Nativo Resources (LSE:NTVO) — Investor Presentation

0:00 Good morning, and welcome to the NATIVO RESOURCES PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll, and I would now like to hand you over to Executive Chair, Christian Yates. Good morning.

0:24 Morning. Thanks so much for the introduction. Really good to have the opportunity to present to our shareholders and other investors interested in what we're doing at NATIVO RESOURCES, an exciting platform in Peru focused on near term cash generation through primary mining, gold ore processing, and cleaning of tailings further out. On here today with me is Steven Birl, our chief executive. The two of us are really the day to day executive of the business and focus our time on building out the platform in Peru. If we just move to the next page, Steven, on just to provide a quick overview of what we have established and what we've got in Peru at the moment.

1:10 We have our primary mining concession at Tesoro, where we've run two pilot mining schemes, the first in the back end of twenty twenty four, and the where we we achieved grades up to 63 grams a ton. Average of what was sold, 17.6 grams a ton. And then we ran a further pilot mining scheme in early this year from March onwards on the Bonanza Vein. We'll go into more detail on the Tesoro concession later in this in this presentation. Just to remind you, we have three three arms to what we do. One is primary mining at an artisanal small scale level. The second is gold ore processing, and we'll go into more detail on this. This is the sort of key part of our strategy and what we're doing.

2:01 We have secured a part built, fully permitted process gold ore processing plant called La Patona. We are currently in the process of securing finance project finance to build out the plant. We'll go into more detail again on this in later in the presentation. We we're very attracted to this. I think, you know, part of what we're doing in, much of what we're doing is managing the risk to sort of facilitate the biggest upside we can achieve. Running in a gold ore processing plant, we're not taking underground risk. It's very much about processing risk and operational risk, which we can control. So we we like this. The margins are very set are are very clear, and we'll elaborate further. You might have seen the RNS we put out, recent ones we put out going into the study we've done on the competition and the source of all, which is key to keep that plant operating twenty four seven.

3:02 The third aspect of what our strategy is is cleaning historic tailings being either polymetallic or gold and gold equivalent silver tailings where there's still meaningful amounts of gold in in in in the the tailings. It also has an environmental benefit as well. We've identified seven tailings dumps with an estimate about four point nearly 5,000,000 tons. Our first deposit we've secured is 1,800,000 tonnes tailings deposit, and we secured that in March 2025. We can talk a bit about that. We think it's a very scalable business in Peru. If we look at sort of the key focus for us for the for the remainder of twenty twenty second 2026 is is project level plant funding for La Patona to get that project built.

3:58 We're seeking about $3,500,000 US. Secondly is to agree and finalize a plant takeoff agreement, a formal takeoff agreement with a sort of commodities group or trader who's interested in taking our gold dore. We we'll talk a bit about that further in the presentation as well. We are also looking at potentially announcing a new tailings cleaning project, which we can secure with a major Peruvian mine and plant operator, which is part of the sort of pipeline we've identified. And so we want to add to the 1,800,000 we've already secured.

4:39 We also want we're we're looking at further opportunities in Peru, can generate cash in the near term through new gold acquiring rights to gold mine gold production at an artisanal level, but also further plants. And that was part of an exercise we announced in May where we're looking at a number of new opportunities in Peru. That was a six week process. We've identified two or three opportunities there, but there's some some way off, but that will develop through the remainder of 2026. And finally, obviously, but not last but not least, is actually advancing the mining at the Tesoro concession on the Tesoro 1 vein, which is the highest grain vein of the four grades veins we have on the Tesoro concession.

5:33 If we move to the next slide, Steven, please.

5:40 Steven, why don't you just talk a bit about, the Tesoro concession, just to remind people what we have and where we're at on this? Well Tosorro sits in the Nazca Okonia proven gold belt. It's part of what's called the coastal basolith, which is where all the gold generated from. These are sort of epithermal and mesothermal quartz calcite veins, Tisoro itself it's a thin veined project. We're targeting ore grades of five to 25 grams a tonne, we've had maximums above that. We provided our maiden jerk earlier this year and that indicated a range of between six and a half thousand to 195,000

6:36 gold ounces across four major vein systems and we're currently de risking the other three. Bonanza is one of those veins and we're looking at de risking the other three. We've got 46 tonnes of vein material stockpiled for now. There is no question about there being gold across our concession, the question is the grade and the cost to mine it. Thank you, Steve. Now just just just to remind people of some of the questions that came in, we have actually mined, if I look at the pilot mining if we look at the pilot mining scheme, the back end of twenty twenty four into beginning of twenty twenty five, and the pilot scheme we've just run, we've actually mined over 600 tons of material.

