Oracle Power (LSE:ORCP) — Q2 Update and Shareholder Q&A Session

0:01 Good morning, ladies and gentlemen, and welcome to the ORACLE POWER PLC Q2 Update and Shareholder Q and A. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time using the Q and A tab just situated on the right hand corner of your screen. Please just simply type in your question at any time and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and we'll publish those responses where it's appropriate to do so. Before we begin, we would like to submit the following poll. And if you would give that your kind attention, I'm sure that would be most appreciated by the company. And I'd now like to hand over to CEO, Nahid Mamoun. Good afternoon good morning to you. My apologies. Good morning. Good morning, Mark. Thank you. So I think we should begin with like, I'd like to give a very brief introduction to the company, especially for those people who don't know about us.

0:55 And but I'd like to say at the very offset that these are, this whole presentation is available. So I won't take too much time. Just a very brief, overview of, what we are. So we, up until a couple of years ago, we were just developing one single coal mining project, coal mining power, and which later became coal to gas and liquid project in Pakistan. Since then, we are now a diversified platform for project development, and we are developing

1:25 projects in, currently in principally two jurisdictions, in Australia, and in Pakistan. And I will just pick this slide, which gives us a snapshot of of all the three sort of projects. I bunched the two that we have in Australia together. So we are currently working on two gold potentially gold mining projects in in Western Australia and near Perth. One is called the Northern Zone, and the other one is Jundee East. We spent the whole of last year in doing various exploratory work on both these tenements, and one of them has returned fantastic results.

2:12 That's called the Northern Zone. And we've published those results. We've sort of got a good indication of what this could possibly you know, in which direction this could go. And we think that we possibly have, you know, a mind we're looking at various options to explore that and build that towards, you know, taking it to a sort of a joke resource and then moving onwards from there. So we are at that stage at Northern Zone. The Jundee East project, which was, you know, which is close to one of the largest mines in Australia, we have drilled there as well. We are currently going through the results, and we're trying to understand what is the best way forward there. That is what's happening in Western Australia.

3:00 We're also developing one of the most significant projects for us, and I think globally something very, very important because we've now become a part of the green energy space. We have set about setting up a green hydrogen production facility in the wind corridor in Sindh in Pakistan. This is a 400 megawatt green hydrogen production facility, which will use 1,200 megawatts of renewable power. And, we are currently in the process of, making our arrangements on ground and expect to be on ground very soon. Towards this sort of development, we have already got very, very significant and sort of key relationships in place from the financing perspective.

3:51 His highness sheikh Ahmed Almukh Almaktum, who's also a shareholder in our in ORACLE POWER, has come in directly into the development of this project on ground in Pakistan. And, we also have an arrangement with, with Power China for any sort of renewable energy work that we will do on ground because this is a huge, sort of setup. We're looking at 1,200 megawatts that is, you know, many, many, many square kilometers of land, etcetera, and we envisage the whole setting up of an industrial park development. This is just a few it's, like, hundred and twenty hundred kilometers from the port. It's ideally located, and we're looking at a lot of different relationships in the region as well as in Europe for offtake.

4:38 We're also in conversation for technology in in in, you know, various European countries, etcetera. So all of that is ongoing, and we're very like, I would say, you know, some conversations are very advanced in this space. Then we are also continuing to pursue our first principal project that ORACLE had in Pakistan, is the development of Block 6. It's a coal mine, you know, spread over 66 kilometers. We have, you know, our studies very early on had confirmed a resource of 1,400,000,000 tons of coal, so we have that. It's lignite coal. This coal has already been tested and a tenement, a block as they call there, just next to ours, is already producing power from this. And we are also in CPEC, which is a China Pakistan economic corridor, which is a financing arrangement between Pakistan and China.

5:36 We're also a part of this program for coal to power as well as for coal to gas and liquid, which we started to develop to into end of two thousand and nineteen. So the project in itself has grown in size and its potential. So that still carries on. There are obviously, you know, concerns that, the government has had, we've had, people have had, investors have, and then there is a resurgence of, again, a demand, etcetera. So this particular project is, is still very, very, very relevant. In fact, of late has become even more relevant, but we still await certain government permissions in order to continue on that front. So, this is, you know, where we are at, and I think that the details for all the other projects, the ones that I have described are very much, you know, a part of this presentation.

