Tertiary Minerals (LSE:TYM) — Investor Presentation

0:01 Good morning, ladies and gentlemen, and welcome to the Tertiary Minerals 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 that's 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 can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the investor meet company platform.

0:32 Before we begin, I would like to submit the following poll. And if you could give out your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive chairman from TERTIARY MINERALS PLC, Patrick. Good morning, sir. Good morning, Jake, and thank you for the introduction. So ladies and gentlemen, thank you for attending. So I'm here to talk about Tertiary Minerals, in particular, our exploration for copper in Zambia and Nevada. So if I can just give the usual cautionary statements, this this meeting will be recorded and available after the meeting, and I'd advise you to to read those through in due course. It's obviously too too detailed to read out just right now. But I'd just like to introduce who's involved in the company.

1:20 We think the company's in very good hands with a very experienced board. We have amongst our small board, we have a diverse range of skills. My background is that I'm a geologist and many, many years of experience in mineral exploration and public company management and founded a number of of mining companies both here in The UK and in Australia, which is where a lot of my background is. I'm joined on the board by Donald McAllister, who has a who's a finance director. Lots of African experience with WINERALS PLC, which mining reunion. And also by doctor Mike Armitage. Mike is a hugely respected geologist and very experienced. Many, many years as a career with SRK Consulting, which is one of the world's largest consulting groups for mining and and geology.

2:09 He's been chairman of SRK UK and SRK Group and is currently the only chair of the Critical Minerals Association.

2:20 So we're very heavily involved in copper exploration, and I'd just like to take a bit of time just to explain why that is. You know, copper is, you know, one of the critical minerals a very, very important battery mineral. It often gets kind of overlooked in the excitement that has surrounded things like commodities like lithium and graphite. But actually, it is equally, not more important. It has a number of properties which make it absolutely essential in the clean energy transition. It's it's used very widely in all the all the energy transition parts, so in wind farms and electric vehicles, energy storage, solar technology. And just to give you kind of an exam some examples of importance, you know, if you look at, for example, electric vehicles, an electric vehicle used four times as much copper as is required in an internal combustion engine vehicle.

3:17 It's, you know, something like four tons of copper in every wind turbine, five tons of copper per megawatt power generation in solar technology. So it really is a critical mineral. And whilst it has a good recyclability, which is good, it is not replaceable. And, you know, it'd be interesting to see how, you know, how those technologies evolve, how much lithium will be used in future. Certainly essential now. But some of these new new materials are amenable to substitution. So, you know, copper, very, very essential. But there is a copper supply problem, and this graph is quite interesting. This was produced by one of the leading consultancies, management consulting group, Wood Mackenzie.

4:04 And if you look at this graph here in the light blue, you can see what is called base case capability of production. So that shows declining mine production from the current mines over time, you know, starting about 2024 because most of the world's large copper deposits have already been discovered. This graph allows for new production to come on from some some small production from known projects, some which may be off the radar. And even so, you see that copper starts to decline again with these new mines coming in after 2032. And the black line on here shows demand based on Wood Mackenzie's a two transition scenario.

4:50 So that's the scenario for COP demand based on what is the most likely combination of technical innovation and policy drivers, which will be set to limit the the rising global temperatures to two degrees Celsius by 2050. So there really is a copper supply problem. And so exploration is going deeper and deeper. All the near surface stuff has been found, and you'll see this becomes, you know, a theme within our Comco or the West project, which we we submitted to our announcement yesterday. And just some some interesting statements as we go through this. You know, BHP, their CEO, Mike Henry, said the world's going to need two times more copper in the next thirty years than it's used in the last thirty years.

5:36 So that's quite an interesting statement, I think. So why copper? I think we've explained that. But why Zambia? Why are we so heavily involved in Zambia now? Well, very obvious reason, Zambia is with the Democratic Republic Of Congo, is host to the Central African Copper Belt. This is the world's largest sediment host to try to form copper province. The Zambian side of the Copper Belt has multiple world class deposits, which produce about 760,000 tons a year of copper in 2022. Now a new government came in just over eighteen months ago and set about to rationalize the mining regime, which was relatively unfavorable under the previous government.

