GR Silver: Deep Dive into the Advanced-Stage Plomosas Project and Resource Expansion at San Marcial

0:05 Hi, my name is Bianca Pesciola. I'm the CEO of 6 and welcome to the GR Silver Live Investor Summit. I'd like to start today by introducing our presenters, Marcio Fonseca and Trevor Wolff. This update is particularly timely as Marcio is just returning from spending 10 days at the project. To kick things off, Marcio and Trevor will be telling the company story and then we'll be accepting questions. You can submit your questions in the Q&A panel on the right-hand side of your screen. Now, without further ado, take it away, Marcio.

0:35 Thank you, Bianca. Thank you again for 6 for the opportunity to provide an update and tell the story of GR silver mining in Mexico. Silver and gold, resource expansion, advanced stage projects. Just came back, like Bianca said, met all the 15 geos who are working on site. We have 2 drill rigs on site drilling, 0.333 1 coming this week. We are doing underground development, underground sampling and discovering new veins at both projects, Promossus and SummerSeal. I'll be making some forward-looking statements, This is a traditional cautionary statement. Our business strategy is to combine these 2 projects, San Marcial and Plomossus. Why? Because we believe that we can increase the resource.

1:24 We have already 40 million ounces, 29 million ounces indicated in 10 inferred at San Marcial, potentially open pit, a current 43-01. And Plomozas is a pest producer, lead and zinc, an extensive database of drill holes, and we are adding more drill holes to be the company that will be able for the first time to put a resource estimation on NI 43-01 at this project. This project, Plomozas, is fully permitted, even for operations, So we can combine both and explore the synergies, cost savings, and 12, 15 months, get some economic study done and define a much larger project. Capital structure of the company, fully diluted 153 million shares, that's the market cap of the company fully diluted at 78 cents. You can see on the right side the share performance since we acquired the Palomarosos project in March 2020.

2:21 The company has received a lot of attention because today the company control the key assets in the Rosario mining district. Key shareholders like 1st Majestic, resource funds like Sprott Asset Management, a well-known consulting company, mining engineer, JDS Mining, and management control large positions. A lot of skill in the game by the management in the company. A lot of investment by executives, directors in the company.

2:48 Who are the key people in this company? Myself, Trevor Wolf, who is in this presentation as well, both fluent in Spanish, a lot of experience in Latin America, particularly in Mexico, track records of finding assets, exploring, discovering, potentially developing, and selling. The last transaction that executives of this company was involved was Silvercrest Mines. So the board is well, it's comprised of a well-known group of individuals including a well-known mining analyst, Eric Zonschberg, and we are about to announce in the next couple of weeks with the AGM the new directors such as Jonathan Rubinstein likely to step up and become a director in the company. As location of the assets, you can see here the Plamosas and São Marcial.

3:45 Those 2 are the key assets that we have because they are very close and we have a resource at San Marcial, this one, and we are working to have another resource down on this one, Clomossos, and combine both. But we also have exclusivity to acquire the area between them and we are working on that. In addition to that, we have very strategic concessions located around Fresnillo exploration project in the Rosario area, so we control all these concessions and we'll be working between now and the end of the year in these concessions. Right now we have 3 geologists working full-time in this gap and 13 working here and here.

4:34 We also have concessions up north in the Concordia Mining District, controlled 100% by this company, no payment, which is very close to the Visual resource project. Let's talk about San Marcial as I just came back from the project. What's happening now? We are drilling at Plomozas. As you can see there are a lot of yellow dots here. Those are historic and recent re-holes completed by 1st Majestic Group of Mexico. We bought the property from 1st Majestic, but we are drilling on the surface along the strike to find more mineralization on these red lines, which are veins and breccias. We are also drilling at San Juan because we believe that San Juan is a large system, probably 1 kilometer long, with a lot of evidence of mineralization in different hills. We are picking up new hills here with new evidence of mineralization to put drill holes in areas never ever drilled.

5:32 And Trevor is going to explain more about San Marcial. We are working as well in San Marcial as we completed a large exploration program, collecting a lot of samples in this area. So again, we have 2 drill rigs here. There's 0.333 1 coming for the surface. And we are very excited because we are coming across more and more interesting rocks and we are set up in a way that we will live in the 6 to 9 months we might be in a position to have a resource at Plomozas or in San Marcial at San Juan and also expand the resource at San Marcial. Keep in mind that the distance between this site here and this one here is 5 kilometers. Okay, so that's very important.

