Cora Gold (LSE:CORA) — Operational Update

0:00 Good morning, and welcome to the CORA GOLD LIMITED Operational Update Investor Presentation. The company may not be in a position to answer every question received during the meeting itself. However, company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Burt Munro, CEO. Good morning, sir. Good morning. Thank you very much, and thank you very much everyone for joining. I'm gonna take you through the CORA presentation, hopefully, for around twenty minutes to thirty minutes. And then once I've done that, as Paul mentioned, I'll I'll open up the q and a, and I'll I'll try and get through as many questions as I can. So CORA is an aim listed gold company as I'm sure most of you know. We've been listed since 2017.

0:53 Our focus is very much in West Africa. We've got two core projects. We've got the San Ankara project, which sits in Southern Mali, and we've got the Boudina Fullbay project, which is in Eastern Senegal. Both are in very prolific gold belts. Obviously, I'll get into to more detail on both of those permits and both those projects as as we go through the presentation. But really pleased with the with the portfolio, a lot of ability for organic growth from a large landholding and and, as I said, two very prolific gold belts in West Africa. Obviously, as a as a business, very focused on on operating correctly. We've got a great team on the ground in Mali. Obviously, I travel out there regularly myself, and, obviously, I've got a good track record of discovery over that period of time as well. Diving straight into our into our main asset, San San Ankara is is made up of of of a number of permits which make up the San Ankara gold project. We sit in Southern Mali in amongst a number of other gold mines and gold projects. It's about four hours drive from Bamako, predominantly on a on a tar road. So it's in a it's in a good location both from access but also geologically.

1:56 As you can see on the map on the on on this page, we're bordering with two other projects, really. One's one's a a company called Tobias, which has got over 2,000,000 ounces, and a preresource company called Stella Gold. One's, ASX listed, one's TSX listed. So we're in a good region with with lots of gold. Obviously, our project's currently sitting at just over a million ounces of gold and resources. We've obviously additionally got an exploration target on top of that. The project itself has has been taken through from discovery through maiden resource, obviously, an initial DFS, and, obviously, this DFS update we put put out just, a couple of weeks ago. The plan is to develop an open pit oxide gold mining operation, one and a half million tons a year, traditional gravity CIL. Obviously, one of the big benefits of oxide ore is is that that element to it, and I'll talk a little bit more about that later.

2:45 Clearly, it delivers really, really strong economic fundamentals. Yeah. $27.50 gold price is what we've based our headline numbers off, which obviously is significantly below where the gold price is at today. You know, delivering a 65% IRR, one point one year payback period. So, you know, it's fantastic in that respect. One of the big advances in terms of moving the project forward over the last two or three years is we have grown the resource base, and, obviously, that's led to us having a a plus ten year reserve life as well, which is which is also very strong. At the bottom of the page, you'll see a few a few go a few different gold prices showing the returns at a high gold prices. This on the latest slides, there's also other slides showing that as well. But, clearly, it generates extremely strong free cash flow, and the nature of the oxide ore in an open pit mine means that you can can get into production for a relatively manageable CapEx compared to certain projects and, obviously, a straight into ore at an early stage.

3:36 So huge amounts of positives for this project, and, obviously, I'll dip into it in more detail as we go through the presentation. In terms of CORA strategy, we've always been very focused around developing San and Coro as as quickly and as cheaply as possible. We really latched on to the to the oxide nature of the ore, meaning that it was very amenable to open pit CIL mining. Our view is that if we can get into a positive cash flow, we can then look to really expand the project and also develop organically our other projects as well from from strong cash flow from selling CORA. In terms of the schedule, obviously, we'll touch on permitting later in the presentation. I I know we already have had a couple of questions on it in advance of this. But, effectively, from from the period of being project finance, you're around an eighteen month, time frame to get to gold pour to first gold pour, which is, you know, reasonably quick, which is great. As I mentioned, it's a it's a straightforward project in in many ways, a traditional West African oxide project with, gravity and CIL, but also making additional launches of the oxide nature with with the scrubbing surface as well, which I'll touch on slightly later. So for us, being able to go from commencement of of project construction to to GOLD LIMITED in eighteen months is, you know, in our mind, very achievable.

4:49 And, obviously, is in line with our with our strategy, which is to make sure we develop selling CORA as quickly as we can and, obviously, deliver really strong free capture from that, enabling CORA to really open up organic growth within its portfolio. Not saying we aren't always looking at inorganic growth as well. Obviously, as a company, you're always looking to take advantage of opportunities and always looking to to review other opportunities as well. But I think for us, we're really pleased with the the portfolio we've got in our hands as we stand. Diving into a little bit more detail on San and CORA. At the map on your right, that's obviously an outline of the project area within our permits. Obviously, the red blobs are the outlines of our of our pits. Obviously, we've got four main pits there, and then you can see the outline of some of the infrastructure as well. You can see location of the process parts, things just to the south and east of the cell and deposit. I also got, you know, lined up where the tailings and as well as the the solar farm and and and the and the main cap will be.

