Goldplat (LSE:GDP) — Interim Results

0:01 Good afternoon, ladies and gentlemen, and welcome to the GOLDPLAT PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the Investor Meet company platform. And before we begin, as usual, I would

0:31 just like to submit the following poll. And if you would give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from GOLDPLAT PLC. Werner, good afternoon, sir. Good afternoon. Thank you, Jake. I think I'm privileged to be joined tonight or this afternoon. It's already evening on this side by Ben Gloucester, our CFO, as well as Douglas Davidson from Ghana today. And yes, we're looking forward to give you a bit more insight into GOLDPLAT and into the business as well as into the first half of twenty twenty four. Jake, can we continue to the slides?

1:25 As indicated, we would okay. In terms of of of GOLDPLAT PLC, I assume there is a few investors, current investors on the call and probably a few new faces as well. I'm therefore gonna run through a full overview of where the company is, and Douglas and and Brent will also share some views in between. And then I think the important thing for me is to also get to the Q and As to make sure we address any current questions or any uncertainties that there is in the market. I guess as a start, GOLDPLAT PLC, we've been a listed entity since 2006.

2:15 The company has been cash generative throughout the recovery business. And we focused on creating value or recovering value from previously mined material. And Douglas will explain the process around that a little bit better a few moments. I think the important thing is that we focus on assisting mines in terms of cleaning up their byproducts or assisting historical sites where there was mining, assisting landowners to clean up those areas and then we process and recover gold from that material. We've been doing that for more than thirty years. We've got quite a significant geographical reach.

3:03 We source material out of Africa and also out of South America. We currently have operations in Ghana as well as in South Africa, and we're looking at expanding into Brazil near in future.

3:19 If we then look at current opportunities that is in the business, we do have a tailings facility that we've built up over the last twenty five years in South Africa that contains a GOLDPLAT resource of 82,000 ounces of gold and 260,000 ounces of silver. That is a GOLDPLAT resource that's been done in 2016. Since then, we have deposited more material on that site, probably onethree of 600,000 tonnes, extending the volume from 1,600,000 to 2,200,000 currently on the facility, and we'll be looking at updating that York resource in the near future.

4:07 As indicated, we are a niche recovery business, and we've got a management team that has been part of the business for a very long time. Obviously, Douglas and Brent has joined us as senior executives in the last year. And the focus is really to take the business to expand the recovery operations and also to look at expanding our current value on the PGM front. If we then move to

4:41 the next slide. As indicated, we've been listed since 2006. The share price has moved quite significantly over the last couple of weeks from an average of 6p in the last three to four months up to 8p. That's been primarily driven by the increase in the run that we've seen in the gold price. If we look at the Board members, a lot of the Board members has been with the company for a long time or have been shareholders in the company for a long time. We've got Gerald Kemp that's been in the mining industry for the last forty years as Chairman.

5:27 We also have our major shareholder in Martin Ui earning 29% as a Board member. And then we've got, as I've indicated, Douglas Davidson and Brent that's joined us as executive management during the last year. I'm gonna ask Douglas to give you slightly a bit more detail in terms of the value process.

5:57 Douglas, are you there? Yes. I'm here. Thank you, Werner. Yeah. Just on a on a high level, so GOLDPLAT provides responsible and bespoke processing and contractual solutions to blue chip coal producers, platinum group, metal producers, several landowners, mainly on previously mined resources and byproducts as as and and other waste materials as as Badar has indicated. The purpose of this is to of this service is is to extract value from from that material while providing environmentally friendly deposition of the remaining material.

6:48 So on the slide, you you see there just an example of the typical materials that we would treat and that we would get in on a regular basis, anything from fine carbons, mill liners, wood chips, grease, cleanups, anything that a client comes to us with with some, you know, with a requirement to to extract value and to dispose of it in an environmentally friendly manner, we would look at it and we would utilize our different process technologies that we have. We've got the ability to reconfigure process streams depending on the on the on the client's requirements and and the requirements of the characteristics of the material.

