Lexington Gold (LSE:LEX) — Investor Presentation

0:00 Good afternoon, and welcome to the Lexington Gold 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 it receives in the meeting itself. However, the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO, Bernard Olivier. Good afternoon to you, sir.

0:30 Good afternoon, and thanks everyone for joining into this presentation on LEXINGTON GOLD. I'm the CEO, Bernard Olivier, and I'm currently from my home office in South Africa that I'm doing this presentation. So, if I may begin, Lexington Gold recently also listed on the OTCQB. So we're a aim listed company with now a secondary listing just completed on OTC. And, I would like to basically go through our projects with you, and, and then we can cover afterwards any questions that you may have. So LEXINGTON GOLD, as I said, I'm listed primarily with a secondary listing on the OTC, which is still in the process of of getting it's a two stage process, really. OTC listing is completed, but the d t the DTC component, which is effectively being able to freely trade in the stock on the OTC, that is still in the process of getting finalized.

1:42 And LEXINGTON GOLD is primarily a gold focused company with gold exploration projects and development projects both in South Africa and in The USA. Current shares on issue is roughly 435,000,000 shares, and our market cap is around the £15,000,000. We do have a very significant major significant shareholder base, including Pure Ice, which is a family office out of Singapore, and in quite importantly, mister Mark Creasy, who is an Australian billionaire, very famous Australian investor, who's had some very Agent, gentlemen, do bear with us. I think we've momentarily lost Bernard. We'll just get him reconnected to the meeting.

2:54 Just reconnecting Bernard now. Me. Bernard, sorry. I think you just momentarily disconnected. You're back with us now, so please do continue.

3:13 Sorry about that. I just got thrown out of the system, but it seems I'm back on. So mister Mark Creasy is one of our largest shareholders, and he was also the original founder and financier of White River Exploration, which is where the majority of the South African gold assets is coming from.

3:38 On the board, we have, Ed Nilon, who's our nonexecutive chairman. Ed founded a number of companies, but is well known for, find starting up Aquarius Platinum. He also cofounded Sylvania Platinum and a number of other companies, Edison geologists, by training. And I think most people would know him from Aquarius, which became the fourth biggest platinum mine in the world, also based in South Africa. And, eventually, it was taken over by Sibanye. Then myself, I'm also a geologist by training with about twenty twenty six, twenty seven years of experience, behind me and a number of that, about seventeen years in the public markets, including ASX and London Stock Exchange companies.

4:30 Also on the board, nonexecutive director is Rod Grievers. Rod is also a geologist by background with very advanced experience in both gold mining projects, but also on the board of several other gold mining companies. And then Melissa Sturges, who is very experienced in the public markets and also on the board of a number of companies, including London listed and Aquis listed companies.

5:01 Onto our strategic overview. And I think in in a nutshell, as I said, we've got two jurisdictions, South Africa and The US. And South Africa, just as background, has historically been the biggest single source producer of gold in the world. It's estimated that approximately 2,000,000,000 ounces of gold has been, mined in South Africa, specifically out of the one gold region called the Vittwatersrand Gold fields, and, it's also estimated that there's approximately 1,200,000,000 ounces of gold still remaining in the Vittwatersrand. So by no means has it been mined out over the more than a century of mining that's been happening in South Africa.

5:48 And very importantly, also, there's a a sort of misconception that all of the gold that is left in South Africa are extremely deep level mines. Some of the deepest gold mines in the world are located in South Africa, but that doesn't mean that there isn't shallow level gold still remaining. And and one of the main focuses of LEXINGTON is to explore and look at the shallow level gold that is still remaining. And when we go through our projects, you will see that a lot of our ounces and a lot of our potential that we have in our projects are all considered shallow level gold projects in South Africa with potentially the exception of Jelani, which has got its own attraction even though it's a deeper level project. It's a joint venture with Harmony Gold with existing infrastructure in place.

