Mila Resources (LSE:MILA) — Investor Presentation

0:01 Good afternoon and welcome to the MILA RESOURCES PLC investor presentation. Throughout this recorded 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 during 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.

0:27 I'd now like to hand you over to Alistair Goodshipp, exploration manager, Mark Stephenson, executive chairman. Good afternoon. Yeah. Thank you very much, and thank you for joining us for this presentation of MILA RESOURCES.

0:44 We started MILA RESOURCES as a shell several years ago to look at cash trapped assets around the world, and ones where we thought we could add a value by by using our skills in the capital markets to advance the projects at a faster pace than the management teams in place had already started. We looked around. We were looking for companies with a clear path to deliver shareholder value. And I think we found some very exciting projects so far in the last couple of years.

1:28 So there's the notices which you can read in your leisure. And this comes into the three projects that we have at the moment. We started with a project in Westmost Australia called Kathleen Valley. This had originally been explored for the lithium potential, we showed some lithium at surface. The management team at that time spent their money on a aero on an aeromagnetic survey, which actually came up with very good anomalies for gold. So they took the money that they had, and they put in some very exciting drill holes in the southern portion of their project and then realized that they they needed a bit more backing to get to the next stage, and that's where we came on board.

2:24 And we we've been working on that for the last couple of years. Our new project, Queensland Copper and Gold, we've just taken on board. And once again, that has had not only historical drilling or mining actually from old timers, but over more recent years, some significant drilling results as well. So these three projects all fit our criteria of looking for cash strapped assets that we thought we could add value to with a clear path to delivering shareholder value.

3:05 They're they're particularly attractive to us because they are in mature mining areas. Like I said, they've they've had this initial work carried out on them. But also, they've all three of them surrounded by established mining companies, which we're going to in detail later.

3:28 So Catherine Valley, as I said, was our first project we looked at, and you can see on this map the pink lines of the lithium pegmatites that run north north to south from Linetown's property, which is two kilometers north of us running down to the southern middle south of our our property in it. They're particularly interesting because they are at surface, so they've all been mapped already. And they were interested in Liontown because it showed the southern extent of their their structure that they've got to the north. There's also the aeromagnetics for the gold that have shown four potential properties there.

4:20 But what's interesting on this is the mining we've done has been done on the coffee project in the bottom of the the map in the red square. And that's an area that already had heritage clearance and some initial drilling on it. And that's where we focused our drilling up to date. We were at the stage of looking to start exploring our northern targets when the negotiations we'd been having with Linetown

5:01 became more serious. And so we haven't really developed or done any work on those northern projects because the deal we've got with Linetown, not only is it very exciting for the lithium, but we can use their experience, on the heritage work, to get the clearance for the whole of our area.

5:22 So lithium oh, Linetown with their lithium project, which is very close to us, has the same sensitivities from a cultural point of view as our property. Limetown have been very, very careful the whole way through their pros process to make sure that all the exploration work was being done in in conjunction with the First Nations to make sure that they had a clear pathway to be able to get into the mining in this area. So they've they've got huge amounts of experience on this. I mean, it is very, very sensitive area. But for Linetown to ever, you know, get to mining on our property, we've got to take it stage by stage to make sure that we are keeping everybody on-site.

6:18 Alastair will talk in more detail about the projects and the grades, etcetera, on this later in the presentation. And as I said, this is a slide that really shows where we are in Australia. Obviously, Kathleen Valley is in deep Western Australia, but there is very, very good infrastructure because we are surrounded. We've got Bellevue to the South, Lions Town to the North, and numerous other properties around us where there's major highways and the whole infrastructure for getting drilling rigs, etcetera, are very available.

7:07 And the same in Queensland. We are relatively close, couple of hours from the coast. It's a strong mining jurisdiction, and we've got three significant miners very, very close to us once again.

7:26 I'm gonna pass over to Alastair because he's just been to Australia, to our Queensland project to to do the due diligence. And while he's been there, he's been getting the map mine plan ready with exploration project ready and also working with our fellow director, Neil Hutchison. And he's up to speed with where we are with advancing these projects. I'll pass you over to Alastair now. Cool. Thanks, Mark. Yes. Just got back from very exciting trip to see the Queensland projects. Just to cover off caffeine, lithium, and gold first, I will speak more about these in a moment.