7:38 And out and and they produce it either in the form of gold and silver dore as well as gravity concentrates, fine carbons, and ashes at certain grades grades that we then send off to refineries either inside South Africa or internationally for final processing. Like, the this just explains, you know, the sort of the basis of which we we try and and and operate extracting the the value in in an environmentally friendly manner and and

8:25 applying responsible gold principles that ensures that we always know where the material comes from, you know, who the owners were, and we comply to licensing and regulation requirements in the in the areas that we that we operate. K. Thank you, Douglas. If we if we then look at at what all of that means just in terms of numbers over the last four point five years, I think the slide indicates that the company has been operating profitably at an operating profit averaging around GBP 4,000,000.

9:17 What I didn't mention in the earlier slide is we're currently at a market cap of just over GBP 13,000,000, have been on a market cap of between ZAR 10 and 11,000,000 for the last four to five months. And that is supported by our current operating profit. I think actually the company is quite cheap. If we look at our net profit numbers, which then includes interest, foreign exchange as well as taxes, on average, we've been generating GBP 2,500,000 to 3,000,000 of profit. Now for the current shareholders or people that's been following the business for quite some time, I think I would like to just sort of give you a summary of exactly what has been happening with these profits over the last three point five years.

10:08 If we look since 2020, we've been generating net profits in total close to GBP 11,000,000. And in essence, since basically 2020, we've moved away from our mining strategy. The old shareholders will be fully aware of our strategy to invest into mining in Africa and become a junior miner. We moved away from that in 2019, 2020.

10:40 In 2020, we actually written down roughly GBP 5,000,000 relating to the transaction of the sale of our mining asset in Kenya. And since then, the focus has really been in terms of restructuring the balance sheet, securing the balance sheet. And the GBP 11,000,000 we've generated has basically gone firstly to deal with some of those restructuring. We've bought back minority shares in South Africa, increasing our stake in the subsidiary in South Africa by 16% for around GBP 3,600,000. We've invested around probably GBP 4,000,000 into capital, of which half relates to the new tilings facility in South Africa that's been completed. That gives us another six to seven years of deposition capacity.

11:38 And we've also seen increase in revenue returns in Ghana with a new focus of management when we stopped the mining activities. And all of that resulted in further lockup of working capital on our balance sheet that we're looking at ways of obviously reducing going forward. We've also spent around $600,000 on dividends to minority shareholders and a further £400,000 that's been paid out as share buybacks. And that gives you basically a summary in terms of where some of these funds has gone over the last three point five years. Now I think the good news is that we need to look at is the fact that the TSF has been constructed now. So a big capital expense over the last few years has now been completed, and we expect that the stay in business capital should reduce going forward.

12:37 We are six months away of repaying the final installment on the loan that we've incurred to buy back the minority share in South Africa and then we'll be better placed to start looking at returning value to shareholders. Now this is just a high level quick summary. And if there's anybody on the call that is interested in understanding the allocation of funds over the last four to five years, please I'll appreciate if in the Q and A, you can maybe just indicate that, and we

13:10 can pick up it on it afterwards. And even if we can't deal with it further on this call, we can find a way of of sharing that bit of detail afterwards. Okay. So as indicated, we've got operations in South Africa and Ghana. We believe it's market leading gold recovery operations. We're quite unique in terms of what we do. There's not a lot of other players in the market that does similar services for the companies. And we focused on providing services to clients in West Africa, Central Africa and obviously in South Africa, where we're also based. We source material out of various countries in South America as well and have been doing so for the last five years.

13:59 So we've got quite a significant reach. We've built up very strong relationships in those different jurisdictions and also with the different primary minds and groups in essence. There is still a lot of value in Africa and South America. There's still a lot of clients that we don't serve, and that is the primary focus of the GOLDPLAT team is to find ways of securing more feed to our plant. At no point is the capacity of our plant really a constraint from a byproducts point of view that we receive from primary mines. We do have capacity to handle current volumes to a big degree.