6:38 In The US, we are focusing in one area specifically, which is the Carolina Slate Belt, which extends from North Carolina into South Carolina, and the Hale Gold Mine is located sort of in between our projects. Haile Gold Mine is owned and operated by Oceana Gold, and I believe it's currently producing about a 150,000,000 ounces of gold per annum. So the gold mine is operational, and it is a good example of what we are trying to achieve in The US, which is the gold operation at Hale also was a historical small scale operation that a company called Tremarco explored. They managed to increase the gold resource to the point where Oceana GOLD came in and purchased the project from them.

7:35 And then Oceana GOLD did the rest of the development work and put it into production. Then just to sum summarize before we go into more detail, at the moment, we've got, a job based resource for two of our projects. The major one is the Gilani project. As I said earlier, it is in South Africa, and it's a joint venture with Harmony Gold. And we've got roughly 6,000,000 ounces, in a jaw compliant resource, in that joint venture. And then we've also, over the last four years, been drilling out the Jonesky, Ston Laughlin project in The USA, and we established a maiden resource for it. Actually, a maiden resource in general. There was just historical mining.

8:21 And currently, the Jones Keefe, Ston, Laughlin project is around 210,000 ounces. Then on top of the formal chalk compliant mineral resource, we've also got chalk exploration targets. So that's just a sort of a higher level of uncertainty, but still done in accordance with JORC. And in South Africa, we now have up to 5,800,000 ounces in the Boataville project as well as, some large additional projects in South Africa that are not yet code compliant, which we'll look at further as we go through the presentation. A quick overview of the South African projects. Roughly estimated that there's around 37,000,000 ounces of noncode compliant resources and potential throughout our projects. This was estimated by White River Exploration previously before we acquired it, but it has been indefinitely verified for White River Exploration through all the historical drilling that is there. So, importantly, it's not code or job compliant, but it does show the huge extent of the potential of these projects that we have.

9:34 The projects are roughly if we look at the Boateville project, sort of on your screen on the Southwestern Side, you'll see there's Boateville Northeast, and the projects are all located basically in different directions from from the Boateville project. We've got

9:55 sorry. That is going the wrong direction. We have two. The western side of the boatable project is the Clackstop project, which is probably the the least important of our current projects in South Africa. To the Southwest is the Jelani joint venture with Harmony Gold, which is on the edge of the well known Valcom Goldfields. Then to the Southeastern side is Fentersburg, which we will go into more detail, but it is located immediately adjacent to Gold One's current project that is in development stage. And then to the Eastern Side of Booteville is the Krinstadt project, which has got tremendous potential, and we will also talk more about the potential at Krinstadt as we go on.

10:50 We'll start off with Boateville. We've recently last year, we completed our first round of drilling. We drilled about 2,350 meters of a combination of percussion and diamond drilling. Percussion takes you through the, what is called, the Karoo sediments, which is basically barren overburden, and then you switch over to diamond drilling as you start to go through the various conglomerates. We specifically targeted what is known as the a reef, and it's in the Kimberley formation. Now the the a reef was intersected in about eight different intersections through our drilling campaign, and this includes the mother hole, so the original hole, plus then deflection that we do from from the main hole in order to intersect more areas of of the reefs.

11:37 And throughout drilling, we confirmed that the a reef is present, and we also intercepted it, as I said, in eight different intersections. And, again, it is relatively shallow depth that we've intersected these A Reefs. They they occurred in between 250 to 450 meters, which for South Africa is very shallow, and it's therefore highly encouraging that we were able to confirm the A Reef at such shallow depth as well as the structure of the A Reef, which is effectively that it is occurring in higher grade channels with within those units. The drilling enabled us to to to basically, get an independent chalk exploration target established for for the boatable project.

12:31 Shango Solutions did the work for us, and they and they established the independent jock exploration target earlier this year in January 2025. And as you can see from the from the jog exploration target, it is truly a big project. The contained gold in the exploration target is is in the range of 1,700,000 ounces to 5,800,000 ounces, and the exploration target always needs to be a range of both grades and sizes. So that is roughly 16 to 30,000,000 tons of ore at a grade varying between 3.2 to about six grams per ton of gold. And as I said earlier, for South Africa and for these sort of large projects in general, it is considered very shallow with intersections two fifty to four fifty meters.

