Landore Resources (LSE:LND) — Investor Q&A Session

0:00 Good morning, and welcome to the LANDORE RESOURCES LIMITED investor presentation. Throughout this quarter presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. However, the company can review all the questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Alexander Shaw, CEO. Good morning to you, sir. Thank you very much, Alexandra. Good morning to everybody. I'd like to thank you all for taking time out to attend. And, obviously, Glenn Featherby and I are very happy to be here and answer your questions and give you an update on the corporate situation with LANDORE RESOURCES. So we prepared a short corporate presentation just to run through where we where we sit right now. So just click through. So, obviously, very importantly, the disclaimer.

0:59 So we will obviously endeavor to not have any forward looking statements, etcetera, and abide by all the AIM rules. So just a quick outline of what we want to talk about. So general introduction, where we sit right now, outline of the strategy, and then take some some questions from from the attendees. So, obviously, everybody knows, LANDORE and where we sit right now. So we obviously have a fantastic portfolio of projects. In Canada, we have Junior Lake, Lazard, and Sealy Lake, and we have the option agreement with Storm on Minamisca. In The US, we have eight greenfields exploration projects in Nevada.

1:47 So as of June 12, we did a fundraise and raised the £3,680,000. And as a result of that, I joined as the CEO and as part of the, let's say, restructuring and improvement, I'm bringing on some additional technical members into the team. So there was a addition to the shareholder registry of LUSO Global Mining, who I represent. I'm the CEO of Lise Global Mining, which is the mining investment and development division of the Moto Group. A lot of people don't know Moto Engil, but Moto Engil is this significant EPC civil engineering and mining contracting firm based in Portugal, which has approximately a 5,500,000,000 turnover a year with a significant mining contracting business in Africa and EPC mining business in Latin America.

2:47 In addition to us coming on board, Eric Sprout increased his position in the company. Rick Rule, who also is a significant investor in junior mining and is very well regarded within the mining sector, came in as a 10% shareholder. And we have, in addition, we have the Alconis International Group out of Spain, which is has had a significant shareholding in the company for some time now. So in addition to that, a number of the management and former management still have significant ownership in the com company. So Bill Humphries, who was the former CEO and chairman and founder of the company, along with Gulen, have significant holdings.

3:34 I I subscribed myself along with a number of other individuals within the LUSO Global Mining organization and also included Manuel Motor, who's the chairman of LUSO Global Mining. So we have significant amount of support from individuals. So our current market cap is approximately £10,000,000 as of Friday, and we have approximately 312,000,000 shares on issue. Glenn, I don't know if you wanted to add anything to No. That's fine, Alex. So the board and the management hasn't changed. I I came on as CEO as of June 17, and I joined as a director of the company as of the AGM.

4:26 So my background, as I say, I head up LUSORE Global Mining's mining, which is investment division of of Mone Angel Group. I'm a geologist by profession. I have twenty odd years of commercial mining and exploration experience. I I have a PhD in geochemistry from the University of Oxford. So I saw the opportunity in LANDORE, and I was very enthusiastic about, you know, what we could make of this project. So I I bring project experience from building a number of mines and also completing successful exploration programs throughout Africa, throughout Europe and Asia Minor and also Latin America. I worked extensively in in Central African copper belt, in West Africa, in The Nordics, and in Peru and also Central America.

5:23 So Glenn, everybody knows from from from his long standing commitment to the company. Again, I don't know, Glenn. You want to reintroduce yourself? But Well, it it's always interesting to see the thirty five years. It's probably forty five now, but just means I'm old. But I've been around a long time, so I do do know the the industry well. Yeah. So, I'm very grateful to Glenn for staying on. You know, he acted as interim CEO for for and the period the handover period.