7:23 And we've we've taken, a a we've we've bagged about 94 and a half tons, of which we have 46 tonnes of vein material stockpiled, which we're keeping. We have moved it actually to La Patona ahead of processing that as and when the plant gold ore processing plant is up and running. I would just add to that, one of the questions that came in asked, how much have we mined was on target with our forecasts? So these are thin veins, they're between ten, fifteen, 20 centimeters, they vary, they thicken and thin.

8:01 So for us to gather the 90 odd, over 90 tonnes of vein material we've got which has been sorted, we've actually mined well over 600 tonnes to date from these mines, so yes we've been on target.

8:25 Great, let's move on to the gold ore processing plant just to give a recap on what we have here. Stephen, do want to run through where we are on this? So this is a part built plant. In terms of the design evolution, we've got the concept design, we did a study with our engineers earlier in the year. The plant has already got groundworks done so it's already formed the tailings pit, a water pit, an area for blending and receiving area. We've got, as you can see in the picture, we've got concrete poured in that. That particular picture represents where we would be doing the post milling, we'd actually have the flotation tanks and we'd also have the leaching tanks.

9:16 To the left off of that picture, you use gravity to go from one process to the next and to the left further up the hill we've got concrete already poured

9:26 at what would become the primary crushing and the milling area. So we've got a concept design, done the basis of design that we have already prepared gives us our feed. The next step is for us to commission an EPC contractor, single contractor to project manage, engineer, plan and design and complete the plant so that's a design EPC and taking them on will be subject to our next round of funding. We're still targeting second half of each or each to 2026 and at the moment we can still expect first production by the end of the year.

10:24 That is obviously subject to us getting financing in place in in and agreeing that in the next few weeks. Obviously, it's quite a demanding timetable, but we think it's achievable. We've been given sort of estimates of constructing a plant. These were some of the questions that came through that would take three to four months. Steve and I are tending to be a bit more cautious than that and conservative. We know all the equipment is available. We've sourced it. We've identified it. We've priced it.

10:53 So, you know, we've we've we've very firm firmed everything up. So as soon as we can get financing in place, we're ready to go. And so it is still possible to have the plant built in this year. So just turning now quickly to the plant specification, there are three phases, phase one, one eight, and two. Steve, just wanna highlight these points again just to remind people what we're trying to achieve here. So the concept design that was prepared for us was a dual circuit flotation and cyanidation with on-site smelting and what that meant is that we'd be selling dore rather than say concentrate from the plant, a lot easier to sell and a lot easier to transport. The phase one is all about cyanidation and they will be processing oxide ores from the artisanals, mostly the artisanals around us provide oxidized ore to the processing plant.

11:57 The head grade we're planning for will be subject to the ore we buy in from the artisanals but looking from the market study, we understand that most of the artisanals are providing pretty high grade, so we're planning for 15 to 25 grams per tonne as a head grade coming out of or going into the sand audition. Once we fill the phase one to capacity, we will then build on the second part of that and increase capacity to 110 tonnes a day. And that will allow from anything subject to head grade, that will allow for between 1.5 to 2.5 kilograms of gold per day from the Dory plant. So that takes into account all of the recovery ratios and the losses through the circuits.

12:46 Phase two, at this point we're planning on adding phase two to take it to three fifty tonnes a day and that's a two forty tonne flotation unit which will be used for low grade oxides and sulphide ore and when we reach complete capacity of three fifty tonne a day, given the recovery proportions and the losses through the plant, we would expect to get anything between two and a half and up to almost six kilograms of gold a day. Very good. You know, I mean we're very excited about this project needless to say it it generates, will generate a huge amount of cash, and that's what what we're all about at the end of the day. So we the sooner we can get this financed and built, the better it is for everyone, certainly for our share price. I think that's what we're we're hoping or we expect. Steve, do you wanna switch to the next the next few slides? Basically, this one here just summarizes the sort of phase by phase process flow of the three phases. Phase one, really, it's the cyanidation,

13:53 which is the the the first step in what we're doing. And phase one is just expanding that to full capacity, increasing from 70 tons to some to a 110 tons in phase one a. And phase two takes in the whole flotation circuit, which enables us to take lower grade ore and process that.