13:26 So we were very encouraged by the results of both the drilling but also of the independent jog exploration target that was established. And as you can see from some of the historical intersections, high grades, 7.7, 6.1 grams per ton over what is very standard for South African gold mining operations, which is around half a meter to a meter of of ore zone. The attraction is is the continuity of the ore zone, and that's why the South African gold mining operations are are so big and extract very large quantities of gold. It's the the consistency of these reefs. Although they are often just half a meter in width, they do extend for many kilometers.

14:18 The next one of our projects that I'd like to talk about is the Jelani joint venture that we have with Harmony Gold. Again, the joint venture is held from our site with White River Exploration as as, our ownership structure, and then on other side, it is with Harmony Gold. And

14:40 we have a maiden jock resource that we announced last year, September September last year of 6,000,000 ounces, again, at really attractive, grades of about six and a half grams per ton of gold. We are currently looking at various options for, utilizing the existing infrastructure on the Gilani joint venture. We are working very closely with Harmony on this. The infrastructure is in place is on Harmony's license. It is major infrastructure that is already in place, including, as you can see there on the photograph, that is a photo of the target three shaft, which will be one of the main the main extraction points for ore from from the Gilani joint venture.

15:31 So we are working closely with both Barra as the independent consultant, but also with Harmony in identifying available infrastructure. That also means available processing capacity, the underground mine model and mine design plus scheduling. All of this in conjunction with Harmony so that it fits in with their current use of the same infrastructure. And they basically, as part of this, allocate us time and scheduling so that the Gilani project can run-in conjunction with the other operations that Harmony has in the same area.

16:13 The the joint venture with Harmony, as I briefly mentioned, just a bit of background perhaps on Harmony for for those of you who are not familiar. Harmony Gold is roughly the tenth or the eleventh biggest gold miner in the world. They are listed on the New York Stock Exchange as well as Johannesburg Stock Exchange, and they are the biggest gold producer in South Africa. I think by memory, if I'm correct, they mined about 1,600,000 ounces of gold last year in total, so they really are a a top gold producer and a very large company. And in South Africa, as I said, they are the biggest gold producer, and I think they've got about 12 different mining operations in South Africa, but also in other parts of the world, including Papua New Guinea. And also, I think they just acquired some projects in Australia, including a copper mining operation.

17:10 So the structure with with Harmony Gold is that currently, we, through White River Exploration, are the majority shareholder. We've got 65%, of the Jutalani joint venture, and Harmony has got 35%. But then when the decision to mine, which is basically backed on a bankable feasibility study or just the decision to mine from the Harmony side, when that is made, then the ownership structure changes and we become a 49 shareholder. Harmony takes on the management control and and day to day management and becomes the 51% owner of the joint venture. Just back on that in terms of the infrastructure that I mentioned earlier, it is estimated that roughly the infrastructure in question is approximately 1,500,000,000 worth of capital infrastructure that is in place within the surrounding area of Gelani. So that means the processing plant as well as the shafts and other infrastructure.

18:23 Moving on to to Fentersburg, so still staying in the same in the same region. The Fentersburg project, again and I'm probably sounding a bit like I'm repeating myself, but huge potential and strategically located immediately adjacent to the GOLD one, project in Fentersberg. It's actually been shown that the GOLD one resource is continuing and the ore zone continues into into our property. We had a independent technical report done for us on the Ventersberg project, and that was published in December last year, and a copy of the report is available on our website. And as part of that, there's also an exploration target that was estimated for our portion, and within our license of the Ventersburg ore zone. And, and it is, again, roughly 1.3 to 1,350,000 ounces of gold ranging from just under three to just over three grams per ton.

19:26 Again, these are relatively shallow level gold, and GOLD one is currently looking at the development phase of of their neighboring project. And we have already started early stage collaboration discussions with GOLD one to see how we can combine these two projects given their immediate vicinity to each other and the benefits from economies of scale.

20:02 The the current start project is potentially a new gold field, and it is really one of those projects that is extremely exciting. It's it's a early stage project for us, But prior to the acquisition by by Lexington of White River Exploration, White River Exploration estimated that the current project potentially and it's still noncode compliant, but potentially has an exploration target of between 6,000,000 ounces and 62,000,000 ounces. So we're talking about a truly world class phenomenal sized project. And they estimated so this is Mark Creasy and his team. They estimated that it has a prospective target of roughly 31,000,000 ounces of gold.