6:24 Next slide, I'm going to show the San Marcial, the Formosa project. So this is the tunnel, very good geotechnical conditions. It's an 8 kilometer development, so we don't need to have any development in a way that we can go with inside. We have 3 geologists inside the mine now working, exploring, finding new veins. And We are discovering more and more new zones. And last week I was on site and it showed us that there's more. And this is showing us that the plomozas is a multi-commodity system. Not only veins, brachias, but large oral bodies, potential oral bodies. Why? This is an example.

7:10 This is the level 775. It's the bottom of the mine. From here to here is the 25 meters mineralized ore zone.

7:27 From here to here is the 50 meters long zone. We are coming across continuity of the mineralization down deep, in a shallow deep. This is showing us that we need to come here and sample these walls and find a way to put drill holes on top of this and drill to expand the resource, to define more and more mineralization. You can see the dimensions here because at the bottom here this is the scale, this is a geologist, this is a person here. You can see the scale, the magnitude of the thickness of the mineralized zone at the Plomoza mine. So again, what's happening at the Plomoza? Last week I was there, we have drill holes being drilled in this area.

8:14 Why? Because pest producer and pest owner only concentrate on a short strike length. We are coming across more and more veins along the strike. And this is showing us that we can almost double the strike length of the mineralization footprint in this area. And with all the people fully set up at the camp, 15 geos, 60 field workers, now we are really set up for the next couple of months to continue to drill. We have 2 drill rigs operating here, and already samples on the lab, and we are going to be drilling here and also here. We are evaluating as we encountered more mineralization.

9:02 I'm going to go back here to this zone to start very soon an underground drilling program as well. Again, another area inside the Plomoza's project that makes us very excited. That's the San Juan area. From here to here or further, it's 1 kilometer. A lot of veins, a lot of alteration, but most of the drill holes were on this hill at the San Juan area. We are about to have drill rigs coming and explore this area as well and define more and more veins and breaches. It's a much larger system and 1 kilometer, 3456 zones showing that the potential for a much larger footprint and many discoveries is there.

9:55 So in addition to the 6 areas that we have drill holes, The 6 areas are located here in this area. We have all these 11 areas that we believe we can encounter veins. Why? We have just hired an external consultant to reveal 18 million US dollars of exploration data, mapping, geochemistry, geophysics, and now we are set up to have geologists to go to these 11 areas and find additional veins so we can have a multi vein system, a district scale system to support the growth of the company. I'm going to move now to Trevor and he's going to explain to you about San Marcial, which is another very exciting asset that we have to control in this district. Trevor.

10:48 Okay, thanks, Marcio. As Marcio said, San Marcial is a very important asset to GR Silver. It was our flagship project up until the purchase, or the acquisition of Plamosis earlier this year. We picked it up in May of 2018 and within the first year we updated the NI43-101 resource there. So we have a silver resource at Saint-Martial of 29 million ounces of silver and indicated, and 10 million ounces of silver in inferred categories. So a very, very attractive silver resource there. But what we've been doing over the last 12 to 18 months is we've been looking at exploring for other mineralisation within the concession.

11:36 But what you're seeing in this photo here is one of the key milestones for the company where we're in the process of expanding and extending what was a very small adit or tunnel. And we're now expanding that so that we can get some drill rigs in there and drill the deeper extensions of the San Marcial resource area, looking for extensions and expansion to that resource. You can see on the bottom right-hand corner what the tunnel looked like a short time ago, back in December of 2019. It was maybe 1.5 metres, 2 metres high. Now it's 2.5 metres high by 2.5 metres wide. So very extensive, And this is an important thing for us as it's exposed new areas of mineralisation along the length of the tunnel. We've now got clean walls. We're doing a lot of geological mapping there at the moment, defining the mineralization, and as I say, defining new zones there as well. So significant advances for us in this project.

12:48 Just moving on to a Google Earth image of the San Marcial project. Now you can see the red zone running down here. This is the resource area. So 500 metres long. On the northeast side, you can see all of the arrows and dots. These are the 52 drill holes that make up the resource that I mentioned earlier.

13:12 But the resource has still potential for expansion along Strike and Down Dip. You can see here the photograph of the San Marcial tunnel and that tunnel position, that tunnel opening is just here. So that's the opening and you can see that the tunnel then goes internally through here into the mineralisation. What's important as well here is that previously we had these green lines to the south-east which are the track. We've recently just constructed or excavated, a new track that goes from that old green track down here to the opening of the tunnel.

