Smarter Capital for Any Silver Market

0:00 Good afternoon or good evening, depending on where in the world you're signing in from today. Welcome to today's panel's discussion, Smarter Capital for Any Silver Market. Silver has swung sharply this year, which means that how a junior finances itself matters just as much as what's in the ground. I've got with me 2 CEOs, Bob Archer, President and CEO of Pinnacle Silver and Gold, and Jed Richardson, President and CEO of Safi Silver. Bob, Jed, how are you guys doing today? Pretty good. I got doing well, thanks. Awesome, okay. And here's how it's going to work today for the folks in the room. We've got some questions for the speakers but it is an open forum so please do use the chat button at the bottom to ask questions yourself. We'll try to get to as many as we can during today's event but if not we'll pass them on to the relevant speakers following.

0:47 There's also a meeting request button at the bottom. Please feel free to use that at any time to request a meeting with either speaker following today's event. Finally, this event is being recorded and will be available for replay. But Without further ado, let's jump into it here.

1:02 This is for both of you guys. For folks who are new to the story, perhaps, please give us a very quick introduction to the company and the project you're advancing right now. And why don't we start with Jed? Sure. So Safi Silver Corp was formerly Trigon Metals. We are focused entirely now in Morocco. We've got 2 projects there. Our flagship project is grassroots, a large area,

1:34 we call it the Adana project. And we currently have 2 drills going and we're working there. We have a second project called Silver Hill that is about 14 kilometers away from Aya Gold and Silver's Bumadine project. It puts us in a really interesting position. We've got a market capitalization of about $14 million US, so micro-micro cap, but We've got cash coming in from the sale of a Copper asset that we put into production and sold in Namibia.

2:17 Then we're in a jurisdiction where our best comp is worth $5 billion in AYA gold and silver. So a good place to be and a great place to be.

2:32 Over to you, Bob. Okay, thanks. Well, Pinnacle Silver and Gold is focused in Mexico at the moment. We do have projects in North Western Ontario in Canada, but those are basically on hold for a little bit while we focus in Mexico because our thrust there is really

2:55 what we call a fast track to production where we have a past producing Gold-Silver mine that we're looking to bring back into production. And right now, our goal is to do that within about the next 18 months or so. So roughly Q1 of 2028. And it's in the Sierra Madre of Mexico, very prolific Gold Silver region. And we're in the Topia district, surrounded by 4 operating polymetallic mines. And so we're in a great spot. It's an area that I'm very familiar with having acquired the Topia mine as our first mine with Great Panther back in 2004. And we're right back in the same district now and looking to get this one going and build a new company out of Pinnacle.

3:43 Fantastic. This is called Smarter Capital for any Silver Market. So let's get right into it. How are you being smart with your capital and what sets your approach apart from the typical junior? We'll start with Bob this time. Okay. Well, one of the things is that the project is a past producer. So there is a plant on site and it hasn't operated for about 35 years, so it does need to be refurbished. Some of the mechanical equipment, electrical and so on, does need to be replaced, but the capex to do that is relatively low.

4:20 And there are, because it was in production before, there are historical workings, it's an underground mine. And so we've got a real headstart as far as the mining aspect goes as well. So overall, we're looking at a capex of about $4 million US to get this mine back up and running and throw in another million for working capital. And we've already arranged that financing through an offtake agreement with Ormet Capital Partners in New York. So I think that's really what sets us apart and allows us to move the project forward quickly. And over to you Jed, what's it? Yeah, like I said earlier, we're in a pretty unique position.

5:09 We successfully sold our combat mine in Namibia, back in December of last year. The headline amount was 24 million US dollars that we got for that, and we're being paid in installments. So $3 million 0.25, We've received 3 of those so far. So we have another $15 million to receive on that baseline amount, which is equal to our market cap right now. Beyond that, we also have a bonus payment that should be paid. Now, that bonus is 13 million US.

5:54 It is for the either the expansion of the mine or the copper price holding 6 dollars and 80 cents for 30 days. We're less than $0.20 away from that right now. That could catalyze another $13M beyond the $15M to come. And we have a Royalty for 5-years on that mine that should contribute about $400,000 US each quarter. So as a junior exploration company, we're in a pretty unique position where we've got a pipeline of cash to develop our project down there. And we can make a pragmatic decisions about exploration, knowing that that next dollar is already in place.