6:28 And, I believe I think if I can leave it at that and, take the questions perhaps and, you know, all the interested parties, shareholders, and our investors and future investors could go back and have a look in detail at what we have there. And I'm happy to then take any questions, through our various communication channels. That's great. Naheed, thank you very much indeed for your presentation. And just to echo what Naheed has said, the slide deck shown here today is available on the Investor Meet company immediately after this presentation. Naheed, thank you very much for that update. And I know you wanted to spend a lot of time taking as many investor questions as you could through today. And I know we have about half an hour scheduled for today's meeting.

7:13 Questions are already coming in, but we did receive a number of pre submitted questions. I'm going to take questions from both the live meeting and those that were pre submitted as well. So if I may, Najid, start with the first one, which reads as follows. The Northern Zone gold project in Western Australia has demonstrated further excellent results with gold recoveries of up to 94.7% after twenty four hours from metallurgical test work. Why has there been no drilling results on the Jundee East project mentioned in the Q2 report? Right. So we had we started work on the Jundee East project last year. In fact, very soon after acquiring the tenement and once we had all our data that was, you know, the historical data sets organized. In fact, we sort of reorganized all of that data, and then we did our geochem, geophysical sort of analysis. We did all of that, and then we went for the drilling. So as we speak right now, we are currently reviewing the results that we have got, the assays, and we have sort of sent them back to our geologists, our teams to actually look at them. And I believe that we would be you know, this Jundee East is just seven or something kilometers from, you know, Jundee Mine, which is one of the largest sort of, mines in Australia and, which has you know, which returns a lot of gold. So we are sort of hoping that we also are able to, confirm some mineralization, which would be valuable on Jundee East. But

8:43 at this point in time, we are reviewing the assays. I have not really published

8:48 what we are looking at and what the future direction would be, but we would be updating the market as soon as we are in a better position to do so. That's great. Thank you. If I may just turn to the next question. In the annual report, it mentions Jundee East and Northern Zone projects are progressing. The geological surveys and test drilling reports are looking very encouraging. And we've been approached by other mining companies in the area, which are looking to form joint ventures to advance these projects. How are these joint ventures progressing? And are they for both Northern Zone and Jundee East or just the Northern Zone? Right. So we're obviously looking at both opportunities and assessing various sort of avenues.

9:34 However, in the first instance, because we have confirmed analysis based on the results that we got from Northern Zone, we are, I would say, the immediate sort of term looking more towards finalizing a possible arrangement for further development of Northern Zone immediately. But having said that, you know, if I

9:57 can repeat, we are clearly considering both. But as a first, because we have final sort of direction, a clearer direction for Northern Zone, that would be the first for us to, you know, return, for better with a sort of a more firm arrangement going forward. That's great. Next question is slightly long winded. So I'll paraphrase it, so apologies to investor that submitted the question. But it talks about your projects in Pakistan, both the conventional power interests and the new venture into clean energy, talking about lots of memorandums of understanding MOUs. So the question is, ORACLE have a lot of MOU agreements. When are these gonna see binding contracts that actually refer to something more?

10:45 Right. So, you know, contracts are generally, as one understands, in relation to buying or selling, you know, to put it very simply. And that normally commences once a project starts, you know, enters a construction phase. And that's when you have a potential product or you are potentially then procuring technology or equipment or whatever. So that buy and take, which is what a contract is all about, buy or sell rather. So that's that's that stage, and that is, of course, subsequent to where we are now. And, you know, I believe that we would be there sooner than later given the sort of imminent progress on ground and, you know, in both due to restrictions in in Australia as well as in Pakistan.

11:31 But just to sort of make clear the relevance of MOUs, these MOUs are important because they are key substantial relationship agreements

11:43 and based on which, these contracts, in future are formed. So these MOUs, be it with you know, be it the two that we recently announced or the ones that we have had, are all the building blocks of the future contracts as well as the future the sort of the future success of all the projects that are in question. Thank you. There's been a number of questions. So thank you to John Kay who submitted a question around share price as well as Connolly. So thank you to you both. But if I may just take one question. It says over the last five years, the ORACLE share price has dropped around 87%, 86% on one person's question. But can you explain why this is so? Of course. For those who've been with the company for a while and, have seen its development, are also aware that, up until 2020, this company was just a single project, single jurisdiction company.