6:21 So they've taken a lot of steps to make mining investment more attractive in Zambia. They have reduced royalties, made royalties deductible, amended the royalty rates, and they have a very clearly stated goal to increase copper production to 3,000,000 tons by 2032. Now that is very, very ambitious. But whether or not they actually get there, it's the scale of the ambition that's important and the fiscal environment that they are creating. And we think that's gonna continue to improve, And Zambia is certainly becoming a a primary destination for investors focused on copper. An industry is responding to these initiatives. You know, over the past several months, there's been over $10,000,000,000 of investment announced into the Zambian copper mining industry.

7:13 You know, of particular importance, I guess, for us is, you know, the billion dollar investment by Conkola into Conkola copper mine by Vedanta. But many, many mines in Zambia are being developed and expanded, and there's some details there in that table. What's not on there is a very recent announcement whereby the Zambian and Chinese governments have announced the building of a $15,000,000,000 copper smelter for the Northwest Province in Zambia. As we'll see, the Northwest Province is is an emerging area for copper production in Zambia with some very large mines now being developed and developed. So just moving on to to look at our projects. We have a spread of projects throughout the copper prospective areas of Zambia, we've acquired we were fortunate to acquire our interest through an agreement with a local company called Mushir Resources.

8:12 Mushir Resources already had a portfolio of copper projects that they acquired largely in in a few years ago. And they spread throughout not just the Copper World, but also the Northwest Province and some of the frontier areas in the South to the South of the Northwest Province. So our relationship with Mosher has been very successful. They provide environmental services to ourselves and to other companies, and we have a very good working relationship, which has been exemplified by the joint arrangement we made with Cobalt yesterday, and which we can talk about as we go forward. So the well, there are a number of projects within that relationship with Moshir, but we also have 100% owned license at Kulmapala in the Northwest Province, which we granted in 2023.

9:05 So within Zambia, within the Northwest Province in the Copper Belt, there is one particular rock horizon which hosts the copper mineralization. It's called the lower own, and that's significant to you know, that our licenses all covered with the S section machine and all covered this prospective stratigraphy. And it's the the main host for what's called stratiform copper deposits in Zambia. So Conkola West. This was a subject of our announcement yesterday, and we really are operating in the shadow of the head frame here at Conkola West, the heart of the Zambian copper belt and adjacent to the Konkola Copper Mine and concentrator and the Lubambi Copper Mine and concentrator. And the red areas shown here are mining leases held for those mines, and our license is shown in the blue hatch.

10:01 So the Conkola, which is one of the major mines on the Copper Belt, large history of historical production, and also is the location where the Dantrum now committed over $1,000,000,000 for refurbishment and restart of Concolo. Together, these deposits that occur at Concolo and Bambien then heading into the into the Democratic Republic Of Congo, they had a pre mining endowment of of just $750,000,000 three quarters of a billion tons, so I say, of two to 3% copper. New deposits are being developed here in this area all the time. A good example there is is Cobalt's Mingomba deposit, which is a joint venture with the MR and ZCCM, and they are currently drilling out a resource that was previously stated at 247,000,000 tons at 3.6% copper.

10:59 So certainly, early from the country here. So this is the same area shown but with the geology. Now I won't go into too much detail into the geology, but, basically, this is a a stratiform deposit which has been folded over a period of time. The red dotted outline here shows the surface trace of what's called the ore shale in within the lower own horizon. And then that occurs further north of the Bambi Copper Mine. And the red hatched area here shows the surface projection of the ore shale as it's been mined at Musashi and Konkola, and now being evaluated at Mingomba. And that dips towards our license at depth.

11:47 So that's the target here is the continuation of depth of one of the world's largest copper deposits. So very exciting, I think you'll agree. And really, that's what's attracted COBOLD into our agreement, into this project. COBOLD, having been working on Mingomba deposit for quite some time now, will have perhaps some of the best knowledge of the geology of this area. So their interest in our license is certainly a is certainly a good evidence of the prospectivity of this license area.

12:30 So we announced yesterday that ourselves and our local partner would would enter well, we did enter into an agreement with Kobal Metals. So who is Cobalt Metals? Some of you may have heard of them. Some some of you may have not. They are a private company. They're US based. But they are they were established basically to search for the critical minerals needed for the clean energy transition and to accelerate growth in the production of electric vehicles. So they are essentially a mineral exploration company, but they couple geoscience with data science, machine learning, and artificial intelligence. They're backed by various technology investors, of which the largest, I think, is Breakthrough Energy Ventures, which was initiated by Bill Gates and includes Jeff Bezos, Andrew Forrest, Ray Dalio as investors.

