SolGold (Aquis:SOLGL) — Investor Presentation

0:00 Good afternoon ladies and gentlemen and welcome to the SOLGOLD PLC investor presentation. Throughout this recorded presentation investors will be in listen only mode. Questions are encouraged, they can be submitted at any time via the Q and A tab which is just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself however the company will review all questions that are submitted today and will publish responses where it is appropriate to do so and

0:31 these will be available via your investor meet company dashboard. Before we begin, if I may, I would like to submit the following poll and I would now like to hand you over to CEO, Scott Caldwell. Good afternoon, sir. Thank you very much. And to all all of you that are participating on the call, thank you for spending, part of your afternoon with myself and SOLGOLD. So I, I'm gonna give you try to give you a little bit of an update about the status of the company. And, so so with that, we'll just go ahead and start with the presentation. First slide is cautionary language, which I'm sure you see in most presentations. It just reminds you that there are some forward looking statements in this presentation. So the next slide, it's just a little update on kind of the status of the company, balance, etcetera.

1:24 And I'll just elaborate a little bit on this. First, I'd like to point out that Cascabell, which we think is a tier one asset, truly an amazing asset and of course our flagship. But we also have another resource at Port Venere and you can read the numbers as well as I can, but both of them pretty exciting assets, obviously Casket Bell, the core. A little bit about historic, numbers, and this would have been at the end of March. The cash figure, I'd to point out that that includes shares that we own. We call them owned shares. Those would have been the block of SOLGOLD shares held by Cornerstone. So at the end of March, we had 48,000,000 in cash, 48,000,000 U. S. And then roughly 25 in the share value at that particular instant in time.

2:14 So we've got a strong cash balance and we spent a little bit of time talking about that. And of course we have those shares, but, we feel like we do not we have plenty of cash to carry out what our business activities over the next twelve months. And that doesn't include having to sell that block of stock that we just talked about. Moving on to the next slide. A lot of questions about the strategic review process that we announced. And if you look at the bullets below it, we have a committee, a strategic committee led by a non executive director, Dan Vucek. And Dan's a very experienced investment banker who's on our board. But if you look at it, we're looking at all sorts of activities, financing alternatives. In other words, is there a way to finance the advancement of Cascabell?

3:07 Again, as I mentioned, we don't need to do anything right now for the next twelve months. Spin out of assets other than Cascabell, what are we talking about? Obviously, that would be some of the expiration assets or an expiration asset. And, the direct or indirect acquisition of an interest in Cascubill, what's that mean? Perhaps that's, someone, gives us some cash to for a portion of that or whatever. And then any other transaction. So we're looking at all sorts of combinations of transaction, don't have anything to report. And if we did have a material transaction, our advisors and the board of directors would make a recommendation to the shareholders. So ultimately, something does materialize sometime in the future, that's significant and material, it would be up to the people on this call and all the rest of our shareholders to decide whether we should proceed or not.

4:09 So the next slide, talking about advancing and de risking Cascobel. So when we say de risking it, as you know, we announced that we suspended the detailed engineering, delayed the detailed engineering on the mill. We're but we're still moving forward in country and we're working on things such as we're negotiating with the government, the exploitation agreement and the investment protection agreement. And so that's moving along quite well. But it is a negotiation, a very collaborative and progressive negotiation with the Ecuadorian government on both of those agreements. And we hope to have them signed before the end of the year.

4:56 Other things we're working on is the right of way and we have an option to purchase one of our tailing sites. We have some work to do there, geotechnical work in the field to see if it's suitable to construct a tail storage facility. We're working on the right of way for the concentrate pipeline to the coast, the tails line to the facility. So we're working on that sort of stuff. Again, they're low cost initiatives in the field. And we're permitting the exploration declines for the early works to begin work on that. So we're working on those sort of permits. Again, working with the Ecuadorian regulators and we just don't know when we'll receive those permits, but it's proceeding well.

5:43 Metallurgical test work, we have not started that, but we intend to begin met testing. We have the samples secured and in storage right now. And that test work is to we have some ideas to improve gold recovery that's talked about in the pre feasibility study. We think we can improve gold recovery, but that test work will begin and so we're working on that. And then the project optimization and we talk in the next slide, but we're looking at internally looking at a phased approach, ending up at the same spot as far as throughput rate goes on the development of Cascabell. But is there a better way, a better path forward on how to develop Cascabelle?