5:47 One of the things we'll touch on when you talk about permitting in the process, obviously, as you can see, the project overlaps more than one exploration permit. So part of the process we're currently going through is about reshaping so that you get all of your infrastructure as well as your project within one single mining permit. And and, obviously, the ground, which is reshaped, obviously, out of the mining permit, then would remain part of your other wider exploration permits as well. So you don't lose any project area. You just need to make sure that all of your project you're initially developing falls within the within the 100 square kilometer mining area for us. One of the big advantages of San and CORA isn't the million ounces we've already got. It's it's the gold we haven't yet pulled into resource. What you can see there from from those outlines of those pits is you've effectively got these these parallel gold structures.

6:35 We drilled a relatively a relatively map we haven't drilled a huge amount of the project. I think we feel it's very under under drilled. All of those deposits are are open along strike, and we feel certainly with, you know, additional drilling that we continue to grow those deposits. I think that's proven with having exploration target of up to one and a half million ounces in addition to the existing resources of the million ounces. So for us, it's a great starter project. Obviously, it gets you into to production relatively quickly from when you start construction and obviously delivers extremely strong free cash flows. We'll talk about those numbers next, but but, obviously, for us, we feel there's a lot more to grow with that project. I think the the gold block at the bottom, which which states that, you know, we've already got we've already seen the ability for a 173,000 additional ounces when we pick constrain are inferred with the same parameters as our reserves.

7:25 Shows that you can you can grow this project from what's set out in the table to our left. Just talking through some of the numbers, obviously, the the CapEx is is at a $124,000,000. That includes various contingencies, other management costs, and and and working capital. I think one of the the changes from the previous study, obviously, was incorporating all of the factors of the new 2023 Mali mining code. I guess one of the big jumps in in the CapEx from the previous study was was an increase in the in the cost of the the tailings storage facility of the TSF. So that's one of the factors which led to to an increase as well as, obviously, general inflationary impacts over over a three year period two, three year period. I think what you're seeing, is is obviously a jump in in the amount of gold.

8:10 Obviously, our reserve is growing. We've got over ten years of of reserve production, and obviously significantly greater free cash flow generation. So really pleased with the overall outcome of the study. All of the numbers are are really been improving there. And I think as you can see, you know, we're at over $3,500 gold right now. So so gold prices right now are significantly higher than what we're showing in those numbers, but really pleased with with fundamentally having having a quick payback and delivering really strong free cash flow, which has always been the focus of of an upside gold project like ours. Talking through the flow sheet, I touched on it a little bit at the start. I think it's a it's a traditional gravity CIL flow sheet. One of the things which is very common in West Africa, so we're not trying to do anything particularly new. I think one of the advantages we have changed from the previous DFS to this one we've just published is we've incorporated what's called a scrubber circuit.

9:03 This is enabling us with the oxide ore material to to separate out the ore, so you're you're able to run a much smaller ball mill. By running a smaller bill mill, you reduce the amount of power needed, which obviously reduce your power cost, which is which is great over the over the life of mine. So we've really tried to maximize the advantage of having the oxide all through the flow sheet, but, fundamentally, the flow sheet is is a standard gravity CIL flow sheet in West Africa being run by all the mines in in mining across West Africa. So I think that hopefully good from your view looking at this project from, I guess, a risk appetite. We aren't trying to do anything new. We aren't trying to incorporate any any new designs in that respect. It's it's a standard it's a standard processing plant. Obviously, detailed CapEx there. Suppose if anyone's got any specific questions on that, I I can answer them. But, fundamentally, we did the we did the work with an engineering group called SENET.

9:53 They are a South African based engineering firm. They've built a number of projects in West Africa, including in Mali. They're currently working on on a project in mine, expansion of existing operating mine in Mali. Really basically done a really thorough job, obviously, supported by Lauren Steenkamp, our project manager, who, again, I'll talk a little bit more about later in the presentation. But, ultimately, he's got a very strong track record in West Africa. He's worked for a number of mid tier mining companies. So really pleased with the quality of the work that's gone into to building out the the DFS in these numbers. Touching on the OpEx and the and the production profile. I'll just start on the production profile. For me, what I see there is really more opportunity. You'll see in the first five years, you've got, you know, strong levels of production averaging over 60,000 ounces, and then you're starting to seal see the production tail off as you move towards processing lower grade stockpiles towards the end of the mine life and you see a reduction in the production then.