5:59 And, you know, it's a pleasure working with Glenn. As he says, he has significant experience within the resource sector and within corporate finance. So, yeah, his network and his experience is is very valuable to us, and he's a true asset to to LANDORE. So in addition, we have non nonexecutive directors, Hugh Salter, who's the chairman, and Helen Green, who is a financial

6:25 comes with a financial background as as in a chartered accountant based in Guernsey. And then from my senior management team, there's Michelle Toomey who's based in in Thunder Bay, who runs the the Canadian operation. So we we are obviously very excited about LANDORE and the assets that it has within its portfolio. But our principal asset is obviously the Chinua Lake project, and that holds a massive opportunity in itself. I mean, we have additional projects throughout Canada and and US, but the the real gem in our in our crown is is junior like, and in particular, the BAM project.

7:13 Now BAM, as it stands right now, has had a significant amount of work done on it. As as you can see from this rather busy slide, there's there's a mineral resource estimate that's been done and was last updated in 2022, which gives us approximately 1,500,000 ounces of gold. Most of that is in the indicated category, and there's there's a there's approximately 40 odd percent in in the inferred category. This this is a significant resource, and I think, you know, it was one of the first things that attracted me to the project. If you look at the the map on the on the top right, you can see the extent of the the BAM deposit. Now this is a only a very, very small section of a 31 kilometer long greenstone belt that that extends in this area of Northwest Ontario, and this is a a real opportunity.

8:13 LANDORE LANDORE has staked the majority of the claims along this belt, and this belt is half kilometer to 1.5 kilometers wide in significant parts. And, really, we are only just touching on the on the surface of of the the potential of this. As you as you probably know from the historic development of the company, we have two other deposits which are on on the southern part of the the, Greenstone Belt. We have the B B 47 and the and the VW, nickel nickel, copper, cobalt, PGE deposits. But really, what I wanna focus on here is the potential of the BAM gold deposits. We all know where we sit right now with the gold price being close to $2,500 an ounce. All the work that was done previously on the PEA and on on, let's say, the the workup is based on, you know, a much lower gold price. And at the thousand 800 gold price that was dollars per ounce gold price at work that the PEA was done, you can see the sensitivity matrix in the center.

9:27 We're now on on the extreme of that. So it's one of the reasons why I see huge potential in this project. In addition to that, you can see on the bottom left, you can see the the pits that were designed around that 1,800 ounce dollar an ounce gold shell. So in addition to that, those that that pit design will change significantly with a much higher gold price. Also on the bottom right, you can see it's quite small, but you can see the potential. So in the blue circles, there's a potential that was identified in the resource at depth. And then in the red circles is the potential that was identified to combine effectively the resource into one single pit.

10:12 Now this is a huge opportunity. And, obviously, with a very favorable gold price, this is this is, I believe, is very achievable. So I I see huge technical opportunity here. The Green Zone Belt itself is obviously structurally controlled. There's been a lot of discussions around the potential of long strike and at and at and at depth, so down dip, the structures are all near vertical. And I think by understanding the structural architecture and control on the on this deposit, there's there's a there's a massive upside to this. So in order to achieve that upside, what I've tried to do is implement a work stream that's gonna effectively identify opportunities.

11:00 But I'm very conscious that we raised money at, you know, at a discount effectively to the market, and, you know, the junior market is in a very tough place right now. So I want to conserve the shareholders' money as best I can and get the best results for that money. So I I have the opportunity to review a lot of very good data that was that was accumulated by my predecessors. Now that that means that I don't need to rush off and go and start spending money on, let's say, high risk exploration or resource definition. I I really think that it what would serve all the all the shareholders far better is that we have a very clear understanding of where the the highest quality targets are in order to expand this resource.

11:53 And so to do that, what I've done is I've engaged some some additional skills within the team, one of which was a resource and structural geologist who will be looking at exactly that, looking at the the the the link between the structural architecture and where the resource is sitting. Now being a structurally controlled orogenic belt, the structures the the the structures give accommodation space for where mineralization can occur. And it's very important to understand where these host sites are and also where the when the mineralization has happened, whether it's been early, before the the distortion and deformation associated with the structures, or whether it's late.

12:41 Now having a look at this, we have a fantastic baseline of geophysics that was done very, very well. And, you know, we also have a very comprehensive drilling background. You know, we've drilled over 60,000 meters and that's given us a very, very good understanding of the lithology and the alteration. But what we need to understand a lot better is is the structure that's controlling that those hydrothermal fluids, which are effectively coming through that lithology and providing the mineralization.