12:42 And since that project was delayed, the company faced a lot of sort of ups and downs, etcetera. And and we've done all the, you know, all the sort of the building work for that project. But I said that's core project I'm referring to, but we still await permissions to proceed. And meanwhile then, we decided to diversify and build, upon the platform that we have and pick up on, very relevant, important, and valuable opportunities in which we have done. These opportunities are now in the development stage. And I believe that as soon as, even one or two get across the line, there should be, I hope, I believe, and I'm counting on this too, a surge in value. So, in response to, the shareholder and to all the shareholders who

13:29 have questions about this, it's just a case of now waiting for that upside and, you know, counting on the development that is ongoing PLC right now and all the efforts that are being put in. That's great. Thank you very much indeed. Let me turn to the next question, and I will read it out in full just to make sure everything is in context. Pounds 400,000 was raised in Pakistan via ORACLE ten per share for green hydrogen project from His Highness Sheikh Al Muktum and ORACLE POWER. Why raise a substantial premium in Pakistan when Oracle Energy isn't even listed? His Highness Sheikh Al Maktoum could have easily purchased shares in ORACLE POWER at discount price and monies could be used for ORACLE POWER PLC. In the end, he paid something like a thousand percent premium to ORACLE POWER share price. Can you explain the setup, how this price was determined, and who decides on how many and when the shares can be issued?

14:29 So to develop a project in Pakistan or any other jurisdiction, I mean, the projects that we develop in Australia or in Pakistan, etcetera, are done through subsidiary companies or, you know, you can call them special purpose vehicles or or whatever. You need companies in the jurisdiction in which the projects operate to actually run the project and to run the company and to own the assets which belong to that project. So it's a project company. So ORACLE Energy is just that. And, you know, there is going to be a lot of value that we built within this company, etcetera, as well as a lot of monies that will need to be spent on the project itself in Pakistan directly. His highness is is, I would say, committed as I mean, completely convinced, and his conviction is I have never seen, you know, anything to that extent that this this whole belief in the green hydrogen business and the the sort of his shift towards green energy is is very significant. And hence, he wanted to be a much

15:33 sort of bigger and a more sort of relevant part of the development directly in this project. That's one. And secondly, of course, from ORACLE POWER's standpoint, we are building another project in Pakistan where we already have one project. I was very cognizant of people's money, risk, etcetera, in including my own. So to mitigate that risk was important. And if his highness was willing to directly invest and help us take this project to financial close to build it together with us, it meant that ORACLE POWER's monies would then be, you know, required in a lesser quantum. And so ORACLE POWER PWR owns 30% and HIS HIGHNESS through his subsidiary or his company called Kahil Energy owns 70%.

16:28 Coming to the share subscription, both the parties, is ORACLE POWER and HIS HINES, we we subscribe at the same rate going forward. We are increasing the capitalization because, you know, as the requirements to to sort of purchase necessary assets and do studies, etcetera, etcetera, and all of that as it builds up. And, of course, we'll update the market on all those developments as

16:55 those continue. More monies will need to come in, and we would really like that to be in a way which puts less burden on ORACLE POWER because, you know, we are a development platform, and we've got other projects as well. This is key, probably the most important project, I mean, given the current global alignment. But having said that, this is risk mitigation. His highness also sits in a place of huge influence in The Middle East where there is a lot of money for projects like this. Also, technology partnerships and buybacks, etcetera, etcetera. This whole nexus, he sits right in the middle of that, and we have a very good working relationship. So, you know, we're working together, and I believe that will be very beneficial for for ORACLE POWER as well. And as I said, the subscription price is the same. Rupees 10 is just a nominal, you know, the the sort of face value.