13:22 And then also backed by various Silicon Valley venture capital firms institutional investors. They have over a 100 scientists working within the company, and they would they all these guys have come from companies like Google, NASA, BHP. So a very good very good spread of skills from data science, AI, mineral exploration and mining. They have a huge budget. They spend a $100,000,000 in exploration r and d in 2023, and we're very pleased to have them as a joint venture partner. So the this is the kind of structure of the deal that was announced yesterday. The objective of the agreement really is to is to carry out that deep drilling to explore for the projected extensions that I've just talked about to Conkola, Ilubamba, and Musashi.

14:14 They're already working with Mungomra, as I've already said. The agreement is actually provides a commitment for them to drill start drilling no later than May May twenty twenty four, so it's not very far at all. Their drilling drill planning is already well advanced. They've just started the first drill site, we understand, and they're committed to at least two deep drill holes. And whilst two holes may not sound a lot, we're talking about drilling that's going to be going probably to plus a kilometer deep and where the cost of each hole is probably going to be in excess of a million dollars per hole. So it's very bold and, you know, we're very pleased to see this happening. There's very few companies that would actually undertake this work, we believe.

15:00 So on completion of that drill program, we form a joint venture company. That joint venture company will hold the license, and the initial ownership of that joint venture company will be Cobalt 51%. We will have 39%. TERTIARY will have a 10% carry carried interest. Cobalt will meet Moshir's earning commitments, and they will hold an option to buy that 10% at any time. So they COBOLD can opt to increase its interest to 70% by funding a total of $6,000,000 on exploration, after which we will hold 20%. And she'll continue to hold a 10% carried interest. So depending on what co body left, we will either contribute to a 39% interest or a 20% interest.

15:51 If we choose not to contribute, then we will dilute down to and if we went down to a 10% shareholding, for example, then that would convert to a 1% net smelter royalty. A a rule of thumb in the industry is that, say, a 1% net smelter royalty would be equivalent roughly to a a 10% net profit interest. So, you know, there is some kind of equivalence there. So there's a couple of payments that we have to make between ourselves and Cobalt to Moshir, and the the agreements have been some standard conditions precedent for government approval. So we're working through those government approvals at the moment, but we're thinking that it's procedural. So we're looking very much forward to Cobalt starting drilling on this project.

16:42 This is just a statement that we was within our release yesterday. This is the chief executive of Cobalt. I'm just saying that they're looking forward to working with us on this project and saying that they're gonna start doing as soon as possible as I've already said. So turning from Conkola West to our other licenses that we hold with Moshir. So we had a mission in 2023, which was to complete the basic fieldwork and soil sampling at all our licenses with Moshir. The objective is to refine drill targets and to make copper discoveries in 2024. So we've completed over 4,000 samples collected in the field on on several projects.

17:29 We think our mission has been accomplished, and we are now looking forward to 2024 when we can start drilling. So if I run through these projects individually, we'll talk about the JAX copper project first, and this is perhaps the most advanced of the projects. We completed a soil sample sorry, a drill program here in 2022, and we were drill targeting an area called the Jack's Main Prospect. And this is where some drilling have been done previously and outlined the zone of copper mineralization. Our own drilling was looking at at over a 350 meter strike length of that area, and we we demonstrated that the mineralization is there. We demonstrated interesting grades and thicknesses of copper mineralization.

18:21 The mineralization is open along strike, which we'll see. But but importantly, the zone of mineralization which occurs in is about 20 kilometer within a a 20 kilometer zone of the strike length of this prospective lower Rhone stratigraphy. So some of the work we did at the end of last year following the drilling was to complete a soil sampling program with JAX. And we we did soil sampling in four main areas, which we call a, b, c, and d. Not too inventive, but there we go. The soil sampling was designed to test areas where, historically, first, Quantum had done some white space sampling and and got good good interesting soil anomalies and to then infill on more detail so that we can define drill targets. So we that work was successful highlighted a number of areas, both a long strike from the main prospect and in area c particularly that we wish to follow-up by drilling.