13:11 So in addition to appointing the structural resource geologist, I have commissioned a specialist structural group based in South Africa to come and assess the project. And I know everybody's going to ask immediately, why did you why did you get a South African group to come and have a look at a Canadian orogenic belt? The simple answer is that South Africans and Australians are very, very good at understanding structural architecture on these orogenic belts, And it's absolutely critical in complex ore zones to to understand what the controls are in mineralization. And rather than spending a lot of money drilling holes in the ground in order to try and effectively put put in place a block model that that'll define the the mineralization.

14:05 It's far better to to do it the other way around, to have a very robust model of the geology, the structure, and the mineralization style before you start drilling holes. And I think, you know, we we're fortunate enough to have a significant database that the only the only element that was missing to date really is the structural understanding. And and when I say missing, it wasn't neglected. It was just it wasn't a focus of of work to date. So in addition to that, as I say, there's significant potential, a long strike, and one of the best ways to try and understand that is by doing fairly low cost soil soil and channel sampling on the on in that area. Now the area to the the west is fairly well on Ladies and gentlemen, I think we've just lost Alexander. What I'll do is I'll just refresh his browser and bring it back through. Do be bear with us.

15:34 Just reconnecting Alexander now. Alexander, we just lost you momentarily. Okay. But is there You're back with us now. Yeah. Perfect. Okay. So the the area to the east of the the Bam East deposit towards Toronto Lake has significant potential, and this has been worked on previously. Now the objective is really to extend that knowledge of that area. So the channel sampling and soil sampling will be focused on that area moving east along along strike. So that will give us effectively a very definitive idea as to the potential. And, obviously, the advantage of doing channel sampling is that effectively it's it's sampling outcropped rocks outcropping rocks, which is like effectively horizontal drills for for a very low cost.

16:33 So the other opportunity I really see here is that there is a significant amount of core that was drilled. And I think for any exploration company, your biggest asset is really your core repository and your core library. So as I say, there's over 60,000 meters of core that was drilled from BAM. Now a significant portion of that was assayed, but there's also some very significant areas that weren't assayed. Now there were there were reasons for the selective assay, and, obviously, cost was a significant factor. But now that we have a much better understanding of the ore body, I think it's it's prudent to go back and resample some areas in order to understand the geochemistry and the potential mineralization.

17:23 Now that that is work that can be done at a at a fairly low cost. We obviously have the have the drilling, so we're effectively saving ourselves up to $400 per meter, you know, not by drilling by not drilling or redrilling holes. And the fact that we can we can use the resource model and the soon to be revised geological model to to identify these areas of of of potential mineralization and target, know, let's say, missing sections, it'll give us a much better picture of where and how the mineralization stitches together. So I I see this as a as a very effective and, let's say, a real value for money driver as far as expanding the resource and and increasing the potential.

18:17 So so that's very important. And then all of this information is is gonna lead to a revision of the, as I say, of the geological and mineralization model. And I think that that can be done very, very effectively. We we lasted the resource update in in

18:38 2022. And since then, we've we've gained a significant amount of knowledge on on the ore body. So a lot of people have been asking when are we gonna start drilling. And as as I say, I don't believe that drilling solves all your problems. Drilling is a very good way to spend a lot of money very quickly. And if you don't have a well designed drill program, you can spend millions of dollars effectively working out what where where you made mistakes. And I think, you know, the fact that this is not a greenfield exploration or resource drilling program, that we have a significant amount of of, drilling that is in a in a database that can form the background to to future drilling. I think it's very prudent to conserve cash and target the drilling that's gonna give you the best results for that money.

19:30 So as a result of that, I don't see any real value in drilling a long strike, you know, doing, let's say, step out drilling at the moment to try and expand the resource. I think it makes far more sense to look at the ore body that's been defined, and I think there are two key criteria that I'm I'm looking to to work on. One of which is confidence. So as I say, it's very important that the ore body stitches together and holds together. And in order to do that, I think the targeted drilling of high value sections. So on the left hand side, you can see one of the cross sections on the 2,700 line.