6:28 And we're working on that. Don't have anything to talk about yet. And I mentioned the tails. So, you know, it's if you look at our regional exploration, after the Cornerstone merger, we obtained a number of properties, approximately 10 from Cornerstone. We're evaluating those projects. We have a total of 90 tenements in the country from Colombia all the way down to Peru All of them in Ecuador, of course. And so we're evaluating, re ranking those projects and we're doing low cost work in the field. What would that be? That would be channel samples, soil samples, that kind of stuff, North of Cascobel right now. But we have a huge lands package, 358,000 hectares.

7:17 And we're looking at the priority concessions and then we obtain the proper permits to begin work. We are drilling on no properties at present.

7:32 Next slide. So, I mentioned this briefly, the phased approach. So we're looking at, if you look at the resource on Cascabell I'm talking about here, there is a higher grade core to the porphyry copper deposits, and it's still large tonnage, 400,000,000 tons or thereabouts, but much higher. And we're looking at the potentials. Could you develop this project, mining some of the high grade upfront and hopefully lower capital cost, I. E. A smaller mill, lower underground development cost because you start with a finer footprint, but have similar metal productions. And then over time, you would expand to the ultimate tonnages as the pre feasibility shows at 25,000,000 tonnes per annum.

8:24 So you end up in the same spot as far as throughput goes. You'd still extract the bulk of this very large resource to two plus billion tons. And so we're looking at that and it's an internal study not ready to talk about right now, but we think it'll have some potential. Optimum production profile, lower upfront capital. And you know, we're looking at additional tailing sites. We have our large facility identified, but there's some other sites that have been identified in the past that are closer to the mine and perhaps lower capital costs to get up front running. So work's begun on that internally and we'll continue to revise and refine that study as time goes by.

9:13 Excited, managers are excited about it. Again, just because of this high grade core been identified and we talk about that in our resource statement. Cascabell, most of you are familiar with this, but the map on the left kind of shows the location. The black line that heads the 4 first port, that's an old railway line that we think is the best concentrate pipeline. That's what I talked about earlier. But it has some great infrastructure. I mean, it's we're right off of a paved highway, deep water ports, hydroelectric power grid that runs 60 kilometers away from us and that's the major grid collecting Colombia, Ecuador and Peru. So there's a lot of infrastructure there and hence a lot of capital cost advantages.

10:03 If one compares the development costs on the Cascabell project to a project in say in the Altiplano in Chile, where there's no water for processing, you've got to pump it from the sea, just logistical and infrastructure issues. We've got some great advantages when you look at some of the other discoveries in the North Of Chile. Outside exploration, our favorite spot or the highest priorities that we've been identifying. And that light blue color is some of the properties out of Cornerstone, the Cornerstone Mercury. That block is an expansion. It's immediately around Cascabell, so the northern part of the country. We feel that that's the best porphyry gold copper area.

10:52 I mean, Cascabell's there, Codelco has a discovery there. A lot of a lot of great opportunity up there. And that's if you looked at our top priorities, that's where we see the the best potential. The other properties have some great potential as well, but this is our first priority is the North and obviously the synergies with Cascabelle when you're exploring in and around the area. So it's it's a some great exploration opportunities there, but a lot of hectares and it just takes time to work your way through this. And again, we are not drilling anywhere at the present in country. We're prioritizing identifying drill targets, obtaining the proper approvals so that we can drill.

11:41 And once we get ready, we'll work on the highest priority targets. So we have some great potential on the outside exploration. There's a lot of interest in the tenements. Probably many of you know that that the catastrophe or the the ability or the right to stake, to secure exploration, ground in the country, that's been suspended by the Ecuadorian government for a number of years. And so if want to explore in the country and you don't have your own tenements, you've got to talk to ourselves. And there's other companies, of course, that have the same that have outside exploration tenements. We have, to our knowledge, we have the most or the largest outside tenement package.

12:31 So a lot of interest in that, and of course, as we mentioned earlier, that's part of the strategic review is the outside exploration properties. Ecuador, if you look in the lower left, again, like I said, we're negotiating the exploitation agreement and the amended, as we call it, but the Investment Protection Act. And so that's moving well. And as I said, perhaps we'll have it signed by the end of the year. But you can see that this is just a sampling of the companies are involved in the country at present to our knowledge. And you can see there's a lot of names we all recognize there.