8:12 But those are advancing, but heritage clearance is the the key issue there, and Lions Town are progressing well and, sensitively through that. So we are optimistic for how those, products are going to advance. Cuisin Gold and Copper, in terms of MILA's active exploration, will be taking full responsibility as will be our main focus in the next few months to get. We already collected did some mapping, collected good rock chips, and looked at observed a lot of mineralization whilst Neil and myself were on the ground. So expect to start getting some encouraging results in the near term, and then our plan is for geophysics and then drilling in, you know, the next few months, which I will speak to more in the coming slides. But for now, I'll just pass back to Mark for the next slide.

9:00 Okay. So this is our board of directors. It's equally split, really, between Lindsay and myself have got long backgrounds in the city where we've got very good backing from our investor base, but also a network of potential projects to come through. So we get to see not just the ones that are are looking to list on the market, but we're missing all all the guys with their projects as they come through London through our contact base.

9:45 Then we have Neil in Australia, who is a very experienced geologist. And Alastair, who's heading up a team of some other geologists as well that we work with very closely as the exploration manager, but also he does all the deep diving on the due diligence that we've been looking at and projects over the last year or less since we've done the deal with with Linetown. He's given us the opportunity to go out and look for more projects.

10:28 Okay. And this this shows, I think, not only, you know, the capital structure, but what's very interest is interesting to me is the percentage of the issue, the ordinary shares that are held by the different groups. And we've had a very, very good backing by our brokers, and the shareholding has stayed pretty similar across the board since the IPO. I think the shareholders have followed us at every fundraising that we've done over the last few years. Okay. Back to Alastair. Thank you. Yeah. I'll just talk quickly to the lithium partnership in Kathleen Valley and where we are with that.

11:16 As Mark mentioned, Liontown take the lead on this one. They have. They know the geology of the area, and they have the relations, for the native title clearance and managing those relationships. We know there's lithium in the license, and that's why Liontown wanted to get in there and explore. At the moment, the heritage clearance is the main control on work. There have been advances recently where rock chips have been gathered and work is advancing on the ground there, but it's a process that has to be worked through. And, obviously, each stage of exploration work scales up and its impact becomes greater. So Liantowner just carefully working through that process and the scale of works they want to undertake and making sure that they have good agreements in place at every stage. We are very excited for it.

12:06 The data that Liantown get in the north of the license will be fed to us. We basically get the data set without having to spend any money on it, which is a very good position to be in. Know We it's gonna be high quality as well because they are an advanced company who have got an asset to production. So they have standards they have to work to. So we're confident that it's a good deal for us. It does take a bit of patience, but we like where it's heading. I had to drive into kind of Kathleen Gold. As Mark said, the initial drilling at the South Of License returned some very encouraging intercepts, but some structural factors that we need to understand better. The plan was to move north and test the targets in that part of the license.

12:53 But as mentioned, Lions Town then came in with this interest in the lithium and the exchange of data between us, which is just a good deal for us. So it's better for us to leverage off their work, which will help inform us on the golden currencies and the structures in that area. And in the tie meantime, it enables us to go and look at other projects, which can also generate value for us as we don't have to to directly manage this one, but just maintain our relationships, which brings me to the new assets that we brought on board. So, yes, drill ready, Queensland gold, and copper portfolio, which we are funded to get the work underway on. We have these three licenses in Northeast Australia and Queensland, and they are large land packages.

13:42 But we're not daunted by that because there is some very good historical exploration that was undertaken within all three licenses. Both Yarrell and Mount Stedman had pre 2012 resources on them, so the initial heavy lifting was done on the exploration there and zeroing in on mineralization and continuity was undertaken. And the Monarch license in the North has multiple

14:05 occurrences of outcropping mineralization, both copper and gold, and porphyry systems nearby Mount Canada, which are very encouraging as well, that that's a slightly earlier target. But I'll speak through each of these individually now and explain why we liked it and what we plan to do with them.

14:24 Our primary target within these three licenses is Yarrell. We like it because in the nineties, the initial resources of about 60,000 ounces were established from surface down to only about 60 meters. Since that time, the exploration has been stalled essentially. There have been people who've had a look at it, nearly drilled it in 2007, and looking for continuity and extent or strike extent on mineralization. And then recently, many peaks also have the license, but decided to focus on a cobalt mineralization discovery in another area and didn't again, the gold didn't really get the attention it deserves.

