Great Western Mining (LSE:GWMO) — Company Update

0:08 Good afternoon, ladies and gentlemen, and welcome to the GREAT WESTERN MINING CORPORATION INVESTOR PRESENTATION. Throughout this investor presentation, you'll be in listen only mode. Questions are encouraged and could be submitted anytime using the Q and A tab situated on the right hand corner of your screen. Please just simply type in your question and press send.

0:31 Company may not be in a position to answer every question it received during the meeting itself. However, the company will review all questions submitted today and provide responses where it's appropriate to do so. These These will be available via your Investor Meet company dashboard, and we will notify you by e mail when they are ready for your review. I'd also like to remind you that this presentation is being recorded. We'll also share a poll, which will follow the conclusion of the presentation. I'd now like to hand over to Brian Hall, Chairman from GREAT WESTERN MINING. Good afternoon to you, sir.

1:05 Yes, sir. Good afternoon, and thank you very much for attending this first ever presentation by GREAT WESTERN MINIC CORPORATION We it's been a little while in the coming this meeting because we thought it'd be more useful to wait until we had some drilling results and some assay results from drilling and they took forever. And so now we're less constrained in what we can say and so this is this this is our our first our first shot. I'm gonna turn off my own video because I have fairly don't have very much bandwidth here and I'm worried that when I get into the slides, you things will get fuzzy. So I'm just gonna become an audio person for the time being and just to switch that off. We put out a presentation we we put out a presentation this morning, which I hope you've had a chance to look at, rather short notice, I'm afraid.

1:54 The it it's it's been on our site. It's a fairly long and chunky presentation, 38 slides. I don't propose to go through whole thing word word for word because everyone can read, and a lot of it is just a a background to the company and and its properties. And there's an appendix which is which really explains everything about everything in the the company. So I'll deal with that. I'm just going to really concentrate on about 15 slides. And so I'm gonna move now to slide number four,

2:26 which is in in which is our our overview of the company. And there you'll notice right at the very top, bang on time, right at the very beginning is a mistake. Now we get our company name wrong. How about that? Someone someone says it's gonna have to roll, but unfortunately, probably mine, we are in fact called GREAT WESTERN MINING CORPORATION PLC, and you have corrected. I only spotted this about ten minutes ago, so I didn't have a chance. Just to tell you a little bit about the company. Lots of you know all about the company, but there'd be just a few that don't, so I thought I would just give a little bit of background. We're a mineral exploration and development company exploiting precious metals and base metals in Nevada. We have a gold exploration target of half a million to one and a half million ounces from multiple gold prospects.

3:12 We have ongoing projects to produce gold and silver through processing spoil heaps and other material. Our acreage is around 15,000 acres, about 60 square kilometers of mining concessions. We're in the Walker Lane trend, which is a prolific producing area. And on copper, we have drilled 5,000 meters, and we have an indicated and inferred mineral resource of 4,300,000 tons of copper 4,300,000 tons at point 45% copper, and we're looking at the moment for a development partner. Our shares are traded on AIM under the symbol GWMO and on Euronext Growth in Dublin on the symbol eight GW. The shares are very widely held. They have no corporate debt. I'll just move to the next slide, which is properties and targets.

4:01 Now you'll see that we have a list of properties we are working on here. The ones that are in bold script, mineral jackpot, rock house group, and the Olympic gold project are the the ones that are our current focus and attention. You'll see that we've got some fairly large targets that these are targets, not resources that make makes sure that we're not claiming to have these as resources. This is what we are aiming to find, not what we have found. The Olympic Gold project you'll see is much the largest, and I'll tell you a little bit more about the Olympic Gold project as we go through. But you can see we've got a number of properties that we are focusing on. Our company's strategy is to prioritize the exploration of gold and silver on existing license acreage to establish a commercial resource.

4:52 We are fast tracking the exploration exploitation of precious metals to achieve early gold and silver sales, and we're going to expand. We are expanding the search for precious metals into new areas, for instance, the Olympic gold project, is a new arrival. We want to develop substantial copper substantial copper potential through introducing new industry partners with access to technology and large scale finance, and that is work ongoing. So just to give you little bit of background on gold, silver, and copper in Nevada, On the I'm sorry. I just put the slide. I think it's getting to move the slide here. Bear with me a second. On this slide, there's there's a little map which is fairly hard to to read, which you can see here. The the the outline is Mineral County, Nevada, which is our base of operations. You will see at sort of 09:00 on this slide a little group of dots, which are existing properties and then some way to the West Northwest, a single dot, which is our Olympic gold concession.

5:55 All our assets are located in Mineral County, Nevada, and they include old gold and silver mine workings which we plan to rework with modern technology. Mineral County is a is a very rich in gold, silver, lots of other minerals as well. It's not called Mineral County for nothing. And all our licenses lie within the Walker Lane trend, you can see is this this yellow horizontal diagonal slope across the across across the map. Prolific gold and silver discoveries have been made in the past on on our properties. It's some of the topography is very mountainous and without benefit of modern equipment has in some cases left large areas underexplored and underexploited, which we propose to take advantage of. GREAT WESTERN's eight distinct concessions have the potential for gold and silver in the short term and substantial copper development in the longer term.

6:47 Just moving on to the next slide. I want to tell you before I get into Trafalgar Hill itself, which is the what the slide is actually about under work in progress for exploration, I wanted just to give you a little introduction to the Olympic Gold project because it's a very important part of our portfolio. We acquired an option to purchase the Olympic Gold property, which is about 800 acres May, June last year. We it's an option to purchase which we make an annual payment when we've made five annual payments. The last one we get at the end of year four, then the property is ours. If we want to accelerate that, we can pay any time and own it straight away.