13:58 So this has exposed over 300 metres of new outcrop, new outcrops that are showing signs of additional mineralisation, whether that be in veins, stockworks, breccias, within that zone, within that footwall zone below the resource. So these are some of the things that we're approaching and exploring over the next 6 months, in addition to this zone at the southeastern end, which is called Guacamayo. This is a very important part of the deposit. It's where we can get some extensions to the resource area.

14:37 We've already got trench results along some of those green lines, which have shown around 24 metres of 200 grammes per tonne silver, and up to 0.2 and 0.5 grams per tonne gold as well. This is an important point, Ms. Hamasyal. It's always been thought of as being a silver deposit with some lead and zinc in the resource. But with the work we've been doing over the last 12 months, 12 to 18 months, we've identified that there's significant potential for gold as well, particularly in that footwall area to the southwest of the resource and also along the extensions. 1 drill hole in the northern extension, just to the north of the resource, came up with 1 metre at 205 grams per tonne gold last year. Yeah, 205 grams per tonne gold. So we see a lot of potential for gold here.

15:30 Okay. Now, this is a cross section. I'm just going to go back and show you where that cross section is. So that cross section goes from here across through the middle of the deposit. And so the cross section shows that the main mineralisation is hosted by quite a wide zone of breccia mineralisation. This is different to a lot of other typical Mexican silver deposits, which are typically narrow, high grade and only underground. This summer cell deposit has real potential for open pit. You can see here, suggested open pit there, which takes in these very broad mineralisation zones that can be up to 20, 30 metres wide in places.

16:21 You can see from the drill holes that are already here that there's been significant widths of mineralisation cutting through that breccia. And very good grade as well. You can see 5.5 metres at over 1000 grams per tonne silver. We've got 3 metres at over 1000 grams per tonne silver here as well. Right down to the bottom of the deepest drill hole there, we've got up to 1.5 metres of over 1000 grams per tonne silver. And that's open, that shows that this mineralisation is open at depth. And that's what we're hoping to test with the underground drilling. You can see here, a horizontal line that goes across. And that is the underground development that we're pursuing at the moment.

17:10 The original development only went halfway, but now it's going an extra 100 metres past the breccia, and that's where we're going to be drilling from in the next few months. We'll be drilling along that pink line to test the depth extension, and we expect to expand the resource through that drilling process.

17:31 In addition to the work that we're doing on the resource itself and the expansion of that resource, over the last 12 to 18 months, we've been looking outside the resource. So looking at that top map, you can see the resource is shown. Just bear with me 1 2nd.

17:54 That pen is not coming up now. But in the top map, you can see that there's a resource there in red right into the centre of the concession. So this concession is around 5km east-west and about 2-3km north-south. So significant amounts of room there to explore outside of the resource area. So we've undertaken a very substantial exploration program. You can see the gray dots there on this top map. Now this is a lithogeochemical or in situ rock sampling program that we've carried out on a 25 metre by 25 metre grid, covering over 65% of this concession, which is over 1200 hectares.

18:40 So it's a lot of work. We've generated a huge database of samples, over 13,000 samples. And we have 4 portable XRF units on site, so they can analyse these rocks, and we have a huge database, huge geochemical database that we're using as an exploration tool to identify new targets. Now, from that work, you can see there's an example on the bottom left-hand map. This is the lead contours, so that the high numbers are in pink and red, and the lower values are in blues and greens. So you can see obviously that around the resource there in the centre, there's high grades of lead, not surprising, but there's also other areas outside of that resource area that are showing high in lead. And these will be areas for targeting for additional work and potential drilling later this year. We've already identified the zone to the south-east of the resource, which is the Guacamayo target.

19:42 And that's one of the areas that we are currently drilling. So it's a large program. We've identified at least 14 anomalous areas already that are divided up in that top map. We have, as Marcel said before, we already have 2 drill rigs, diamond drill rigs on site in Plymouthsas, and we'll have another one coming through soon. So we'll have 3 diamond drill rigs and these can be used on Plymouth as well as San Marcial. We might be looking at doing some surface drilling as well in the deeper parts of the resource area too. So, significant amounts of potential here for new discoveries and as well as resource expansion at San Marcial.