20:54 So it truly is a new gold field potentially that is that is discovered. We currently have got the current state licenses under application as well as a new application that we've submitted, and we are waiting for these licenses to be to be awarded. And once that is awarded, we will start, our own work on on the project, including a drilling campaign because it is a truly magnificent project with potentially huge ounces, that is there to be unlocked. That estimation of of between six and sixty million ounces with a target of 31,000,000 ounces is based on about 23 historical drill holes with its deflections on top of that that is drilled on the Kernstadt area and and hence the non jaw compliant estimation.

21:49 If we then move over from South Africa to The US projects, the three main projects that we are looking at is the Jones Keystone Laughlin project, which is in North Carolina. There is the Carolina Bell project also in North Carolina. And then in South Carolina is the Jennings Pioneer project. And as I said earlier, they are all located in the Carolina Slate Belt with the Heilmet Gold Mine being one of the current existing mining operations in the Carolina Slate Belt. There's also other smaller mining operations currently ongoing. So it is actually the the the sort of origin of, I suppose, the first gold discovery in The US. A lot of people think that the gold rush and first gold discovery in The US was in in California, but it is in the Carolina Slate Belt.

22:45 And and hence, there's a lot of small scale historical mining in in this region. And just like our projects, there's historical work that's been done, historical gold has been extracted from these projects, very similar to how the Hale Gold Mine started off with, also historical mining that was then converted through modern drilling techniques into a resource. The resource was was increased, and eventually, it was purchased by Oceana Gold and put into production.

23:19 The Jennings Pioneer project is one of our main focuses, and the Jennings Pioneer is effectively the extension of an historic gold mine called the Barite Hill Mine. And we've got the clear extension to the Northeast of the Barite Hill Mine. We've already done a first round of drilling on top of the usual work, which is soil sampling, trenching, rock sampling, geophysics, everything else that we've done. And our first round of drilling, we drilled three holes for just under 500 meters of total core that we drilled. And those assay results that we announced last year confirmed that we've got gold delirium, which is sort of a mineral that is used in various energy applications, including solar panels, as well as silver, copper, and zinc that that we recovered from the core, including some very, very good grades from from the drilling campaign. We've got over one and a a 1.1 grams per ton over about a 30 just shy of 30 meter intersection of gold. Again, relatively shadow levels. Off that, we've got a 10 meter intersection that's well over two grams per ton and a two meter intersection of 5.6 grams per ton.

24:48 A different another hole at a total intersection of, between 14 meters, so close to surface, and 53 meters, which, had an average grade of point eight grams per ton gold as well as just just, under, 70 grams per ton of delirium in it. There's also a part of that 11 meter intersection over one gram per ton of gold. So really good intersections. We've shown that it's the extension of of the Barat Hill Mine, and we are currently busy with our second round of drilling where we're drilling, a minimum of 600 meters of core drilling at the moment. The drilling is progressing very well.

25:35 And, so far from what we can see the core coming out of the drilling, it is extremely encouraging. And we are testing both the two ore zones that is present on the Barat Hill site, which is called the Barat Hill trend as well as the Jennings trend. And early indications from the core that we are seeing coming out at the moment is extremely encouraging. If if we then just look at our final project in The US, it is called the Jones Keystone Laughlin project. It's basically three components. It's almost three satellite satellite projects that are immediately adjacent to each other. Again, over the last three years or so, we have been drilling out two main campaigns of drilling. We established the first ever resource on it, which was a jaw compliant resource to start off on Laughlin.

26:29 We then grew that resource through a second round of drilling

26:32 as well as we drilled out the first round of drilling on the Jones Keystone component of of the deposit. And together with the Laughlin and the Jones Keystone component, we have roughly 210,000 ounces of jaw compliant gold grading roughly around one gram per ton of jaw compliance status. So first time that there's ever been a resource drilled, and the results are starting to stack up. Every round of drilling that we've done, we have managed not only increase the resource, but in the case of of Johnston, Keystone Laughlin, we had almost a 120,000 ounces in our first drilling campaign that we established.