7:32 Alternatively, if we are unhappy with with Olympic Gold, which I can tell you we're not unhappy, then we have the right to walk away without further obligations. So it's a very interesting arrangement and and we so we make a we make a payment and in return, there is a small royalty payable to to the vendor on any future production. Now the the the work of the Olympic has several properties, several prospects on it, quite a number of prospects on it, we haven't handled them all. But the core to the whole story of of Olympic Gold is the OMCO Mine. And OMCO, I I don't know what it stands for, but I imagine OMCO was Olympic Mining Corporation or something similar. But the OMCO Mine was a prolific gold mine. It wasn't a huge gold mine, but it was a very high grade and profitable gold mine, which produced gold until the nineteen forties and was then abandoned. It was some produced gold from a west to east running vein and I'm saying west to east in in very rough, not just one vein, several veins. And mining stopped when the vein met a fault and nobody actually crossed the fault and decided to try and extend the vein beyond that or extend exploration to the vein beyond that. Who knows why? It might have been a low gold price. It could have been a number of reasons. But anyway, gold mining at Olympic Gold stopped in the nineteen forties when that vein reached the fault. So one of our principal objectives is to try and find a

9:02 continuation of the fault on the eastern side continuation, I'm sorry, of the vein on the eastern side of the fault. And so we've that is our main objective, but there are other prospects we are also exploring on Olympic Gold. And the one I have on this slide, which we've drilled this year, is the Trafalgar Hill prospect. We've drilled six holes totaling 31,352 meters this summer. We had had reportable gold grades in all of the holes. We had two holes with very good grades. Our best intercept was 8.9 grams a ton gold in a shallow zone. Just to explain how this works, from for our own for our own work we've done with magnetometry, we find that there is a shallow zone and a deeper zone. The shallow zone appears to be more present in the south of the holes we drilled.

9:59 The deeper zone trends further north. The deeper zone is potentially bigger, but also potentially lower grades of gold. So we've actually hit both zones, but to explore the deeper zone further, we'll have to drill some more deep holes further north, but we think we'll also need to do an IP survey and induced polarization survey to better target the areas before we do any further drilling in the deep zones. Meantime, the shallow zones, we would like to follow them to the south, and we're planning to drill five holes, totaling just over a thousand meters. You'll see there about 200 meters of holes, so they're reasonably shallow holes. And that's in our program, and it's an extremely interesting project, and we expect to get on with that as soon as possible. We're busy permitting drilling right now and we have permit applications in. We have all the all the locations fixed.

10:49 So that is Olympic that is the Trafalgar Hill prospect at Olympic Gold. So if I just move now to the next slide, which is the Onco Mine area. Right now, this gets to the heart of the Olympic Gold project. We have drilled four holes, two of them to the east of the North South Fault and two of them to the south and west of the of the mine, so on the western side of the fault. We thought we were drilling three holes to the east and one to the west. In fact, the fault didn't go quite what we thought, but that that didn't really matter for this purpose. The two holes we drilled to the east didn't hit the vein, but what they did do is establish through chemical analysis that we are definitely in the the same zone of mineralization as the vein.

11:40 So we have more holes to drill to the east of the fault, which we propose to do in the next phase of drilling. We're going to drill some to the northeast of where we've drilled already, And then we're going to drill a couple of holes absolutely dead opposite where the original Onco Mine vein ends when it reaches the full. So that's really our program for that part of it. We're also going to drill do some more drilling to the south and west of the Onco Mine because as well as crossing the fault, we also think there's a a good possibility that we'll find some interesting extensions to the mine on the side that's already been mined as well. So we've got two two parts to this progress to this program on on the Encore Mine area to the Eastern Fault and to the south and west of the fault. And so that is we we propose to drill up to 13 holes in the next phase.

12:33 We will be drilling four. We're gonna drill 13 more at the next phase of drilling. So this is a big priority for us and something which is very important for the company, we believe. I'll now just move on to the third prospect we've drilled on Olympic Gold, which is the West Ridge prospect. West Ridge is a smaller looking prospect, but it's been mined before. We drilled a hole to 152 meters. We didn't get any reportable gold grades, but the geologists conclusion having drilled it is that we should probably go deeper because it's beginning to look as if there's a deeper epithermal vein which will be tested by a follow-up deeper hole. You'll see that the hole we're planning to drill, you can see at the top of the slide is going to be two twenty six meters as opposed to 150 meters, two meters, so the one we drilled already. So we're hoping to hit a deeper vein. But this is a fairly speculative, we have drilled one more hole on that.

13:29 So that's really where we stand on the Olympic gold project. We drilled three stroke four prospects. We've apart from apart from West Ridge, we've had a a notifiable gold, reportable gold in three of them. And it has really opened up the way for the follow-up drilling program, which we're really looking forward to getting into. The final bit of exploration work in progress is on is we're now moving back to away from Olympic Gold, back to our core area to the Rockhouse Group, sometimes known as the RH Group, it's abbreviation. The Rockhouse Group has three prospect areas, the Northern Slate Zone, the Eastern Shear Zone, and the Southern Alteration Zone.

14:14 Now this area has never been drilled before. It's Spurgeon acreage. It's very speculative. We identified mineralization from studying satellite imagery. We have done a lot of soil sampling, a lot of desk work. We've done some trenching. And at the beginning of this year, we decided that we should really risk drilling some holes on this even though it's fairly high risk of pure exploration. So we decided we drill the southern alteration zone, and we budgeted eight holes. In fact, we only for various reasons, which I won't go into because it's sort of fairly detailed. But for for various reasons, we only drilled six. But far from being some of these high risk things that doesn't work, we actually we actually encountered gold at a fairly shallow depth in multiple hulls with best intercepts of eight point o two grams a ton in one hull and 2.2 grams a ton in another. So you can see that the grade of gold we we got at the Southern Alteration Alteration Zone is pretty much equivalent to what we got at Trafalgar Hill.

15:13 So we were very pleased with that indeed because the story is now there's definitely now a gold story there which needs follow-up drilling. We'll probably drill it after mineral jackpot, but it's a we we've got we plan to drill five more holes, totaling about 725 meters. And what we're looking for is we're looking to to test a potential increase in zone thickness and grade where narrow structures coalesce together along along either along strike or done dip. So we we we we're just trying to follow the leads we've gotten and see if we can establish a good resource of gold on certain alterations. And so so we've now these are these are that's our fourth slide and our fourth piece of drilling we've we've done this year.