15:04 What we like is the fact that, as I said, this isn't an early stage project. This is post discovery. The work back in the nineties was good quality. The exploration team then zeroed in on mineralization. They drilled it. They found good grade. They found continuity. They could define resources. They took that first step, which really brings the risk profile down. But due to the market at the time and then just circumstance with kind of which companies hold it in funding ever since. The step out from those initial resources has never been done. It's understood in our drill intercepts to a 150,200 meters beneath, which intersects good gold grades. There's extensions to the width of mineralization as well, which have not been tested and and some which weren't included in the initial resource. So there's a clear pathway there for us to take control of it, review the data, and then quickly start to add value.

15:56 Also, the neighboring Mount Rawdon Line and Krakow

16:01 demonstrate that there are sizable deposits within this area, and both of those have been very successful operations. One thing we observed on the ground there was access is extremely good. There's minute more kind of heritage issues in the area as well. Very good landholder relationships as well. So there's no clear obstacles towards getting on with the job here, which is what we intend to do. In terms of the next work on Yarrow, you know, the obvious is obviously historical data review and digitization, but we are in the process of getting quotes for geophysics surveys to update those. This last one's done properly within the eighties, which still is very encouraging, but we can get better results these days. And then we review the historic drilling database, and our aim would be go to get in beneath the previous resources and start expanding that known area of mineralization within the next few months.

16:57 Mount Stedman is a similar story to Yarrow. It's a smaller license or but it had a historic resource defined in the center, again, from surface down to about 60 meters with similar grades to Yarrow, which, again, was never followed up. And multiple gold occurrences among strike where visible gold was found in multiple that were never tested by the by trenching or drilling. So that from our point of view, again, there's clear targets that we can get after quickly and generate good news and shareholder value. Again, access is excellent. Landholder relationships are great as well. There's nothing in the way for us to really just this one as well. So, again, we will commission some geophysics over this to update it, review the historical data. We have rock chips from here as well, which we hope to get some encouraging results from in due course, and then we will push forward in the next stages of exploration.

17:55 The Monarch license is a little early stage. This one still has some geological puzzling out to do, but this is a real pipeline of targets. The photos there are from the field trip, and there are mineral occurrences of copper gold and copper gold across the license. There are the historic workings for gold at Monal itself. We're about 20,000 ounces of mined at the end of the nineteenth and the beginning of the twentieth century, but no consistent

18:25 systematic expirations have been done over those those occurrences. Again, those are from surface. We observed, you know, rich sulfide veins within the the hillsides there. And, again, the access is good, so the next logical step is just to update the historic data, get some geophys. We have a number of geo or rock chips from there as well, which we expect to come back with some encouraging grades. And this one, we will take a bit more of our time on to understand the geology, but we do like it. It's a big license. It has some good resources around it from other exploration companies, and this has a real potential to generate a pipeline of targets to return value, to MILA. I think I'll hand back to you, Mark.

19:11 Okay. So I think you can see from that, we've we've we've got three very exciting projects there. And the news flow over the next few months should be very exciting for us. We really are, you know, excited about what Limetown are are doing currently. They've now

19:39 started production themselves, so that that has made the work with the people, the the first nations in Australia, the relationship now to enable us to start looking in more detail across that project. Like I said, they've actually been on-site in the last few weeks with representatives from the Joao family office looking at rock chips. And it is just a process of time on that one. And then Alastair's been on the ground and we're ready to go with the work he's just explained.

20:25 I I think that's I've been just covered, but Australia really has become a very sensitive country for dealing with traditional landowners, and we're making sure that we're we're taking all of this very, very carefully. And that was a big part of the due diligence that we've done with Queensland projects as well. Make sure everything was in place ready for us to start on that project as well.

20:57 So it comes back to the investment case of us, you know, finding these assets that were cash strapped. And we've now got, you know, multi commodities for us across our portfolios to give us a diversification as gold's now coming back into vogue. It's picking up on that front. All the projects we look look for, you know, they have lot of value uplift for us with limited amounts of drilling. And that, I think, can be shown with the deal we've done with the MX, the royalty company. We actually had to pitch for this deal, not not on a financial basis, but on a an ability basis. Not only did we need to have the money in place to do the drilling, but we had to have the team in place that would be able to do it

21:58 in a correct and timely manner manner, which they were very impressed with. And that comes back to the low cost of these assets. That one, EMX has a royalty over the project and the cost for us to to exercise the option that we've got was only the option only cost is 25,000 Australian dollars initially and we've only got to spend 425,000 on it over the next year to be able to exercise the option, which is £250,000, which has worked very well within our financial capability. Gare Bank Australia, as you know, is a low risk finding jurisdiction.

