East Star Resources (LSE:EST) — Strategy for 2026 and Beyond

0:00 Good morning, and welcome to the ESTAR RESOURCES PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Alex Walker, CEO. Good morning, sir. Thank you very much for that introduction, and thank you all very much for joining us again today in, in February 2026, which feels like a very transformative year, following on from the end of twenty twenty five for ESTAR. So I'm really excited to give you another little summary of of what, occurred at the end of last year and how we see that playing through for the remainder of this year. We're doing it, of course, at a time that we're sitting at, at fairly record high or close to record high copper and gold prices, which is really exciting.

1:01 And at another time when, companies like BHP for the first time in their history have posted revenue from their copper divisions more than their iron ore divisions. And that's as a result of refocusing the companies the last few years to to push towards copper as the the commodity of the future. But also, of course, because of record high copper prices. And what we see is a is a structural shift in in copper demand, the supply not meeting it. And so we think that it's very, very possible, over the next few years to to continue to see pretty significant growth in that copper price. So, I urge all of you to consider your exposure to copper in the portfolio, and and, obviously, I think EAST STAR is a fantastic place for that.

1:49 And this is why. So a quick summary of the company today. The the company has a couple of key assets and and partnerships now having been operating in Kazakhstan for over five years. The first is, Vekuba, which is our only JORC compliant resource, 20,000,000 tons at about 1.1% copper for more than 230,000 tons of contained copper. At the end of last year, we signed a contract with Shanghai Hong Kong Shanghai Mining Services Limited for that deposit to advance that through to production. We have another Soviet era deposit, which similar to how we started with Vekuba, we put a Jawke exploration target on, similar in size but twice the grade of Vekuba. We have an exploration joint venture with a top 10 global gold mining company in Endeavour Mining, which we're incredibly excited by.

2:39 And we have, three porphyry epithermal targets, which were the result of significant amount of desktop work over the last few years and last year visiting more than 25 targets in the field and picking up three of those. More recently as well, Endeavor converted their loan note at the end of last year with the change in the LSE rules. So ESTAR is now sitting at a just under 550,000,000 shares with Endeavour Mining as the largest shareholder at 14.3, and board and management of the next largest at around 10%. Importantly as well, because of the exercise of the options at the end of last year is we actually have very few options and warrants on issue. So in terms of management and staff, it's around four percent with an average price of about 3.1 p.

3:30 And in terms of external brokers warrants, it has it's about 1.1% of the shares on issue with an average price of 4.5 p. So both of those well, one in the money in terms of staff and the other one outside the money. But, we don't see that as being any further dilution to the company in the foreseeable future. Quick reminder about, Kazakhstan as a jurisdiction. You know, we can add a couple of extra players to this slide now as well, of course, with Endeavour coming into the country, at the end of last year through ESTAR. But the point about Kazakhstan is is the reason we came into the country is because its evolution is an exploration hub. It is one of the most fantastic places in the world to operate. They changed their mineral code to match that of Western Australia's, and we've now been operating there efficiently for four years. To secure jurisdiction, it's a a major transport route between China and Europe and will remain that way. And very recently, we've seen additional MOUs signed, for example, between The USA and Kazakhstan and fairly significant commitments to invest further capital.

4:43 So I think that we've seen a lot of new big foreign companies like Barrick, like First Quantum and Fortescue and Ivanhoe and Endeavor coming to Kazakhstan in the last few years, but we'll continue to see that evolution over the next few years, as it ramps up. So, of course, ESTAR is in one of the best positions to to be able to take advantage of that. Just a quick summary of the location of of of our process and a little bit more about Kazakhstan as an operating jurisdiction. Not only does it have the rules and regulations to operate, but it has the capability. It's got one of the largest rail networks in the world. It is one of the largest producers of, it is the largest producer of uranium and one of the largest producers of copper and gold. And it's certainly our argument that, that it should be higher in those those statistics, but largely isn't due to underinvestment over the last fifty years. And so that's why STAR RESOURCES in Kazakhstan to hopefully try and remedy that with with new discover Alright. We're just touching on the strategies broken down in a little bit more detail.