14:13 Anything else you want to add on that? No? No? No. No. We've got straight to the next bit, which talks about our market study. Yeah. Which is, you know, we published all this data in the RNSs, the most recent RNSs that have come out. This is just to demonstrate some of the work we've undertaken here. It's the sort of work that financiers want to see and expect to see. We we you know, it was critical for us to derisk the whole project to make sure that we were confident that that we could source the feedstock, and we're we're confident that we can. We visited other plants as well, I should say, over the past eighteen months. So we we have a deep understanding of what it takes to run a successful plant.

15:02 There's two lessons learned, I mean from the study that we did and from the benchmarking, there's two key lessons to mitigate the success operationally and from an executional point of view. One is you don't want to be running a plant that's overcapacity, you want to fill your plant capacity. And that's why we're starting at 70 tonnes a day and then building up. And the second one is that the artisanal miners who bring ore are completely agnostic. There's no loyalty, it's all about terms and money. And so we know that as long as we give them the right terms, competitive terms on a fair basis and pay them in time, we should be able to attract all of the ore that we need. Now anecdotally, I'm going to point out here, we've spoken with quite a number of quite large commodity traders and indicated to us that this area is a really good area, there's a shortage of capacity even given the competition you can see on the map in the area. There's a shortage of capacity and some miners are having to wait

16:19 several weeks to process their ore and that's quite critical. So we're very comfortable with the way the gold market is at the moment and where the gold price is and is going and the level of artisanal mining that we're seeing in the area that our plant can be and will be successful. The other thing I see as well, we looked out to about a 150 kilometers, these are crew fly not actual trucking. We've looked at trucking economics, it's good to see the oil price coming back down because everything is trucked and the cost of diesel is very important to being able to truck lower grade ores distances and still make a profit. When you'll start looking at high grade ores, which is typically artisanals that we've actually met are mining up to 60 grams a tonne.

17:14 On average, they'll bring you 15 to 25 grams a tonne but some will bring you sixty, seventy grams a tonne. Very rich ores which we will blend and smooth through our plant. But when you're looking at those kind of ores, some miners are transporting their ores 700 kilometres to get to a plant that gives them the best terms.

17:40 Great. We move to the next slide. This is really part of the study that we've referred to in the RNSs, the recent RNSs about looking at the competition and looking at the business model Okay. And sort of understanding the sort of margins, the operating margins of running a gold ore processing plant. We we we think it's a very attractive business to get into, but key to making it successful, as we've already said, and the previous slide alluded to that, was actually ensuring that you got enough feedstock to run these at twenty four seven at the right grade, and the area is good for that. So I'm not sure there's much else to say about this, Steven, on this page. This sort of summarizes the sort of the five companies we've we've looked at who are active in the area and the major players in the area, some of which are listed as well.

18:34 I think what I'd say here is one of the early pointers that helped us to refine our business model, those three streams was Dynacor. Dynacor started off with small artisanal primary mining and built small plants to get to where they are today with over with almost 400,000,000 in revenue in 2025 and we kind of see we see them as a as a peer who we plan to follow and then improve and work past. The key upside for us compared to companies like Dynacor is that we see a huge opportunity with recovering gold and silver from tailings, which although it's being done at small scale, there's increasing interest because of the ESG angle and the lower carbon footprint of tailings recovery rather than primary mining. There's a big interest in getting this through. So we see that as our upside and bringing us a great deal of value.

19:43 A this lot is gold price driven, and it's good to see you would have all known or seen what's happened to gold price in recent days. It's moving in a positive way again. So that sort of underpins what we're doing. Steve, do you just wanna allude to sort of all our models and financial modeling we do, the gold price we've used? Well we're using a gold price of $3,500 an ounce at the moment, then we do sensitivities down to $2,700 make sure that the projects we've got are still investable and will generate free cash flow. And then we also look forward to see well you know, an upside case is going to be $56,000 which is the kind of price that is being forecast at the moment by some of the big gold investment banks.