20:27 Thanks, Marcial. I'll pass back to

20:32 you. Hi, Trevor. It's Bianca here. We're just going to jump into doing a little bit of an intermission Q&A with just you and me, if that's cool. Okay. I've been taking a few questions. Happy. Yeah, happy to take some questions. Great. This one comes from Dave Cransler and he says, can you break down the percentage of silver and gold mineralization in both properties versus the base metals?

20:59 Yeah, I can, particularly with Sarmarceal where we do already have a resource, an NI43-101 resource. So I'm going to just go back a couple of slides here. So, as I mentioned, San Marcial has never really been seen as a gold deposit. It was always worked up by previous workers as a silver, lead and zinc resource. Now,

21:25 the percentage of silver metal within the 39 million ounce resource that we have is around 82%. So about 82% of the metal content in the resource is silver and the remainder is zinc and lead. So the majority of the metal in the St. Martial's resource is silver. Now, what we see is potential for gold in the football area, which is the lower area here below the breccia. So in this area here, we're getting gold grades and also to the northeast, as I mentioned previously, we had a drill hole which was located up here in the northwest which hit 205 grams per tonne gold.

22:11 So we're still in the early stages in San Marcial in identifying what the real potential of gold is there. But we've found a number of different targets outside of the resource where we've got grades such as 24 metres at 2 grammes per tonne gold and surface trenching. So there is real potential there, but nothing that's been estimated within the resource. The resource itself particularly doesn't have a lot of gold within it. Now up at Plomoza is where we have a slightly different situation. We don't have any resources there yet, but we hope to complete some resources later this year. But as mentioned by Marcio in some of

22:57 these results, you can see that locally, There's 2 types, looks like at least 2 types of mineralization here at Plamosas, are the blue lines that you can see on this map and also the red lines. And we have 1 style of mineralization, which is more silver with lead and zinc, and the other mineralisation is more gold and silver. So there's 2 different styles and crosscutting

23:24 structural hosts to the mineralisation. And we're in the process of really identifying and characterizing the variability of the gold with the silver in the second lot of structures, and also the silver, lead, and zinc in the first set of structures. So we would expect that later this year, we would be able to, when we put out an NI 43-101 resource on probably the Plymouth project, we would be able to characterize the percentages of silver, lead, zinc and gold in that resource. It's a bit too early to work that out right now, but you can see by this slide here that there are significant grades, very, very high grades, over thousands of grand per ton in silver.

24:21 And in a lot of places, we have very high-grade gold in double digits of gold as well. Very good. Okay, Trevor, That was a great little interlude we had here. I'm receiving word from Marcio that he wants you to take it to the end. So I'll leave you to finish the rest of the presentation and then I will come back at the end to take more questions. As a reminder to everyone listening, you can submit your questions in the Q&A panel on the right-hand side of your screen. See you very soon. Okay, thanks, Bianca.

24:53 So look, just to finish off with the presentation. So one thing that we're doing is looking at the comparison of the enterprise value of GR Silver mining as it stands at the moment in comparison with its peer group. So you can see that we're compared to quite a few in our peers, we're very much undervalued. Our EV is currently around about and probably just below $100 million Canadian. We do have a resource of 40 million ounces of silver that backs that up. You do have some other companies in here such as Vizsla that has a higher EV at this point, but until now they don't have a resource.

25:36 Other more advanced companies, so Discovery and Bear Creek, they do have resources backing up their EV. But we would expect that with the work that we're doing over the next 6 to 12 months with expanding the resource at Sarmarcel, as well as putting out some NI43-101 resources from Plumosis, we should be able to increase and get better valuations for GR silver mining over the next 6 to 12 months. There's going to be a lot of work with drilling over the coming months. And so there's going to be a lot of news flow and we expect this to have a positive impact on the share price and valuation as we go forward. So look, just in summary, Bianca, over the next 6 months, we're looking at new resource estimates both at San Marcial and at Plomozas.

26:30 We're looking at new gold and silver discoveries, once again, on both projects where we will be doing significant exploration. Over the 6 to 12 months, we would expect to define district-scale silver gold system. We've already shown on some of those previous maps that the proximity of San Marcial and Palomozos and the likely continuity of a lot of the structures between the 2 projects will define a district-scale silver gold system. We're looking to create value through these resource expansions and new discoveries, and this will be over the next 6 to 12 months. As I said, a very big drilling program. We will have 3 drill rigs on site very shortly. We've got 2 already.