10:50 I think, again, that box which references is 173,000 ounces of of pit optimized inferred. Those aren't currently in that production profile sitting above. They haven't had enough volume of drilling into the upgraded to a to a reserve classification. So for us, those are those are easy wins. They're currently in what's called an inferred resource. So additional drilling needs to happen as well as other factors to to be able to convert them into measured and indicated and then and then into a reserve. So, you know, it's obviously our view as a as a team that we will you know, with with drilling, we've consistently been upgrading those answers. And, actually, the production profile will hopefully stay in line with the kind of five year average numbers for a much longer period, which will obviously continue to to strengthen the strengthen the position of the project. And, clearly, again, we'll touch on it a bit more later in the exploration slides, but, clearly, we think there's significant scope to grow our million ounces of resources much further from here as well. So for us, I like to look at the first five year average and and and see that hopefully as a bit of a base case. And, obviously, what we'll be aspiring to do is to turn those first five years average into a much longer for a much longer period of time with with additional drilling on the project.

11:59 Obviously, breakdown of the operating costs on the left hand side on a per ounce basis. Clearly, from the all in sustaining cost, the projects had an impact with the new mining code in Mali. The new mining code fundamentally increased sort of gold royalties the to government significantly, which have an impact of close to one of these gold prices probably a little bit over $300 an ounce to our all in sustaining cost. It's obviously not not insignificant, so I'm really pleased that, you know, we've managed to keep most of the other operating costs relatively relatively flat from the last study. So the significant change in in our ASIC was really around the increase in in royalties and taxes and the new mining code. Also, just pleased to touch on, obviously, including a hybrid power solution to to the project.

12:45 Effectively, that's a that's a solar farm offering power probably during the day and then, obviously, having diesel generators which run overnight and, obviously, a battery element as well, which obviously manages the blend between the between the solar and the diesel. See, diesel generators that is. Obviously, at the moment, that that's the most the combination of, obviously, saving 40,000,000 leads of diesel over the life of mine. The current ten year life of mine is obviously fantastic. Obviously, in time, I guess, as batteries develop, obviously, one might be able to reduce diesel usage further. But but as it stands, that's both from an environmental, but also an economic, perspective for what we think is the best option in terms of the blend. Really pleased with with having that lined up and and having a a Malian contractor, as as the the tender and and obviously compliant to to deliver that for us. Updated reserves. It's obviously published alongside the feasibility study two weeks ago. 26% increase from our maiden reserve, is great. Over half million ounces of gold in reserve in the ground at a sub five ratio.

13:43 So all of that really pleasing to see it developing. I think the other aspect, and I keep saying this word, that, obviously, nearly all the gold is oxide. As you can see, close to 500,000 ounces in oxide then just over 50,000 ounces in transitional material. So, obviously, just to talk through that, obviously, generally speaking, different terminology, but you have oxide transitional and and fresh rock. Obviously, you know, fresh rock, you you is obviously hard. You need to drill a blast it often. You 'll then need to do significant amounts of crushing and processing. So one of the reasons and one of the benefits of having an oxide deposit is that you you have lower operating costs both because you're doing you don't have to drill a blast when you're mining and you're not having to to crush or not significantly crush it during processing. It also helps from a sustaining capital perspective as well, less wear and tear on your processing plant as well. So lots of advantages to to having sort of laser approach to oxides.

14:35 We've got a relatively small amount of transitional model transitional ore in the model currently. When we're when we're processing it, there's a there is a a rented crushing circuit which comes in to help process it for the for the period of time we are. I think in time, this project, and I guess looking to somewhere like Sadiola, GOLD's project in Mali, you know, they mined oxides for fifteen plus years, and then obviously it transitioned into to being focused on a fresh rock mine. So I think we haven't drilled any real really significantly deeper holes at San Marco. We've drilled a couple, two or three, and, obviously, it shows that the gold continues into the fresh rock. So I think that's obviously a significant upside for for the company and for the project. In the future, I think at the moment, in terms of growing our reserves and growing our resources off, we're very much going up and down strike at depth where we still have all of the existing deposits are open.

15:28 And that means that you can hopefully be adding further oxide and transitional ounces, which should be your your higher margin ounces near a surface or a lesser appreciate as we develop it. Well, talk now. So I flipped on to the next slide, the MRE. We updated this in January this year. Obviously, it took us over a million ounces of gold for the first time, so a significant milestone. So, you know, big success for the exploration team who who managed to do that off of very minimal budget. So really pleased with that with that ounce growth. As I said, really just scraping the surface of it in many ways. All of the deposits are currently open. We haven't drilled out any of the deposits. So, you know, we certainly believe as you continue to step up drilling up and up and down strike, you would be adding answers. Obviously, the ability to add answers at depth as well, which will be interesting. I think, obviously, the most economic answers, the highest margin answers will be the ones up and down strike maintaining your low strip ratios. That will probably be, you know, the initial focus as we look to try and grow this resource in the future. But I think, you know, a million ounces, again, you know, literally, you've got 65, sixty, seventy thousand ounces of fresh rock ounces out of that million. So, really, you are talking about, you know, an oxide deposit here, which is which is fantastic and and what we've really been focused on.