14:44 In Ghana, we had, over the last six months, a very, very good period. We had a lot of supply out of South America as well out of West Africa, and we delivered operating profit of GBP 3,000,000. There is some foreign exchange losses that was also incurred on that and a lot of pre financing and interest around it, and Brent will go into the financial numbers a little bit later. In South Africa, we had a period where we went through some challenges, and we still maintain profitability over the last six months, creating profits of 300,000. And again, Brent will deal with a bit of those detail a little bit later.

15:34 If we just look at the two operations, where we currently are and what our primary focus and key focus is for the near term, as indicated, sustainability of sourcing will always remain top focus in South Africa as well as in Ghana. In South Africa, our relationship with DRD GOLDPLAT has secured us a good volume of supply of low grade material that of which we've got probably one point five years' worth of supply on premises. And we also have a mutual understanding in terms of further supply that can be up to more than four years of supply to our low grade CIL circuits in South Africa.

16:22 And during the period, we've also been maintaining our contracts and relationships in South Africa. And there, we're trying to expand. There is still clients in South Africa that we don't service, and that definitely gives us the opportunity to support and grow the business going forward. If we look at growth and diversification, as indicated, we do focus on PGMs, but it will be our focus to find ways of increasing our share of that market. Obviously, South Africa is a big, big or actually the largest player in that space. If we sorry. The slide is now if we and and we're also looking at ways of saying, well, can we use our skills and knowledge to also diversify into other commodities?

17:22 We've done a small investment into coal technology. However, on we haven't made any significant commitments around that at this point in time. If we then look at at the biggest opportunity in South Africa remains the tailings facility. As indicated to the market over the last six months, the plan is to construct the pipeline to the closest pumping station of DRD to be able to pump the material through their circuits, which we believe is gonna be the most optimal way of recovering value from that circuit.

18:09 The cost in terms of processing it in volume is gonna be worth more than trying to process it separately and try and maximize maximizing recoveries. Over the last three months, three discussions with GOLDPLAT, it has become apparent that there is some additional approvals that will be required before pipeline can be constructed, and we're currently investigating the shortest route in terms of getting everything approved and operational. We're also looking at ways of reducing the variables that's outside of our control to see if there's different ways of us moving the material to DRD's premises, and we'll keep the market up updated in terms of that. The plan would be to process that material over the next six years.

19:02 And for us, the key is is to find a way whereby we can start as soon as possible. Now in terms of the facility, I guess there's there's really three things. The first one is to fully understand what is contained within the TSF. As indicated, the GOLDPLAT resource set 82,000 ounces of gold contained in twenty sixteen. Since then, we've added another 25% to of volume. Sorry, Douglas, Brent. I'm not sure if you are toggling the the presentation. Okay. The if if we so the the first thing is to update the jaw compliant resource, and we'll investigate doing that. We've delayed that process because we didn't want to invest the capital into doing that until we have finalized the process route to DRD and also finalized the commercials.

20:06 But as we're getting closer to that point, we will definitely

20:12 look at updating that and also giving the market better figures in terms of what is contained and potentially the capital from the tailings facility. Moving to Ghana, as

20:27 indicated, our plant does have capacity to handle the material that we can source. We have had questions in the past to is there capacity constraint? Similarly, we had questions in South Africa asking whether we've got specific constraints and whether client isn't delivering to us because we can't process everything, specifically because we're experiencing load shedding. The reality is that load shedding in South Africa has not caused

20:57 any impact in terms of receiving material or in our ability to handle material even in the time we or the reduced time we've got available to process that. Obviously in South Africa, do process lower grade material where we would prefer to process more to recover more gold in a month.

21:19 However, from a load shedding point of view, the impact over the last three months has at least started to reduce us only losing roughly 10% and not the 23% that we've experienced in the previous half year, but we'll keep the market up to date with that. Obviously, there is no mines for that to change at any point in time. We don't have visibility in terms of how Eskom generation will look like over the next twelve to twenty four months. On the generators that we will procure, while we're talking about that, Those generators will be installed within the next month, and we'll also give the market a better update in the near term.

