delays last year and I'm not anticipating any this year. The state is pretty much open up. There are no mandates currently in place. People wear masks at their discretion, but there's not, you know, restaurants are open, businesses are open, you know.

30:38 So I don't anticipate any significant delays due to COVID. Great. Tom is wondering how does copper figure into the portfolio mix given your history in Alaska? That's a great question and that's certainly 1 we're thinking about strategically long term. Right now the only copper centric asset we have is ZZZ. It's a copper porphyry with significant gold and silver attributes. So the other prospects, Shamrock and Eagle Hona and Lucky Shot, of course, are all gold focus. We don't expect, we don't have any anticipation of finding significant copper at those other ones. And of course, at ZZZ, we've been waiting for this land transfer between this federal government and the state government to take place.

31:34 Excuse me, one of the things that we did accomplish last year, or I should say the state accomplished last year was completing a land or a new land survey over the area. All the survey markers have been destroyed by the fire that had taken place a number of years ago. So they had to reestablish survey control in there. So that was done last summer. That should be a sort of a final technical step for the land transfer between the federal and the state government. So once that's done, then the state can issue us a permit to go drilling. So, I've, and if we get the permit, we'll certainly plan to drill a few holes. Now this summer, I'm not worried about COVID so much, but I am worried about the availability of drill rigs and drillers. We're seeing shortages of that across our industry. So That would be my main worry is we don't, the timing of things, say for triple Z, for drilling triple Z, if we want to drill triple Z, we really ought to know by late spring if we're going to drill it or not, because We've got to line up drills and drillers and supplies and everything and in Alaska if you don't do that by by April you're You're way way behind April. So That'd be my my sort of caveat with triple-z.

32:58 None of that. We don't have any of those issues I think for the other projects I think we're pretty well lined up for what we need to be doing at Manchot and also what we need to be doing at Lucky Shot. And Hone Eagle and Shamrock are basically boots on the ground geology, so we can always accomplish that. Got it. Thank you. Tom's actually asking about Mancho. Are there any other juniors doing GB production of gold along the lines of the Contango strategy? I'm not aware of any of them. I think the typical junior model is to find something and sell it to a major. Outside of that general thing, there are certainly other companies working in Interior Alaska, probably 3 or 4, right in and around our projects and, around triple Z and Shamrock and Eagle Hona.

33:53 There are certainly other groups working on native land there, the Doyon Regional Corporation land around Fairbanks, around the 40 mile district. So yeah, there's there's lots of other juniors exploring in the region. So we kind of keep track of our neighbors. Great, absolutely. Nancy is asking, do you believe that the world has reached peak gold at this time because she's read that there are about 50,000 tons left to be mined globally Yeah, that's always a it's an it's always an interesting discussion. I don't believe in peak anything in a general sense. And I sort of think about things in maybe my lifetime and a bit beyond. But I think certainly I would say that all the, just like oil, all the cheap oil is pretty much gone.

34:51 And, you know, like peak oil, the next layer of oil is getting more expensive because it's in remote, more remote locations or it's deeper, it needs to be pressurized and all those reasons. We're seeing the same kind of thing affect gold. Most of the surficial gold deposits have been mined, have been found, have been mined. Again, you know, except maybe peak or the Manchurian deposit. But there, you know, there certainly is a tendency for the new discoveries to be deeper, to be refractory, to be more complicated, to be in more funky places. So I think in that concept, gold prices are likely to go up because it'll cost more to actually produce gold on a worldwide level basis. So that's my expectation, And I think that's really the effect of the concept of a peak commodity level, whether it be gold or oil or something else.

35:58 Thank you. Robert's asking, what sort of dilution do you anticipate when mining UG at Lucky Shot given the narrow widths? And can you estimate mining widths yet? Short answer is no. Not with any sort of precision. Based on the historic mining and also based on the drilling results, it's more of a vein zone. So you've got maybe a narrow 0.5 meter wide vein, 0.5 meter of barren or low grade material, and then another high grade vein. So there's 3 or 4 sort of vein sets in the overall zone that is up to 5 meters wide. So the range of The vein zone is between a meter and 5 meters.

36:48 But you do ask to bring up an important point that is worth mentioning, and that is pore sorting. If you've got a vein zone that's sort of, you know, 50% quartz veins that's got the gold in it and 50% host rock, the granite diorite in this case, that doesn't have any gold in it. Ore sorting is a technology that a new relatively, well, there's new application of an old technology because they used to sort this stuff by hand, right? Say, okay, that's a quartz vein that's going in the bin, the granite biorate is going in the waste pile. We can do that a lot more efficiently now with ore sorters, particle sorters. And that is something that we will definitely be taking a look at because obviously the fewer tons with more gold per ton that you can run through the mill, the more efficient, lower cost you'll be. So it's a good point to raise, and it's definitely something we'll be looking at.

37:41 Thank you. And last question here is from James. He's asking, any comment on essaying difficulties, if any, and relative timing on the results? Yeah, I think this is at least a North American issue. I think the Australians are getting their results a little quicker, but yeah, results are slow, no question about it. We, I think, again, nice having a big brother partner like Ken Ross at Manchot. Because of their volume, their stuff tends to get analyzed first, even though the labs will swear to God that that never happens, but we all know it does. So now LuckyShot, we're gonna take a little different approach. So on Mancho, I think we're in good shape for getting results in a timely manner.

38:31 On LuckyShot, we're looking at taking a large sample there and doing a screen fire assay, which we're not sure on how long that's going to take. And so that's something we'll have to take a hard look at. We'll have a, when we're drilling, it'll be sort of fast and furious. We'll have 2 rigs and they're relatively short holes. So, you know, we're not drilling these big long holes. So we should have lots of sample in a relatively short period of time. So we'll kind of muscle our way into the queue and hopefully get those done in a timely manner. Great. Well, it sounds like a very exciting 2022. Thank you so much, Rick, for your presentation and taking us through the Q&A. And thank you, everyone who joined us today and asked all these great questions. If you do have another question following the summit, feel free to reach out directly to Contango Org. Here, their contact is on the slide.

39:25 And of course, you can find more information at their website, contangoorg.com. But before we close out, I'll pass it back to you, Rick, if you have any final words. Thanks, Dasha. And thanks, everybody, for joining us today. If you've got questions, as Dasha says, just either if you've got my email contact, just email me or send them into the info at contangor.com and stay safe.