27:21 So, again, huge potential and potential for us to expand that further through additional drilling. Therefore, if I if I sort of summarize what we talked about today, it's significant resources, especially in South Africa, 6,000,000 plus ounces in the Jelani joint venture alone. We've drilled out 210,000 ounces in The USA in the Jawke, Keystone, Laughlin project. On top of the the formal Jawke mineral resource, we've also got a Jawke exploration target in South Africa that's five point up to 5,800,000 ounces at the Boateville project. And we can further upgrade these projects, especially Boateville, Fentersburg also, and, you know, looking forward to getting getting going on to convert either the exploration targets into formal compliant mineral resources or in the case of and Fintersburg is to start putting a compliant resource together from our existing data with some additional drilling.

28:30 And then we've again, just looking at Gelani, we are working very closely with Harmony. And the current study that is under under investigation by Barra basically puts all of the components together to look at the existing infrastructure, what can be used, what is what is available, and does cost modeling. And it also ties in with the permitting process, which is our next focus is to apply for a for a stand alone mining license for the project. The information that we get from this study will be will be incorporated into that mining license application. So to effectively wrap it up, we believe we've got absolutely exceptional projects, already large chalk resource, but with massive potential to increase this further.

29:24 The company's policy is always to look after after shareholders and look after money extremely well. Feel free to go look at our annual report. I can say that the board salaries are in the lowest quartile of salaries on of similar AIM listed companies, we pride ourselves with that money is spent on the ground rather than in fancy offices or or large salaries for for the board of directors. And I believe that we have got the right assets and the right team for Lexington to be a huge future ahead of us and lot of potential interesting components to it, including neighboring projects like GOLD one, Harmony, and other majors that that is certainly aware of of what we are achieving.

30:17 That basically brings the main part of the presentation to an end, and I think we will move over to questions shortly. That's great, Werner. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions, and you can do so just by using the q and a tab that's situated on the right hand corner of your screen. But just while Bernard takes a few moments to review the questions that have been submitted today, I'd like to remind you the recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboards. Bernard, as you can see, we have received a number of questions both pre submitted and throughout today's live presentation. And what I'll do is I'll just hand back to you to run through the questions, and then I'll pick up from you at the end. Perfect. Thank you very much. I'm just going to read out the question out loud and then answer it as best as I can. So the first question that I have is, the South African gold projects are considerably larger than the initial resource that was estimated in The Carolinas.

31:15 If the current Jennings Pioneer drilling program is successful, wouldn't there be logic to farm it out and focus your cash resources on the Gilani joint venture and work towards a mining license? Well, I think that's actually a very a very good question. And and, yes, the short answer is it it certainly is our focus to focus on South Africa. The the scale and opportunity in South Africa and and the size of the projects, including, of course, Gelani, truly is it is amazing. We're talking about millions of ounces, whereas, not to diminish our projects in The US, but they are smaller in in scale at the moment. So, yes, we are currently drilling our Jennings Pioneer.

32:04 We are very excited about the initial results and the previous round of of ex results that we got. We already have a job resource in The US, but it it pale in comparison to some of the resources that we have lined up already in in South Africa. So it would make sense for us at some stage to to turn our focus more towards South Africa and, look at other opportunities and perhaps, you know, either strategic sale or a joint venture or or some other structure that can that The USA projects can be sort of taken forward with, without it necessarily needing to to use up our available cash resources.

32:55 If I move to the next, question, it's asking what are the near term milestones which you believe will help to trigger the uplift in the company's value? Well, we we've got so much going on. I think, as I said, we are currently drilling Jennings Pioneer, and we are quite excited about initial results that we are seeing. Jennings Pioneer, We were the first to ever drill the project with our first round of drilling that we did a year ago, and the results were very encouraging. And hence, we are doing that this current follow-up drilling for both gold and delirium. But on top of that, we've got the joint venture with with Harmony Gold where we're clearly working very closely with Harmony to see how how the project the Delaney project can be basically taken to the next level and eventually into production.