6:45 Fantastic. And beyond equity raises, what other financing tools are on the table for you? And what are you willing to give up in exchange for less dilution? Starting with you, Jed. So I've,

7:00 In the past, we've done things like the offtakes. We actually financed our operation with a silver stream, the copper mine in Namibia. But our situation right now, I would be biased not to raise additional capital. Like we've got a lot of capital coming in. In some instances, maybe we might even be buying shares back if we get that, if we were to get that bonus. So the we're in this circumstance that allows us to be a bit more pragmatic.

7:48 If I had a secondary or tertiary project, maybe selling that would be a way that I could bring in some extra capital. But I'm a shareholder myself. I'm gonna be pretty jealous of giving away shares cheap. So dilution is not something we're really considering. Completely, it makes sense. On your end, Bob, what kind of financing methods are you considering? Yeah, so I totally agree with Jay's last comment regarding dilution.

8:27 Insiders own about 23% of Pinnacle. I own about 7.5% myself. So very cognizant of that, which is tricky in this market with share prices as they are. But as I mentioned a moment ago, the capex on our project is very low. And, you know, given that we have been able to enter into this arrangement with Ormet where, you know, they will give us access to capital to put it back into production. And although we haven't, you know, quite finalized the terms of that agreement yet, what we're discussing is basically a Gold stream. And the project at the moment is looking to be about 85% Gold, 15% Silver, based on the area that we're developing.

9:22 Now, having said that, we've made some new discoveries on the project that are Silver dominant. But this first part that we'll put into production will be Gold dominant. So if we're doing an offtake just on the Gold part, then that doesn't touch the Silver at all. So it keeps us completely

9:40 exposed to the upside in Silver prices. So those things combined, I think, puts us in a very good position and given that we are aiming to be in production in 2028, if we're successful in doing that then we should be able to start generating cash flow in order to continue to grow the company from there without further dilution.

10:05 Very good. Talking about the Silver price for a moment, Silver peaked at around $121 an ounce in late January and has since fallen to the mid-$50s. That's roughly half its high, but still above the 2011 record of about $50. JP Morgan has also cut its 2026 average forecast from $84.30 to $70, citing an unwinding of physical tightness and weaker solar demand. Do you see this as a healthy reset or the start of a longer downturn? Starting with you, Bob. I think it's in a sense, it's a normal reset, I would say, and the start of another period of consolidation in a longer term bull market. So, you know, I've been involved in the silver business since about 2003.

10:59 And, you know, what we saw in that cycle from that point through to 2011, when silver did get to $50 was that silver tends to trade and what we call the hockey stick pattern, where it goes fairly flat for a period of time, and then it goes almost parabolic, and it goes straight up, and then it corrects about 50%

11:20 very sharply and then it consolidates again for a period of time and then another parabolic rise and 50% correction. And it did that 4 times through that cycle up to 2011. And then of course, since then, we've had a very long period of consolidation. And then just last year up and into January, we saw that parabolic rise again, and now it's corrected about 50%. So it's following that very, very similar pattern. So I don't really see anything abnormal in what's happening. Typically, the longer the period of consolidation, the greater the rise, but it's still going to make that 50% correction on profit, mostly on profit taking, because it's mostly traders and speculators that are driving the price up in the first place. Silver is a very small market and it's easy to do that. So I think we're now into another period of consolidation.

12:19 How long that lasts, that's the $64,000 question, but I think we will stabilize somewhere around this level and for a period of time, and then we'll see another sharp rise again. Fair enough. Jed, you must get questions about the silver price all the time. What's your take on it? Yeah, no, well, a lot of agreement with what Bob said there. Similarly, kind of a long history with silver. Spent some time as a research analyst with covering

12:55 silver equities, going back to about that same time, Bob, around 2004, 2005, if you remember. I think we spent some time on the phone back then. But yeah, Silver has a kind of fun pattern to it. It shoots up to what seem like extraordinary highs. Then it'll fall back and consolidate. What's interesting and you pointed it out. Bianca is that it stayed above its previous the previous peak that it did when it peaked back in 2011. And that seems to be a pattern that Silver holds where it does that, pops to new levels, retraces, you mentioned 50%, but I'd say to the last crazy peak.

13:52 And that was around 50 to $56. We've come back to that level. I think we'll hold it for a while. But then we'll likely re accelerate back to that back to those old highs and those old. I mean, sorry that peak, which was January last year. And then when we accelerate past that the peak from January last year will probably be the floor for the consolidation that happens after. Now, the one good thing, I think particularly in your situation, Bob, and I think I definitely agree. $50 is a great place to be working from right now.