22:43 Although we've been looking across the world,

22:47 there there are lots of very exciting jurisdictions. I know Australia was just happens to be one where we've built our experience at the moment, which comes back to the board and our experience in the geological site, but also the capital markets. And, you know, all these projects have, you know, lots of people around us, lots of mining companies surrounding us, that we hope to get more joint ventures and deals with down the road. Okay. Thank you. I think that pretty much fills us. Mishes is on the presentation and we're ready for questions.

23:38 Perfect. Mark Alister, thanks very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. You can do that just by using the Q and A tab which is situated on the top right hand corner of your screen. But just while the company take a few moments to read 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. As you can see, we have received questions both pre submitted and throughout today's live event. And, Alastair, if I could just hand over to you to chair the q and a, that'd great, and I'll pick up from you at the end. No problem. Thank you. Okay. We'll start with the one at the top. So when do you expect Liontown to complete the environmental and heritage surveys in Kathleen Valley? And do you expect them to then immediately commence exploration activities? I'll comment on this and Mark and Troy say a few words.

24:26 It's an ongoing process. As I mentioned, the guys are able to get access. I think the guys, I mean, Linetown can get access depending on scale of their works. So recently, were allowed in to do some initial mapping and rock chips, which is the first step along the road. Then, obviously, the next scale of exploration moves towards trenching and drilling, which is more destructive, so they have to tread carefully with their relationship. But, obviously, as Mark has explained, they do have an extremely good established relationship with the peoples of that area. Mark, do you wanna say a few things on that? No. Only really the the experience of some of the other companies, not lying in Western Australia, really have been delayed from getting into production by not treating the First Nations with the respect.

25:22 And that, I think, really, you know, was one of the main reasons that we when we saw that were interested in looking for the lithium, we just really thought we could gear up off their experience. They've got a whole team of people that just specialize in getting the heritage clearances, and that's their their professional skills. So that that is a huge, well, capital saving for us, really, as much as anything else because it is very expensive. As well as, you know, they they flood the drone survey over the whole of our area, which is very useful for targeting where you want to look at.

26:09 But he also he points out the flora and fauna of the different areas so that when we do start looking, we can see if there's anything sensitive on that side as well. I'm sorry. Just on the timing, though. I think it is very key that they came on board now because we're running into towards the Christmas summer holidays in the Australian area. So, hopefully, the reason they wanted to get on board with a bit more speed now, and we've got a couple of months to get some work going. And then Liontown will be able to do the work during the summer period, which gets very hot in that part of the world.

26:55 Ready to go to the next level in the new year. Good. Okay. Thanks. Mark, I'll give the next one to you. Please, can you go through the structure of the deal and the various milestones? I would like to understand what sort of dilution MILA shareholders will be looking at. Well, as I said, the deal that we've just just completed is very, very low cost for us. We've got an option, and we we get to excise the option by doing the drilling in in the ground. So for, you know, the 25,000 Aussie dollars that we paid for the option, if we we're we're not physically paying anything more than that for the asset.

27:49 So it really is just the cost of the in the ground work over the next year to the point where we can exercise the option. When we go back to the lithium and Linetown, that was an exceptional opportunity for us as well because we initially, you know, Linetown get 80% of the lithium or value of that, but they pay for all the heritage work, all the exploration for the lithium up to the point that they take take that control for the 80%. And they pay milestones for us.

28:37 Sorry. I couldn't put them down somewhere. But, basically, it's 2,200,000 Aussie dollars over the two two stages to get their 80%. So once that's opened up, then we're in the position. We've got the cash room ready from the fundraising we did last year budgeted for continuing with the mining or the drilling campaign in the northern targets. So I really don't see any dilution in the near future. Cool. Okay. That's good. Thank you. I'll take the next one, which is can you explain any more about your plans in Queensland and how the minimum spending commitments will be spread amongst the three properties?

29:29 I'd say the headline plan is to generate value for shareholders and develop these assets. We, of course, do have that minimum spend included in the deal. The good thing is within Queensland, the licenses we've taken on are mostly outcomes based, which means good results then require follow-up, but it's not dictated to by the Queensland government what we need to do with it. So we are able to have a lot of flexibility with where this spending commitment goes to. Our focus, as mentioned, is very much on Yarrow to start with, the established resources there, proving the potential of those and, you know, the upside within those licenses, as to then, you know, takes on our investment case forward and generate some excitement, for the shareholders and the market as well.