13:16 People like Ecuador just like we do because it's the right rocks. It's got some great exploration potential. And we feel that it's a great place to do business for the extractive industry. Of course, we're copper miners and that's what we're in, or copper discoverers, but that's what we're interested in. But, you know, it's it's despite the current political situation, which you all know is is there's been a snap election called for, and that'll be take place on August 20. I live in Ecuador. I've relocated to Ecuador. And so I'm down there, it's quiet and business as usual throughout the country. So I think there'll be an orderly process.

14:04 And the company historically, I'm talking SOLGOLD, has done a very good job of being supportive of the government, whatever government that might be, the present government or previous governments. So And we feel in a very good position despite the interesting political situation at the moment. Some highlights on the PFS, and again, this is all published, and I won't read the numbers, but very, very large resource, as we all know. The current PFS has a twenty six year mine life. But if you look at the resource, it's over 2,000,000,000 tons and at production rate of 25,000,000, that's a very long life, like eighty years or thereabout.

14:59 And you can see the high grade core I mentioned, the four forty two million tons at 1.4%. That's a contiguous core inside the larger lower grade halo. And again, that's the focus of the phased approach. Is there a way to extract that a plan? And we believe that you would not sterilize the other ore or the lower grade ore that surrounds it. But it's a study we're working on internally now and if it has merit, we'll pursue it with some outside experts.

15:40 So if you look at us, and I'm talking SOLGOLD, you know, we're a copper producer and I'm sorry. Not a producer, a copper discovery. But, you know, copper is the is, in my opinion, in our opinion, is connects all of the the net zero emissions future devices, solar panels, etcetera, Teslas. You need a lot of copper to make that all work and we're positioned with a rare Tier one asset, a very, very large and high potential exploration portfolio. Companies over the over the its history and I've been involved in the country since 2016.

16:26 And it's been working in the country for a decade now as excellent ESG program wherever they work and where they have worked, whether it be Cascabelle or Porvenir or Rio Amarillo. So very, very good relations. The focus is get the local community supportive of your project to work on that. And they've done an excellent job on that. And then it goes up from there. And without the local community supportive of the project, you know, it's pretty tough to get the thing moving forward. We have an excellent program in Cascabill and elsewhere. And now the Cascabill project's 100% owned. That was the primary focus of the acquisition of the merger with Cornerstone was to get 100% of Cascabell under the SOLGOLD umbrella.

17:22 But obviously, the exploration portfolio, again, I mentioned earlier, a number of the cornerstone outside tenements have been rated as in our top 10 exploration projects.

17:39 And I won't spend any time on the footnotes, but in summary, you know, we think we have a very significant discovery at Cascabell, a Tier one asset. It's very large, so it has a long life. We think it has some potential for a different development schedule. The PFS is a very solid study. However, if we can optimize it, that's kind of what we're working on that side.

18:10 Know, we're mine finders, not mine builders, but you know, that doesn't mean we shouldn't be looking at the best way to develop the Cascabell project and de risk it in the field. We have the opportunity now with things like the tails facility and some low options to do our geotechnical work, get access to the land. We think it's prudent to continue to advance where we can in field itself. So with that, we've got a number of questions that were submitted, we'll answer those and then we'll open it up to some live questions as we go through it. Scott, absolutely. And thank you very much indeed for your presentation this afternoon.

18:55 Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab, which is situated on the right hand corner of your screen. But just while the company take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard. Scott, as you did kindly mention, have received a number of pre submitted questions ahead of today's event. So perhaps before turning to those live ones, if we could dive straight into those that would be great. The first question that we have here reads as follows: You have said we are explorers, not mine builders. Recent comments and announcements have cast confusion over this. Is this still the case? Yes, that is still the case. And by mine explorers, that doesn't mean that we're not going to when we make that discovery such as Cascabelle, we still will look at ways to optimize the extraction of that deposit.