17:45 It's just an easy denomination. And we are building this this company together, keep capitalizing it, and keep developing the project. That's the modus operandi. That's great. Thank you very much indeed. Maybe just following on, ORACLE Energy has just started in its journey in Pakistan. His highness, Amit Tum, has recently purchased around £270,000 worth of shares. Has anyone else shown interest in acquiring ORACLE Energy shares, possibly POWER China? So we already have an understanding with POWER China, but we have not taken any money from them as yet. And if I may say so, it's very early to actually bring in people. We are very careful about this because I would potentially like any divestment to happen at a premium going forward because, you know, we put ourselves into this, and we do all the work. So if any other company wants to come in, they come in at a stage when we feel that we can maximize on their

18:50 on their sort of, you know, the price and and, you know, how we allow them entry. So the way we will build this and we will, of course, you know, look for right the right sort of investment from parties, including Power China, of course, but it has to be at a price which makes sense for us, and, it delivers the, you know, return that we are looking for. And I know that there is tremendous return in a project like this. It is really, a sort of a seller's market currently, green hydrogen. I mean, one can see what's happening globally and how systems are being put in place, logistics are being set up for, this industry to develop going forward. So I think we're sitting really on the cusp of development which could be everyone involved substantially well going forward. So we would like to to deliver that for our shareholders.

19:45 So bringing in right now anybody,

19:48 just because we need some money makes no sense, and especially that is exactly why, going back to the previous question, that is exactly why we have a partnership with his highness because then we understand that we would not be, you know, in a situation where we're really stuck at any point. That's great. Thank you. Let's turn to the next question, if I may. ORACLE POWER's market capitalization is only £10,000,000, yet they're pursuing two massive multibillion dollar projects, assets in Pakistan, green hydrogen and the THAAB Block 6. It seems like these projects are too big for ORACLE POWER to fund stroke handle. Don't you think it might be a better idea to sell one and raise funds for the other? Or do you think ORACLE POWER is capable of handling projects side by side?

20:41 So, you know, so let let's just pick up the the funding part of it. For green hydrogen, if I begin with that, for green energy, for green development, money is easier to be found in the current environment. And so I see and especially with the kind of partnership that we have in place, it's a, you know, an an easier goal to achieve. And in fact, I think we are reasonably confident about that. When it comes to the coal power development, it's a part of CPEC, which is a China Pakistan economic corridor. So the financing is essentially based on that. Historically I mean, when I say historically, the last five, six, seven years, etcetera, I have seen an aversion to coal and funding a coal mining project outside of Chinese sort of funding lines is not a real possibility and continues to not be a real possibility. And I have explored all other options when I came in.

21:47 I mean, I I did look. I mean, I still have had conversations with people in The US or other you know, people talk a lot or we'll invest in this, etcetera. But it's a hard project to invest in

21:58 when it comes to opening up a coal mine. So but it because it's a part of CPEC, we're confident that when the project is mobilized, CPEC funding will be mobilized for the project. So, hence, for both these projects, which are on the opposite sides of a spectrum in energy development I mean, currently, feel we are very well placed because on one hand, green energy is the future, but on the other hand, the immediate energy crisis, we are sitting in a position to possibly address that, especially in Pakistan, and that is through coal development, which is not exactly going away anywhere. It'll probably be phased out, but there certainly isn't going to be a complete shutdown as was expected leading up to COP twenty six. So, you know, that too has changed. And the way the global scenario is changing, I believe that we are, you know, actually now, you know, batting on both sides, which is fantastic, and I think that's also a huge risk mitigation strategy.

22:55 So to give away one of them does not make any sense because both are equally relevant as we speak. However, and I always say this, at the right price, everything is on sale. So really but because for me, to get a return is the most important, part. It's business. So if the price is right, then yes. But, of course, if I feel and if we feel as a company that you develop it to take it to the next stage and then divest, if that's better, then that'll be what we'll do. That's great. I think we touched on the next question, but just in case there was anything further to add. Going forward, ORACLE POWER will need