16:42 Touched on earlier as well, an exploration target. This is a a dual compliant target based predominantly off off drilling data showing an additional potential sort of half million to to 1,300,000 ounces over and above the resource. A bit more background on that, which could be useful. I think all of the the project before CORA owned it back in kind of Goldfield's days was drilled on about an 800 meter line spacing. So you've got drill data over a very large area of the permit. We've obviously focused in and targeted on our current resources and obviously really been focused on trying to get a mineable ready project and, obviously, bringing it out just to reserve and and then showing a a quality project to start with. But I think in terms of the ability to step out and really develop our resources more, you've got that historical drill data, and you've got a lot more to go at. And and there's a couple of extras exploration slides coming up, which I'll I'll talk to now before I set everything for those slides already on the previous one.

17:38 Obviously, exploration is is a systematic process. It can be very expensive, and that's why you really need make sure you've got a targeted phased approach. Really pleased our chief Jerry, Mary Patterson, and his team. You know, they have a very commercial mindset to exploration. They really look to make every dollar count when they're working. Obviously, again, we had a press release out and being a full way today, but making good use of of our XRF machine as well, which is a low cost way of following up and making sure you cover the ground and and understand your deposit. But, effectively, we've got, you know, a a pyramid of targets, obviously, with with existing resources and indicated further at top of the pyramid. Then you've got as you go down the pyramid, you've got other earlier stage projects, which obviously we need to systematically work our way through. There's obviously lots and lots of these opportunities.

18:27 I think you some people might have picked up or noticed here we had to move the processing plant, for example, between the previous study to this study we just announced on doing sterilization drilling. We a little bit too much gold under the the old proposed process plant location in the last study, so we decided to move it 500 meters or so to the east, which I guess is an indication of of how much gold is around the permit, and it's a case of just making sure we look at it commercially and we and we go through sequentially to make sure that we're continuing to bring new deposits and new discoveries online. We're always looking to grow that grow that pipeline. Exactly. And I guess this is just following up on really what I'm saying. I think the the image on your on the left is very touching on what I said. You've got this long strike line long mineralized strike line. Obviously, we've drilled out some of it into resources. Obviously, zone a, b, b north, and and zone c are currently in in various stages of inferred or indicated resources. And, obviously, you've got a reserve on on zone b and and zone A as well.

19:27 Clearly, there's significant scope to continue to step out and drill further, and and we would expect load ounces to continue to grow before you even move to to new targets just just stepping out those existing deposits. I think, like, it just talks through the sort of the the six steps in terms of viewing how we go about that systematically. I think to date, you know, exploration can be very expensive. You know, you can go and drill tens of thousands of meters. And I think for us, you know, we've only drilled three or 4,000 meters at San Antonio in the last two years, but we've managed to have good good resource growth on the back of that. So our our bank for our buck has has been good, and I think that's because of, you know, having a good commercial geological team who obviously follow, you know, follow a clear step by step process to make sure that we're we're making every every every round of exploration work count.

20:18 So lots of, hopefully, future upside there, which is exciting and, obviously, looking forward to to doing in the future. In terms of the team, I'm really pleased that, guess, another development since the the 2022 study during this period of of permanent moratorium, you know, really strengthened the team. Brought in Lawrence Steenkamp, who is a really experienced project manager, most recently worked with with resolute and Perskis mining, two mid tier miners operating in in Mali and and Ivory Coast, probably. So he's got really good Francophone, West African experience. He's constructed projects, managed projects, and a really strong guy to have on the team sheet to manage his process. He's been in and out of Mali constantly over the last two years working with and getting, you know, getting a better relationship with with contractors in country, getting to know the project better, and, obviously, he's overseeing this DFS as well. So really pleased to have him him on board. Really brought a much deeper strength to to the CORA team, obviously supported by by Fricky and Murray as well. Fricky is a mining consultant. He obviously did did the reserves and and he's got, again, strong Osanko based in Ghana, strong West Africa experience from a mining perspective.

21:29 Murray used to you know, a long time ago, lived in lived in Mali back in the day with his family, amazingly, when when it was back in his rank old days as a relatively young geologist twenty five years or so ago, and he's been working in and out of West Africa for for his whole career. So these are these are senior guys older than me and with with a lot of experience on the ground in West Africa. So it's so great to have them on board. Touched on set earlier. They've got great track record in West Africa. They've they've built mines in Mali, they they were working on projects currently in Mali. So please have had them do the study, and I think very much it was a a feasibility study that we were we were doing with the aim of building it. It wasn't just a a marketing document that's been done to a very high and thorough a thorough level.

22:18 It's promising, obviously, I'm sure on everyone's minds right now. Marley, just to recap for some people after we published our previous feasibility study in November 2022, Marley put in place a permit moratorium, whilst they were launching a new mining code. They they've now launched the new mining code, and the moratorium was partially lifted, at the end of q one, of this year. I think what you've seen, in the press release, you've seen a lot of, operating mining companies. I think all of the operating mining companies signed, so then they use the government and look to try transitioning on to the new mining code. I think what hasn't been what hasn't happened yet is you haven't seen a a new company like ourselves go and receive a fresh new mining permit. Obviously, we're actively engaged with the government. They've shown a very strong willingness that they need to see. They want to see new projects in construction and moving into production, and we've had really positive engagement with them and are obviously trying to get ourselves through this permitting process as quickly as we can and, obviously, working with the government very closely to do that.