19:53 Phased approach is what we talked about a little bit earlier. And it's just a way we're just trying to optimize the existing PFS, not just. That is what we're trying to do. And is there a way to limit the upfront capital, reduce the upfront capital, and end up of course in the same spot, which is extract that entire resource. And so you simply mine higher grade material for a period of time and then expand into a larger production rate in the future.

20:23 So next question. Thank you very much for that. Just turning on to the next question. Does making E and SA 100% entity for SOLGOLD suggest a sale is the preferred option? Well, 100 ownership of ENCSA obviously allows for greater flexibility. And, you know, the the when Cornerstone owned 12.5%, it created a lot of confusion by investors. But, you know, it's a great asset. And as I mentioned earlier Cascobel's a great asset. Acquiring Cornerstone put 100 of that asset into into ENSASOLGOLD and we as a side benefit we got those 10 exploration properties of Cornerstone that several of them are great potential.

21:14 And having 100%, it really makes it a simpler and a more,

21:22 let's just say, complete project. So next question. Perfect. Thank you very much for that. Are there currently any takeover talks with companies? And if so, how many interested parties? Unfortunately, you know, we just can't offer any specific information regarding takeover talks or that matter of fact, involving involved in the strategic review process. But I can confirm that we have a number of active active confidentiality agreements in place.

21:54 But obviously, I can't disclose who or when they signed them and that kind of stuff. But we do have some confidential agreements or NDAs in place. So next question. Perfect. Thank you. Perhaps just sticking with that theme. Another question that we have here, can management give some guidance about the real value being pursued if a sale happens? Sure. If if an offer is of us, and I mentioned this earlier, but of of significant offer, and a real offer, by that, I mean, from from a company or or companies that that actually can can support that offer. We would present the book the our advisers and the board would do their best to negotiate

22:37 the best terms for that sort of proposition we could get. But ultimately, we would present that proposal to shareholders for approval. And again, that's if it's a material event that recommended by our advisors that we need to present to the shareholders, we would. So ultimately the people on this call and other shareholders would decide whether we proceed or not. So that's what we can say about that. Thank you very much for that. The next question that we have here relates to your diverse investor book and asked given the diverse investor book with older and newer names on the book, does management think that the old investors like BHP are just waiting to show their real interest or are they going to de invest if another suit requires a majority ownership?

23:27 Well, wish I wish I knew the answer to that question. But it is it's a good question for BHP. And and, obviously, they're the shareholder of what they intend to do or not do with their ownership position, really, you have to ask BHP. Obviously, I believe and I've been an investor in this story for a long time and owned about 18,000,000 shares, a little over. I believe it's a tier one asset and a great asset. And I would think that at one time BHP thought that otherwise they wouldn't have bought the stock. Question question for BHP. Perfect. Thank you. Is there an active data room at the moment active intended as in there are one or more investors actively and formally engaged in due diligence and value conversation with SOLGOLD?

24:15 We we do have an active data room and and it's it's, you know, not only is it there, like, as I mentioned, there are people that have signed CAs or NDAs, nondisclosure agreements or confidentiality agreements that are active in the data room. Unfortunately, we can't disclose much about what's going on or not going on. And that data room just so everybody understands is is we use it internally, right? It's it's all the information related to whether it be the the the Cascabell study

24:45 outside exploration properties. So it's really it's it's our store database where we access things. But, yeah, there are people that are in it and, you know, we'll it's it's part of the process. Perfect. Thank you. The next question relates to the strategic review, and there were a number of live questions which have also talked to this. The question that we have here reads, it has been suggested that the strategic review is an ongoing task. What was meant by this? Surely, purpose of such a review is to provide a clear strategy, which is then implemented. Yeah, the goal of the strategic strategic review is to maximize shareholder value. And I'll say all of our stakeholder values because we have, as you well know, Cisco and Franco, who are very supportive shareholders, but they have a royalty, they don't own the stock. So I say stakeholders. I shouldn't have said shareholders.

25:44 The Ecuadorian government is a stakeholder

25:47 in the project. So we're trying to maximize shareholder and stakeholder value. And there's no set end date to this as we evaluate options and go through the process. So we haven't said, you know, it's going to go on for X months or days or years. And so it's just sort of a process that's dynamic, and we'll continue to work our way through it. And I mean, of the strategic review is not just outside interest in various options, as we've discussed earlier, but also things like the phased approach and taking a look at some of our outside exploration properties for veneer being one that does have a resource on it. And we're so we're looking at that internally as well.