15:58 And I think it's been a pretty good result. We're with the results. We haven't found Bonanza Gold, but then whoever did with their first first drilling campaign. The company has never drilled for gold and silver before It's drilled for copper. It's never drilled for gold and silver. It's been a long time coming. And I think it's been a pretty good campaign. And I'm happy with the results and really looking forward to the next stage, which, of course, will be important in in following up what we've already done. I just wanted to move on to another slide which I called early stage exploration just to have a look at the other things we're working on which have haven't actually got to the drilling stage. The or have got to the drilling stage but haven't yet been drilled. The Olympic Gold project, we need we need to conduct the IP survey I previously mentioned on the the deep zone at Trafalgar Hill. We'll do that as soon as we can get a contractor to become available.

16:54 It's very hard to find at the moment. They're all very busy, I should say. And we'll also that survey will also be carried out in conjunction with a survey over the East Mine Group, which is lower down this list, which I'll come to in a moment. So we have that still to do to try and trace the the the deep prospect on the the Trafalgar Hill prospect. Mineral jackpot. There are there are roughly five old gold mines on mineral jackpot, which one is actually called mineral jackpot. They have always been they've always mined historically as separate mines. We think after we have conducted soil surveys that actually we can we can make these continuous so that actually there is one one large mine area and not five separate ones. So we've kind of joined them up. And we also, by sampling, have extended the the the principal vein on one of them to the Southeast for a fair distance. So we've actually we're actually following a vein, which we think is is is going to enlarge the size of the whole prospect.

17:55 The the that actually so we we we reckon that we have doubled the potential mineralization on this area. Now these are old mines, of course, and they were worked in the eighteen nineties up to about probably about 1920, all done by hand, very few modern tools, extraordinary effort because it's very mountainous area when you think that these people drilled without the benefit of any modern equipment and machinery and and and science and so forth. We've done ground based magnetic surveys of a mineral jackpot. We have also we're also planning to do the more difficult areas with a drone based survey because some of areas are difficult. Just to give you a little bit of an example of of how this works in practice, when our team was doing soil sampling, they were trying to follow lines through from one one prospect to another. And there was a little bit of a gap and that that they didn't seem to join one up. And on further inquiry, it turned out the reason they hadn't done the soil sample is that the point they got to on their soil line, they suddenly were faced with a a 200 foot cliff.

18:52 So you get an idea of just how how mountainous and difficult this is. It's it's it's not an easy area, but it's it's it's a it's a unlikely to be a very prolific area. So that is is mineral jackpot and, of course, is where we have spoil heaps, which I'm I'm gonna come to later. This is the spoil heaps which we're planning to process. So just to move down to the rock house group where we've drilled already on the on the southern alteration alteration zone, we're proposing another inflow infill soil and rock chip sampling program at the eastern shear zone. We're going to leave the northern slate area for the time being, but there's certainly some more work to be done on the eastern shear zone. And then we go down to the m four copper target. Now, of course, we haven't drilled for for copper for quite a few years now since 2018, but we have we we do have an intercept we would like to drill. It's relatively shallow, relatively inaccessible, but fairly should be fairly straightforward provided we get a suitable rig up there.

19:53 The that may unlock the secret to a larger potential copper resource. So that is something that is definitely worth doing. And we decided we'd do it while we had a rig working in the area. Now earlier in the year, we we we signed up a small man portable coring rig. This is really a small really a tiny rig to do this work when you're drilling maybe a hundred hundred and fifty meters. The we got a little caught up because we had the we had the rig installed up there in April, and then the drillers for the main program at at Olympic Gold brought the drilling program forward. We didn't have enough personnel, so we left the rig there. That's still where. But we subsequently went back, and we found the small coring rig. It's a very useful tool and fine for drilling to the depth we needed to go except that at M 4, we found we had a very hard rock surface which we really couldn't penetrate with the small rig. So we've tried tried all sorts of solutions to try and to to to achieve that and we haven't been successful.

20:52 So we've decided not to drill M 4 with a coring rig. We can't get a rig such as the rig we we drilled Olympic gold with up to that height. It's it's a rather steep difficult slope. But we have identified a small reverse circulation rig which works as a tractor as opposed to tired vehicle, which will go up there. And we're waiting for a slot on that. It's working at the moment. And as soon as that's free, we wanna take that up there onto this fully permitted concession, and we'll drill one or two holes to see what we can find on the m four copper target, which will be interesting. But it's a little bit of an add on to our main program, but it'll be these things these things are worth doing if you can because it may prove to have a very interesting result. So we'll see.

21:38 The JS group is very early stage exploration area. We've got a a soil survey that's been planned for some time. We'll probably only do it when we're waiting on equipment for something else because it's not our main priority, but it's something that long term could be interesting for us. Dropping down to the Eastside mine, this is where we're going to shoot the induced polarization survey when we can get equipment in conjunction with Trafalgar Hill. It's early stage exploration, but the geologists believe that there's a lot of potential for copper there. It's a little apart from the rest of the assets. Very interesting area and we'll get to that in due course. And finally on this, the Huntoon Valley. Those of you who've been with the company from for some time will recall that we had an agreement called the Huntoon Valley Corporation Agreement with a local company called Crown Point Resources.

22:26 This nothing very much happened there. We did some work, but not a lot. It was zinc inclusive. The agreement lapsed. We went back to drilling for copper on M 2 and nothing really happened. The owners of Crown Point, we've talked to them in the last few weeks. They are very keen to reactivate Crown Point cooperation the the Huntoon Valley cooperation agreement. We have our senior geologist traveling out this week. And depending on his schedule, we'll see if we can do some work on that. We may even do some sampling and so forth of cuttings from drilling that's been done in the past. So the Huntoon Valley is an interesting area, and it it it may at some stage come to life again. It's not on our our immediate priority, but it's something that we we very much have in mind. So that really deals with the the gold with the gold and silver. Let me just go on to the copper briefly because it's something that I we do get a lot of questions about. We drilled approximately 5,000 meters for copper and spent a lot of shareholders' money on this. As I say, we've already established a reasonable inferred resource.