22:12 In back to Ghana, we also, over the last nine months, constructed a small flotation plant to assist us in recovering more value from the material we already received. And that's in line with a lot of our capital we have incurred in the group over the last thirty six months. If it wasn't a study in business capital, most of the capital has been spent to try and increase or improve recoveries throughout the group on the current material we do receive. In Ghana, exactly as in South Africa, the focus will remain on strengthening relationships, increasing resources and securing more material for our plant, whether out of Africa or South America. And talking about South America, the focus will also be to try and on a measured basis start to invest in some processing capability in the near term, but that that would be as and when required.

23:15 K. Brent, if if you can maybe just quickly run through the the interim numbers up to December 31, and and then I'll take it further from there. Okay. Thanks, Werner. Good evening, everyone. If we have a look at the financial results for the first six months of the 2024 financial year, The average gold price increased by 8% to $19.82 dollars an ounce. However, the gross margin was only 12% compared to the 17.7% in the prior year, And that was mostly due to an increase in lower margin volumes in Ghana, the decrease in volumes in South Africa as a result of low trading.

24:06 We've seen a decrease in byproducts that we've been receiving and then as well as the gravity's adjustment we referred to in our RNS around GBP 600,000. If you go further down income statement, you're looking at admin expenses that's still in line with the prior year. Net finance costs that has increased from the previous year and that's mainly due to an increase in volumes in Ghana resulting in higher pre financing required on the material sent to the smelters was the delays at the smelters, which we referred to before, which we have seen a significant improvement in over the last two quarters as well as a general increase in interest rates globally.

24:55 So profit for the year then ended on GBP 1,100,000 for the half year. Looking at the financial position of the group. Non current assets increased by basically the capital that we spent on property, plant and equipment, which was really the completion of the TSF in South Africa and the flotation plant that we're busy building in Ghana. Looking at current assets as well as current liabilities, there's net current assets of $8,000,000 You'll see a decrease in the current assets from the prior year and then an equivalent decrease in current liabilities.

25:45 So basically, the the money we received on inventories and trade receivables, we spent to pay pay suppliers. There was an overall 8% return on equity for the year. And then the other key item is interest bearing borrowings of GBP 6 and 67,000, which Werner referred to before. We will have that paid in full by October this year. Cash flow wise, starting at the top, although we generated profit for the year, that's either being locked up in working capital, which I explained we've utilized to pay suppliers, hence the negative GBP 1,000,000. We used it for capital expenditure, 793,000 on the TSF and the plant in Ghana as well as then paying the long term debt of $595,000 With the TSF being commissioned, the capital requirements in South Africa should reduce significantly and the remaining interest bearing loan will be repaid by October.

26:57 The net cash movement for the year was at a negative 1,200,000,000 which is really net working capital, the CapEx and the financing that was paid. So we ended December with cash and cash equivalents of essentially GBP 1,700,000. Subject to any other requirements, we should be able we believe we can improve visibility and free cash flow going forward that should allow us to distribute surplus cash to shareholders. And that's all. Thank you. Well, thank you, Brent. That's much appreciated.

27:43 I think then in summary, maybe just to talk to where the focus is. As indicated, the main focus for the business remains on on the current operations on securing material and also just to build relationships throughout West Africa and South America and all with the same, obviously, intent, and that is to make sure we can secure material not just for the next year, but for longer term in terms of maintaining those relationships. Based on our operations and as we move into a period where we've then repaid the money due on the share buyback done from the minority shareholders, we can then start looking forward to a period of returning value to shareholders.

28:33 As part of that, I mean, the big focus in South Africa is to start monetizing the stock then. That's been something going for the last nine years, and we really believe that we're getting closer. Sometimes it's difficult to indicate to the market how things does progress, but we truly believe that we are a lot better situated. We've got a lot more clarity and visibility in terms of being able to reprocess this material, and hopefully, can provide more info in the near term to the market. As indicated, we will also look at utilizing our skills and abilities on the gold space to diversify into other commodities.