26:37 Perfect. Thank you very much for that. Just turning on to the next question. Some people say, management works towards selling, the CGPs SOLGOLD share at a knockdown price to max it or other inner circles. Is this true? No, not at all. It's not true at all. If if we're going to place the owned shares or the the ex Cornerstone shares in our company, at some point, we would we would maximize the value. We would get the best possible possible price we could for that block of stock. And as I said earlier in my presentation, we're in no need of the cash right now. So at this point in time, we're not trying to sell the block. And so but we would maximize the price for that block of stock.

27:25 That's great. And how close are you to selling this resource? And will it be completed before any new funding is required?

27:33 I talked about this briefly later. We've we've done a very we spent the last few months reducing our spend, reducing our costs, and this is concrete reductions. Unfortunately, a number of people were number of employees were retrenched, but reducing costs across the company, simplifying the organization. And we we clearly don't need any funding over the next twelve months and and beyond. And that's without placing the block of the own shares that we just talked about. So we've done a lot of work on that, reducing our spending yet, continuing to advance, as I mentioned, the Cascabill project in the field, prioritizing outside exploration targets, including the newly added Cornerstone tenements.

28:22 So we're doing a lot of work, but it's in Ecuador. And as we've talked previously, streamline the organization, moving as many activities into Ecuador. And and, of course, I live there now. And it's a wonderful place to live, I might add. And so it's, a lot of work on cost, cost containment. And these are meaningful, actual, achievable reductions, not Scott standing around and saying that, look, we're going to do. It's we have done. And so a lot of hard work.

28:56 And unfortunately some people, some employees were retrenched through the process. Thanks Scott. That's great. There is much talk about ENSA due to the obvious fact that it requires a deep pocketed owner to take it forwards. But what about Porvenir? This is very attractive resource is in the South and the mining more accepted and infrastructure in place. Has there been interest in selling Porvenir? It's a better size for some lower CapEx companies, easier to sell or JV? Yeah, there is, you know, obviously the pre feasibility study and we're talking Cascadell had a capital cost in excess of $2,000,000,000 That's part of the strategic review, I. E.

29:43 The phased approach is to see if we can't find a way to develop Cascabell in a more cost effective, I. E. A lower capital upfront, again, ending up in the same spot. Porvenir, yeah, it does, as mentioned, it does have a resource and the way that the resource is lying, it it's not an underground development. It can actually be an open pit. And we are evaluating Porvenir and looking at it. And as we advance that thing, I'm sure when appropriate, we will talk a little bit more about Porvenir. But at Porvenir, we still think it has growth potential through exploration.

30:24 We are, again, as I mentioned, we are not drilling anywhere, including Porvenir. But yeah, it is an attractive discovery. And it's an example of Mindfinder's comment that I made earlier. The company has found two significant porphyry copper gold deposits, one being Cascubel, of course, and then the second being Porvenir that's in the south of the country. Perfect. Thank you. And the last pre submitted question that we have here asks, share price performance over the last year suggests that the market has lost confidence in SOLGOLD. What are you planning to do differently to change this? And how soon might we see these changes have an impact?

31:07 Well, first, I'd like to say that, you know, I I agree that many shareholders have lost confidence and and remember that I've been involved in the story for for quite a number of years and I own over 18,000,000 shares that that I bought long. I I bought on the market. They weren't options or any of that sort of stuff. And so I own a lot of shares and so I've invested significantly in the asset. And so I'm a shareholder and I believe that I'm aligned not only with shareholders, but all shareholders, the people that are on this call and those that aren't, as well as stakeholders, including the Ecuadorian government, our employees, etcetera, royalty holders. But no matter what you feel about past or even current manage myself, decisions made, it's one the things that hasn't changed, and that's the quality of of the Cascabell project.

32:01 And it truly is a tier one asset, tier one asset that being long lived, great metallurgy.

32:10 And although a lot of people feel that block cave is an interesting mining method. I've worked in block caves over the years. I've been involved with the team at Freeport that developed block caves. I'm very comfortable with the block cave mining method. It's a very efficient and environmentally less intrusive by orders of magnitude than a large open pit. So it has a lot of lot of potentials. But and and as I said, I'm here because of my 18 my share ownership. I'm here because I'm a big believer in the project and working in the country. I moved to Ecuador. We've done a lot to simplify the organization and streamline, the organization.