20:16 You can see that the the areas with very, let's say, very encouraging grades, but then there's sections where effectively the resource has been had to be in in interpolated from one drill hole to another. Now if we can drill in those missing areas in order to confirm the the occurrence of mineralization, it'll give us not only a much

20:42 better confidence as far as mineralization goes, and it's very important to remember that in organic gold, they're very nuggetty. And we know from experience that the dam deposit is very nuggetty. We have areas where you have very high grade, bonanza grade, and then you can go almost adjacent to it, and you can have very low or no mineralization. That's why it's absolutely critical to understand what is driving this mineralization and how it mix how it fits together.

21:12 So my idea is is very much to work on on improving the confidence associated with the modeling, and I believe that that'll that'll really show results by moving the resource indicated to measured. At the moment, we don't have any of the resource sitting and measured, and, obviously, that is the highest confidence. And if we're moving forward from a PEA to PFS, then it's critical that we have as much of the resource sitting in the indicated and and potential measured categories as possible. Yeah. Speaking to that, I think it's very important that we look at targeting grade. The moment the resource runs at just over a gram a ton.

21:57 And although this is this is interesting, it's not where we should be. I believe that there's significant potential for much higher grade. Now if you look at similar deposits in Canada and the Borepine Alps, the Southeast, Germans, etcetera, the grades are generally much higher. A lot of those mines are underground mines. I believe that the position of the BAM mineralization means that we're potentially looking at a system that pinches and swirls both laterally and at depth. So I'd see there's huge potential at fairly shallow depths, but then similarly, again, can see on the left hand side, there's significant potential at depth. And this was identified by Cube when they did the resource estimate.

22:47 So most importantly, as I say, I see confidence level being important. I see grade being very important. And then lastly, I do believe that we'll be able to add ounces to this resource. But I think primarily chasing ounces just for the sake of ounces is somewhat self defeating. I think at 1,500,000 ounces, I think that this is a very attractive ore body as it sits right now. I think what's more important is that we get the confidence up and we get the grade up. So and that concludes our corporate presentation for now, and thank you very much. Alexander Glenn, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab, which is situated on the top right hand corner of your screen. I just while the company take a few moments through the questions that have been submitted today, I'd like to remind you that the recording of this presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard.

23:40 As you can see we have received a number of questions throughout today's presentation and Alexander if I could just hand back to you just to share the Q and A, that'd be great, and then I'll pick up from you at the end. Perfect. Thank you very much. So first question. So what attracted you and Motor Angel, Lucid Global Mining, to invest in the LANDORE in LANDORE, and how are things going as far as being the new CEO? So I could hardly say I'm the new CEO anymore. I I feel like I'm I've had my hundred days like a like a new president. But so I think my honeymoon period is is very much over. I have to say, as as as I said previously, the the LANDORE portfolio projects is is fantastic. I take my hat my hat off to to Bill Humphries and and my predecessors for putting together such an attractive portfolio of projects.

24:32 I mean, we've only spoken about BAM to date, but I have to say that Lazard is another project that is very interesting to me. I think it has potential as as a base of precious metal deposit. It's also, again, in Quebec, which is a very mining friendly jurisdiction. I think the Nevada projects have huge potential, but, obviously, they're greenstone, so they would need significant investment to advance them. But the absolute crown crown jewel is is is bam as I see it right now. I see the the junior mining markets at the moment are giving very little value to fantastic deposits, and I think that the land or share price has been unfairly punished for, let's say, lack of progress towards developing the project, and I and I don't think that that's, let's say, a fair reflection of where we sit right now. I think that the work is that's been done has been done very, very well. I have no no qualms with the with the technical work. I do think that a number of, let's say, corporate activities happened, which are, let's say, reflective of market conditions.