20:35 Great. Nat just to summarise the sort of advantage and strategy of La Petona, I think just a couple of things I want to add to these is one is security. We do often get asked about concerns about security and how safe is it where we are. Most of the security concerns in Peru are very much in the North. We've sort of focused our operations and all the projects that we're looking at very much in the South Malian Arakeepa region, and there aren't those issues or concerns down there. You obviously have to work very closely with your local community, and that is something we've managed both at the Tesoro mine, but also here at La Patona. And those are very manageable and are a major concern, but it is an important factor that you have to consider

21:24 when when entering into these operations. Or the other factor is from a logistics sort of access perspective, La Paterna is served by a very good road, a metal road mainly. The nearest town is a town called Akari, which is where we stay when we go down there, which is and and the main mining center of Nascar is about 65, 70 kilometers to the north, about nine and a half it takes to get to us. So, you know, that that that is very good for for for sourcing materials, plants, supplies, etcetera, support both our mining operation, but also the build out the future build out of La Patona. Do you want to just run through the other couple of points here as well?

22:14 Well we've talked about it already.

22:17 Disciplined phase building sequence 70 to 110 to three fifty to make sure that we don't repeat the issues that have caused some other gold tooling plants to fold. So Inca one is a case study. They built about 500 tonnes per day of capacity and we're only able to fill it to 25% capacity. So we start at 70 tonnes a day. That has two benefits. One,

22:45 it's a much lower fixed cost, lower CapEx and then we can build up to capacity through our marketing and sales teams and then we go to one ten and three fifty and we've got that choice of going from 110 to three fifty as a flotation unit or we can actually just build out the leaching or the cyanidation if what we're finding at that point is that all the ore is in fact oxide.

23:15 We work on a lean workforce model, we've shown that. We work with very low corporate costs in The UK, we've got a very lean workforce in Peru and when we benchmark ourselves against the other companies, we can see that we can actually operate the company across all three streams at a much lower sort of volume of people than than required, which is a structural advantage and it avoids bloated overheads. And we're absolutely. And we're building out some of our corporate resource and capability in in Peru rather than in London. Has obviously huge cost advantage doing that, but that's where our operations are, so it makes sense to do that.

24:04 Christian talked about security. So we we've we're a couple of kilometers up a valley and we've got good community relations at the end of the valley where the villages and the water and the farms are. But we've also got a neighboring plant, a copper plant which is owned by quite a large conglomerate in Peru. We've got good relations with them and as our neighbor, you know, we will be working with them to make sure that all of the utilities, the gas, electricity, water, security, roads, everything works well. Very good. Next slide, just move on to the tailings cleaning projects, just to sort of summarize why this is attractive to us and why longer term we think this is potentially hugely accretive in terms of value.

25:01 Well, if we start with the basis that there are thousands of legacy tailings deposits across Peru. Right now a lot of these are identified as environmental hazards and that's because the environmental legislation for tailings dams changed over the years and now to be compliant you've got to have a fully lined deposit dump pond, impermeable layer and then once it's finished you have to close it off and remediate it. And a lot of the legacy tailings dumps, so we'll look say ten, fifteen, twenty, thirty years back don't have that. Also if you look back at the recovery rates that many of these tailings were deposited from, so the processing plants that were depositing the tailings, they were working at recovery rates that were down at say 50%, 35%, 60%.

26:06 Today with the processes that are proven, we can get between 7590% recovery and that varies. Silver's usually lower, gold you can get up to in excess of 90. So these tailings are sitting out, there are thousands of them and addressing the legacy tailings where we find high grades and the ability to establish a plant close by to recover the tailings, there's a huge win there. The other thing that's come to our notice is that many

26:48 plants and operators who are currently processing tailings, they're running out of space in their tailings plants and we've had approaches by a couple of miners to say, could you actually process our current tailings output as well as reprocess our legacy tailings so that we don't run out of space. So

27:14 that to me indicates a massively scalable opportunity whereby we pick away at the legacy tailings and we pick it and we start looking at processing of the modern, the current tailings output. And what we do is we apply not just proven technology but we'll also be looking at new technologies and any of those technologies we look at are really for us about increasing recovery rates. So being scalable to an industrial level, we're talking say up to a thousand tonnes a day and maximizing recovery rates. Flipping to the next slide, parts of production.