32:55 But, it's a great deposit. I'm committed. The team's committed. We're moving as many activities as possible into the country that, we believe is a is a way to solidify our, great working relationship with the Ecuadorian government. So we have a question here. How much stock, do BlackRock currently hold, in SOLGOLD? And are you under the impression that they have recently been selling down their holding?

33:22 Yeah. BlackRock, I I'll be honest with you off the top of my head. I don't know how many shares that they have. They have according to documentation, public records BlackRock has been selling stock, know, and again, much like any other shareholder, you need to ask BlackRock why they've been reducing their position. And, you know, it's I think it's something you'd have to ask BlackRock. But, yeah, every indication is they are, they have been, and I think they've pretty much reduced their block. I don't know how many shares they own right now.

33:58 Perfect. Thank you very much, Scott. The next question that we have here, and I'm not sure how much you can say about this, is there an open discussion with the Xiangxi? Jean Shi, again, you part of the strategic review process, you know, there's, like I mentioned, there's a lot of people that are in the data room And, you know, I just can't comment about who's in the data room and who's active no matter what company that might be.

34:34 Perfect. Thank you very much. The next question that we have here, is there a date slash plan for when the optimized PFS will be issued? 2023 priority slide indicate there's no expectation this year. Yeah, we we just don't know the timing of that. As I mentioned, we're doing the internal work now and and we wanna complete that. And so meaning no outside experts. Obviously, we're using the, you know, the current PFS, the drilling, the ore reserve, the hydrology, the met testing, etcetera, all of that, the rock mechanics, all of that is valid and very, very expensive data to acquire I. E. Drilling and consultant time.

35:20 So we're working through that and we just don't know the timeline. Obviously, want to, at the right time, we would bring in some independent experts

35:30 to further do refine the work on the study. But we would like to obviously get it done as quickly as possible, but we just don't have a timeline at this stage of the game. Perfect. Thank you very much. What is the current status direction of travel for Ecuador as a mining destination? My opinion, so I'll just say SOLGOLD's opinion, is that we believe that that Ecuador is transitioning from hydrocarbons, I. E, the oil industry as as those resources are slowly depleted, recognizing that in particular, in in our case, copper is part of the new green revolution. And as we all know, copper connects everything and whether it be a solar panel to the next solar panel or in your house.

36:20 And so copper is a key element or a key commodity for the green revolution. And certainly, I believe Ecuador, the government and the people have said, well, there's a way that we can participate in this with responsible mining. And so I think it's going to be a great place for that transition, Ecuador. Thank you, Scott. I know we have briefly touched on the strategic review, but a question here. As so much focus has been placed on this strategic review to unlock value for investors, is there going to be better transparency with shareholders about that activity as it is the primary activity that is burning through cash? Yeah, the, you know, first off the transparency, you know, we will be as transparent as we possibly can. And there's regulations obviously on what sort of discussions we can and can't have about that.

37:19 But again, any any material transaction before it would take place, obviously, we our job would be to try to, with our advisers and and our is to try to get the most favorable terms. And but any material transaction would be presented to our shareholders for approval as we go through through this process. But it's it's a process where for the protection of everyone, including the people that are involved in the process on the other side or not involved, we just can't we just can't do spend a lot of time talking about it. Thank you very much. I know we have already touched on this slightly in the pre submitted questions, but perhaps if there's any further color to add here.

38:06 Has the company entered into any standstill agreements with regards to drilling with any individuals, parties who are currently accessing the data room? Yeah, everybody signs before they access the data room. I'll just say it's a sort of a standard CA, NDA with appropriate agreements that protect both parties, I. E. We can't disclose who signed an NDA nor should we. And they can't acquire tenements or that's anything so to that's inappropriate. And I mean, are the people we deal with are professionals and it's, you know, but a very, very standard CA slash NDA that you would see throughout the industry.