23:20 I've been out in Mali. I was there the last week of August, and I've been out a number of times this year, and I've had good face to face meetings with with various people in government. So I'm happy that the the process is moving forward. I'm sure no one's happy that it's it's all taken as long as it has and I don't need. So thank you to everyone's support during this time. I appreciate it. For some of you who've been a for a long time, it's been a very frustrating two, three years. But thank you for your, you know, support in this period of time. And, also, thanks for your engagement. It's always good to take care of questions and people asking. It's nice to know we've got an engaged shareholder base. So, yeah, we are working this is our primary focus. We're working trying to get these permits done as quick as possible, but I guess I guess some reassurance. There hasn't been lots of other companies getting issued new mining permits. What you've seen in Mali since the lifting of the moratorium is you've seen existing operating miners or existing mining companies with with mining permits transitioning from the old code to the new mining code.

24:17 You haven't seen lots of explorers receiving new mining permits. So we're very much trying to be at the front of that queue and and driving that process as hard as we can. Medina Fullway had a press release out on Medina this morning. It's a great project. It's on the Makena Gold Belt, which has obviously got a number of significant gold mines on it. So geographically, it is a really exciting location to be in Senegal. Geologically, it's also a really exciting place to be. It's a big permit. It's around 200 square kilometers in size, so it's a large area. We have done a series of rounds of exploration on it. We drilled it in 2024. Had some really nice hits. I mean, 10 meters at four and a grams a ton is is a great hole. Fundamentally, we we haven't drilled enough. We only drilled two, three thousand meters of drilling on it.

25:07 The majority of those holes hit mineralization. Unfortunately, most of them ended in mineralization, which is slightly embarrassing, but, ultimately, it's it's ultimately a factor of trying to drill as wide of areas we could to try and test the mineralization with a limited drill budget and meterage. So, ultimately, we we left 50% of those holes in mineralization, which shows, obviously, there's more to come, we hope. So very exciting prospect, Medina Fulbe in a really good geological and geographical area. It's it's easy to access, Tara to within ten, fifteen kilometers of the project. That's a nice area where you can explore relatively cost effectively and, obviously, a good spot. So looking forward to being able to to follow-up at Medina Fullbeand, do more work in the future. As I said, our strategy has been our strategy has been around trying to exploit SANONA CORA as quickly as possible and, obviously, generate good early free cash flow to to enable us to expand organically as we can. But also also concurrently, whilst doing that, we have been doing work. You know, the teams have been on the ground pretty much every quarter taking samples, following up with the XRF, and obviously looking to develop a project and looking to advance the projects whilst whilst still focusing on on selling per predominate.

26:27 Touch on on ESG. Yeah. Really pleased that we've got a good strong presence on the ground. Always great when I go to site to go and see various community projects we're doing on the ground, whether it's a local clinic, seeing some of the schools where we've helped support them with with books and also supporting teacher salaries, also engage with the communities in various ways, whether it's supporting agricultural developments and other things. So community engagement is great. It's a really exciting part of the job for me. It's it's a great it's a great privilege to be able to go there and represent CORA and be able to to meet with the communities. I think we've got a we've got a really good relationship with our communities. Obviously, ESG is much wider than that, and, obviously, I could talk for ages on it, but I think, you know, this presentation is really focused more on the on the DFS. So excuse me for for running it relatively quickly, but, you know, obviously, ESG was a factor in in focusing on making sure we we have a good solar and hybrid power solution for the site, and, obviously, are always looking to act to the highest possible integrity on the ground and in money as a business. So I'm pleased that it's something which is which is in good shape.

27:34 Touch on this briefly. Obviously, I've been the CEO of CORA since January 2020. Before that, I've worked in West Africa the previous ten, fifteen years or so. So I guess my background has been West African gold since I was in my early twenties. Craig, CFO, cofounder CORA back in 2012, obviously, still with the company, which is great. And then, obviously, Siaka Kamara alongside Craig has has been our country manager since since CORA's inception as well. So really strong, stable team who know the company, know the permits, know various people in government, and all those relationships, and all those different stakeholders in countries. So we're really pleased that you've got a combination of, long standing stable team members who who know everyone on the ground and and know know everything well, but also bring in new blood and the likes of Lawrence and and Murray and and and others.