29:21 I think it's important to understand, and that's why I also put it last on the list, is that we'll do this in a robust manner. We'll ensure that we've got proper visibility and certainty before we invest capital into this, and we'll make sure that the market is fully informed before any such decisions. Okay. I think we've come to the end of the presentation, and it would be good to to rather look at addressing some of your questions, maybe stuff that has not been dealt with as part of this this presentation. Perfect. Werner, Douglas, Brent, if I may just jump back in there. Thank you very much indeed for your presentation this afternoon. And what I'll do is I'll just bring back up up your cameras for the Q and A now.

30:14 Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that situates on the right hand corner of your screen. But just while the company takes a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Guys, we obviously received a number of presubmitted questions ahead of today's event. And as you can see in the q and a tab, we've also received a number of questions throughout your presentation this afternoon as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And, Werner, so if this at this stage, if I may just hand over to you, just to share the q and a with the team, then I'll pick up from you at the end, that'd be great. Thank you. Perfect. Thank you, Jake. And thank you for the questions.

31:00 There's been some pre submitted questions. I'll quickly go through them, and then I'll jump into some of the questions that's been submitted just now. The first question was what is the Board doing to address low share price? Specifically, what are buyback and dividend plans? I think as indicated, it is the Board's attention to distribute surplus cash flow to shareholders. I think I've indicated earlier what the cash has been utilized for during the last three to four years. I think due to the fluctuating nature of supply of material we've received, our working capital holding needs to be slightly higher than usual to ensure availability of funds when you require that for trade. That being said, cash flow has been impacted by increase in supply, delays in receipts from smelters, which now has returned to normal, as Brent has discussed.

31:59 And think stay in business capital requirements and repayment of interest bearing loans as well. Now with the TSF constructed, and I'm repeating ourselves now, and the interest bearing borrowings being repaid over the next six months, the Board aim to be in a position to return cash to shareholders considering all normal factors. If I hope that gives some clarity to the question. Over the past couple of years, question two, there have been some nasty surprises. How would you summarize the current financial outlook? Please summarize current business tailwinds, headwinds as you understand things. Okay. Thank you for the question.

32:44 I think without giving a forward looking statement, I think as indicated in our annual report before, the company is dependent obviously on various variables. It does result in fluctuations in our revenue and returns from quarter to quarter. I think potential headwinds that we're seeing, apart from the gold price we're currently experiencing, and I'll talk about that a little bit more a few questions down. I think, obviously, good supply of material, specifically what we're seeing in Ghana, can be seen as stuff that's supporting the group at the moment. Obviously, we've got the inverse in South Africa that will have an impact.

33:31 And we have indicated to the market that we're seeing a decline in supply of bioproducts in South Africa. And obviously, load shedding is continuing, although with the generators coming on board soon, that will assist, although that will come at quite some additional cost of diesel. I think in general, in terms of potential nasties, you'll always need to consider regulatory, political, and socioeconomic landscapes in the countries we operate, not just where we operate, but also where we secure material from. But these are items we try and manage as best as possible on a proactive basis where we can. And I think with the new TSF constructed and completed, we should have be in a position to start aggressively looking at the TSF, and there's more questions around that a little bit later, and I'll talk to that as well.

34:29 What will the impact be in terms of the record gold prices on earnings? Yes, I think this is important to understand, and we have indicated this in the annual report, is most of our byproducts contracts, we need to return a percentage of value to recover to the suppliers. So in essence, our cost of sale is also linked to the gold price. So a percentage of our margin is obviously now worth more, but it will not be as a function of revenue. So the increase in the share in the price of gold is not going to be creating multiples in terms of revenue.