28:09 I think just summarizing sort of key activities, financing facility. I'm seeing some of the questions coming in. What what what how are we looking at financing this, and what are the sort of discussions? I think what we're looking to be as nondilutive as we can, and we think, certainly, the discussions we are having looking like a sort of streaming royalty, or project finance are are the sort of the sort of approaches that that we're engaged with with potential financiers in. We think the returns to them are particularly attractive given that these plants are very cash generative so they can get paid back in a relatively short period of time. I don't want I'm slightly restricted about certain some of our modeling in terms of the sort of payback that we've seen, but certainly it's within within two years, and and and that should be very attractive with with with great cash flow being generated.

29:09 We're looking to you know, as soon as we can get that in place, we we'll we'll kick off on the build. We there are other questions coming in about the commodity, the takeoff agreements. We have got offers in front of us. They are attractive. The all the the terms are acceptable pretty much, but what we we can't announce which one we'll go with until because, obviously, the finance provider for the plant will actually want to have a say, and we need to agree that. But there are there is huge demand for what we intend to produce here, be it concentrate or dore. Our preference is for dore, but some of the larger commodities has preferred concentrate. But we think dore is a better outcome for NATIVO, and that's what we're sort of trying to still stick with. So so there is no no shortage demand for for from commodities traders who wish to acquire what we produce.

30:07 We will further down the line advance the Tom and Amar Mano tailings project through a feasibility study. We need to do that to to formulate the plan. We're also looking at, I mentioned earlier, alluded to the joint venture opportunity project that we kicked off in May. We've concluded that. We're now looking at the three opportunities and how we may progress that and come up with a plan before the end of

30:36 twenty twenty six. That's what we look to do. And then, of course, we wish to go back into Bonanza or or to the Tesoro concession and start mining at Tesoro 01. That is what we have said, and we have a plan for that.

30:55 What why, you know, why is this an exciting time? Well, I think our share price is pretty low, and it's very frustrating for us. We think we're completely undervalued. We think the upside potential of this business is significant. We understand what the catalyst will be. The immediate catalyst will obviously be securing the financing for the gold ore processing plant. But what Steve and I have built over the last two years is diversified gold platform in Peru across three activities, primary gold mining, gold ore processing, and recovery of gold and silver from legacy tailings. We have a gold a construction ready plant, which is fully permitted. The questions have been about the permitting. The permits are in place, and we have access to you know, power initially will be through generators, but longer term through connecting to the grid, but also through using solar and battery power.

31:53 But, we can generate sufficient

31:56 energy that we require from day one from generators. Water is also available, which is an important component there. And indeed, there has been a a water reservoir built already and ready to fill as well at the plant site. On the project financing, we're trying to optimize the structure of how that will look. What was the best outcome for NATIVO, obviously, and make it as as less dilution as possible at the level. And we're we're pretty confident that we we can achieve that in the next weeks and make a further announcement on that. We've already talked about the different phase build out of the plant.

32:43 We think it's a disciplined and funded from cash that's generated, so it's self funding expansion. I think the attraction of what we're doing at NATIVO is multiple revenue streams. We're trying to mitigate risk here. You know, obviously, primary mining does to have risk of when you go underground. It's you can do as as as much much mapping as you want, but, actually, there is always uncertainty, underground. So, you know, we're attracted to the gold ore processing model as as we probably sort of describe it internally as bit of our hedge, really, from revenues. And in summary, that gives us a potential huge rerating potential for the company. It is frustrating, some of the questions coming in, about our current market cap. It does make things more challenging for us. I think when we're rerated and we see the value of the company increase significantly, it opens up more conversations, to be had.

33:42 Sue, is there anything you want to add on that slide? What I was going to point out is that we've always focused on the early cash flow and I want to put that into context. Typically within the mining industry, you might go eight to fifteen years between discovery to production and obviously that's from the mining front. We actually produced and sold our first gold within seven months of starting the joint venture and we've always focused on that and that's why we're looking at the tailings because we can get that up and running within about two years. That's because you've got to go through a feasibility study and a mineral resource assessment first to de risk it till you get to FID and then in parallel you run the permitting, that's typically going to take a couple of years. It's still four times faster than the low end of the average for getting gold production from discovery into production.