33:48 There's the exploration opportunities at Fentersburg next to GOLD 1. So I think there's as covered in the presentation, there is certainly a lot that we are busy with. And at some stage, I believe it's it's a given that the market will see what we do have and that our share price will start to reflect the the value of the ounces that we have in the ground and the and the potential of our projects. So I do feel feel that we are extremely undervalued at the moment, but that, our focus will be to, through a very cost effective basis, continue the work that we are doing with the support of our shareholders and unlock value. And I believe it's just a matter of time before we are able to to truly do so.

34:40 The next question is, with the markets being difficult for junior explorers, what potential financing options are there available for Lexington to expedite these projects? Could you sell royalties at this stage? Certainly, early stage streaming royalty streaming is an option. However, it's an option that needs to be considered very carefully because, with royalty streaming, there is sort of certain restrictions that you then put over your project. And I think, yes, it's it's on the one side, you don't need to necessarily raise, capital through through equity.

35:29 But on the other side, it could affect the project's potential to be to be sold or to be put into a joint venture. So I think it is something that needs to be handled very carefully. There's, of course, also debt financing, especially the project as advanced as as the GOLD LTD joint venture. Debt financing can be a very viable alternative. But to answer the question, yes, gold streaming is an option, but I would be quite cautious to do gold streaming at an early stage for a project for exploration project because you sort of give away value at an early stage. You are locked in with the gold streaming, so it has to be, you know, various components to it. You'll have to cap the gold streaming or have a buyback into the gold streaming, as as it certainly can, jeopardize your sort of options with the project. And, also, with gold streaming, if a project does go into into development, a lot of your early revenue, which are critical for a start up, unfortunately, goes to the gold streaming company.

36:35 So yes, but with caution would be my answer. The next question that I have here is, do you have regular contact with Mark Creasy, and does he impart his advice on strategy? Yes. The answer is very much so. I've got a monthly at least one monthly meeting with with Mark Creasy where he is on the call with his team and himself, and we talk about the progress in the company. And, certainly, also, we're taking strategic advice for him. He isn't hands on other than that. And I think if he does see that, I suppose, we are doing something that is not in line with his expectations, he he will step in.

37:24 But, we have his full support. He also participated in our recent placement where I think he did about 20% of the placement himself. So we work closely with Mark Creasy, and, he's got a lot of knowledge and strategic, direction that he that he gives us. The next question, how has the attitude towards private investment in the resource sector changed since the election last year? I assume that's the election in South Africa and the inclusion of the Democratic Party in the coalition. So, yes, on the South African side, the election last year is certainly seen as a positive for the private sector.

38:12 The Democratic Party or the Democratic Alliance, became part of the government of national unity. So the ANC now governs with, both the DA as well as some other minority parties. And we've already seen over the last year since the elections, we've seen on the ground improvements in South Africa. Load shedding has all but disappeared. I think the Johannesburg Stock Exchange all share index is up by about 10% over the last year since the election. There's certainly far more transparency that we're seeing in government. The DA is is certainly pushing their agenda towards anticorruption transparency, holding people accountable.

39:02 So from a private sector viewpoint, we are certainly seeing improvements, and I think investment is starting to to come back into South Africa as a result of it. Then I've got a question about how does LEXINGTON GOLD plan to stand out from other gold exploration companies operating in The US with players like Oceana GOLD already active in the region. So I think by doing exactly what we are doing, which is proving up JOK resources in a way that it is done in a similar accountable way with all the QAQC in place that a large gold producer like Oceania Gold can look at our assets and and, basically, they know that it was done correct way and that it is something that, could be, of interest to them, we certainly are packaging it up and making sure that we could be attractive for the likes of OceanaGold or other companies to come in and either acquire it from us or work with us to put put the projects into development.

40:22 The TXX company that OceanaGold bought out, Remarco, did exactly that. They took the project through the exploration phase, and Oceana GOLD came in, acquired it, and did the rest of the work, including development, and eventually into into production. I've got a question then on what is the process for the current status license? So the current status area is covered by three licenses. Two licenses are existing licenses that are under a new or under a renewal application, and then we've also got our own new license application that we have put in place over an extension of the area that wasn't previously covered.