25:48 And I see that I saw that as significant opportunity. So when I took the project to the board at LUSO Global Mining, I think kind of anything that has ore body a defined ore body of the size and, let's say, potential of BAM, the the potential valuation should be multiples of what it is right now. So I saw that as a huge potential. And I was delighted to come on board as CEO. And as I say, I have a strong technical background, and I really did see it as an opportunity to, let's say, put my skills to work and really develop this as best I can. So, yeah, I'm a 100% committed to this, and I think it's a it's an amazing opportunity.

26:37 So I I think I've covered that. Question number two, As well as yourselves, as LGM, imagine, Eric Sprott and Rick Rule have been major investors in the recent fundraise. How significant do you see this to the company, and do you envisage them supporting LANDORE as it moves towards new drilling upgrade program of works? Absolutely. I mean, anybody who's in junior mining and particularly in Canada knows that Eric Sprott and Rick Rule are the absolute legends in the sector. So to have their support is is absolutely phenomenal. Eric had had been in involved in LANDORE for some time, but his vote of confidence when we did the the capital raise was absolutely significant.

27:30 So well, very significant to us. So the the the ability to to take to the market with confidence

27:40 of two significant North American investors in the junior space who have thousands of opportunities across their desk every year, and they've selected LANDORE is immense. So, you know, I feel privileged to be in in that company. And as I say, you know, the fact that that Eric has been a long term supporter of LANDORE and and elected to subscribe,

28:06 again, it it's it's a fantastic vote of of or endorsement of what we're doing here. And, obviously, Rick Rule is a fantastic promoter. You know, everybody knows of rural media, You know, the ability to to be able to engage with Rick and his team on on LANDORE again is is very, very significant because the most important thing or task I see really is to spread the the message of what a fantastic opportunity LANDORE actually presents to its shareholders.

28:42 At the moment, we have a very loyal shareholding base, but what I would really like to do is is expand that shareholding base and really, really show what the what the such opportunity is and deliver on its potential. Glenn, I don't know if you wanted to add anything. Yeah. No. Just, yeah, just reiterate what you said with the confidence in the project that bringing those two investors in, which also came you know, they came about through Motor Angel and also SCP RESOURCES FINANCE, which is the old SPROC Capital, And through the connections between Engle, Sprott Capital, and Eric and Rick themselves, that's how the investment came about. Then, obviously, I was in the hot seat from January, you know, after the Canada disaster.

29:29 So if you reflect back to, you know, where we were at in January, you know, with cash getting low, management gone, you know, retail share register and where we're at now, it's yeah. I think it's enormous kudos for the company. Yeah. Absolutely. Question number three. So Rick Rule's interview for mining.com in July 19, he said over two thirds of today's junior miners are essentially worthless.

30:02 The problem is the market has trouble spotting the gems with the high quality assets, which often end up trading at similar valuations at the 85% of comp as the 85% of companies that are unviable at any price, rule says. There is a subset of 10 to 15% of issuers in the junior sector that are very viable companies and suffer the same valuations as the lame, the halt, and the blind. So, again, I I think that's that's very true, and and the endorsement we received from from him for our support is is fantastic. So the question is, you say in the RNS, the team have embarked upon a sampling and technical review of the project. Can you explain what your rationale for this was?

30:52 So, again, just

30:55 quickly, I think I I elaborated on this during the corporate presentation, but just to reaffirm, we obviously raised, best part of £3,700,000. There was some outstanding debt within the company, which we had to settle, which was important. But what I didn't wanna do is rush off and burn through our money so that we then were forced to raise money again at a low share price. What I think is absolutely critical is that we'd slowed things down a little bit, and we had a look at what we have. And as I say, I think we have a fantastic dataset that has been accumulated over the best part of twenty years for this part of Northwest Ontario. I think it's very important to sometimes slow down and look at the data that's collected because it's very often

31:43 far too attractive to just rush out and accumulate data without actually reviewing it or or analyzing it properly. And I'm not saying that that's necessarily what happened, but, obviously, as a project matures, your understanding of the kinematics of the mechanics within that change, and they evolve. And I think it's very important to just review where you stand every now and again. My from my experience on project acquisition was whenever we did a project acquisition, we would go and we would effectively do a complete technical review of all the work that had been previously done. That would include relogging all of the core and reassessing the resource model. It doesn't mean that you think that you're smarter than everybody else. It just means that it's a fantastic way to come in with a fresh perspective and review the work that's been done previously because nobody knows everything. You know? It's important that