23:35 It needs to be a much bigger resource to be a commercial mine, and that means, of course, a lot more money for drilling. We saw a situation back in two thousand nine nineteen where we could have gone on drilling for copper for another five years and tried to raise another $10,000,000 $15,000,000 or pounds or whatever and still not be there. And and it just seemed too slow in this world for a small company to be doing that. So that's really why we parked the copper and decided that we would go for the slightly lower hanging fruit, is the great potential for gold and silver. But the that that doesn't mean that it is that copper is is not is not an asset worth having. It it most certainly is. And we're looking for a strong industry partner to participate in establishing significant copper resource on this claim. And we're in touch with a number of companies who are known to be interested in the area. Big companies tend to move rather slowly, but it's something that we are working on.

24:30 Can't sure when we will get a result, but it's it's we are looking for a partner to do do that. We need to have a a good sized partner and not not a small one. I said the two interim holes we're drilling on M 4, they they may open up the story a little bit, which will make it more interesting. So the objective of drilling those wells really is to is to add a little bit to the copper story, which is a good story anyway, but the more we can add to it, the better. So I can now move to my next slide, which is now we've been moved from exploration to precious metals processing. We've made a lot of significant strides over the last couple of years in exploring for precious metals. The exploration drilling is yielded some promising results, and I think they offer an exciting future for the company.

25:17 Nevertheless, new gold gold mines are not developed overnight. They take time to bring into production, And we have the advantage of a lot of surface located spoil heaps, tailings, etcetera, with which offers a potentially faster interim route to first revenues. We operate in an area that's full of our gold and silver mines from the past. And the large volumes of surface material do not require to be mined again. They're already mined. So so as long as we can establish a good and effective and profitable project for for for developing the the spoil heaps, the surface heaps, then we have a very good chance of developing a revenue earning business before we would ever get a proper gold mine into production, which of course is our slightly longer term aim.

26:07 So we're taking advantage of this situation to expose all these assets as soon as we can, but we're taking sure taking care to ensure that that the projects are optimized and combined where possible because we want to maximize the economic returns. There's a industry has a history of people that embark on new projects and lose a lot of money and bitterly regret it. I think we determined not to be one of those. We want to make sure that whatever we do really does work. And so it doesn't always requires a bit of patience and a bit of thinking and rethinking. But we're working on that and it's a significant resource for the company which we think will be valuable sooner rather than later. So just to move to the next slide, which is mineral jackpot precious metals reprocessing.

26:54 If I can run through through this in in late two thousand twenty, we we were able to bring a load of of of spoil heat material off the mountain at some at at mineral jackpot, and we were able to produce a small dory bar made up of gold, silver, and other minerals. We said we'd it by the end of the year. We did it by the end of the year, and we proved the concept. This was done in an extremely small laboratory. It belonged to a contractor, not in a main laboratory. It it was done at the at the very end of the year. And so in a way, that worked. It wasn't a commercial amount, but we were able actually to see that we could we could produce precious metals from the spoil heaps. But at the same time, and really, in a way more significant matters, that we we shipped a load of a 135 kilograms from from from the same load out.

27:45 So we air freighted it to The UK, and we put it into a laboratory for four months. And it was tested and tested and tested in a very specialized manner. And that gave us some some very interesting results. Up to the point that we put that material into the into the lab, we had we had assumed that what we'd be looking at would be a cyanide leaching project. Cyanide leaching is fine. It it needs to be of some scale to work, and this was ours is relatively small scale. It also requires a lot of environmental a lot of hoops to be jumped through. It's not something you can do. It can be done, but it it's it's a lot of work and it's quite expensive and so forth. And slightly to our surprise, we found that the material we put through the through the lab wasn't really suitable for cyanide leaching anyway and that the best yields we would get from it would come from a gravity separation which is a very much simpler operation, less environmentally damaging and something that could be done much more quickly. So that was that was really what what was surprising and encouraging.

28:53 And we took on a consultant metallurgist, and he's done a lot of work for us and he's he's and and still is. And he he developed in conjunction with us, he developed a commercial project and and and designed a project, which is really it's a it's a it's a ready to go project, but it's kind of modular, and you can add things to you can take things off, but but it's a it's a ready to go project, and it's complete. He his design was entirely based on using brand new equipment, which is expensive, whereas in fact, we'll be able should be able to reduce the capital cost a lot by using good quality used equipment, which is widely available in the area, and we're currently sourcing that. So we can save some money there. No doubt we'll spend it somewhere else, but but but there is there's a project to be had there.

29:39 But then we actually have some other quite good news because we had a field trip in the summer, and our geologist on-site walked all the all the spoil heaps. Now we reckoned from the maps we had that we had 38 spoil heaps, they covered a surface area of about 5,000 square meters. By the time he'd finished, he'd actually found 51 spoil heaps and they've covered about 14,000 meters. We we haven't been able to measure the depth of them yet, so we can't do volumetrics. But just in surface area, we'd almost tripled the amount of spoil heaps we have. We can't guarantee they're all good or they're all accessible, but we we have a bigger we we we have a a a bigger amount of material to play with than than we thought when we went into the process, when we went into the whole whole thing. One of the things that has come out of the work with the metallurgist is that whereas we thought of pouring gold and silver in these remote locations through actually producing producing a final material, the metallurgist recommends that that would be a crazy thing to do because pouring gold and silver out in the middle of the desert, You've gotta make sure you trust your own people who are doing this. You probably gotta have guards to guard the operation, then you probably gotta have guards to guard the guards, and the whole thing becomes a high security risk. So the the the recommendation that we're now working with is that we would produce we would produce a concentrate, which we would then sell to a refinery.