28:21 Yep, pleased with the team. Obviously, as we move into construction, that team's gonna have to grow and strengthen as we bring in more construction focused people. But as it stands, we're in we're in good shape with with lots of relevant experience on the ground. I think, obviously, just touching on this briefly, and everything is very good when management try and tell everyone why the share price should should double or triple or quadruple, but I think there's very good reasons why CORA should continue to move very strongly in the future. I think, clearly, we've got our strategy to deliver producing gold buy, which is gonna have very, very good economics. I think unlocking of the permitting situation will hopefully be a significant step change for for the business. And, obviously, I'll touch on investors on the next slide, but I think we're very well set up to to be able to move into construction once that once that permitting comes.

29:12 Think this is my final slide for the appendix. So I think I've got, yeah, half an hour. That was a good effort. So, look, we've got a really strong shareholder base. We have got, you know, probably the CORAG family and and Michael Farmer, Little Farmer, who own 50% of the business. Yeah. They've got a very strong mining background, both operating and investing, and have been extremely supportive behind that. Obviously, we've got another other very loyal and supportive shareholders. So I think CORA has been very well placed with the shareholder base over the last few years. You know, they we've been able to fund and finance exploration work and study work and also during a period of moratorium, which, you know, was tricky for everyone operating in Mali and, obviously, other West African countries have also gone through similar recently. You know, we've had a very supportive shareholder base, so we're really pleased with where we stand.

30:01 Obviously, looking to always grow the shareholder base, and, obviously, as we look to develop it, obviously, bring in new shareholders. But as we stand, I think we've got a strong register who have shown through the convertible loan note that we that we received and then repaid when we were looking to finance Sun and CORA earlier. I think you can see that they're truly supportive of of paying in the equity to to develop the line. So really pleased with the with the shareholder register. I think they are an excellent register for CORA's stage and development of being, you know, a significant part of us being able to to deliver on what we've done and to drive forward that strategy. I think just recently, we have got a new research app from Cavendish. I think it can be accessed on Research Tree if you're a if you're a professional investor.

30:49 Obviously, you've got a 16 p price target. I think that's priced in a fair amount of conservatism with with other factors. So please, we're getting a bit more coverage of the story, and I think it's really pleasing to see that people are starting to see, I guess, an upward trend in in Mali and you know, the likes of BT Gold and Allied and others who are who are starting to make progress with expansion projects and and moving forward. Pleasing with the direction that's going in Mali and the progress we've made. So I think now I've got a few slides in the appendix. I guess depending on which questions we get, I might need to to reference them later. But otherwise, Paul, I'll just hand back to you before we move into more questions. Super. But thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions just using that Q and A tab just situated on the right hand side. Robert takes a few moments to review those questions submitted today.

31:35 I'd like to remind you can see, Bert, we've had a number of questions both pre submitted and throughout today's presentation. So thank you to everyone for submitting those. I may just ask you just to click on that Q a tab, and where appropriate to do so, just read out the question, give you a response, and I'll pick up from you at the end. Cool. Thanks, Paul. I'll do my best to both be, interviewer and interviewee here. So first question, which actually was pre submitted, was around our environmental permit. The environmental permit states that operations must commence within three years of the environmental permit, which was issued on the 10/14/2022. Otherwise, a new environmental permit would need to be awarded. So, yeah, it's an interesting it's a good question and good analysis to to go into that. I think our view is that we are we are well. We are not planning to need to apply for new environmental permit at the end of October this year. Commencement for the perspective of the environmental permit is is different to actually the commit the project starting into the full construction happening.

32:44 For example, we have already started and we've done certain land compensation at the project area when we're doing sterilization drilling. Obviously, there's there's further land con compensation to go forward. So we are planning to, obviously, from an environmental perspective, commence the project so that we aren't needing to submit a new for a new environmental permit. Obviously, tied into to the mining permit as well, so you need to have a valid environment plan in place before but to be issued the mining permit. So that's obviously something which we're which we're working on and managing. But, yeah, it's not our expectation to need to go through the mining the environmental permit application again. We are working with that with the the wells are very much itself and some at the Next question.

33:31 Could you cover about the financing and development costs for the project? So, yes, I think we've talked about this a fair bit before. Publicly, we obviously signed a mandate with Atlantic Finance for a $70,000,000 pro $70,000,000 loan. We have, since publication of the feasibility study, engaged with Atlantic Finance. Obviously, the CapEx has increased from the last study. So but but, ultimately, the economics have improved significantly and the ability for the project to to take debt has has improved as well. So it would obviously be our our aim to put in place more than a $70,000,000 loan on the project. And, therefore, that would obviously be part of the full finance solution alongside alongside equity as well. And as I touched on during the presentation, we had very strong commitments for the equity of the project around the time of the moratorium was put in place from our existing shareholders. So I think we're very well set compared to a lot of junior single asset companies before they move to production in terms of having shareholder base who have who have shown significant support for putting an equity financing alongside debt to build the project. So, yes, we're we're looking to work with Atlantic Finance going forward and, obviously, looking to to increase the loan to sort of match up with with the larger CapEx.