6:04 The first strategy is our volcanogenic massive sulfide strategy focused in the East Region of Kazakhstan. We we started this strategy because we felt it was achievable for a small company. Small companies tackling early stage porphyry projects can be often quite difficult, very expensive to drill with no guarantees of results. With our VMS strategy, obviously, there's still no guarantees of results, but the fact that we've able been able to convert one project to a job resource, We have a second Soviet area deposit already, starts to indicate that we're having quite a lot of success in that region. Importantly, it's infrastructure led exploration, and so we see that as having a very low economic threshold for development and very achievable for for a junior mining company.

6:54 The second one is copper porphyry and epithermal, which, came out of, Chris and Mike, our technical director joining us and us being a part of the BHP explore program in 2024. We were able to do a fairly significant breakdown of the Balkash early magmatic arc and and data collection. And so we've we've continued with that strategy as a result of that initial work done through BHP explore. And, of course, that work is now feeding into our joint venture with Endeavor Mining. So, with the hard work is is starting to pay off. We've been operating there for close to four years now, a lot of which has been learning how to operate and data collection. And in doing that, we've we've been able to delineate, I'm gonna say, one and a half deposits, one deposit, one Soviet era deposit.

7:47 And we've got some fairly advanced exploration as well in our targets of Ruleker and Telescoy, which I'll I'll take you through briefly. We started to refine our land package. We're not sitting on land for long periods of time if we don't think that there are targets which sit at the top of our priority list, something that we will intend on drilling within the next two years, we release that land and potentially something we come back to in due course. But our focus is to, is to really drill literally and and, metaphorically drill down on target areas to, to refine where we wanna be exploring. So we're not here to land bank. We're here to make discoveries. And this is a fantastic place to do it. We have these these two key areas in infrastructure rich region with smelters, excess capacity, copper concentrators.

8:40 Hydropower makes up a a reasonable portion of the power infrastructure in the region, So very low power costs and water and rail and a highly qualified workforce as well in the area. So this is a great place to be making discoveries. And off the back of that, we think that a discovery will be able to excel into production incredibly quickly, literally within the the sort of three to four year of a new discovery time frame rather than, you know, the five to ten years which you might expect from a larger project or or something that doesn't have the same infrastructure. For Cuba, at the end of last year, we signed a deal with Hong Kong Shanghai mining services on. And the concept of that is to, is to continue to drill out the resource, conduct the feasibility studies, and then put the project into production.

9:33 I think this is a fantastic effort from the ESTAR team. It's quite difficult to to bring in partners on a pre measured or pre feasibility study project. And so the fact that we've been able to bring, someone of of Shanghai's elk into this project at this stage is a is a testament for both the ESTAR team and the work that we've done, but also the potential of the project and and what Shanghai see in it. So the structure of the deal is that, ESTAR will put the project into a joint venture company, and Shanghai will invest 1,500,000 Australian into that company initially. And that will carry through the additional drilling and early stage feasibility work and they'll, receive 15% of the equity for that investment.

10:20 And then over a series of stage investments, Shanghai will eventually earn into about 70% or will earn into 70% of the project. And that is on, in essence, on on commissioning of the plant. So commercial throughput capacity of a million ton per annum plant that is located on-site. We think well, Shanghai, have indicated that the investment for that would be around $65,000,000. And so you can start to see what a see through evaluation is of this deal structure just on the capital invested by Shanghai, for ESTAR's 30% of of that, let's call it, 65 to $70,000,000 investment. So we're really excited by that.

11:07 There's no doubt that someone with Shanghai's expertise will put the project in into production faster and cheaper than ESTAR can achieve by itself. And so we really hope that this is something start of, more major, cooperation with with Shanghai, and it's certainly something we've been discussing with them. Just a little bit more on Shanghai because I've had some questions, on that. Excuse me. Okay. Hi, Alex. I think we just momentarily lost you. I'm just gonna refresh you and bring you back through.

12:17 Hi, Alex. We can hear you now. Okay. Great. Thanks. I'll just shut my mic, my camera off, just in case it's a bandwidth issue. But just, yeah. Quickly on on Shanghai, you know, they've been incredibly aggressive certainly in the last twelve months. But since they were established, I think it was 1997 that they were established as a company. And they've grown phenomenally, you know, more than 600 projects worldwide. And now building and operating and managing dozens of mines globally today, including in Kazakhstan, is yet to be put on that map because they haven't finished the the construction plant, but they have over a 100 people in Kazakhstan today building a a plant for one of the the arguably national mining companies or one of the better known mining companies in the country.