32:46 people work collaborative in a collaborative way on these on these things. So, you know, it's it's it's it's the best value for money that I think shareholders can get is that we review the work that's been done and the money that's been already spent. We don't just rush out and go and pay school fees on, you know, on redoing and re making the same mistakes over and over again. So I think that that was very much my rationale for doing that. So question b. Sorry. The R and S spoke about a review of historical core. Are there plans to reassay any cores? Yes. Absolutely. So there was significant sections of core that weren't assayed, and the reason for that was that the assays were targeting, let's say, Pathfinder mineralization.

33:38 They were they were targeting visible gold intersections. And obviously, they were effective defined lithologies, which were, let's say, more conducive to to hosting the gold than than than others. Now BAM is not necessarily a a a resource that is dispersed within all the lithologies. It definitely controls on where the mineralization is. So that's one of the reasons why I'm going to review again where the previous samples were taken. It was obviously on structures, on veins, on lithologies.

34:26 But there is a degree of disseminated mineralization in some of the let's say, country rock outside of the structural zones. And I think that that's something and that's a real opportunity that we can have a look at. So as I say, the opportunity to sample core that's already been drilled is a huge saving to the exploration and the resource program. And if can you speak about what there is you're seeing? Okay. I think I've covered that. The RN has described how the technical review had identified new areas of interest and high value drill targets within the existing. Can you talk more about this? Yes. Very simply, I'll just move back to the slide. So two points here.

35:17 So on the previous work by Core, they identified significant areas of, let's say, potential mineralization at depth and also areas that needed infill drilling between within the resource defined resource body. Now there were some reasons why the areas between the BAM East and BAM West proposed pits hadn't been drilled. Some of those were physical constraints on access and those remain problematic, the most significant being that there is a large body of water that restricts access to that drilling. And obviously, there are alternative ways to drill it, which would be very shallow step back holes, which are very expensive to do. So that's one of the reasons why I'm I'm having a looking a look at opportunities.

36:05 The ideal scenario would be in winter when the water bodies freeze, you can then drill use them as a platform for drilling. However, the winters in Ontario have been very mild for the last couple of years, they've not been able to do that. So that's the, let's say, the reason why that is currently an outstanding issue. Now the drilling at depth, similarly, we're looking at vertical structures here within the ore body. To drill at depths beyond 200,250 meters vertical depth, you have to drill very deep holes. And again, those are very expensive. You're drilling significant quantities of material, which are effectively just waste. Now I'm looking at potential ways to resolve that by precoloring holes, for example, or using existing holes and then basically putting directional drilling in. Now this is this is, I think, the best way we can utilize and and be be conservative with the cash that we have.

37:10 So that's obviously work in in progress, and that's a discussion that's ongoing. Part c, you mentioned the potential of underground operations to optimize value at BAM. Can you talk more about this and what you have seen in the geology that this model's of interest us? So, again, I'm not gonna spend too much more time speaking about that. But, obviously, Cube, when they did the mineral resource estimate, identified significant shoots that continued at depth. Now, again, during the the block model well, the block models that they produced, they created these these ore shells. And if you see on on the left side, on the left hand side, you can see that there's significant ore that's been identified as high grade ore extending to depth. Now, obviously, one of the things that we wanna try and do is target that because if we can put that high grade ore into the resource model, it'll significantly improve not only our our grade, but also, obviously, the size of the of the resource.

38:17 The the other problem is, obviously, all that all of that material would have been in the lowest confidence category because it's effectively speculative. So and the nuggety effect as well is another major issue to to consider here. So that's why one of the reasons I wanted to look at the structure is to identify what are the controls on this mineralization. Are these pinched swell? Do they do they effectively get truncated at depth? Are they open at depth? You know, again, it's it's absolutely critical that you understand what you're targeting. You don't just blindly drill holes in the ground hoping for the best. So I think I covered that that question.