19:22 So the tenor of the soil anomalies that we've identified there compare quite favorably with those that you see over current and past producing mines on the Copper Belt. We use scandium analysis here as a differentiator on soil anomalies, looking at copper scandium ratios. Because we take those ratios to be indicative of sulfide copper mineralization rather than just enrichment within, say, the laterite profile with a no underlying copper deposit. So where you have a high copper scandium ratio, that's certainly very favorable, and that's certainly the case we see at JAX and the area you see here on the on the wider JAKs prospect. So through the work we've done, we've earned the right to a 9% interest in JAKs already, we are looking forward to drill testing along strike at JAKs and on Area C in 2024.

20:16 So you can see in the bottom right hand side, you can see where the drill come. You can see our drill come, some pictures of the soil sampling process, and some of the drill core from the JAX main project where you can see the the blues and greens in that are are secondary copper mineralization. And so it looks quite spectacular in the core when you intersect it. This is just a close-up of the of the drilling that was done both historically and by ourselves. We drilled four holes here. It was important for us to do this drilling to actually relocate historical mineralization and to confirm the grades and things that have been reported. You know, this is old data and the and, you know, the the actual positioning on the ground took some work, both with saw sampling and and careful GIS work, but we were successful in drilling and intersecting copper in all the drill holes we put down. So that was was a very worthwhile program.

21:23 So worth mentioning, I think, also our real the relationship we have with First Quantum Minerals. First Quantum is Zambia's largest copper producer from the Sentinel Mine and the Kansanshi Mines. We have signed a data sharing and technical cooperation agreement for two of our projects, Mukai and Moshima North.

21:47 And the purpose of that agreement is to basically, for FQM to assist TERTIARY with its exploration in these areas. FQM had done work considerable amount of work in Moshima North, and a considerable amount of work in the areas surrounding Mukai in historically. There was a time when the previous government when exploration was unattractive, and a lot of companies, including First Quantum, cut back their exploration. So we're talking about expiration that was done prior to that cutback, after which First Quantum lost their their rights in this area. And so what they provide us with all their data. We have a technical committee that we've established, which works collaboratively to review our exploration data and their historical data.

22:38 They assist us in the interpretation of our data and also in recommendations on exploration. And it's great for us because what it does, it basically harnesses the exploration department of a large multinational company that's been working in Zambia for many, many years. So it basically catapults our exploration abilities in this area. I suppose a question might someone may ask a question, I guess, and try and preempt this. So what's in it for first quantum? Well, actually, it's interesting because there is no first right of refusal here for First Quantum. So we are still free to farm out or joint venture or sell licenses independently of First Quantum. But it's a good working relationship. And from First Quantum's point of view, you know, this is a relatively remote area, and they are very well established both with the Sentinel Mine, the Enterprise Nickel Mine. Sentinel Mine has a plant that processes something like 55,000,000 tons a year of ore. So in due course, that will be a hungry mill.

23:44 And so they that we understand their their thinking here is that if anyone finds anything in this area, then it's likely to come to that plant for processing. And, you know, we understand that and we respect the we respect the relationship, and it's you know, we also do our part within this relationship. We provide them with all the data from our exploration, so it also increases their knowledge of the area as well. So that's the the relationship. And the two projects, as I said, Mukai and Mishima North. Mukai is in the what's called the Domes Region of the Northwest Province. The mines in this area are quite different in some ways to the traditional mines on the traditional copper belt. So if you look at these two separate areas, the mines in the Domes Region where the Mukai project is are very large, very low grade. So they're kind of three quarters of a billion to just over a billion ton deposits with low grades, typically plus or minus 0.5% copper.

24:49 So have the characteristics really of of grade and tonnage of porphyry copper style deposits, whereas the deposits on the traditional copper belt tend to be higher grade as we've seen from from the information we've just talked about at Concord. So looking a little bit more detail at the Mucai project and the location, this map in the bottom left hand corner shows our license error in blue surrounded on three sides by FQMs Trident project areas. So First Quantum's Trident project includes our Sentinel mine, but also includes a newly developed enterprise nickel mine. And First Quantum have done exploration all around us historically, and that data has been provided. So we're also very close to ARK MINERALS ANGLO joint venture area.