35:18 That will just be in terms of margin. So we'll definitely see an improvement in terms of margins due to the gold price, but it will not be linked to revenue but rather to the margin itself. We do, however, have materials specifically in South Africa that we procure at a rand per tonne basis, where we will have some additional advantages due to the increase in gold price, and that's roughly about 20% to 25% of our revenue in our group. What is the highest margin feedstock and what is the lowest margin feedstock? Question four. I don't think it's as simple as that. We do have significant high grade material, and those material can can obviously have very small margins. The amount of processing we need is less, and the value in the percent of those material is a lot higher.

36:17 So those material normally carries a lower margin. You'll find some of that material being processed in Ghana, and that is partly why you've seen a significant increase in revenue, although you haven't seen a significant increase in margin over the last six months. In South Africa, you do have low grade stock. However, those require a lot of processing of the material, So there, the margin will will also vary depending on how much processing is required, what is the cost of processing, and what is the final return on that material. So from contract to contract, depending on grade, I guess, average, your lower grade bioproducts probably carries the most margin. But being low grade, also, you need to secure a lot more of that to really generate the same return than on high grade material.

37:13 If we look at question number five, do more or different kinds of feedstock become available at higher gold prices? I think the answer is is no, not really. Material we receive does not increase because of the gold price. Some of the material we do have become more profitable as discussed, but no, it doesn't really impact behavior of the mines itself. Sometimes it might actually have the inverse effect, specifically if targets is already met. How do feedstock in Ghana and SA differ? Well, in Ghana, we receive only byproducts from current operating mines. Also most of those operating mines is open cost mines, so we tend to have higher volume carbons at lower grades we receive, although we do have a few unique batches in Ghana where the grades are quite high as we've discussed.

38:10 In South Africa, we receive similar type of material than in Ghana, but that normally comes from underground mines and the nature of that byproducts tend to differ slightly. But in South Africa, we also process a lot of low grade oils through our CILs. And that makes up roughly 60% of the gold produced in South Africa, and that's how Ghana and South Africa's material differ. How do we see the supply of wood chips evolving? So firstly, we only get wood chips mainly in South Africa. We've got similar stuff in in in in Ghana, but in in South Africa, we mainly receive wood chips. I think with the South African mines closing more and more shafts and only focusing on surface sources, the volumes of wood chips we have been receiving has been reducing, and that's part of what we've indicated to the market in terms of production in byproducts we've been receiving.

39:12 And there, we believe there's still wood chips we can get, but that will require us increasing our share in the market, and that's where the main focus is at this point in time. That brings us towards the end of the pre submitted questions. Just wanna go back to the new questions. Okay. Question number nine, can we please be told what was the reason for the very late preparation of accounts last year? I'm not a 100% sure what question refers to, whether it's the previous year or the last year. I think last year, we submitted in December. The year before, then it it was submitted slightly later, but I think the question has been addressed in some of the previous presentations, but it had to do to a lot of different factors. It was also the year we did the minority share buyback, and there was a lot of complicated transactions around that needed to be reviewed.

40:21 And then question number 10, thank you very much for this. It's great to see the CFO and COO joining. Welcome, Brent and Douglas, with the strengthened finance team. Can we expect annual report to be released on a more normal time line and the AGMs to be more convenient time to share this? It's obviously the focus from our side to get the reports out as soon as possible and to make sure that AGM happens towards probably the end of November, and we'll keep you updated as that progress. I assume Brink will take that as a challenge. What is the opportunities? Does gold price of current high gold price open up for gold that weren't possible with a gold price of less than 2,000 ounces.

41:17 In the end, our focus is really on low volumes. It's being produced by operating mines at this point in time. So I think the opportunity for us more lies for me in finding a solution at these gold prices for the tailings facility to process that quicker. Apart from that, we'll look at obviously processing any material on-site that's potentially lower grade to make sure we increase the length of our resource over time. It's not always just about increasing margin but also increasing resource and and managing the resource. Question 12, can you give some more color on what has gone wrong with the generated delivery time line and how confident you are that the updated delivery installation date will be accurate.