13:02 So they, you know, see ESTAR as a bit of a spearhead for them to be able to get access to new projects, and and we hope to be able to to partner with them on other bits and pieces that that we can find as we conduct due diligence on projects which look quite perspective. As a company as well, certainly on the ASX, they've been very aggressive in the last twelve months. They've signed deals in excess of $42,000,000 with seven ASX companies, and that is largely the same as ESTAR. It's to take them through to, through freeze a bit feasibility and and into production in the hope that they will not not the hope with the the precondition that they get awarded the construction contracts and the management contracts at at market rates. And so, you know, we see that as a huge validation with some of the people that they're operating with already. And the fact that they have invested real money directly into those companies is is a is a real win. So we we think that they'll be a fantastic partner, and we really look forward to continuing that that partnership.

14:06 Moving on to RuleaCat just in a little bit more detail. This is the the summary of the Jork exploration target that we have for the Ruleke deposit. The main target area, target one, has had three drill holes into it. So what we have here is an extrapolation, not of spurious exploration targets where someone said, well, we think there's, you know, a 100 kilometers of strike because of because of a large fault zone and, you know, a couple of soil samples so there could be millions and ounces. This is from actual drill logs from historical data just like we had when we started with the Cuba before we were able to convert it to a jolt resource with our own drilling. It's a it's an exploration target that's constrained by a pit shell with a cutoff grade of, point 5% copper. And so, once again, this isn't a a what could it be as a in its absolute entirety and, you know, the whole thing. This is what we genuinely feel might, make it into a mine plan if ESTAR is able to replicate these historic drill results and have infill drilling and, that that, that reaches similar grades and and, and widths.

15:22 So not something to be taken lightly by any stretch of the imagination. We think this is this is very, real. And so we're really excited by it. The location is nine kilometers from a processing plant being the Nicoloskoye one. Although, you know, as we've seen with with Shanghai, perhaps, you know, we might be able to partner with them or or look at developing our own plant in this region. It's two kilometers from a railhead, which you can send concentrate down to China or through to the smelters around Kazakhstan. So very, very low infrastructure cost. It does have some hurdles with regards to permitting because of its proximity to a settlement. And so we're pushing through that at the moment. We feel that could be quite a big catalyst for us this year if we are able to get approval and drill these targets.

16:11 On the exploration front, last year we drilled two targets in Ruleka North. You can see the target one and target two areas highlighted in the previous slide for the Ruleka deposit proper. But our IP anomalies and some EM anomalies up, to the northeast of those targets, which we are calling Ruleka Northeast or Ruleka North and Talofskoye. So last year with with Ruleka North in particular, we drilled our highest IP anomaly and we hit more than 20 a 120 meters of disseminated sulfides with more than 20 me with more than 90 meters at, 20% pyrite. So what we're seeing is a lot of very, very thick intersections of sulfides in in in the system.

17:02 And it is very, very close proximity as we know to other operating mines being Nicolauskoyeits in the same rock package and also to known deposits being the historical Ruleka deposit and the Taloskoye deposit. And so what we feel is we've drilled, the smoke very, very close to the fire, and we hope to be able to do further drilling on Ruleka North and Taloskoye this year. We'll be conducting, an electromagnetic survey to give us a little bit, more refined indicator of where the massive sulfide source is, where the conductor is. And then assuming we get a conductive source, then we will be drilling that this year as well. So what we would love to see is on top of being able to drill a Ruleka deposit is making an additional discovery with regards to Ruleka North, and potentially Taloskoye as well.

17:56 Moving on to the Endeavor joint venture. We've kicked off this joint venture. We had our first management, meeting in December in London, and we approved the the annual budget. We approved the first quarterly cash draw. And so we've been in in the process of of managing all of the paperwork associated with that, transferring staff and and hiring additional staff to implement this joint venture. They've been, hard at historical data review and conversion and digitization. And so we're really excited by by what might be achieved off the back of this program. I have to say I found Endeavor just fantastic to work with personally. They've already visited Kazakhstan once this year, their technical team, and we intend on visiting again with them in about a month or so.