27:19 So over the next 12 to 24 months, we would expect that once we've got those additional resources, we will be integrating the 2 projects. There's significant synergies that can be made between San Marcel and Plumas, given their proximity and given their similarities in styles of mineralisation and styles of, well, the commodities that they hold as well. We'll be looking to do desktop economic studies, engineering studies on those, both of those projects as we move forward as well. One thing to mention about SummerCell with its NI 43-101 resource, we do already have some preliminary engineering studies based on that resource. We also have some metallurgical work done, and it's been very positive. It's been able to identify the ability to extract between 82 and 92% of the silver at St. Marcelle from a simple leach type process, a simple Merrill Crowe type leach.

28:25 So that's very positive and will keep the potential CapEx numbers down. So yeah, there's our social media contacts. If you have any queries, or if you'd like to read some more about GR Silver Mining, our website is there, our contact numbers are there. And once again, thanks to Zix for putting on this presentation for us. Hopefully we can get Marcio back as well. And thank you very much Bianca. Our pleasure. I think we do have Marcio on the line calling in this time. Marcio, can you hear us? Yeah, I can. Hey, there we go. Alright, well, it's that time again for some questions. So, I will take some of these investor questions here. First one I can see, When do you plan to start producing at Plomosa?

29:20 I'll take that question. The Plomosa, as I said, is a past producer asset. We have all the permits to even to be producing. But the first step, like Trevor and I presented, is to define an NI43 101 resource. So I'm doing some engineering studies. So the first step, resource estimation, the next 6 to 9 months, then 12, 15 months to do the economic studies. And then probably likely 1, 1.5 years to get to what may be a production decision. But the big picture here is the combination of the 2 assets because one can be on the ground and the other open pit is a great combination. Very good. This next one comes from Rob Rubley. He says, does GR Silver need to raise funds to complete all the plan drilling?

30:06 Do you anticipate possible joint ventures with 1st Majestic or SSR? The first part of the question about the need to raise funds, the company has successfully closed the bot deal which was initially offered at 5 million Canadian dollars and we end up raising 9.1 million Canadian dollars. The cash position today fully fund the company for the next 2 years. Very good. And in so far as the possible JVs with 1st Majestic or SSR? So let me explain the relationship with these 2 companies. The SSR company was a vendor. They sold the San Marcial project, which we have an option to acquire 100%, which we are going to exercise, and we have successfully almost increased the resource 60%.

30:55 They don't seem to be interested in that asset as I understand in their business strategy, particularly as they complete the merger with Alasir, a Turkey gold-based company. About 1st Majestic, it's important to say they are very important shareholders, not only because they are the vendors, but they participate in the VOT deal because they still believe their assets might have some value, And they invest $1 million in the last 4 deal. The decision about acquisition, JV, is more further down the road. But we are more in the business to increase the size of the resource. And in the next 3 years, we have that ability to be free to negotiate with any other partners if you want. Makes sense. This next one comes from Ken Gruchella. He says, can you provide an update on the La Trinidad option?

31:48 For sure. As part of my trip to Mexico, I had a stopover in Mexico City to discuss and negotiate with Mexican authorities what would be the way to work the tax liabilities related to La Trinidad. We are still in discussion about advance that we have advanced. We have 3 geologists on site inside the concession collecting samples under travel supervision to define the value of the concession as a matter of opportunity to discover new veins And we still have 3 to 4 months to complete the acquisition because the exclusivity goes up to December. We are still positive in that project as an opportunity for us. Very good. Rick Hanley wants to know how many shares do the warrants represent?

32:39 Today we go to the capital structure. Can you go back to the slide of capital structure please? I don't know. You can see here 22 million of 153 and they are all in the money. It's a good point here because all the options and warrants, they are in the money. It's another source of capital for the company on top of the current cash position between now and next year. Very good. Bob Douglas has 2 questions. His first one says, Marcio, can you give us some feedback on what you're hearing from the street institutions, buy side, etc., for gold and silver in the short and long term for pricing? On the short term, people are very excited.