38:59 Thank you very much. Just turning on to the next question. Is all other activity sidelined indefinitely until Cascabell or SOLGOLD is sold? Well, by activity sidelined, I'm I'm assuming they're talking about exploration activities or, you know, the advancement of Cascabell, and I spoke, I think, both of that. We are not drilling anywhere right now, even at Cascadel, but we are we have a team in the field now looking at something to the north, one of our tenements, and they're they're analyzing where we should permit to drill. So we're doing work in the field even if we're not drilling. No, it's not sidelined. Again, Cascabell itself, whether it be the phased approach study that we're working on or the signing of low cost option agreements to do the geotechnical work for one of our tails facilities, the access route for the right of way for the concentrate tails pipeline.

40:04 So we are working in the field. We're in discussions in the country with the government obviously negotiating the exploitation contract agreement and the investment protect in that agreement. So we are advancing, but just in a different manner rather than spending engineering dollars offshore. We're spending our resources, whether that be time or money in the country to continue to advance. So parallel to any sort of strategic review process and doing things that will add value to all of our stakeholders, shareholders, etc, in cost effective and efficient manner. Thank you very much.

40:51 How much input on the strategic process and or optimisation work is coming from current strategic shareholders like BHP? The our our current shareholders, other than what we talk about, and if they happen to have an active CA, and I don't know who does or doesn't from our strategic shareholders. But if they have a CA, they're welcome to NDA to look at the material. If they don't, they, like any shareholder, they just hear public information, but they're not involved at at the ground level in in the in the strategic review process. Obviously, we we they're strategic they're large shareholders, and we would love to talk to them about publicly disclosed information just like we did today.

41:43 Thank you very much, Scott. And perhaps the final question that we have here, what can be done to help move the share price north to more reasonable levels? Yeah. I think it's, you know, it goes back to earlier we talked about shareholders' frustration with the management. And I think number one is we need to deliver on what we say we're going to deliver. I think, you know, if if we say we're gonna do something, let's get it done and and get it done promptly. I'm talking about management here. So I think it's execute on the things we're working on. And and I realize that the strategic review process, it's a bit frustrating with, you know, what we can and cannot discuss, to to people as we go through the process.

42:31 I realize that's a little frustrating. So that's kind of a a difficult one to to talk too much about. But if we continue to execute, if we can get some of these things done on time, and as I say, on time and on budget and they work, I think that will slowly move the share price up. But it is, as I mentioned in the last pre question, question 11, Cascadell is a Tier one asset. It truly is a phenomenal asset with great potential despite what you might think about myself and other groups of management. We're going to continue to execute over time. And I think that's what's going to help our share price as we demonstrate that we don't need to raise equity in the next twelve plus months and we can continue to advance it. So it's deliver and like I said on time and it works, on time, on budget and it works.

43:35 So, that's what we're focused on is doing what we say we do. And, you know, hopefully, we can we can, start to announce some some other interesting things like the phased approach and some of those things as as time goes by. Scott, that's great. And thank you very much indeed for being so generous of your time then addressing all of those questions that came in from investors this afternoon. And of course, we will give you back all of the questions that were submitted today just for you to review and to then add any additional responses, of course, where it's appropriate to do so. We'll publish all those responses out on the investor meet company platform. But Scott, perhaps before redirecting those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that would be great.

44:22 Sure. Absolutely. First, I'd like to thank all on the anyone that's on the call for your time this afternoon. I know you've a lot of people got a we're all busy, and I appreciate you taking some time. But look, the management team, myself, again, I'm a shareholder, so I'm aligned with the people on this call. I think that, you know, in summary, you know, it's great asset. I refer to Cascabell and a great, we believe a great country to do business in. And so it's, it's a great opportunity. You know, copper is a is, in my opinion, is a place you want to be. And, you know, it's it's a, you know, you may not like management, you may not like me, but I think as time goes by and we deliver on our on our milestones and again, on time, on budget, it works.

45:18 But above all, Cascabell is truly an amazing copper deposit and someday it's going to be one great mine, a very profitable and a great mine for all of the stakeholders. So with that, know, I'll just again thank you one more time and I look forward to having another webinar sometime in the not so distant future. And again, if you have more questions, you know, you just need to give us a call. We're we're always there to answer calls and, you know, we'll any of our stakeholders, we're always glad to talk to them. So thank you very much, and I I appreciate your time this afternoon. Scott, that's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations?

46:15 This may take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of SOLGOLD PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.