31:07 Obviously, we wouldn't get so much money for it, but but we would, on the other hand, have a much lower capital cost and a much simpler kind of operation. So at the moment, we're thinking in terms of of literally trucking condensate to refinery, assaying it and selling it at the at the refinery door, which would be a a simpler operation and reduce our budget. So you can see we're playing around with all these alternatives, and that's what we've been working at for some time, What we'll be working on this autumn and winter full full time really. The limiting factor in mineral jackpot is actually getting the material off the mountain. The material we got off the mountain in the first place came with a small tracked vehicle, which was some a good way of doing it, but for high volumes, it would be really far too expensive. So we're looking at possibly having to do some road upgrading, which will be quite a big operation. It's not a very large length not very lengthy road upgrade, but it might involve blasting it to the side of a mountain.

32:02 It's nothing we can't handle, but we at the moment, we've got a contractor preparing an estimate for it. We're we're coming up with a quote for doing it. It'll be quite a lot of money, but, you know, maybe that's the money the money we save on buying second down equipment, making on building a a new road. Who knows? But but that is something we have to deal with because getting the getting the material from site to process plant is, at the moment, the limiting factor, which is the the thing that is occupying us most, but we will find a solution to this. Now if we move to my next slide, is this I'm expanding now the precious metal processing to the OMCO mine. A a due diligence report on it, which is extremely detailed and very good, and that's what made us go ahead. So it really wasn't until this year that we actually had our own people on the site. And, of course, when you have your own people on the site, they they look at things which maybe, you know, you don't get from the the paperwork and the information of the public data and so forth. And one of the things we quickly realized is that we had a a very large tailings tailings heap from the Onco mine, about 11,000 square meters. And it it to us, that didn't seem very interesting at the time because we we knew there was a tailings heap.

33:30 We assumed that it had been cyanide leached and was just a just junk. But when we actually looked at it more carefully, we found that it had not been cyanide leached. It it had only had some limited flotation separation. And so that that material has presumably, and we're pretty sure it has, a high a high quantity of precious metal gold, particularly of gold in the material, which we think can be recovered. Now this is not a gravity separation job. This is a cyanide job, but it would be of a scale that it would probably be worth doing. We will we have now we've taken samples, and we've put them into a lab, and we're waiting the usual lab story. We're waiting in the queue. We'll get some assay results fairly soon, will tell us whether we've got some good grades of gold in there. We will then put the little coring rig on top of the tailings pile just to drill into it and find how deep they are, then we can do volumetrics to see how many tons of thousands of tons of material we have there, but it's a lot.

34:33 So this is another stream to our processing though. Well, you might say, yeah, but it's not the same as the gravity separation on mineral jackpot, and that's true. But there's a third element to this which is really interesting too, which is that we've also found a stockpile. Now a stockpile is not a spoiled heap or tailings. A stockpile is material that has been mined for processing and never been processed. It's probably been sitting there for seventy or eighty years. And we think we can we can we can crush and gravity separate that and probably get some good yields. Early days, we don't really know that yet, but this is what we think we can do. And so we have the possibility of maybe combining having a larger kind of gravity operation, maybe based at at Olympic Gold, which is more accessible than mineral jackpot.

35:22 And we have the possibility of expanding our operation to have a a fairly large gravity separation operation and a fairly large cyanide leaching operation too. So these this sort of adds more to the interest of processing. There's a lot of work to be done, early days on the new stuff, but we'll be working on this and we will keep shareholders informed as as we go along because I think it is going to be very interesting. Now my next slide really that deals really with our operations and my next slide really is just on funding the work program. We're we're we're publishing our half year results on September 1, which will set up the position well, the healthy position of our net current assets at the June 30. In early two thousand twenty one, we raised a million pounds in new equity to supplement our existing funds and also to provide the flexibility to extend our drill program as appropriate, which we now plan to do.

36:13 We've drilling to date has been achieved under budget and current funds will pay for the next should pay for the next phase of drilling with the first phase of process plant to be spoiled heat material and this also maintains the company. So we're looking clear now into the second half of two thousand and twenty two. I can tell you, it's give or take a few pounds. We have about 2,000,000 in the bank as of today, so we're in a in a in a healthy position for a small company and and we're we should conserve that and do the best get the best possible value we can from that. This is the final summary slide for the summary. Just really to summarize things you've already been told.

37:00 We're prioritizing three out of many precious metal prospects. We have a next phase of drilling at a good planning stage. We have projects ongoing to generate early revenues from reprocessing spoiled heaps and tailings. We're funded for our current program. We have target gold from half a million to one and a half million ounces from more prospects and we're looking for industry industry partners to develop our large copper resource. So that, ladies and gentlemen, is my presentation and you have kindly sent in a number of questions and I will deal with those next. That's great. Brian, let me just jump in before you do so and thank you very much indeed for updating investors this afternoon. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. Just prior to Brian takes a few moments to review investor questions submitted during the meeting, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, can be accessed via your Investor Meet company dashboard, and we will send you an e mail when that ready for your review.

38:05 I would also like to submit the following poll. And if you'd be so kind as to give that your attention, we would be most grateful. And apologies for not submitting that at the onset. And finally, I'd like to remind you that your feedback is important to the company. And as soon as this presentation has ended, you'll be redirected for the opportunity to provide your feedback in order that the company can better understand your views and expectations. Brian, I haven't given you a long while, and I know that you had a considerable number of questions pre submitted that did fall into particular categories or themes. And you've also received a number of questions throughout this presentation. So thank you firstly to all those investors that have shown such keen interest in the company. And perhaps, Brian, I could just hand back to you just to run through those questions. And where appropriate, if I could ask you to read out the question and give a response, that would be great.

38:57 Okay. Thank you. Well, thanks, Mark. The the I I've categorized these questions. I I've I've kind of merged them together because lots of are the same. So if your question doesn't actually appear as a question, I'm I'm hope it's certainly been considered and hopefully answered in in in the in the sort of merged, amalgamated q and a that I put together. My first category is general questions. And the first question I have was, Rock House had initial resource estimate of to up to 25,000 to 75,000 ounces of gold. Will this estimate be officially reserved? Not now that drilling is good. Not really. This wasn't actually a resource. It's a target. And at this stage, we're talking about targets and not calculated resources, so we probably won't change that. Had our results not been good, we might have had to downgrade the target, but they were good. So I think we're we're gonna be leaving the target as it is.