33:25 They see that there's still upside potential for more increase in the silver and gold price. On the medium-long term, everything is going to be related to the outcome of the US election. Everybody is going to wait what's going to happen between now and the next 60 days and how the major world economy, US, is going to react in this matter. Makes sense. This next one is also from Bob Douglas. He says, what is your timeline to the identification of a mineable high-grade zone that gets the company to a point where we see some economic engineering work done and then some cash flow? The definition of the resource at Palmosas for the first time is going to be a 43-01 scheme. As part of the estimation of the results of resource at Palmosas, we are going to find not only the broad mineralization, but also the high-grade banks.

34:22 The timeline to complete that is 6 to 9 months. After that, we are going to bring the engineers, which are already brought down. We have some underground engineers doing some work for us, and metallurgical engineers, to start to populate what can be a PEA or a PFS. So talking about 12 to 15, 18 months to get to that point as a cashflow decision. Makes sense. This question's for both of you, Trevor and Marcio. What element of the next 12 to 16 months are you most excited about? I'll answer my part based on the promosals I let Trevor answer the part on the summer shelf. What I'm excited about promosals is that we've been able to really define what is a multi-commodity asset from a past producer LAT sink. And I'm very excited to see that we have more and more opportunities to define more high grade things in red just silver and gold based on the existing drill holes, but also the ones we are drilling at the moment.

35:26 Yeah, sure. And from my point of view on Samaar Seow, look, there's, As I mentioned before, there's 2 fronts, and I'm really excited to see what the resource potential is at Saint-Marcel. We have up almost 40 million ounces of silver already, and that's based on 52 drill holes, quite shallow drill holes. So we really see that there's good potential to expand that resource both down dip, as I showed in the cross section, but also along the strikes. So that's why we're focusing on the southeastern extension at the moment to really identify and understand what's happening with the resource at that end. But also we have the potential to expand to the north-northwest as well.

36:13 On a second point, the database that we've generated by doing all that exploration work, 13,000 samples on a 25 by 25 meter grid. That's amazing data for a junior company to be using on a project of this size. So we've got an expert that focuses on portable XRF analysis and QAQC of that data. And we're working with him, Michael Gasly from RSC. And he's working with us at the moment to really extract as much information and the best information that we can get from that database to help us with exploration targeting. So picking where the next targets should be outside of the resource.

37:05 I have 2 questions here that are quite similar. Victor Zhao asks what's the cash position and then Antonio asks what's the burning rate for 2020 and 2021 for the developments on both projects? Okay, I'll take those. The cash position is close to 8.3 million Canadian dollars. The burn rate between now and the end of the year is probably 600,000 because we are very aggressive with drilling. And, but we are very effective about the deployment of capital and the burn rate because operating next, we have a very big advantage and the cost to explore. For next year, we are going to revise by the end of the year based on the results what's going to be the burn rate.

37:52 Very good. This next one comes from Brian Lundin. He says, it seems that not only with Famosas and San Marcial, but also with the Rosario project and Concordia district holdings, you have projects that could support more than 1 junior silver play. Any thoughts on potentially spinning any of these projects out? It has been part of the business to create value to shareholders and this position we have 29,000 hectares in a world-class multimillion ounce historic mining district. It's currency adds value to the company. We are starting to deploy some geologists to go into those areas so we can really understand what we have there as opportunities for business and also to create potential new companies. You are completely right. Having such a land position, we are not only adding value to the shareholders on the Pomoza-San Marcial combination, but also all these concessions around Fresnillo.

38:49 And maybe another opportunity on El Placer too, that's up north, that's in the Concordia mining district. For the audience, it's important to know that it's very challenging and very difficult today to get concessions in Mexico because the government froze the system. They are not issuing new concessions. So for a company like us, having 29,000 hectares in a mining district, it's highly valuable. Very good. Thanks for your question, Brian. I wish I was in New Orleans right now, frankly. Another question around what do people get wrong about GRSilver? What's one thing that you'd like them to know that perhaps is not evident at first glance looking at the story.

39:36 I'll give my answer and Trevor will give his answers as well. The way I see the company was very quiet at the beginning because we were consolidating the district in the first year before the silver rush now, acquiring concessions at low cost. We are not really active in telling the story, even telling people that management has been very active in Mexico. We are not arriving in Mexico today, been doing business there for more than 15 years. The last transaction that management was having involved was silver crest mines. So what people get wrong is to fully understand that we are really involved in the business. We're just killing the game, experienced, and doing only GR silver in Rosario, in Mexico, and have the ability to turn this into a much larger company. Yeah, thanks, Marcio. And look, from my point of view, I think one of the mistakes that people make about GER silver mining is that they assume that we're an exploration company, an early stage exploration company. That's not the case.