18:44 And, and and what we really hope to achieve is is, you know, additional tier one discoveries. Endeavor aren't in Kazakhstan to discover anything less than about 3,000,000 ounces. They they, you know, see that as as the hurdle for them to consider putting something into production. And so what we would love to be is a is a 20% shareholder of a mine that Endeavor is is building and putting into production of of more than 3,000,000 ounces. Obviously, along the way, ESTAR are providing their in country expertise, their database. And for that, we are getting a management fee and we are also we'll get, bonus payments along the way depending on what resources we're able to actually convert, into the joint venture. So hugely exciting for us. It's a big two years ahead of us, and we'll see what we can convert that into. But I really look forward to updating the market as we acquire projects or acquire, land packages from from staking new ground.

19:46 Just a quick, couple of sides on our porphyry and epithermal targets. Snowy, we've provided a little bit more detail on. So these were derived from the BHP explore explore program. We've undergone, you know, outside of Snowy which was pegged, a little bit earlier because it was part of that that explore program. The picket and Jooj Jooj said targets came off the back of visiting more than 25 targets in the field. And that those 25 were derived from more than a year's worth of desktop work, largely from the BHP explore program, historical data review, and so on. So we're, you know, we're excited to have these targets. We did, conducted some sampling at the end of last year on those. And oops. I might just be getting ahead of myself, and we'll be taking those forward. So just a quick reminder on Snowy. Snowy is nearly four kilometers long, sandwiched in between two gold mines.

20:43 One is an artisanal pit, which we've got no data on. That's the one to the west. And the one to the east is a historical pit, which has been, I think they're applying for a mining license, and that used to operate at around 50 grams per ton gold. And so we're looking at this as a potential low sulfonation epithermal system, which can be very high grade. They can be very large. There's a few examples there of of more than 10 and more than 20,000,000 ounces at the bottom. And so, you know, we're we're excited to advance that as well. We're waiting on some rock chip results for Snowy, and the idea there is to progress that almost certainly with, IP and then potentially drilling. We have had some high level interest, to partner on this target. So we've had some conversations and and management will make that decision if it's appropriate and the the value is appropriate, when the time comes.

21:41 Pickett and Jitsa are a little bit earlier stage, than Snowy. Pickett in particular is a very, very large prospect, more than eight kilometers long, and that's eight kilometers of of intense alteration of the style that you like to see with a porphyry target. So very high temperature minerals like the perophyllites and so on at surface. We've sampled gold in in both targets, gold and silver, and so we know that they are mineralized. And what we'd like to do is is get the results of our soil sampling and then that will help us form an opinion of which areas to focus on this year with certainly geophysics first, probably infill sampling and and then follow-up drilling. Once again with these targets, you know, we're conducting the early stage work which is the lower cost work for these.

22:32 However, we you know, if if a partner came along with the right with the right valuation, then we'd be happy to entertain those. Certainly, drilling out a pore free target can be an expensive venture, but testing them initially to find out if they're mineralized and and build the the prospectivity, is something that that ESTAR can easily achieve and afford without our current capital position. So there we go. You know, 2026 is is gonna be hopefully even more transformative than 2025. We we we left the run late last year, announcing a couple of deals from October through to December. And, but we were able to get them over the line and now 2026 is the year that we execute those strategies.

23:17 So what we really hope to deliver is, on Vekuba, we'll be delivering, drilling results, feasibility studies, hopefully mining license applications. Additionally, with Vekoba, there's the potential for exploration upside, so I don't wanna rule that out. It's it's a distal VMS and so there could be more discoveries to be made there as well. We hope to progress Woolika, which is a 100% ours, both the deposit itself through to drilling approvals and then the exploration, which we already have the approvals for. The exploration areas to the north, Woolika North and Telluskoye and and with any luck, make a discovery there of brand new VMS deposits in this infrastructure rich region. We will get very much on the ground and be conducting a lot of ground truthing, a lot of historical data review, and hopefully applying for our first licenses with the Endeavor joint venture in the first half of this year.

24:14 And on top of that, we'll be progressing the exploration and potentially partnering on our our copper porphyry and epithermal projects. So the ESTAR team has been incredibly active. It's growing. It's gonna be a really heavy useful year that's been diversified on success. So there'll be any number of targets which could provide a multiple of returns for shareholders. But importantly as well in terms of value today, any one of these deals probably is is almost backing the market cap of the company. And so, you know, we feel in this market, we are drastically under under, appreciated in terms of share price on a risk reward basis for what we can potentially deliver this year. So thank you very much all for your time. I look forward to your questions, and, I'm happy to help in any way I can.