30:15 Mount Steppen will also get a fair amount of attention. Again, existing resource. A lot of the heavy lifting on geology has been done there, so we're confident we can advance that a bit more quickly. And Monal, that one is I'd say that's that pipeline project for us. So we'll take a bit more of our time on that one. In coming months, it won't get as many funds, but it will certainly get dedicated attention from experienced professionals who know how to sift through the data and decide what looks good and what looks doesn't, what doesn't. And then we'll take that forward as and when. Next question. Do you still see Kathleen Valley as your primary asset given its proven gold and lithium prospectivity? Happy to answer that one, Mark. It's still yeah. It's a prime asset for us. The gold is highly encouraging.

31:03 As mentioned, we would have gone and done further exploration work on the gold, but the Linetown deal came along, and it's much better for us just to leverage off the work they do. So are doing the exploration work for us. They're picking up the cost of heritage surveys. We're not having to spend a penny on that, but we're still getting value from that deal. So we definitely want to see it advance, and we expect it to. We just have to have that patience for the heritage process. And myself and Neil do keep very much across the geological info coming out, and we hope and expect that's going to increase. Again, that's heritage processes work through in line to increase that amount of work. Next one. Do you have a plan for improved communication and PR over the incoming over the coming months?

31:48 Great start with the IMC, by the way. Yes. Very much so. Now we understand it can be frustrating for investors to hold part of a company and then not hear any updates. I'm kinda sure you in the last few months and year, there has been a lot of work going on in the background. Bringing these new assets on board means we can we have control of our assets where we are confident we're gonna generate good news flow, return value quickly, and we will want to talk about it and keep investors informed. So you'll probably see some more of my face, in the coming months as well and, obviously, Mark as well. So that's that is an easy one for us to answer. Yeah. I'll give this one to Mark. Does the board see a shift towards becoming a multi asset mining company, or will it continue focusing primarily on high potential post discovery projects?

32:42 That's a very interesting question. It is. So the projects we've looked at so far have all way all appealed to us because we could see an exit route, whether it's getting a joint venture or building them up to spin them off. So I think that is more our direction. I think, you know, with the Queensland project, once again, we've got some sound neighbors. But whether we go to the point that we're told told treating it or we pass it on as a project will depend on the work we've done. But we're very much into trying to add value for shareholders.

33:40 So if the opportunity comes along to spin it off or or to pass the asset over to somebody to take it to the next stage faster than us, then we would look at every opportunity. In including, you know, where our assets are currently all in Australia. I don't think there's anything stopping us. We're looking at potentially getting an Australian listing either for the assets or for MILA as a whole. Currently, we've got very good backing from The UK, and we would just be one of many, many small companies in Australia.

34:28 I think we we've got a standout opportunity on the London market. K. Thank you. Next up. The Yarold project has a historic non Jaw compliant resource. Is the intention to convert this to Jaw compliant? And if so, how much work would this take? The quick answer on that one is we're not going to try and replicate the work of the nineties. The framework exists there. Our focus is on demonstrating the potential beyond that resource. So we don't want just to go in and kick out another thirty, sixty thousand ounces. What we want to do is actually basically step out, fill in the gaps we see on that framework for hanging a larger resource and demonstrate the potential.

35:15 Of course, the focus eventually is, you know, get a resource on these licenses, and that puts real value on the books for MILA. But at the moment, we're confident that the historic data speaks for itself. We can see some gaps with some very obvious questions that need answering such as, you know, continuity along strike and with the mineralization where there is almost all the data you need to actually kind of demonstrate that there's much larger resource there, but it just hasn't quite been done yet. So that that is our focus. That, of course, resources are where kind of value scoping feasibility studies require, so we will be heading there. I'd say the next twelve months, that's very much let us prove the upside on this and our confidence and excitement around around the projects. Next, BMX also found significant levels of manganese, cobalt, and lithium at Yarrow. Will MILA be investigating this further?

36:11 The manganese cobalt occurrence is exciting. It's quite a novel deposit, and there needs to be a bit more research done on it. We appreciate the many peaks. We're quite aggressive on their exploration of it and perhaps didn't get the the results they wanted to. There is funding available from actually the Queensland government, which EMX previously obtained to help research deposit a bit more. So we will probably look in that direction rather than commit shareholder funds to it at the moment, but we are very much aware it's, it's something that deserves attention, and it's not gonna get forgotten about. We just need to be careful about where we focus. For us, the gold and the resources and copper potential is very much our clear focus at the moment. It's been forgotten for too long, but that's why there's an opportunity there for us. So we're gonna make sure we kind of put our money where it can really generate value in the near term. And we'll look at the cobalt and other occurrences and to the point where we see that there's we know enough so we can have really good chance of generating value for shareholders, then we'll go after it.