39:52 The next question I have said, where do you see the company in twelve months time and how will it have changed from today? Well, that's a crystal ball question. And I think just in summary, I could take longer to answer this question or long to think about it, but I haven't had that long to think about it. So I would what I would like to see GREAT WESTERN doing is this time next year having done enough further drilling to have established a genuine gold or silver resource and be more in an appraisal rather than exploration stage for gold on one or more of our prospects moving into an appraisal stage. The second thing I'd like to see is a process plant become a reality rather than a concept. And the third thing I'd like to see is some good progress with the copper in partnership with the larger group. I hope that's that's helpful. The next question I had here is some what do you see the three biggest challenges that you face over the next six to twelve months? And I think the answer is fairly easy for that. It's COVID, COVID, and COVID. And I I hate to hide behind COVID, but unfortunately, it's reality. We we managed very well last year to to use contractors and to avoid all the problems of COVID. It it was extremely effective. But, you know, the longer it goes on, the harder it is. The situation at the moment is that contractor availability is it's a very tight market because everyone's doing work they were supposed to do, they planned to do last year. So the market for all contractors is very, very tight, plus the fact that that there is quite a a lot of COVID around now in in in the Mineral County area where they don't seem to be very in favor of vaccinations, which is rather a shame. So that

41:23 causes the second problem, which is really local labor shortages. It's very hard to get labor to do things get anybody to do anything at the moment. It sounds stupid, but in McDonald's offers people $50 if they'll just go for an interview at the moment. And Amazon in Reno are offering a large sign on bonuses to anyone who can work in their warehouse. So you can imagine just getting people to do simple jobs is is hard. And the third thing, which is which is the third challenge big challenge for us really at the moment, which we hope will leave soon, is transatlantic travel restrictions for our team. Our senior geologist is leaving on Wednesday. I have to tell you that he's gonna spend two weeks in quarantine in the hotel in Vancouver before he can travel to Nevada. And in the in the in the summer when he was out there, he had to spend two weeks in a hotel in Mexico City. You know, he works away quite happily in the hotel and everything, but it's it you know, we we need to move people around all the time. The the restrictions are very hard. So those are our biggest challenges at the moment, that to some extent are outside of our control, but we do what we can with them.

42:23 The next question I have is are the board of directors now in in a closed period? And the answer is yes. We're always in the closed period within sixty days of announcing our financial results, which will be on September 30. So for August and September, we've been in the closed period. The next question, I I've merged two questions. And the first question was, why have there been so few investor updates? And the other was, very happy with updates this year and the company communications have been good. So there seems to be some conflicting opinions here. I I was a little bit surprised to see that there been so few investor updates because so I did a little rough tally. And I reckon that this year, we have put out a meaningful operational update on average every seventeen days. And where we haven't put one out is because we haven't had anything to say because we're sometimes in the dark ourselves. So so I think a 17 every 17 is not a bad average. So I was a little bit disappointed by that question.

43:13 Next question, do you feel more can be done to promote the cup to promote the company to to gain interest and will there be an increase in PR this year? Well, of course, there's more we can do and indeed today's session is one of the steps we're taking to improve communications. And we have other ideas in the pipeline, and we hope to do more of these with the with investment company as well. So we we we are conscious of that. We are working with it. It's always easy to bash the poor old PR man because PR is such an intangible profession, but I've worked with probably a dozen PR firms over the decades, and and I'm I'm actually very happy with Warbrook whose role is anyway being expanded this year. It's we're doing what we can and we we will we're we're working on on improving our communications.

43:59 How likely are we to get a small regular stream of revenue from the spoilers before any further need any further needs to raise for the company needs to raise more more money? I wish I could answer this, and I I I can't really because just there are so many moving parts in all this. But I would just say that our overall aim is to minimize shareholder dilution and to fast track of producing operation which will generate revenue. So we're working on that, which will happen first. I I'm not really interested to say at the moment, but we'll keep you informed. Next is how well is well funded and will there be a share raise within the next six months? Well, as I said, we have we've roughly 2,000,000 in the bank at the moment.

44:46 With our current program, we're we're certainly not looking to raise money in the next six months if we expand the program. But I don't I don't think we will be. I don't I don't see us I'm not going to put my hand in my heart this way, but I I don't see us needing to go back to the market in in in the next six months. I really don't. And finally, this section, somebody asked what is the outlook for the company? And two words, in my opinion anyway, very good. My next category is is processing, and I have a lot of questions on this, which I've tried to to merge into a question. I can't necessarily give answers, good answers, but I'll do my best. The could you give us some detailed information on this important matter in the processing? Well, I think I've done this already today and explained explained what we're trying to do on on the processing, and there's quite a lot about it in the presentation. But what I can say is that you can expect regular news flow over the next few months as to what we're doing because we're going to gear this up now to quite a large extent.

45:45 Then somebody has asked, there seems to have been a dory bar production expectation last year from tailings, and an update on this process would be appreciated. But, yes, we did produce a small brewery bar, but I I think you already have the the update this afternoon. Could you share more details on a rough best guess date for the process project? I'm afraid the answer to that is no. If I give a long date, which should be safe, you'll be very unhappy. And if I give a short date, I'll be proved wrong, and then you'll be very unhappy again. So I think I really want I I I'm sorry to prearicate on this, but I I really don't want to give a date on when we start up the process project. There are just too many different things being fed into it at the moment. Next question, how good is the current road infrastructure? Is it able to accommodate the amount of spoiled used to be processed and able to access them? Do we have the funds and or plans to upgrade them if needed? Well, this is a very apt question which I partly dealt with. The road is not good.