39:04 LANDORE LANDORE has a 1,500,000 ounces of gold at BAM at one gram a tonne. What are your thoughts on this? Do you think grade versus ounces? What will inspire the market to buy LANDORE? I think a 1,500,000 ounce resource is definitely very attractive. I don't think that that that's that's up for debate. I think the potential issue is the grade. And as I say, I think the the grade is something that can be resolved. I think by understanding the mineralization a lot better and effectively moving the levels of confidence, we will improve the grade. So I think that the drill program, the focused drill program with very specifically targeted holes will give us what we need and move the grade to something that is more attractive for the market. Because as I say, Northwest Ontario doesn't need another 1,500,000 ounce, one gram a tonne gold mine. What it needs is 2,000,000 ounces or 1,500,000 ounces at three or four grams a tonne.

40:17 That will get people excited and especially at the at the gold price that it is today. And I think that BAM has all the potential to do that. I think, you know, the the gold price as it is now changes the economics on the project, but I think if we're going to realize the true potential of this ore body, there's only one way to do it, and that's to understand the mineralization better and to basically put that grade into the resource. Question five. It is appreciated that as yet you will most likely not be able to commit fully to the 4,000,000 to 5,000,000 ounce potential string of pearls theory that Junior Lake previously outlined to shareholders. However, now that the new tech team has had further time on the ground, do you still consider the purely band potential to be as was initially thought by you or based on the wording of the RNS potentially better?

41:15 Absolutely. I think that there's significant potential along strike, you know, and these 31 kilometers, I don't think that the the BAM East and BAM West pits as they're defined right now are gonna be the the the the end all and be all of the BAM story. I think that there's significant potential, you know, to the East. And as you move to the West towards Lemone, the lithology changes, the structural complexity changes. You have a berth instead of the the greenstone. So I think that that's that's a significant discussion as well about what the mineralization potential is there. I think that when it comes into production, will be a series of pits, a long strike, and it'll, in all likelihood, be a spoken hub type operation.

42:03 And whether that's all open pit or whether there's open pit with underground, I think that the work still needs to be done in order to prove that. But I absolutely believe that along strike, have large scale pinch and swell structures. You have structures that have given accommodation areas to to mineralization to these hydrothermal fluids to flow up, and I think that is absolutely critical with these gold systems. You need the the pathways, the plumbing pathways for the fluids to to interact with the, let's say, host lithologies in order to get the deposition. So I do see the string of pearls potential right from the stock that I saw that.

42:51 Question six. There seems to be many assets and properties in the land or portfolio. Is there a plan to address this and to potentially get value from these? Glenn, I don't know if you wanna talk about I'm conscious of the time as well, so I'll keep my answer fairly short. Clearly, we've got surplus assets. We're not getting any value in the market for them. Alex and his team are carrying out a technical review of those assets. So we'll definitely look at spinning them out or JV ing or outright sale over the coming months as we've done with Mimanesca and and the lithium prospects in the past. Yep. Absolutely. As I say, it would be lovely to develop all the projects, but, you know, we need to cut cut our cloth according to our budget. And I think, you know, as we said, we are very open to the idea of joint ventures or retaining some value in these projects, but our absolute priority is BAM at the moment.

43:53 Okay. There there's there's been investor concern at the past AGM about the erroneous costs of running LANDORE. Has the company now been able to review and do something about this? Yep. That's one for me. Good news on that front. And, quickly, we have given notice to Saffre's terminating the agreement with them. You know, I have to say they've done an excellent job, but just too expensive, you know, for a junior company like us. So that's been terminated. We've got a firm in London, small boutique, someone the principal I've known for thirty odd years, and they specialize in junior resource companies, And they'll be doing all of our accounting secretarial work probably starting the first week of October.