14:40 And is that it takes a lot of projects that were silver by-product projects and turns them into silver companies, silver assets, because we're sitting at

14:59 a nice level for silver. For silver and I can comfortably build feasibility studies around a JP Morgan at $70 silver, knowing that in the not too distant future, we'll probably move well beyond that. Absolutely. I know we already touched on it, but on the demand side, solar manufacturers have been using less silver per panel because of the high price. How worried should investors be about that thrifting trend? And what demand drivers do you think the market is ultimately missing? Market is ultimately missing.

15:48 So, 1 perfectly normal, like we, silver is a, is a, what do you call it, a double-minded commodity, right? It is precious, but it is also industrial. And we have another great example of that in platinum, right, where it is a precious metal, but it's also industrial. And the same thing happened when platinum shot up to unusual highs. It was being used in catalytic converters and the load in catalytic converters went way down.

16:38 So that's regular. I think it's why silver has these long consolidations, like Bob pointed out, is because the industrial demand has a double-edged sword. It creates a, it forces the market to be honest about the metal because it's actually being consumed, but it also can be a source where you have demand mitigated, you have recycling that comes back from those industrial uses. But then we have these peaks where silver starts to act like it's a precious metal heart

17:31 and shoots up alongside gold and past gold. So as far as photovoltaic lower consumption, like I said, expected that that should happen. And is it concerning? No.

17:54 You have a stocking and destocking cycle in a lot of commodities. And this is that version of it for silver. Fair enough. And Bob, what's your take on these demand drivers? Yeah, I totally agree with Jed actually. And we are starting to see some substitution in the PVs, but that's to be expected with higher prices. You'll see that in any industry, really, any commodity. And so

18:29 I don't think it's going to cause a huge decline in the use of silver. I mean, we're still building more solar cells. So, you know, the overall demand will continue to climb, I think, over time, but just not at the same rate that it has. And, you know, a lot of people going back 20 years, 25 years, were saying the same thing with regards to photography. When digital photography started to move in and replace silver in that industry. And really over time, photovoltaic has completely replaced target

19:15 demand for silver. So, this is just part of normal industrial cycles and we'll see that there will be other uses for silver coming into play. You know, right now, I think I don't know if anyone can really quantify it, but the use of silver in the defense sector is massive. And with all these wars going on, that silver is getting consumed. It's not coming. It's not getting recycled. It's tough to recycle a bomb. Yeah. I wouldn't want to be the one to do.

20:00 But No, it's so I you know I think that there will go through these little ebbs and flows and, and so on but but I'm not at all concerned about, about that I think that the demand side will will continue to climb. No good points, you point you point out or something really, really interesting there, Bob, in that,

20:21 yeah, we experienced this with photography and the advent of digital photography. And that was a complete replacement, like where you had like silver consumption just disappear because of a new technology. That is not what we're facing here. Right. We're in for photovoltaics. It's yes, it's a lower silver load. But on the other side of it, because of high energy prices, we have photovoltaic demand at levels that we've never seen before. So yes, they'll use a little less silver in each panel, but there's more panels being sold.

21:05 And there's more impetus to buy those panels because you're dealing with, you know, what, like $2.50 for diesel right now. So yeah, no, this is nothing to be concerned about. The market's dealt with far worse in the past and we've all, we all, we survived those, those headwinds with no problem.

21:30 If I can add a comment just on that comparison between photography and photovoltaic. One thing that a lot of people ignored at the time with regards to photography was that a lot of that silver that was used in the photography industry was actually recycled. So it was showing back up on the supply side. But it wasn't necessarily broken out

21:54 in the recycling category. But you know, the silver was was used in developing fluids. And so you develop your film, but then that that that solar got recycled again. So it's it was, as it was, you know, disappearing, it was kind of disappearing from both sides from both the demand and the supply side. So it wasn't quite the way a lot of people looked at it. But then you take a similar approach to photovoltaic, and a lot of people are thinking, well, maybe we'll recycle the solar cells as they reach the end of their life. But that's expensive. And the amount of silver that's in a solar cell won't necessarily cover the costs of recycling those cells. So until we find a way to do that efficiently and economically, that silver isn't necessarily going to make its way back on the supply side through recycling.