46:38 The road needs a few 100 meters of of blasting and upgrading. We do have certainly have the money to do it. And if if we need to do it, we will. So this is something that is is in our thinking, but that's a a very appropriate question. My next section section is copper. Would you consider spinning the copper project out to another smaller company or even its own listing to allow that to progress while at the same time allowing the company to focus on the core gold silver projects. Well, this is certainly an option, but it's worth pointing out that copper is a big boy's long term game, which is why we've switched the role for the more short term precious metal side. It's I I really think we should be looking for a big company to do this well. If it was gold and silver, I'd say, yes, we could maybe do do some sort of corporate transaction. But I think we need to find a seriously large mining company for for for the to develop the copper and do it seriously.

47:34 Next question. Has there been any further interest from a potential partner for the copper? And is there any serious interest from a major player? Well, several large companies have the basic details of our copper projects. In one case, we know our project has been passed up the line. But big companies don't express interest until they're ready. And so the the answer, I'm afraid, is that we don't have any serious interest in a big company. But we're working on it, and we we hope to get that. Will more work need to be done to have more serious impact on generating interest? Yes. I think it it probably would and drilling the intercept on M 4 is is being done with with with that in mind. We we previously said that two companies expressed interest and we haven't made a deal with them. And the the question is why were the interested party why were the interested parties turned down?

48:21 Well, the reason we didn't do deals with them, we saw them both as being less well funded and smaller and weaker than us and looking to rely on our own operations personnel to do the heavy lifting for them on some sort of contract basis. So there really wasn't much point, so we might as well join ourselves. As I said earlier, copper is a big boys game and we need a partner who can deploy substantial resources and cash and expertise to move this forward. That's what we're we're going for. Do you have an update on drilling the drilling progress at M 2 and M 4? Well, we've got no drilling planned at M 2 at the moment, but as as we've already said, we have I already said, have to drill M 4 this autumn or next week. With the price of copper on the rise, will the company now be more focused on copper as well as the gold and silver projects? Well, a new copper mine takes years to develop, and we're still only exploring at this stage.

49:10 So we've never lost our focus on copper, and our copper asset is potentially valuable resource. But short term resource prices don't really drive our day to day strategy on copper because it's just so long term. So I I I think I think our approach will still be the same to find a big company to to to to go to take this forward. But now on drilling, which is, of a big issue, but a very any very small number of questions. And this is a key question. What remaining drilling will occur in 2021? I wish I knew. We are absolutely ready to drill. Not not completely ready. We're still waiting on the permits to come through, which will be probably in the next two weeks or so. But they're applied for on this. There'll be no problem with that. But right now, when we started drilling, we got in early in the year. We we had a very effective drilling campaign.

49:58 But right now, the drill the drillers are all very busy. And I the the nearest comparison, and really nobody is signing up anything for this year, but in the in the nature of things, people's plans don't always work out. I I put us a little bit for the for the remainder of this year. I'm not putting us in the category of a of a standby passenger on an airline who's waiting for the no shows before they they let him on. And we do get no shows. People change their minds for drilling and so forth. But we are struggling a little bit, and this is one of my my one of the the three issues that someone asked me about, that actually contractor availability is becoming a problem partly because nothing work was done during the COVID period and early COVID period, and now everybody is working for that. So it is a difficult issue, and I can't guarantee we're hoping to drill in 2021. We plan to. We're ready to. But I can't guarantee I will finance to do it, but I I really can't guarantee we will.

50:49 Time frame for results to regard receive regarding m four drilling. Well, this is of course a copper question entirely depends on obtaining a track rig. You know, we we have the track rig identified. We're in the queue to work for it. We'll we'll just have to see. It'll be late this year, maybe next year. And finally, I've got a category which was a a late coming category which was does the company still hold any acreage for the potential for mining uranium? Well, yes, we do hold the acreage that that contains uranium and indeed lots of other minerals. Our local authority is not called mineral accounting for nothing. Some years ago, there was a bit of a long before my time my time, there was a flurry of interest in uranium and and it was a possible avenue for the company, but it didn't really come to anything.

51:41 Uranium is dangerous. It's a strategic material, and it's subject to an incredibly tough government controls in The US and just about everywhere. It may well be a resource for the future, but frankly, we're not pursuing uranium. We've got plenty to do on gold and silver and copper, and we're not pursuing a uranium avenue at the moment. Well, those are the those are the questions I have received. I don't see if there is any other questions on the screen. Yeah. So, Brian, on on the right hand side, if you could just open them up here. We go. Here Here we go. Here we go. Here go. Here we go. I'm seeing a question here. It says, are you partner shipping with an experienced gold miner to get the gold out of the ground? If so, when will this be? Well, I think the answer to that question is no.

52:32 We're we're doing it ourselves. We've got an experienced team, and and I I think I've probably done what I can. Like, we we we will to get the gold out of the grounds, I've already said that, so there will be the gold mine doesn't happen overnight, which is why we are hoping to accelerate revenues with with spoiled heat material and so forth. But so when will this be as soon as we can? But, no, the answer is we're we're not proposing to go into partnership with an experienced gold miner. We think we've probably got the right experience in house to do this. Okay. What has caused the share price to drop sharply when the results have been good? That is a that's a question I would I've asked myself lots of times. I wish I knew. It's a it's always a question that people ask the company, but actually, you know, you put out you put out a good result and the price goes down. It's it's it's extraordinary. Some it's just I I don't really know the answer.

53:29 The only answer I can assume this is really a question for the market more than the company. The only answer I can assume is that somebody says, well, the news is out and it probably isn't getting much more news for for a while, so now I'll set up for But I I don't really know. We it did take us a long time. We drilled we drilled ahead of schedule. It did take us a long time to get the results out. It wasn't because of us. It's because the labs were so busy and we just couldn't get results out of the lab. So there was rather long gap before the results came up, but I thought the results were were pretty encouraging myself. And I didn't expect to see the price slip away like that. So I'm I'm afraid I just I just don't know the answer to that. With just those two questions, Mark, I don't think there are any others. Yeah. There's a there's a few more. If you just scroll up to the top, you'll see it starts with a question from no.