44:46 So it's just about to happen. The cost is significantly less, you know, I'd say in the region of 70% less than what we've been paying. So so it's taken a while, but it's a it's a good outcome. K. I think I'll just do these last two questions quickly. Yeah. There's been talk about returning to the idea of the TSX listing. Are there any plans to reenact this, and what benefit would this be likely bring to to LANDORE shareholders? Do you wanna start? Yeah. Yeah. Yeah. Again, just quickly, we where, you know, obviously, we had the failed attempt to to complete not complete, but to do the listing on the TSX, you know, which is still sitting there. We can still complete in the future.

45:34 The bottom line is we still need and want a presence in Canada, and the original reasons for wanting to go there are still valid. It's on our top of the to do list. We'll we'll get it done. Can't say too much in what form it's going to be. But, you know, the projects in Ontario, the markets there, and obviously, with Rick Rule and and Eric Sprott being Canadian and and wanting their ongoing support, that's an important factor as well. So, you know, I expect we'll have news by the end of October, and and it'll be very positive. Yep. Yeah. Absolutely. I I totally agree with that. I mean, I don't think that we get full value for having a gold project in Northwest Ontario on the London markets.

46:21 Unfortunately, I I think we would get far better value on the on the TSXV. I don't think that listing will, let's say, resolve or just open the money bags. I think that, you know, the confidence that we have from from Eric Sprott and Rick Rule, I think, will will is obviously a massive endorsement, but I think that there's there's work that we need to do to promote the the company within Canada. But I I do believe that as as as Glenn says that the company belongs on the TSX. I think it makes a lot of sense. So we we we're working on on on possible options on on that front still. So I'm very conscious that we're basically out of time.

47:07 I'm very aware that that there are a lot of questions that I haven't got to either. So Alex, can I just I'll just jump in and just quickly say a few words about the promotion, which has obviously always been been important to shareholders? You know, still, as Alex said, it's still very, very challenging in the junior sector. You know, there there seems to be, you know, some positive views about the near future. None of us have got crystal balls. Hopefully, it'll happen. It certainly help us if we get a bit of a lift up from the market. But as some of you would know, we've appointed Buchanan's communications in London, you know, a serious communications firm who have set up today's q and a. We'll be doing more of that with other firms as well. We're in advanced discussions with a major broker in London that would provide research coverage and also introduce institutional retail investors.

48:04 The other important element is SCP RESOURCES FINANCE that have helped us put, you know, the restructuring together that are gonna provide research and are are right behind us. So we, you know, just wanna, you know, tell everyone we'll do everything within our power to to increase the promotion. We're really a serious company now with the the share register that we've got. And I think we're you know, the bottom line is we're gonna be extremely well placed when, hopefully, the market does improve with our new management team and the share register as it is and, you know, the excellent project that we've got. So we've got all the elements there to make it, you know, very, very successful. So there'll be more q and As, more research coverage and ongoing promotion.

48:54 Perfect. I might just jump in there. Alexander and Glenn, thank you very much for answering those questions from investors. Of course, the company can review all the questions with today and will publish those responses on the Investor Meet company platform. Just before redirecting investors, provide you their feedback, and it's particularly important to you both. Alexander, could I just ask you for a few closing comments? Yeah. Thank you very much. I I I really appreciate everybody giving their time today, and I and I am very conscious that there are significant number of questions that we haven't got around to. I will endeavor to work my way through those questions, we'll we'll figure out a platform or a way to get get those responses published. But I I can only, again, repeat my enthusiasm for this project. As I say, Mode Angel and through LUSO Global Mining, Eric Sprout, Rick Rule, and a number of other long term investors have endorsed, let's say, the value that that this project offers.

49:57 I, from a technical point of view, see it as a huge, huge potential. You know, I think that this is this is a project that is is gonna be on the on the world stage. I think that this is something that is is is a great opportunity. We're effectively discovering a new gold region within Canada, and I think that this is this is a significant discovery that is only at the tip of the iceberg. So, yeah, so thank you very much, everybody. Alexander, Glenn, thank you once again for updating investors today. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback in order the management team can 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.

50:45 On behalf of management team of LANDORE RESOURCES LIMITED, we'd like to thank you for attending today's presentation, and good morning to you all. Thank you. Thank you.