37:24 This one for you, Mark. When would you go to 80% ownership on Kathleen? Kathleen Valley. Yeah. I can ask that. Yeah. So we we've completed all the work we need to go to the 80% in the Kathleen Valley project. So it really is our call on the we're at 30% on the gold, and we can go up to 80% by issuing more shares. And we're at 50% on the lithium of that 20%. So currently, we have 10% of the lithium, and we can go up to 80% of the 20%, which is 16% that we issue those new shares, whether it's by by the gold or the lithium to take us up to the 80% of the asset.

38:28 But that is our call. We don't need to dilute the shareholders at this stage by issuing new shares to the vendor. We've settled the number of shares, and and we we can can wait to see how the capital value progresses. Okay. Good. The next one's the final one. And I'll give it to you, Mark, but I'll precast this while by saying I'm sure results will encourage this to happen. Will directors be buying more shares? Ownership seems low at the moment. In cash cash terms, they're quite low. I've I've participated at every round, yeah, and and bought in the market after the last fundraising.

39:28 I'm I'm very much like many other people. My portfolio is not very strong at the moment, and it's not for a want of risk, but it's matter of liquidity for myself at the moment. And I think that goes for the rest of the board. We we fully believe in this. Yeah. And forth. Thank you. Yeah. No worries. I think that's a fair one. I think it's probably fair to say at that point that we we have the money to do the work we need at the moment. So probably depending on results, it's easy to encourage further investment. It's a really good position, and directors are able to see what we get over the next twelve months and then build the excitement. Next question, will communications ramp up now? Yes.

40:17 I think, hopefully, I answered that in the earlier earlier question. You will see more of us and expect to have an increasing news flow of positive data from the field, which will turn the value to shareholders. Might just comment on that one. Yes. We we purposefully been quiet over the last six months waiting for lying town to continue their work. So we've not had anything that we could put out on that side. And that is really why we were looking around for other projects that we could be more in control of in the shorter term. And, obviously, we couldn't really update the market on that because it was all confidential information.

41:03 And we didn't want to overpromise until we'd actually delivered on something. I don't think it's a good look to to get people excited, overpromoted that we're gonna find something exciting to get involved with until we first signed on the line. Another one for you, Mark. ASX listing. Is this something considered? Yeah. Well, as of I think I covered this one earlier. But, yes, our assets are all in Australia. This this does give London based or we give London based investors an opportunity to invest into Australia.

41:49 And I think we would, at the moment, disappear within the many small exploration companies in Australia. I don't think we would get the traction that we might do in London. However, you know, when we develop these projects to a position that they can stand on their own, I think, of course, the Australian market would be a logical place to spend them into. Okay. Good. And then what looks like the last one for now? What will the EMX JV look like when or if the option is exercised? The Mix. I I think there's more to the EMX joint venture, really. MX have over 300 different projects, and they they are a royalty company.

42:48 And many peaks were not in the position to take the Australian assets forwards as Alastair explained earlier. And we've now built a relationship with them to go forwards. Now clearly, focus is getting this up and running, But they're very supportive of us. They have geologists in Australia that we can use that already know this asset, and they've made them all available to us to help Neil and Alastair with the work on the ground. So it it is a a proper joint venture with them. They're they're interested in the royalties down the road, and they believe we have the team in place to be able to deliver them.

43:36 Yeah. I think it's a good comment. Our experience of working with them so far has been excellent. The deal is very good for us. It's it's not front loaded. They let us get on with the work, and they our success is their success. So we see that as something positive going forward. Thank for that. Yep. I might just jump in there. Thank you very much for answering all the questions you can from investors. Of course, the company can review all the questions submitted today, and we will publish those responses on the investor meet company platform. But just before redirecting investors to provide you their feedback, which I is particularly important to you both, Mark, could I just ask you for a few closing comments? Okay. I I think this I probably answered it a few times, but I we are focused on get keeping the market up to date now. We've got our our projects in place, and I think the news flow coming over the next six to nine months is is going to be consistent.

44:32 And we're going to make sure that we're using particularly, you know, the social media platforms like this to the full extent to make sure that our shareholders are kept up to date with the story and have the opportunity to ask us personal questions. Mark, Alastair, thank you once again for updating investors today. Could I please ask investors not to close this session as you know, 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 it'll be greatly valued by the company. On behalf of the management team of MILA RESOURCES PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thank you. Thank