22:59 So It's similar, but it's different in terms of what happened in the past.

23:04 No, it's worth remembering and worth referencing here. Switching gears a little bit, talking about jurisdiction. So you're both drilling polymetallic silver systems, but in very different places, Mexico, Sierra Madre and Morocco. What does each jurisdiction offer right now in permitting infrastructure and community relations and how does that impact investor confidence starting with Bob here?

23:30 Well, I think probably a lot of listeners will know that Mexico is the number 1 silver producer in the world. So for silver companies looking to, whether you're exploring or developing whatever stage you're at, Mexico is a great jurisdiction to be in generally from a geological standpoint and in the Sierra Madre as well. In our particular area Durango is a very mining friendly state. We're in the Topia district which is a very well-known, well-established mining district, one of the oldest in Mexico, actually dating back to the year 1538.

24:09 So there's almost 500 years of mining history in the Topia district. And we're surrounded by 4 operating mines. And those are all silver dominant polymetallic mines. So the new discovery that we've just made on our project, even though the part that we're putting into production is gold over gold dominant with no base metals. What we've discovered is the extension of the Topia

24:36 mining district. We're only at our closest point. We're only 4 kilometers away from the Topia mines. We're very, very close. So geologically, it is part of that same district. And those are silver dominant polymetallic mines or veins rather. So, I think it's a great spot from that perspective. But, and then because it's a well-established mining district, the communities are very supportive of mining, Topia is a mining town, and all the local communities around there understand mining, they're supportive of mining. We hire a lot of locals, we have 100% people working at site. And so we have a lot of local support.

25:23 And with this new administration in Mexico, they're far more supportive of mining than the previous administration. And so that's been positive. We've already seen other projects getting fully permitted to production in Mexico just in the last 18 months or so and we are advancing with our own permitting as well and we've just received a permit for the surface drilling and so yeah so things have improved substantially from a permitting standpoint in Mexico and so I think we're well set as far as where we're located. Very good. And Jed, Morocco, obviously, such an interesting jurisdiction. What can you tell investors about it? Yeah, sure.

26:14 Well, Morocco is uniquely one of the few areas around the world where you actually can find a silver dominant project. Like for, as Bob mentioned, most silver companies are in Mexico because that is one of them. Idaho and Peru, that's generally the big spots. There's another belt of rocks that

26:44 you get in like Siberia, down to Northern China. Also you can find some silver dominant type projects. And then there's the Anti-Atlas in Morocco. So it is an area that hasn't seen a whole lot of international exploration, but there are artisanal or small-scale mining that's happened there for literally centuries. Our projects, actually both projects, both Adana and Silver Hill, have workings dating back over 600 years, where there was small scale mining that took place

27:41 to recover silver. To recover silver. In fact, our first indications were from testing slags that we found in those areas to give us an indication of what type of minerals we would be looking for in the workings. And something also that's, actually I'll just add this little bit in that, like when when Bob, when you were building Great Panther, it was quite similar, where Mexico didn't have a whole lot of international companies there, but there was a lot of small family operated mines. I think, in fact, Topia was one of those. And that's the same environment that I'm seeing in Morocco, where we're in there pretty early.

28:26 There's great mine infrastructure because there's the big phosphate business in Morocco. So we can get labs, we can get drilling companies, and all that you need for international level exploration.

28:44 But so much hasn't been been looked at, or hasn't been looked at with the eye of a large-scale development. And that's really what our Adana project is, is like hundreds of years of workings, never a diamond drill hole put into this. So exciting that this type of virgin project is sitting here in a country, really, like I can see the workings from Google Earth images, and nobody's put a hole into it. So that's a bit of a benefit to Morocco. On the permitting side, Morocco's been very encouraging as far as bringing international companies in.

29:37 Obviously, we have the pathway that's already laid for us by Aya Gold and Silver, but I myself, I've been going back and forth to Morocco for over 15 years, constantly being encouraged by the authorities and the mines ministry

29:56 to get involved, to invest. We have great teams on the ground who have worked with some of the state agencies and helped us on the permitting side. Sorry, back and forth, but on the permitting side. Oddly, part of our Adana project and all of our Silver Hill project are actually already permitted as exploitation permits. So even though it's still very early stage the permitting environment is relatively simple in Morocco which

30:37 removes some of the risks that you would normally have in developing a new project. Completely makes sense. We're gonna dive into some company specific questions, starting with you, Bob. You've just received the permit to start surface drilling at El Patrero. And you've given up an update on the other permits needed for production restart. Walk us through what's still between you and production and what timeline investors should ultimately watch. I think one of the key things to understand is that in getting this drill permit, we had to, I guess you could say, jump through a lot of extra hoops, more so than 1 would normally do for a drill permit.