42:12 Well, I think in terms of the last part, we're quite confident in terms of delivery and installation of of of the generators and limited well, I'm a 100% confident that that will be accurate. On terms of what went wrong, this was just as indicated on the RNS, the lie between the or miscommunication between the supplier manufacturer and and is is something that that we're obviously managing with them. However, as indicated, the impact over the last three months in terms of the generators not being installed has been limited due to the low amount of load shedding.

42:59 And, also, the so the need for the generator was less. And for us, I think what's important to understand on the generator, and I think we've indicated this also to the market, is to say it is it's really there for us to have the ability to process when we have huge significant losses in terms of power supply into into the operations in South Africa. And, yes, I think we'll we'll keep the market updated in terms of when everything is installed and running. When a company bought out some of the BE stake in South Africa, the valuation was £20,000,000, for just that operation. Does the company still view that is the realistic valuation despite recent challenges for SA?

43:50 I think in terms of the valuation performed three years ago for the BEE transaction that involved more than just operation. Obviously, there was £100,000,000 in pound terms, close to £5,000,000 of loans outstanding from the group to that company that increased the valuation of that company above what was necessarily the value of the group at that point in time. We still believe that there's value in South Africa, specifically if we look at the tailings facility and the gold contained. And we are confident that we will continue to deliver on the set plan when we did the transaction with the minorities.

44:41 Then question 14, Ghana has been performing exceptionally well. Can we expect this to continue at these levels or even grow profitably further? I think this is sort of a forward looking question. The company is definitely performing well and getting good good volumes of supply, and the aim is to to continue on delivering on the same norm going forward. K. Just going through the questions. There is a question on capital allocation and dividend and buyback policy.

45:30 I I appreciate the com the the comment, and it's in regards of us submitting a policy, and the Board is definitely reviewing ways in terms of how we can share that to the market better. As indicated, it is our policy to share any free cash flow or surplus cash flow to shareholders, and we're looking at ways of providing more clarity to shareholders in terms of what that entails. Question on how do we weigh our buybacks versus dividends. As always, that all depends on when we will do the buyback or the dividend. If the share price is extremely is valued low and we believe the value is a lot higher, there is definitely value in doing a buyback rather than a dividend. And that we will consider at that point in time.

46:33 K. Okay. Then there's then then there's questions around the current director shareholding. As indicated, I mean, obviously, from a board perspective, we have we probably own more than 30%. I assume this question is more addressed to the executive management, and it is obviously something that that we that we view and we consider. We obviously have options also in place and different types of investments into GOLDPLAT.

47:25 I think we've come to the end of our questions. I'm not sure if there's anything else. If there's other questions, I'm happy to take that. Werner, absolutely. That is all the questions. And thank you very much indeed for being so generous of your time and addressing all of those questions that that came in for investors. And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended just for you to review to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But, Werner, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, I could please just ask you for a few closing comments to wrap up with, that'd be great. Yeah. Thank you, Jake. I think I mean, obviously, there's there's a lot of questions and a lot of discussions. And In the group, we've experienced some challenges specifically in South Africa, and Ghana is is looking extremely well.

48:26 I think the company is still well placed, specifically around looking at opportunities further afield West Africa, South America and also on monetizing the tailings facility. And we're really looking at trying to get to a point where we can provide a bit more visibility and clarity to the market. I also hope that through the discussions, the market also feels a little little bit more comfortable in terms of where our mind is in terms of making sure we provide value to shareholders, whether that's through dividends or buybacks. So so, yes, thank you very much again for for joining us. And if there's anything more, please make use of the normal channels to to share it with us. Thank you.

49:13 That's great. Werner, Douglas Anything from not sure if Douglas or Bate wants to add anything. No. Thanks. Nothing further from from my side. It was it was the interaction was good. K. Nothing nothing further as well. Thanks, Werner. Perfect. Thank you, guys. Guys. Werner, Douglas, Brent, thank you once again for updating investors this afternoon. Could I please ask investors not to close this session? You'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of management team of GOLDPLAT PLC, we would like to thank you for attending today's presentation.

49:59 That now concludes today's session. So good evening to you all.