41:14 So the the the applications has been submitted, and it is now with the department called the DMRE, the Department of Mineral Resources and Energy, where they go through your application and assess it. The renewals would it was basically existing licenses that's got a three year period, and then you do a three year renewal. And then our new application would be for a six year period that we've applied for. As part of the application for a license, you do environmental impact study as well as, basically, community discussions and get the sign off from the local communities for your license. And we have gone through that entire process for all of the licenses that are currently with the department and lodged.

42:06 The next question that I have is how much of the joint venture in South Africa is accessible from existing infrastructure? So how much of GOLD LTD is is accessible from existing infrastructure? Well, the the majority of of it is certainly accessible from from the infrastructure. We we it's a a unmined part of of the region. So the majority of the, I suppose, infrastructure that's costing a lot of money to develop is the vertical shafts, the ventilation, and some of the horizontal drives towards the towards the resource. Within the real resource itself, there is no current stoping, and all of that work is is part of the mining activities.

42:58 But that 1,500,000,000 of infrastructure is basically three vertical shafts, target three shaft to target two shaft, which is a ventilation shaft, and then also the processing plant where there is spare capacity for for Gelani in the current target one processing plant. So a lot of the infrastructure is already in place, but but clearly more work needs to be done for the actual extraction of the ore zone, including the stoping, the mining, and and everything else and the drives and development to get to the to the ore zones. What are the estimated time scales for the various projects in terms of monetizing and delivering shareholder value?

43:46 Well, it's some of it, you know, are far more advanced than others. The Gilani joint venture is is potentially near term that we can, that we can start working with Harmony in in mining operations. But something like, Jennings Pioneer, we we don't have a resource yet. So so I think we are, on various different levels on our different projects, but, we we can unlock value from them in different ways. For example, if we if we've got a resource on Jennings Pioneer, we can package that up and potentially sell that. So you don't always need to take a project into development to to, unlock value. Whereas with Harmony Gold, we are in the joint venture, and, you know, I would personally think that if they are looking at mining it, they can potentially just take us out, rather than have a minority shareholder, in in a joint venture. So I do think our projects give us a lot of different opportunities.

44:59 Some are large scales, others are are closer to unlocking value. So it's very difficult to to say exactly the time scale. Clearly, from our side, we would like things to happen as quickly as possible. We're always pushing hard. But in the case of a joint venture with Harmony, a lot of the decision making and a lot of the process is also in their hands. It seems like the final question that I have is an indicative value for each portfolio constitute would help provide a rough overall sum of the parts. It would also help for the market correct and evaluation that you mentioned. Yes. And, I mean, this is where it becomes staggering. If we try and and sort of put a value to some of the answers that we have in the company, it it really does become a quick sort of disconnect almost between our current valuation and the value of the projects.

46:04 I've I've seen some estimations where they talk about a $100 per ounce when it is in a resource. So, you know, if you start to apply that to to our current resources, the numbers are huge. But, unfortunately, gold in the ground is not quite the same as gold that is near development or being extracted. I would have loved for us to with current gold prices to already be in production as as, you know, it's it's a really good time to be a gold producer, and I believe in the long term future for gold. But as an exploration company, there's certainly a lot of value in our projects, and I believe we are doing the right thing by by increasing in a very sort of cost effective way the resources that we have and unlocking value and making it attractive for for the majors.

47:03 Perfect, Bernard. Well, thank you very much. I think you've addressed all the questions from investors. Of course, Bernard, you can review the questions submitted today, we will publish responses on the investor meet company platform. But just before redirecting investors provide you their feedback, which is particularly important to yourself and the company, could I just ask you for a few closing comments? Well, I I just mostly wanna thank the investors for their time. I appreciate them sitting in and listening to the to the conversation, participating with questions. I I feel extremely positive and excited about Lexington and our future. I think we've got phenomenal projects, a great shareholder base, and we always try and do the right thing with our shareholders and look after our money very carefully and unlock value. That's great, Bernard. Thank you once again for updating investors today. Could I please ask investors not to close this session? As you know, we automatically redirected to provide your feedback in order the management team can better understand your views and expectations.

47:59 On behalf of the management team of Lexington Gold, we'd like to thank you for attending today's presentation, and good afternoon to you all.