25:03 Alex, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a, can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read out the questions and give responses where appropriate to do so? And I'll pick up from you at the end. Thanks very much. I'll kick kick off straight away with the first question. Congratulations on all the recent success. If you've not covered this in the live presentation, what's the plan for snowy in 2026 and beyond? I think I have covered that. Yeah. So ultimately, if if ESTAR does not partner, I would like to see that project progress through to to drilling. And so we will see how that plays out over the next couple of months.

26:00 I recall you mentioning that Shanghai is interested in future deals with ESTAR. It's a long term goal to process ore from Vekubra and Ruleka at the plant planned in the Shanghai JV, assuming acceptable terms to both ESTAR and Shanghai. Is this factoring into the decision on where to build the processing plant or impacting a potential design to accommodate potential future expansion for Woolicka, or is this a lower ranking option and ESTAR would prefer to be standalone operators? That's actually a a fantastic question. And and and one that that the board of ESTAR are, I guess, perpetually toiling over. At this stage, we feel that we can advance Ruleka standalone largely because it's just permitting and and drilling at the moment.

26:46 You know, we would like to make either new discoveries there ourselves or we'd like to permit the operation and test the Ruleka deposit itself ourselves. And we think that's something that we should manage internally. However, once we've either made a discovery or or confirm the Ruleka deposit and converted that to Jorg, then it becomes in a similar position to Vekuba that we need to progress it through to production. And at that point in time, it would make absolute sense for us to, look at the synergies between those two projects And, you know, are they standalone operations? Can they operate together? You know, my my feeling is if there's a new discovery at Rule Liquor, it would it would warrant a new plant. And so we'd we'd have to see how that that sort of plays out from an economic trade off study. But for the time being, we're gonna keep the two separate and we'll assess, you know, as, as the discoveries are made or as the, permissions are granted.

27:47 Thanks very much. With regards to resource, delineating, what is the likely timeline to get Ruleka to a similar point where the Kuber is currently? That's a very tough one to answer because I can't tell you when all of our permissions will be granted. Due to the proximity, it's not a process we've gone through previously, where, you know, we can be drilling within three months of of having, the license awarded. Rulek is a bit different. So I would like to say it would be this year. I I would very much like to say it would be, by q three this year, and that's my intent to try and achieve that. Based on my calculations, the Kubra joint venture should generate significant free cash flow on the company's behalf once it's in production in late twenty twenty seven or 2028 if all goes as planned.

28:39 I understand Shanghai will be responsible for initial capital spend at the Kubra additionally, and Devon will be responsible for the initial exploration spend on that JV. How does the company plan to manage cash and exploration spend on remaining projects until Vekuber is producing? Is the plan to make the existing cash plus any potential proceeds from possible future deals last until the COBRA is producing in order to minimize shareholder dilution? That that's a very good question. And I would say, yes. That's the that's the intention, and, yes, that's very possible. But I I would highlight with an exception, and the exception is that if a star find have success on its existing projects, for example, if we if we drill a a massive sulfide target at Ruleka or if we have success at Snowy, you know, with a fantastic intersection or an acquisition which we can enable that requires additional capital, then we would seek to raise additional capital to to fund those projects.

29:46 We have based on the warrants converting and the endeavor investment, we comfortably have enough capital to see through the next two years and still conduct meaningful exploration programs across all of our our tenements, to decide if they stay or go or, you know, what what the what the next steps are. But if we do need to ramp up a VMS discovery or an epithermal discovery to a 10 or 20,000 meter drill program, then, yes, it would make sense to raise capital for the purposes of of conducting that program. Which which project excites me the most? I like that question and it's it's almost like picking your favorite child. So it's a very difficult one to answer. I like look. I like them all for different reasons. I I've said before that, you know, no project stays in the portfolio if it doesn't warrant the next level of investment.

30:47 You know, we we are not in the business of land banking, of pretending projects are better than they are and dragging them out for the stock market, you know, to raise additional capital. If we get results in any project which does not warrant, the next level of investment, then that project ceased to exist for us and it's either Delta or or we just we just drop it. You know, I like I like Vekuba because I think that that's obviously something that will take us into production. And and from what we see in the core, it's distal. So I would love to see the ground EM survey done and and find out if there's a massive sulfide source there. You know, if we discover another 20 or 30 or 50,000,000 tons at at, four or 5% copper equivalent like some of the other mines in the region, I still don't mind owning 30% of that project, because that will certainly extend the mine life and and, you know, move straight into production of some pretty, high grade material.