23:29 substantial funds to move projects forward in Pakistan. Have any other parties shown interest in acquiring a stake? And I know we've touched on it previously, but just in case there's anything further to add. So so in Pakistan, the green hydrogen, I think I've spoken extensively about that already and the role of his highness and how the whole nexus is currently placed and and how monies can be made available. But going to the coal project, the coal mining business, it's a part of CPEC. Coal to power is better is you know, it's integrated. And if you were to separate it, then I could say that funding coal to power is easier than funding a coal mine, but but they are coming. They they come together, and it they're funded as an integrated project. There's another aspect of this project, which is coal to gas and coal to liquid, which we've been pursuing. We've done a lot of work on it already, etcetera. A lot of that is available, on our sort of presentation as well. Now that particular dimension of this, we are looking at various other,

24:26 you know, avenues for funding, etcetera. But, because it's all dependent upon opening up a coal mine, that's where the CPAP funding will really be required. So whereas, yes, the answer is we explore other avenues, but, but, fundamentally, the development of this almost $3,000,000,000 coal mining, coal to power, and coal to gas, coal to liquid, because it sits in CPAC in the priority list for power as well as in the program for coal to gas and coal to liquid, the Chinese would have to pick up the debt on that piece. And if that happens, then we're through. Thank you very much indeed.

25:11 A number of questions. Thank you, Ian, Ian F and John relating to your recent appointments. So if I may just read one of the questions that we have here. Congratulations to Nadeed on being given a seat on the government committee in regards to coal development. In her opinion, does this or will it make any difference? Will she have any meaningful influence to bring our projects to fruition or at the forefront as soon as possible? Does this new position make any difference to an LOI being issued re the power project?

25:43 So it's an honorary position. It's a committee. You sit in the right room. You interact with people who are some decision makers and some, you know, sort of the administrative people, etcetera. So your networking and, you know, all of that, as you understand it, is is much better. Does it sort of, render influence? The answer is no. But, however, of course, you're a part of an important conversation, and, of course, my priority is to ensure that, not I mean so so developing block six clearly is commercially our need, and that's what we want to do no matter what. But given the situation that Pakistan finds itself in right now, it has no way but to develop coal going further. And to be a part of this conversation.

26:29 Of course, it's important. It's relevant. Is it going to be you know, is it gonna sort of, make a lot of difference? I mean, I can't really answer that, and I would not wish to use any position in that sense. It doesn't work like that.

26:47 But, of course, to convey relevance and to convey importance, related to developing coal as an asset in Pakistan, all my energies, of course, would be in that you know, put in that direction because it would work for us as well. And it's relevant. It's important. It's necessary, and it's the right thing to do as far as Pakistan as a sort of a as a country and, you know, as as a sort of sit in the situation that Pakistan is right now given its its balance of payment crisis, its IMF programs, its inability to import, and, you know, all of those sort of that that typical situation that you see a lot of countries similar to Pakistan in right now. So from that perspective, I would say it's important. It's a good good place to be, and it's useful.

27:35 Thanks, Tahit. Next question reads as follows, quite an interesting one. It's well documented that if the 175,000,000,000 tonnes of coal at Thar was converted to diesel, it would be worth in the region of 23,000,000,000,000. In other parts, it said that thaw coal is worth more than Saudi Arabia and Iran's oil combined. Surely, it's in the best interest of Pakistan to utilize the thaw coal for betterment of Pakistan's economy. How does Nahid think it would take how long does it think Nahid would that Nahid think it will take for government of Pakistan to wake up? I mean, I think the answer to that is that they they have already woken up. The development of third coal has been delayed, you know, sort of unreasonably because it was discovered in the nineteen nineties, and they should have developed it. But it was not up until 2013 that they started constructing the first coal to power plant. So delayed and has cost the com country a lot of money in with respect to import of fuel.

28:40 And also some other bad decisions, if I may say so, like, they they set up imported RLNG plants. They set up imported coal plants when they should have really gone forward and developed third coal. But those are political decisions that, you know, that end up being taken. And, you know, this is not our place to sort of sit and criticize. But but moving forward, I think there is realization that her goal absolutely needs to be developed. Opening up a mind is a multibillion dollar task, and money is the issue. That's the first thing. The second thing is that in Pakistan and I have we have disclosed this, spoken about it because a lot of interest in, you know, what's happening, going to power LOI and all this, I mean, going on and I've spoken about a probe a sort of a demand supply mapping called the IG SAP. So Pakistan has to determine how much power it needs and so on and so forth. And when it says it has to when I say it determines how much power it needs, meaning that it has to then commit to buying power. If you don't commit to buying power, I can't make power. Right? So so that's the whole thing. So it all needs to come together.