54:19 No. No problem at all. There's plenty of interest there, sir. So, yeah, I'll leave the floor to you if I may. Okay. Okay. The slides reference the next holes to be drilled. Do you have contracts signed up? I think I've just answered that. The we're all set to drill it in 2021. As I said, we're we're an airline passenger on a on a standby at the moment because everybody is just busy in a way that they haven't been in in living memory at the moment out there. So so we we don't have a contract signed up. We hope to use the same contract because they're extremely good. They did a really, really good job. O'Keeffe O'Keeffe Drilling, and and we hope to use them again. But they are they know they know we want them, but all their crews are just solid busy right now. Then another question, does this cover all the next phase drilling across the first light?

55:08 I'm sorry, does this cover all the next phase drilling? Yeah, I think so. I mean, you can all these things always get flexed a little bit, but I think the slide does cover the cover the drilling we're planning this. We might not we might even reduce it a little bit, depends on on the results. But, yeah, that that that that pretty much covers everything. Do you think you'll be able to get the second phase of drilling completed before winter sets in? I wish I knew. When do you have have to have the permits come back to give the go ahead? I expect to get the permits anytime now. They've been in for a couple of weeks. I expect to they normally say two weeks to a month. The last lots of two weeks. I'm just yet to get the permits anytime. But it it's not the permits. As I say, we've we have the money. We have the drill locations. We have the geologists traveling to The States right now, and we will have the permits. But without a rig, we're we're getting a little bit stuck.

56:01 This has taken the whole industry a bit by surprise. There are so many different projects being managed simultaneously for which the company and board should be committed. Thank you. My question is what value would you place on the company if, say, half the prospects were proved successful in terms of the target resources? Well, I would hope a a great deal more than now. We're we're we have this for the amount of things we have going on, and particularly the amount of good acreage we have, we're we're a low cap very low cap company, a very small cap company. But then I would say that, wouldn't I? Mean, nobody nobody nobody running a company ever says my shares are worth much less than this. But, I mean, I think they're they're they're they're worth they're worth it, and I have my own investment in the company, which I'm very confident of. And I I what it what it will be if everything if everything proves successful, I think if everything proves successful, it'd be very high. But realistically, everything won't prove successful. It never does. But we've we've got a sufficiently broad spread that that something will find the ability to prove.

57:09 On phase two, how is ah, on phase I think I'm looking at the same one. Yeah. On phase two, how confident are you this will be underway this side of the season? Medium confident, I would say. I'm not not not highly confident. It's as as I just explained. And then do the current results still support the target of do the current results still support the target of 0.5 to 1.5 answer scale to achieve that will be need to raise further funds in the short term 2022? Yes, I think they do. I mean, but the target, as I say, the target is a target. But yes, think they do. I think our results have been I I think the results have been very encouraging. I I I was expecting to get a mixed bag, I thought it was rather better than that.

58:03 Next one, what does Gemma do for the company? You brought it on for a reason. She has lots of experience, etcetera, but what does she see in the company that made her join? Well, that's a question for for for her, I guess, but Gemma is an experienced geologist. She's a geology manager of GREAT WESTERN MINING CORPORATION PLC, which is a very successful company. She's got a very good she also manages STARVEST, which is a mining investment company. But I I think she I think she saw it as an interesting an interesting story with lots of prospects, and I imagine that's what brought her on. I did I've never actually grilled her. I'm so pleased to have someone with her experience. She's a nonexecutive director, but she supports us a lot. She's kind of a long stop on what we do. So when our jobs come and sit, she will review things. She doesn't have any executive role, but but she's been extremely useful. What she sees in the company, I think I think she sees it as a nice story that she'd like to be associated with. And I'm speaking for her. I shouldn't do that.

58:56 Are you looking to add more personnel to your team? Yes. But we're we're looking we we we will have an appointment coming up fairly soon, I hope. But we're not going to overman ourselves. We we're we're gonna keep to a core team and use consultants. In relation to PR side of things, do you think the lack of PR has a part to play in why the reaction is somewhat negative? Well, you see, I I don't think I I I don't really buy the lack of PR. I mean, the trouble is ideally, a PR company will get you stuff in the print media every day of the week. In real life, for a small company, it's very hard to do that. We've been put in front of several journalists, some some of whom you would know, and they all say interesting story. One day we'll write about it.

59:42 But actually getting for a small company, actually getting a print the print media to take serious interest is is is is quite quite a difficult undertaking. So the the I I I I said I'd never blame the poor PR man because they they do what they can. And as I say, we're trying to build up the PR side of things with the the things like today's event and other events we'll do. We're we're we're signed on to Proactives, you know, we do this very frequently. We've a number of things to do. But, yeah, this the share price is is something it's it's it's we can control to some extent what happens in the field. We can't control what happens on a day by day to day in the market. It's just just something that we we we have to work away at the company and try and get good results and then hope that the market will understand them and behave accordingly. But we can't really do a lot day to day about the about the about the results.

1:00:40 Brian, I might Oh, well, that's somebody says we're doing a Yep. Yeah. Not a question. Just saying you're doing a cracking job and and and got faith in your abilities on what you can do. I think, Brian, that does conclude most of the questions. In fact, all of the questions have been submitted. So thank you for being so generous with your time. Obviously, we're coming up to the hour. Investor feedback is important to you, and I'll shortly redirect investors to provide you feedback. But before doing so, Brian, perhaps I could just ask you for a few closing comments, and then I will redirect investors. Yes, sure. Well, thank you very much for your questions. And I'll just leave you one thought. Many small cap exploration companies like Great Western depend on a single prospect, and their success hangs on that prospect. We have a lot of excellent acreage, and if none of the multiple prospects we're currently busy with work out works out, which I would see is highly unlikely, we have other prospects to work on, which we haven't even scratched the surface of yet. So on that note, I I will wish you all a good day, thank you so much for participating in this, and I hope we will have an opportunity to talk to you again before too long. Thank you. Brian, thank you once again for updating investors.

1:01:44 Could I please ask investors not to close this session as we'll now re automatically redirect you for the opportunity to provide your feedback in order that Brian and the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of GREAT WESTERN MINING CORPORATION PLC, we'd like to thank you for attending today's presentation. That now concludes today's session, and good afternoon to you all.