31:23 You know, there, there's a fairly basic permit that you can get in Mexico, that you can typically get within a 3 month period within about 90 days. But because of, well, let me say, the country is basically divided up into different climatic regions based on temperature, rainfall, things like that. And there are lines drawn on maps by government bureaucrats that show these different areas and there's a line that runs through the property. And so the plant and the mine and most of the area in the Northern part of the property where we wanted to work was on the side of the line that required additional surveys and studies and what have you. So we had to go to a greater extent in terms of baseline studies and all these sorts of things from an environmental standpoint in order to get this drill permit, which the one that we're

32:30 looking to get now on the new server, let's think discoveries that we've made on a different part of the property, we can just go through the normal process and hopefully we'll have that permit in 3 months. So it's all a function of where that line was drawn on the map, but having done that now, this was a much more protracted

32:52 experience process for us. But now having done that, we've essentially established all the baseline studies that we need to do for that part of the project and that we would have needed anyway for permitting the mine and the plant and the tailings facility and all of that. So we're, you know, this is much more than just a drilling permit. You know, we're already fairly well established along the way and in terms of getting all these other permits that are required. And so now we've, we have hired consultants for extending the power line for for the water license and for, you know, the basic environmental work. And So all of them are working independently but together because everything kind of ties together at some point.

33:47 So we have a lot of studies going on at the same time and everything's moving forward in parallel. And now we've got this great foundation now where we've already done a lot of the baseline work to move everything forward. So really trying to fast track that and move it along as quickly as we can. Completely. And expanding into this, your deal earns you 50% of El Potreros at the start of production, rising to 100 percent after 2 years. How does that structure fit into your strategy of building from cash flow? And what do you plan to do with the cash once the mill is ultimately running? So we structured the deal right from the outset to be back-ended.

34:32 And that's in some ways, that's fairly typical in the industry, that, you know, as you progress the project and the more success you have, then you can justify making the next payment and so on. But option agreements, particularly in the exploration side of things, are often structured as an all or nothing type type agreement where you keep working over a period of time, and making annual payments, maybe there's work commitments, and then finally, there's a big blowout payment. And that's when you get 100%. But if you drop the project earlier on, you end up with nothing, even after making all those payments and spending all that money on the work and so on. So we didn't want to do that. We wanted to have a staged earn-in, particularly putting it into production. But at the same time, we still wanted to keep it fairly back-ended so that we weren't having to go out and raise $6.5 million US in equity right up front before we'd even spent any money on the project.

35:32 So we structured it such that the front end payments were fairly low. And then as soon as we start production, we do get the 50%, as you say. And then, so that entitles us to 50% of the proceeds in that first year. And then after 1 year, we moved to 70%. And then after 2 years, it goes to 90%. And at that point, the vendor actually has a choice of either keeping the 10% or switching to a 2% NSR. So We could end up with either 90 or 100, depending on those final discussions, but still, 90% going forward after 2 years, and those last payments, the larger payments at the end will be paid out of cashflow. So that's kind of the point of structuring it that way.

36:21 That we're not having to do that through equity. It'll all be non-dilutive.

36:25 Absolutely. Jed, over to you. The company's changed a lot this year with a new name, a new focus on Morocco and the combat sale. What should investors who remember Trigon Metals understand about the Safi Silver story of today?

36:44 The key is that Our past is paying for our future. So the sale of the mine has created the opportunity for I'd say the explosive upside of exploration. We're in the old Lassonde curve of mining

37:17 investment. We're right at the beginning where you can have that big upside from exploration, but we're doing so in a somewhat protected position of having this cash flow from our asset sales to fund it. Look,

37:41 you know, expiration has a couple of risks. 1 risk is

37:46 that there's nothing there, right? But more realistically, the real risk is running out of money and interest before you've made the real discovery. We've got an area that we're exploring. There's 40 kilometers strike length just littered with artisanal workings.