34:48 And then on the tooling, it's very proven model as we've shown one question asked, is there anybody in do we have competition? If you look at Slide 9, you'll see that we've identified where the competition is. Ironically we've also seen two competitors come and go. So we visited one plant a year and a half ago which went bust mainly because it didn't pay the miners on time and as agreed and another plant which we talked about which was over capacity went bust and because it was only filling its plant to about 25% capacity. So have a look at Slide 9. Our yeah, markets go ahead. I think you can have a look at that. I'm just keen to answer some of the questions pre submitted and other questions that are coming in as well. Go ahead. Yeah. Go ahead. I'll just pick a few of these and go through what is the all in cost estimate of production at the gold ore processing plant.

35:52 Yeah. So we buy the golden at 70% discount. The AISC is the one I'm just let me find the answer to that because it's in our model. It's about 1,700 yeah. AISC is about $2,700 based on a $3,500 per ounce gold price. So the majority of our cost is buying an ore.

36:43 That's an important point I just wish to make, we haven't mentioned it on this call, but this is primarily a toting plant initially. We're not relying on our own oil production from from the Tesoro concession. Most of the oil will be coming from third party artisanal miners. I think it's important that we actually make that clear. I'm just jumping about a bit here. Do you have an updated resource estimate for Tesoro? We we did publish that with a JORC compliant exploration target of between 79,316 tons containing approximately between 6,886 and a 195,434 ounces of gold across four vein systems. So that was previously published in June.

37:31 May eleventh of May. And that target remains unchanged, but it is conceptual. And the comment so that I just want to make that clear. Looking at some other questions. Is there gold ore processing plant? We've just answered that initially. It'd be generated, but longer term, we will connect to the grid, but also looking with pricing and costing at the moment, of solar with battery as well. I think it'll be a combination of all of those going forward. There's been a few questions on where we're getting the equipment from. So we're buying local equipment, some of it manufactured locally. We're also looking at Chinese equipment which is already in the country and we're also in discussions with owners of equipment where they've either bought the equipment, built the plant but it's been shut down, so we're looking at that.

38:27 So all options available. Ultimately it has to be the right spec, we need to have a supply line and a maintenance line so if the equipment fails, we can get it fixed quickly. That negates purchasing some Chinese equipment because you cannot get parts or maintenance on that so we've got to be careful. But to answer multiple questions that come in on equipment, we're looking at secondhand equipment from plants that are no longer functioning, secondhand equipment from plants that it was purchased for but never actually got built, so it's now in storage and we're looking at new equipment and we've been out to suppliers. There's a huge supply line, our chain of supply in Peru.

39:18 It's actually one of the reasons we preferred going to Peru rather than say places like Zimbabwe or Africa just because of the supply chain. The local expertise is there, the manufacturing, the ability to maintain the equipment and the ability to work the equipment is all available and ready. And I think you mentioned a point referencing Africa there, why we like Peru. There's a strong regulatory framework there, and you can get your money out. You can get your gold dory out of Peru as well. There are restrictions on that. You don't you are not forced to sell, to a sort of government government backed or affiliated entity, and you don't have to, take payment in Peruvian soles.

40:10 So you can get paid in dollars. Do you wanna mention anything else than that? But that's one of the reasons we were very much attracted to Peru. Apart from the fact they'd been mining for five hundred years there, and that's why the Spanish went there to seek the gold, and there's a huge industry there. Yeah, for me the geology is right, the supply chain is right, the expertise and the people are right and the fiscal regime is as good as you'll get in any country, better than most in fact because it is not exploitative. We've had some questions come in on two things, one on political situation We saw the change of president as not anything but negative. It was what the mining industry wanted, so that was positive.

41:00 I think we might also Steve, do you wanna talk a bit about the artisanal miners in Peru? It's a huge employer, artisanal mining in Peru. Well, that's it. The last time there was an issue which affected the artisanal mining sector, I think it was in December 2024 and the government then and I think they've had two presidents since then, this is the third one. They tried to change some of the rules around what's called a re info system and the artisanal miners raised up and quite similar to the farming community in France, they blocked all the roads and nothing moved. They shut off all transport links from north to south and south to north and the government backed down within a week.