29:53 So the short answer is, yes. There is realization. They are currently working on a way forward. We are working very closely with them as long as soon as there is a way forward in terms of their can establish their need to buy power. We can open the mind and, or for that matter, expand any other mine if I talk generally. And as far as coal to gas and coal to liquid is concerned, again, you need a buyback, a policy in place. Again, we're working on that extensively. So, and we have certain arrangements in place already. But to answer this question again in just one line, they realize they need to figure out how to do it. Thank you very much indeed. A number of questions, received, and and thank you to, once to all the investors for submitting their questions this morning around the Jundee East gold project.

30:45 Recently, was decided that the Jundee East gold project is not worth pursuing right now. Question is why? Is it because the team in Australia decided it's best to use available funds on the Northern zone as it's a more advanced stage, or is it due to poor results? Will Jundee East be revisited at a future date? Right. I think I I addressed this earlier, but so, no, it's not because of the funding. We, obviously well, no. Correct myself. It's always about funding. I mean, we can't we don't have all the money. We have to make certain choices. Northern Zone has returned fantastic results. But having said that, it's not that we are now jumping ahead and starting to drill on our own in Northern Zone. We rather now bring in, a good partner and work on that together because it makes business and commercial sense.

31:33 And we apply the same logic to Jundee East. The results have not been fantastic, but the results are being reviewed as we speak because we believe that there is potential, and that is what we are looking at currently. And once we have established the way forward, that's when we will decide how to move forward with Jundee East because, you know, it's a the mineralization green belt at Jundee East is, as I said, currently, the assays, we are working with a couple of teams there, our team, and we've also brought in someone else to look at certain other kind of aspects of the results that we have at Jundee East because there's much more there than we thought in a way. But, of course, there are certain results that we think, you know, we don't want to be misleading and, you know, moving in a direction without being absolutely sure. So that's what we're doing right now at Jundee East, and very soon, we should be able to update the market as to how we would like to proceed at Jundee East. So it's not about the money. It's about finding the right way forward, which is commercially more profitable and useful for everyone's money. Otherwise, it's very simple to say, okay. We'll drill more. We'll drill do this. We'll do that. But, you know, we just can't take reckless chances like that. We need to be very sure. And if we have partnerships, then it's always a better way to move

33:04 forward. That's great. Thank you very much indeed. How likely is it that the Northern Zone gold project will be advanced to production stage with a joint venture partner? Have any third parties shown any interest thus far? Yes. And if I may say, so we are in dialogue. We are in conversation. As soon as we have something firm, we will update the market. And whether it has a potential to become something, like like a mind, the answer is yes. It has the potential. The question as to whether we will find the right partner, yes. We hope we do, and we are working towards that. And, you know, if all goes as we think or as we're working towards, then that those might just you know, the answers to all of that might just be a yes in due course. But, of course, you know, we will update the market at every stage and at every sort of step as we go along. And whenever there is something substantial that we need to, you know, sort of let everybody know, we shall. But at this point in time, there are dialogues ongoing, working towards, you know, something to this effect.

34:14 That's great. I'm gonna break the next question into two parts, Najita. Fire the first part at you, which is as follows. What would you say is the key reason for investing into ORACLE POWER short to medium term for new potential investors, green hydrogen, THAABLOCK6 or gold? In what project are they likely to see most value created or returned in the near future? So we are currently involved in some fantastic projects, which have, you know, globally significant projects. I mean, the Australian gold projects, of course, those are, I would say, smaller and commercially viable and can be, of course. But, of course, with, like, all mining potential mining projects, we sort of you know, there there's a pathway, and we are working on that pathway. And if if one of them delivers, then you basically get a very good return from the money that you've put in, and that is fine.

35:12 It's clearer, and I think there's a better understanding of that. As far as the green hydrogen project is concerned, that is And so the I I would say the Australian story is not short term, but more like medium term, short to medium term, and there is a a sort of a more clear direction. And for investors who are, who understand that space and who like that pathway, then this is a very good avenue to be on. The green hydrogen project is, I guess, where all responsible money is going into, and it is the future, and it it positions you to become a part of a very important market and not in the future. I mean, if you think 2030 is not really future, is it? It's it's pretty medium term or even short term from some perspectives.