38:15 The risk that it's not there for me is low. However, the risk that you would run out of money before you make the big discovery is a real one that we've mitigated because we have this cash source from the sale of the combat mine. I think that's the key takeaway. Totally makes sense. Your 1st Adana assays came out earlier this month and you now have 2 rigs running, including 1 at Antenna Hill, which is your main target. What did those 2 holes confirm geologically and what would a successful result at Antenna Hill look like for you?

39:02 So where we're, so we, the 2 areas, southwest where we got some results from was kind of a secondary target. We got there because the access was easier. We had to repair a road to get up to the hill, where Antenna Hill, to get up Antenna Hill and get the rig up there. So we have, So even in that secondary target, the workings in what we believe were veins at the surface were very narrow and we wanted to see, were they persistent and would we see them at depth?

39:49 In our first holes, we were able to intercept some of these veins. They stayed narrow at surface. We got an anomalous grade of around an anomalous grade of over 600 grams per tonne silver. We've since reconfirmed that assay by re-assaying it. A confirmed grade of over 600 grams per ton. But what we want to see is what it looks like deeper. The actual our actual thesis is around a more tabular body that is that that is deeper in the system.

40:35 Our expectation is that there's some sort of heat source that's driven the fluids. It's expressing in these veins at surface, but in a porous or fractured layer somewhere between here and wherever that heat source might be, we should have a larger, more tabular deposit. What we're looking for is more silver deeper in the system, and also looking to see what other minerals come with it. As I was mentioning, we had those slags. In the slags, We found lead, zinc, copper, bits of cobalt and antimony.

41:23 We want to see if

41:27 there's economic grades of that that come along with the Silver as we drill out the project. We're really excited about Antenna Hill. That's our core target. We've got to drill up there now. It's starting to make some good progress. Just stay tuned for results out of Antenna Hill. Awesome. Well, I have one more question, but before I jump into that, I just want to take a beat to thank you both, Bob and Jed, for your time today. It's always very interesting. And thank you everyone in the room. As I mentioned before, if you have a question that just occurred to you, or it'll occur to you in 5 minutes after we close this room off, please do send it our way and we'll make sure that folks from the respective teams get your questions.

42:13 But I wanna close things off By looking ahead 12 months, what milestone are you most excited to deliver, and why should investors be paying attention to your company now? Well, we'll start with you Jed. Yeah. Well, obviously, I already hinted at 1 there, results from Antenna Hill. But beyond the drill results, we are still actively consolidating land around both of our projects. So any announcements around growing our land package would definitely be meaningful. But as far as 12 months, just getting a real idea of the scale of our target.

43:04 That's the milestone that I wanna be able to, be able to communicate to the market in the next 12 months is that yes, we have these individual areas that are showing evidence of mineralization and looking to see if we can tie that together and get an idea. Are we looking at a

43:30 good sized deposit or are we looking at like a BHP Rio Tinto size deposit? That's what I want to be able to know within the next 12 months.

43:42 Very good. What about you, Bob? Well, within that time frame, we think, or even less than that, we think we'll be making a production decision on the Petro project. And you know, that will in turn allow us to then draw down on that, on that financing from Ormet and start the plant rebuild and that sort of thing. So, you know, I think making that decision will certainly be a key milestone for us. And leading up to that, with you know, the drilling and all the results that will come from that, We're just wrapping up the underground drilling program now and we'll be able to start putting together a resource or a mineral inventory as we may have to call it. And then getting into the surface drilling, which will demonstrate the upside potential in the project. But that's all focused on the gold silver portion, which is really only the northern 10% of the property.

44:41 The new discoveries

44:43 that we've made and more pertinent to our silver discussion are the polymetallic discoveries that we've made elsewhere on the property. And so, those are the ones that we just released that we put a drill program together that we'll be applying for the permit. So if we can get started drilling those and being able to get those results out, I think that's, that'll be a fairly major catalyst as well, because we may actually be able to develop those to a point where we can start told milling that material at toll milling that material at one of the nearby mines, as opposed to permitting and building a brand new flotation plant to process that material, because it will be different from the gold silver mineralization that we're working with now.

45:33 So there's lots going on, lots of news coming over the next 12 months and should be an exciting time. It sounds like it. Well, folks, again, thank you so much everyone in the room, everyone who's watching live, everyone who's watching the replay, but especially thank you, Bob and Jed. It's always a pleasure to have you on. Thank you so much for your insights and for your time. Thanks, Bianca. Thanks very much, Bianca. It's been a pleasure. Thanks, Jed. Awesome.