41:54 So the point is it's a very strong community and a lot of people employed in the sector. It accounts for 20% of gold output Peru and therefore that huge lobby which is direct on the streets helps to keep the government on track and helps to keep the government's thinking about policy sensible. Very good. Just looking at some of the other questions here that we might have. There was a question here, yeah, about the recent fundraise and a question from one shareholder who said the take up of the retail offer was lower than expected.

42:42 Are the board aware that a large number of brokers were unaware of the retail offer and warrant issue, and they were unable to take part of our IG. Well, we we did put out an RNS, and the the the whole process is run by Bookbuild who contacted all brokers. So that that that is disappointing, and we will follow-up on that to understand what went on and and work out what's what. But if that shareholder wants to contact me or Steven directly, we can have a discussion about that. So but thank you for alerting us to that, and we will follow-up on that. I'm just sort of looking through some of the other questions. Permits and logistics, I think we've covered that both at Tesoro.

43:35 We're full we're fully permitted there. We were using, and we had alluded to that historically, nostril pyrotechnics because our explosive license hadn't come through. This was a backlog across the whole of a log jam and across the whole of Peru. Good news is that we received our explosive license a couple of weeks ago, so that that that has gone away and should reduce some of our production costs when we recommence mining on the Tesori 01 Vein, which we will do we plan to do during before the end of the year or during the course of the year. Let's have a look. Is it possible it possible to buy failed plants? The answer is I think we've answered that, Christian. We've answered that. Some of the costs are huge, and the costs of and I think it's important, one of the advantages of La Petona is that this is part built and fully permitted.

44:34 The costs of people trying to establish new plants, and we're looking at sort of the competition is north of $10,000,000. So, you know, we're we're doing this on a much lower budget to generate the similar returns. So that that's why it's so exciting. I've just had someone else come in, and so they they couldn't come in. They couldn't participate through Halifax's someone who couldn't participate through IG. So please contact us directly, we we can have a discussion about that, but we will follow-up on that. Any other questions, Steven? We think we need to A lot of questions about dilution and use of funds. I think we've discussed that.

45:20 Given our focus on the plant at this point and how attractive that plant is for either streams funding through a stream, funding through royalty, project finance or offtaker finance and that's what we're focusing on and that allows us to look at non dilutive finance for the plant. Okay. I think we've sort of to the end, Stephen. Yeah, I'm looking thank you everybody for those questions. There was a lot of pre submitted questions and there was quite a few questions come in as we talked.

46:08 All very helpful. We're always open to talking with individuals. We do try to be very transparent. There's an updated major holders list. Yeah. We'll talk about that and see what we can publish the latest we can do. We we we can't, at this stage, speculate on who the potential funding partners are or or put that out there. I think we'd rather announce. We will announce something as soon as something is agreed. But, all all we can say is we're having ongoing, as we've disclosed, positive engagements with a number of different parties, and, we we remain highly confident that this can be buttoned down in the next weeks.

46:56 Indeed. I mean on the shareholding, if you look at the most recent TR1s that have been published, there was a couple this week, You've got Yorkville hold 12%, Premier Maison are in at 11%, Spartan are at 5% and not in public hands, you get 16%. All of that's on our website and it'll be updated as new TR1s come in. That's great guys. If I may just jump back in there and thank you for addressing those questions for investors today. But Christian, before I redirect investors to provide you with their feedback, which is important to yourself and the company, could I please just ask you for a few closing Yeah. Well, thank you very much for for taking the time to listen to what we have to say with NATIVO. Steve and I are really, really excited about this this business. We think it has huge potential and deserves a significant rerating.

47:46 We are working. We're very focused on achieving the sort of key milestones we've outlined in this presentation. First one being finance of finance the gold ore processing plant. And and our our objective all along is to sort of generate steady cash flow as soon as possible. And we think with the finance of the gold ore processing plant, we could look into 2027 with huge confidence that this will become a very cash generative business, and that should be reflected in the share price. So thank you for participating. As Steven said, both Steven and I, I'm always I do speak with a number of shareholders and always happy to engage one on one with people and and give the time and and provide more background to the extent we can without bringing you on in the inside.

48:37 But thank you very much. That's great, Christian. Steven, thank you once again for updating investors today. Could I please ask investors not to close this session as you and will be automatically redirected to provide you feedback which will help the company better understand your views and expectations. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thank you.