34:51 Just going through a few of the questions that slightly overlap what I've asked, so apologies. I'll just read through as we go. Sorry. One second. Yes. So there's a question just, sorry, trying to go through. So which explorers have received new mining permits as opposed to extension of existing ones, and how did they get ahead of CORA? So in us that we're not aware of any. No. I don't believe any explorers have received new mining permits since they left at the moratorium. What you've seen is existing mining permit holders transitioning from old mining codes onto new mining code. But I don't think we've seen any explorers receive a new mining permit under the new code. So we're looking to obviously be the first to do that. And as I said, we're having good engagement with the government and trying to move that forward as quickly as we can.

35:59 What are the next steps for CORA and MOLD? Hopefully, I've sort of been covering this, but but, ultimately, our main focus now is on permitting and looking to move the permit forward as quick as we can. And that's obviously gonna unlock the project, obviously, you know, until you have your mining permit, you can't look to close your debt financing the project. So, really, the mine permit is is our key focus right now. Question on timeline on the permitting. Look. It's a tricky one to answer. I don't have an exact timeline. I'm obviously working with the government, and we are working with the government with, you know, Siaka, my country manager, and others to move it forward as quickly as we can. Obviously, it's in the Mali government's interest for us to get a mining permit and move into construction. That obviously creates employment. Obviously, it also creates significant amounts of revenue for the government and and royalties to government when the project moves into construction. So it's in their interest and our interest to to get the permit. Ultimately, as one, hopefully, people can understand after a long period of of not issuing permits in a moratorium.

36:57 There's a lot happening with the government trying to transfer or transfer existing mines on the new mining code. Obviously, you know, other people are supplying for permits. So I guess I don't dislike it to probably sort of post COVID sort of when everything shut down and everything has to reopen again, can take a little bit of time to get things moving as quickly as you like. But we are working with them, and we've got good positive engagement going well as well. Think I'm just trying to there's a question there. Someone's put in a question around recoveries, referencing production and recoveries. I'm not quite well, give me just one second just to I think someone's asking question about the recovery.

37:44 The recoveries stay relatively flat throughout the project. So the re the gold recoveries instead of the metallurgical recoveries stays between about ninety and ninety three, 94% throughout the life of the mine. I think the question I got from Ian around it dropping to 25%, I think, actually, that's the production number. So what I was saying is in the first five years, the production is, you know, obviously averaging sort of 65,000 ounces, give or give or take. And then in the later years of the mine life, effectively, a lot of the lower grade material, which is stockpiled, is then processed. So effectively, you're only mining the project as it's currently envisaged for seven years, but you're processing all for ten. So in the last three years, give or take, you're actually just processing low grade stockpiles, which are built up over the first seven years as you've been mining it, obviously, from your financial model perspective.

38:34 You're better putting in the better grade first and then obviously leaving the lower grade in the stockpile. So the actual metallurgical recoveries or the recoveries from the processing plant remain effectively flat in that 90 to 95% range. It's really the production profile which dips off at the end. But I think for me, that that's obviously I was trying to say, you know, it's obviously one of the really big advantages in this project. You know, you've got a huge amount of exploration upside, and, actually, you don't even really need the exploration upside. You've got huge amounts of existing resources which aren't in indicated, and you need to convert an inferred into an indicated, which is really about drill density. And once you have the necessary drill density, you know, resource will generally get upgraded from inferred to indicated. And then, obviously, you can wrap the economics and the mine plan around it and convert it into a reserve. Obviously, what that will have what that will have an effect as that grows, you'll be pushing that low grade stockpile further out. So rather than having a dip and then a rise, you'll actually just be pushing the low grade stockpile further and further out and obviously maintain a higher average production, which is why, I guess, during the presentation, I was trying to lead people to look at the sort of the five year average numbers. Obviously, my hope is if we can continue to convert similar grade inferred material or discover and and and create new resources of a similar grade to to the reserve and get them into inferred and then obviously work through them and get them into indicated reserves.

39:53 You know, that that first five year production profile will will be able to be continued. And I think actually what, you know, what you could look at in the future if you have that good exploration is that is actually, you know, potentially expanding the plant, you know, whether it's a larger scrubbing circuit, you know, a large ball mill and actually looking to increase your production if if if the cost benefit analysis of of of a plant expansion works in the future. Hopefully, that answers that questions. There's a question here. What lessons have you learned from Hummingbird, and how are you gonna prevent similar issues to CORA? I guess, for your reference, I worked for a company called Hummingbird, I guess, from two thousand eight, nine to about 2019. Hummingbird built a gold mine in Mali, which in the period I was there was was very successful. We built it on time, on budget. It ramped up to commercial production and and started producing around a 100,000 ounces a year, which was great. I sort of left in 2009, and I guess through the period from 2020 to 2025, ultimately, its its production has reduced.