36:01 So that that's where you're at, and we believe that the green hydrogen project, we are aiming for delivery, for production '26, '27, etcetera, if we really get everything in order, which isn't too far. So, you know, people understand power production, people understand the type of sort of the play that goes on in the construction. So if you do all of that, we are not looking at a very distant future. And similarly, with our call to power as well, if we are allowed to proceed, then all of this is already in the public domain. We've got our timelines there. It takes three years for construction. It takes one year, one and a half years, I would say, financial close, three years construction, etcetera. So, again, I see all of these developments happening if things go as planned and as if we are able to get these across the line than happening before 2030.

36:55 In the next two or three years, these things will become much more real and, you know, the contracts that people talk about, all those contracts will be signed off, and we would be looking at a company which is then sitting on multiple revenue streams. And and that's not where we stop. So this company, Oracle, and to answer the question as to why people invest is because they are then potentially owners of multiple revenue streams in different jurisdictions, and they are able to mitigate risk via this jurisdiction basket. So that's the way we present ourselves in a particular space, which is natural resource and energy. So I think for people who are interested in the space and who understand the value of different jurisdictions and different commodities in this space, then this is probably the best platform to become a part of.

37:47 That's great. The second part of the question reads as follows. It's been approximately three and a half years since Naheed became CEO. Shareholders can appreciate all the hard work she's put in and now that some new projects are at an advanced stage. How confident is she that shareholders will see substantial returns in the next three years or so? And importantly, does she plan to stay around for that long? Well, I want the return as well because I've got money in it as well. So and I'm betting on myself here. And so I and I think that's probably the best bet one makes. And all the hard work that I put in there, I don't know. Yes. A lot of hard work. Actually, it's been, and it is ongoing.

38:32 It it doesn't stop, which is fine because, unless and until you obsess about something, things don't happen. And even in then even then, they may not happen. You know, man proposes and god disposes. I don't know. But I do know that I've got skin in the game, and, there's no looking back and, you know, come what may is the attitude. Do I plan to stay on? Yes. I mean, if I can you know, I do want the return. I mean, as I said, if something happens and I'm unable to, that's fine. But I would still really want this company to deliver because I have also, you know, invested in it, and I continue to do so, and I will continue to do so because unless until I have that ownership, yes, it's important. You're responsible even if you work for other people. But when you have yourself in it in a way that, you know, a lot that you have is riding on it, then I think the conviction is that much stronger, and that's where I come from.

39:31 That's great. And, Naheed, I'm very mindful that I've exceeded your generous time this morning. And thank you to all the investors that have submitted questions this morning. As we said earlier, the company review all of these questions. And and anything that we haven't touched upon or we another answer is required, we will make those available to you and you'll receive a notify be notified by email when that's ready for your review. Nahid, know that investor feedback is important to you and to the company, and I'll shortly redirect those on the call to give you their their thoughts and expectations. But I wondered if I may, before doing so, just ask you for a few closing comments. Of course. Well, thank you, Mark. I'm very grateful to you for hosting this, for me an opportunity. I'm very grateful to all those people who've supported the company, who continue to support it, new people who joined in today or who may have heard about ORACLE POWER for the first time today. And so, you know, I'd welcome their ongoing conversation with us. Any sort of interest that they have is very welcome, and I'd be grateful for their support too. And thank you to all the people around us, you know, our PR people, our teams, and everyone who really support us and who believe in what we're doing.

40:41 And I hope I I look forward to that sort of ongoing ongoing teamwork. And, hopefully, we should be able to deliver what we plan to. Thank you. That's great. And Heath, thank you once again for updating investors this morning. Can I please ask investors not to close this session as we're now automatically redirect you for the opportunity to provide your feedback and all the management team can really better understand your views and expectations? This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of ORACLE POWER PLC, we'd like to thank you for attending this morning's presentation. That now concludes today's session. And may I wish you all a very pleasant morning. Thank you.