31:47 I really like Ruleka because it's already got that historic, result, and I like Snowy because of the scale. I really like Pickett because it's even bigger. It's just earlier earlier stage. Eight kilometers of strike at at Pickett's just an outstanding, alteration signature that that has mineralization and some historical work. And so for different reasons, I like I like different projects. But as soon as we get each level of result back, that that priority list will change. For the 23,000,000 ton Ruleika target, have you already submitted the environmental impact assessment to ensure drilling can start mid twenty twenty six plan? Yes. We have. Now that doesn't guarantee we get the the access and results.

32:36 You know, we're expecting a few reviews, but we have submitted the AIA. Peter, historical delays in Kazakh Labs have hampered your news flow. How are you and your partners ensuring that the 2026 draw results won't be stuck in a six month backlog? Look. That's a good very good question, Peter. And I agree that's been a real problem for us certainly in 2026. I'd like to see us diversify our labs, our lab use this year. We we will be at the behest of our joint venture partners. So as I understand, Shanghai might well be bringing their own lab to site. That's not in the contract, but that's what they've indicated. And Endeavor might have some other requirements, for example, using ALS, which which is yet to be completely confirmed.

33:21 But ESTAR in the past has used a number of other labs in country, credited labs that we have visited and are very, happy with the work that they've done. And so for our own work, where we have control, then I would like to see a diversification of our lab use, you know, with the appropriate QAQC. I don't see any reason why we shouldn't do that. Regarding the December 2025 SSU code amendments, have any of your Caravan de porphyry license or rule liquor exploration area been designated strategic or underexplored territories subject to the new 50% mandatory nation or company participation. Peter, I've I've gotta tell you that I'm I'm not aware of of this rule change. I sit on the board of the Kazakhstan Chamber of Mines as one of the one of the founders of it, and there is no 50% mandatory company participation in in Kazakhstan.

34:25 So I'm not a 100% aware of this. Certainly, we've not received any notification of of any such thing. Do you already have the proof of financing documentation required on the twenty twenty six rules for any risk of license revocation? Well, you're not you're not awarded a license without proof proof of financing in Kazakhstan. You have to demonstrate that you have the capital available, on bank account in Kazakhstan for thirty days prior to application. We've received new licenses very recently, and we've been able to demonstrate that. So, no, I'll just simplify, the answer. None of our licenses, are in threat. To the best of my knowledge, none of our licenses are in threat by, either revocation or in partnership. We feel very, very confident about that.

35:13 Okay. Thanks, Alex. Exciting times. Please, can you outline the exact share dilution that will come over the next couple of years assuming there is no additional requirement to raise funds saved by market placing for existing new shareholders. Philip, I'm not I guess, only via, the options that are being exercised. I gave a quick highlight of that and the the presentation that will go up on the website will have a little bit more information. But, basically, there's 5.2% currently oh, 5.1, 5.2% of the shares on issue, as options. Many of those are at five p, so they're out of the money currently. Even the employee ones have an average of 3.1 p. So up to well, let let's hope. Let's hope it's 5% because that means we're at five p and in fact, we need to be over 10 pay for some a lot of those performance shares to vest as well. So if we are over 10 pay, I'm I'm sure, hopefully, investors won't mind too much about those options vesting.

36:17 Okay. Given the great recent announcements with partners in the wider market failing to appreciate the nature of those deals, what do you intend to do in order for the wider market to recognize the importance and true value for shareholders? So firstly, I'd say that, yes, I I feel we are drastically undervalued. I don't, I I think there's just a time partly a timing issue on all of this. You make some good announcements, which see your share price go through a three p hurdle where a number of warrants would be exercised. You know, I know there were a number of shareholders which sold into that price rally, in order to exercise those warrants and some, you know, just long term shareholders that that took it as a to to lower their position as a liquidity event, which is which is portfolio management.

37:04 And so what I would like to say is is, you know, I I think just as we execute throughout the course of this year, I do more presentations and keep the market up to date. You know, we put out good news and and touch wood, make some discoveries, then then the market will appreciate accordingly. I think we've got good eyes on the company now. We've got very good exposure. And if we continue to do that, then, you know, I I would like to see the the share price. And I think the share price will rise accordingly. There's a big big three p headwind that's that's gone now. We've gone through a fairly quiet period in January and February both for the company in terms of announcements because it's not the field season, but also the markets in general, you know, while while it's summer holidays and or winter holidays in in The UK.