40:57 And, obviously, it became public before it went private, but it had a number of issues, which obviously led to that production being reduced, but I wasn't working there. So I can't hard to comment on it too much, but I think the number of were around the mining contract. I think they had to change mining contracts a number of times. I believe that process continued to work and and produce. I think it was about having the necessary ore to be fed into the process plant. I think one of the advantages and to turn it back to CORA and to our SANONA CORA project, which is very different to Yanfalilur and very different to a lot of other projects in West Africa, We have low strip ratio oxide ore. So our strip ratio is under five to one. So effectively, in simple terms, you have to move five bits of dirt to to get one bit of gold bearing ore in the process plant.

41:44 You know, it was public, so I guess I can say that means, you know, for Lida, the hummingbird project was 17 to one strip ratio. So they had to move 17 bits of dirt to get one bit of ore bearing into the process plant. So clearly, straight away, you know, moving less material is gonna be a benefit, and it simplifies it in that aspect. So I think it's it's very hard to compare projects to projects. Clearly, when things go wrong, you you learn a lot from it. And clearly, I've been through the process of building a mine in Mali, which I've I've learned a lot from. And, obviously, you know, building up a team with a strong track record of of delivering projects in West Africa to to support me and and drive that day to day. There's a question about one second. I think I've got a few more questions around permit timing. So apologies. I'm not sure I can add much more, but, obviously, clearly, it's our main focus, and we're trying to get the permit timing as quickly as we can. Clearly, it's the impediment in us moving this project forward right now. It's it's our primary focus.

42:46 Just a question, Justin, about Senegal and drilling further in Senegal and how we had financed that. I think I sort of tried to touch on in the presentation. It's always a tricky one. We'd always hoped and expected to to really expand our our exploration from from cash flow rather than significantly diluting shareholders by by raising lots of money now to drill things out. So it's a bit of a managed approach. We obviously did drill 2,000 meters there last year. And, obviously, if you're drilling relatively shallow smaller programs, you can try and manage it with with existing budgets. But but as it stands, I guess, putting significant amounts of money into the project was pretty likely to happen once we're in production from cash flow. But I think, obviously, with with a with a rising gold price and with the success we're having, it is obviously very tempting to try and get a bit more money into the ground in Senegal and really push forward that push forward that project. So for me, I'd love to drill lots of meters in it as with our geologists who are chomping at a bit too. I think it's just a bit of a bounce of kind of time just the time when you put that money into the ground and obviously trying to continually move the project pipeline forward whilst also managing your your cash flow. So, Ash, I would love to be drilling it straight away. We've obviously got lots of drill ready targets, and obviously a strong belief that that we could grow out a a a significant discovery there. So we just got us to balance that with, with financing.

44:11 So, I guess, hopefully, give you more updates on that in the in the near future or in the future. Right, everyone. Give me I think I'm getting to the end of these questions. So just give me one second while I just sort of scan through them if that's okay. I think and I hope I have answered all the questions. I appreciate there's some specific questions I haven't answered, but I think in some of my long winded responses to other questions I have answered, I think I hope I've covered them all. So, Paul, I don't know. Yeah. Fantastic. Fantastic. Chance to give everyone a last minute to type Yeah. Yeah. Absolutely. Of course. Any of those questions that do come in or after, you will have the ability ability to review those.

44:59 And we publish all those responses on the investor meet company platform. But as you say, before redirecting those investors to give you feedback, Bert, if I could just ask you for a few closing comments, that would be great. Yeah. Firstly, I guess I'd just say thank you everyone for, well, one, listening today and and for joining and engaging, but I think more importantly for for being shareholders, as I know lots of you are and and for being supportive of us and and following the story and and being engaged in it. So, yeah, thank you very much for that support. It's really appreciated and appreciate the engagement. Apologies if I can't always give you the answer you want or the specific timing that you want, but we obviously always do our best to be as transparent and give everyone as much information as we can at the time. But but, obviously, I appreciate it. It's can be frustrating when you're waiting for pilots. I guess switching to CORA really like, we're extremely excited about San Coro. It's a really good looking project. I think it's got so many positive attributes to it, and it's really right for development.

45:54 And it's got, you know, a low risk, relatively low cost route to to really, really strong cash flow, a really strong production. And I think there's a huge amount of blue skies to develop on top of it. So we are really pleased, and the whole team's really excited about being able to develop that project, and obviously, a wider exploration package as well. So a lot of blue sky, whether it's media or full bay where we hope there will be, you know, a significant future resource in time, or, obviously, wider exploration potential around San Ankara to to to grow San Ankara as well. So we're really pleased with how the portfolio is looking, and, really pleased to have everyone's everyone's support, here today. Fantastic, Bert. Thanks indeed for updating investors today. Can I please ask investors not to close this session? You should now be automatically redirected to provide your feedback in order that the management can better understand the views and expectations.

46:40 This may take a few moments to complete, and that's greatly valued by the company. On behalf of Burton CORA GOLD LIMITED, we'd like to thank you for attending today's presentation. That concludes today's session, and good morning to you