40:38 San Marcial itself, as I've mentioned a couple of times already, it's an advanced project that has an NI43-101 resource and Plomoses looks like it has scope to be even bigger than that. You can't ignore the fact that both Grupo Mexico and 1st Majestic on the Plumasas project, they spent over $18 million of exploration, of drilling, mostly on drilling on those 500 plus drill holes in the Plomozos project. They also spent, Grupo Mexico mostly spent over $30 million on infrastructure. We have amazing infrastructure at Plomozos. We have a 120 person camp. We have a power line that goes all the way to the mine. We have all of the permitting is there to actually go to exploitation, not just exploration, but exploitation.

41:35 So we're not an exploration company as such. Yes, we're doing some exploration on some of the areas, but we're developing these projects. Some RCR will develop further as we expand the resource and Plymoussas as we put out resources later in the year, you'll see that there's real potential here for the company to grow, particularly with its silver and gold resource inventory. This next one comes from Rick Hanley. He says the follow-up to the question about splitting the minds into 2 companies, would you give existing shareholders the option to buy into the new company before the general public? I'll take that question.

42:20 For sure. It's going to be considered that situation because for those investors who are in the company from the beginning, they took the risk and believed in the management. For sure, there will be some opportunity on that as well. Very good. OK. Let's see, is there any more questions from folks? I guess the obvious question that I heard floating around in advance was around COVID-19 and the impact of COVID-19 on GR Silver. Is there any additional clarity you'd want to add around that? I will add, as I just came back from the project, I'm fresh.

43:10 From the beginning, the company has been very diligent about controlling the access to the project and to reduce the exposure for the locals and geologists who live nearby in Mazatlan and Rosario to other individuals from outside of Mexico. We've been able to test everybody that is on site. They are all negative. In my case, when I went to the site, I was tested before. So today, we don't have any cases on site and since March we've been working non-stop, didn't stop. And we believe we can continue with such operations with drilling, underground development because most of the employees are local and we control the access and the exposure to experts. It's very minimal. And when they go to the site, we try to every month now to have our senior executive going to the site. They are tested before getting to the site.

44:01 Gabrielle is asking around the safety and security around the area, any violence or crime or anything like that, any commentary around the jurisdiction and the safety of it? For sure. Management has been exposed to Mexico for more than 15 years. We've seen good days, bad days, good days. It's like, it's highly volatile. Sinaloa is not really the super hot spot, particularly the southern portion of Sinaloa. Up north is more challenging, particularly around the capital. There are presence of individuals with other business in the area, but they never stopped or caused any harm to the company. So, but we have, we keep watching, and it's not a matter to be concerned about to interrupt the operations in Mexico.

44:54 Very good. Just taking a look here to see if any new questions have come in. A question around the team. Can you walk us through a little bit more the main folks on the team and what do you think they bring to the table? The team is a, the top team, the executives, Trevor, myself, and recently hired an exploration manager, Dave Hadley, that was having involved in some other companies with exposure to similar geological settings. It's fluent Spanish that helps a lot for us to run the business, even from a remote perspective. The team, Trevor and myself, we have worked for big companies, Placer, Dom, Phelps-Dodge, Bali, dealing with world-class deposits from discovery all the way to production in Latin America.

45:46 And the team also has financial background in financial institutions such as Macquarie Bank, Canaccord, and that brings a lot of expertise and experience to make a business work. Trevor, Do you want to add more? No, no, I think that covers it. Yeah. Very good. Exciting. OK, folks, I think we've come to the end of the Q&A period, unless there's anything else that people want to add. I will say this, if anyone has any questions that we were not able to answer during this period, I'm sure if you reach out to the GR Silver team, they'd be more than happy to answer them for you. I will pass it back to you, Marcio, and to you, Trevor, for the final word.

46:33 I'll make some final remarks. As Trevor said, this company is not early stage exploration. We are very heavily, 100% engaged in the resource expansion moving for developing stage of these 2 assets and looking at business as a whole with opportunities for potential spin out and generating additional value to shareholders and investors in other companies. But in the next 6 months we are concentrating a lot on drilling and resource expansion at Plumosis and Thermacell. Very good. All right folks, thank you so much for being on today. Hope to talk to you very, very soon. Thanks Bianca. Take care. Thanks, everyone.