37:54 So, yeah, I I think as as long as we deliver the news flow, then then the share price appreciation will come. So, Bill said from a PR point of view, the story, seems more complicated than it needs to be in the telling. Would it not be better to focus on one or two near term projects? Potentially, Bill, I guess, you know, I guess we're bouncing up between, opportunity and disclosure. You know, as a publicly listed company, we need to, have continuous disclosure obligations. And so I feel that if we were putting out news, for example, on Snowy and Pickett, might be less less near term and Jitsa, that might just come as a surprise to the market if they haven't heard about it in a presentation they watched. It's some new new data or new information that they've got no context for.

38:48 So what we hope to achieve is is, you know, a high level twenty minute presentation which gives you a summary of of everything that we're working on. Is it complicated? Yes. Potentially. But I have to say, you know, I'm I'm not willing to bet my entire, company livelihood and, and personal reputation on on any one single project which might, you know, have have issues. We I like to I like to balance out, partnerships. I like to balance, exploration. It's a risky business. And so for us to be able to have the highest likelihood of success, I think that involves a multiple targeting approach both for strategy and, and partners.

39:34 So, you know, it makes sense to if I wanna build a big company to have have that as a as a business plan approach. And then certainly in my view, it makes sense to to present that so people aren't surprised when it comes to market announcements. You know, if if one project in particular takes over is a discovery and we are drilling that out and we own it a 100%, well, then that that will, you know, feature far more heavily in in the presentation. But as it stands today, you know, I'm quite happy being a little bit diversified. Stuart's asked if there been any further thoughts on dual listing on the ASX. Stuart, they have. I've done quite a significant amount of due diligence with regards to this.

40:21 We we could list on the ASX today and either raise just, you know, a little bit of capital in which potentially shareholders would say as as dilution. You know, the the the issue that we've got is, is is actually with regards to our projects. So the ISX listing code wants to see us be able to spend 50% of whatever capital is raised on on day one. So if you raise pick pick a number, call it $5,000,000, on day one, then you need to spend $2,500,000 on areas that have, that are already approved. All of the work program is approved. Now if I wanted to come to the ASX, I I I wouldn't spend, you know, £300,000 of our of shareholders' money on that listing without having a meaningful outcome, so getting new investors involved.

41:19 And that meaningful outcome involves raising a a higher level of capital, which we don't need to do today, by the way. And that high level of capital would also mean we need to be able to allocate that. And based on where these projects are at the moment, I can't come up with, an exploration program with that scale of budget. If we get rule of approvals we can or if we make a discovery this year, then absolutely we can, you know, because we'd be following through with a bigger work program. And hopefully, we'd be raising significantly higher prices and and considering doing that on the ASX depending on on demand and and so on in The UK. So, yes, it's it's constantly on my mind. I'm I'm acutely aware of the process. I've had a lot of interest from ASX brokers to assist us and participate.

42:09 And if it becomes the right time for the company and appropriate for shareholders in terms of dilution and so on, then we'd we'd execute that. But as it stands today, we don't see that that, risk reward. We don't see that that potential reward from a listing based on the dilution. And that was the last question. So thank you all very much for your time. I guess a final quick summary in particular, potentially for Bill and, and whoever else which is is, you know, arguably said it's it's a little bit complex. I'd like to simplify it. We have one copper deposit which we are not paying to get into production, and we hope it'll be into production in the next two years completely undilutive, for ESTAR shareholders.

42:57 We have another project, which has the potential to be twice as good in terms of the grade, and even lower strip ratio for a second copper deposit which we own 100%, which if we can permit and drill, you know, would would see us absolute multiples in the value, if we can achieve similar historic results. We've got additional exploration upside, both for VMS and epithermal and porphyry exploration. And we've got a joint venture with one of the world's best, best explorers in fact, and best gold mining companies, which also covers a significant portion of our overheads as a company. So, most of the capital that we, have in the bank today will be able to go into exploration is not being used for g and a. So we say this is a really fantastic opportunity, and I would like to thank all of you very much for, for coming along for the ride in a in a bull market in copper and gold, no less.

44:00 Alex, thank you for updating investors today. Can I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of ESTAR RESOURCES PLC, we'd like to thank you for attending today's presentation, and good morning to you all.