25:43 This is an area where ANGLO are farming into ARC MINERALS ground, and they have the right to earn 7% there for 85 $88,500,000 of expenditure. So huge joint venture, so we're certainly in the right address here. So this is a geology map, if you like. It shows our license boundary in red. It shows the location of soil samples. Those black dots were all soil samples taken by First Quantum on their surrounding ground. And we know that First Quantum provides us data for what they call their TEROSO copper prospect, which is right on our boundary and occurs in stratigraphy, which continues into our ground. We knew before we started work here ourselves that there was a historical soil anomaly within the license area, And we believe this is a continuation of First Quantum's TEROSA prospect.

26:41 So we in 2023, we carried out a detailed soil sampling program over this historical area, soil anomaly. And we collected over 500 samples on a 300 by 100 meter grid, so covering a reasonably large area. And we use a a field instrument to analyze for copper called a portable x-ray fluorescence machine. So that gives us real real time information in the field and allows us to infill samples where we have high copper values. So that work defined a a soil anomaly over nearly two kilometers by 800 meters within which a smaller area, 1,300 by 400 meters, gave us higher values in excess of a 160 PPM copper.

27:27 So, you know, very high values comparable to those you find on the Copper Belt and another copper mines in the Northwest Province. We know that first quantum of intersected copper in drilling very close to our boundary. And from the soil sampling, we believe that the majority of the soil anomaly actually occurs within this license. So looking forward very much to this project being drill tested in 2024. We move on and talk about the Mishima North project. This is further south. It's in what we call a frontier area of Zambia. So it's outside of the traditional copper belt. It's outside of the Northwest Province, but it is an area of very active exploration.

28:15 It was the site of one of Zambia's highest grade copper copper deposits. It had had a production of 2,000,000 tons at over 9% copper, And that's just over to the to the west of our license, which you can see in blue there. Now one of things that attracted us to this area was the fact that there was a drill hole put down within the license area by a company called Roan Selection Trust in the nineteen seventies, I think it was.

28:45 And that reportedly intersected copper mineralization, but didn't have detailed assays. So we managed to relocate that drill core from storage, and we reassayed the drill hole, and we had recovered an interval of nine meters grading point 43% copper. So similar grade to being mined at at Sentinel, for example, within a larger interval of 33 meters of lower grade. And the copper mineralization is continuing to the end of the hole. So only a shallow hole, one fifty five meters deep, ended in mineralization and lies on the edge of a significant gravity anomaly, which was targeted by BHP. We think that and it was targeted for what's called a a figure style mineralization called iron oxide copper gold mineralization.

29:34 Good example of that is the Giant Alum Peak Dam deposit in Australia. But we think the project is also respected for traditional style copper deposits in this frontier area. So in 2023, we we commissioned a com a consulting company, JW Consulting, which has a long history of working in Zambia, including with Anglo and BHP. And we got them to do a targeting report based on the historical data, including the data that we acquired from FQM. They define six priority targets within the license area. I won't go into too much detail about those, but we basically picked three of these to follow-up in 2023, c one, a one, and a two. So c one is a composite target that was targeted by b h p bill b h p b h p bulletin, And there's a gravity anomaly and magnetic anomaly and soil anomaly.

30:37 A one and a two are white spaced soil anomalies that were defined by FQM. So to look at a little bit more detail, the work we've done there and what we've targeted and what we're planning to follow-up. So the c one target, if you look at the left hand image, the c one target, what you can see in with the blue and green contours is the contours around a gravity high that was defined by BHP. So gravity highs are often targets for dense mineralization of an IOCG style and also a copper gold style. The so the contours are the gravity. The pink to white shading is the magn magnetic anomalies, and the black and red contours are the soil anomalies defined by our follow-up soil sampling in 2023.

31:34 So it's important targets there. So the two the two yellow stars are drill hole locations that were planned by BHP but not drilled. And they were not drilled because BHP withdrew from all exploration in Zambia under under previous governments. And we think they are really good targets. But also interesting, just point out, I don't know quite see this, but you can see the location here of the whole R K 800, which is the hole that we assayed. That sits within the soil anomaly that we defined. The soil anomaly is highest in copper closest to that drill hole. So we think that that copper anomaly in the soil may be related to that style mineralization.

32:25 They both the soil anomaly and the drill hole are normal in arsenic, so that reinforces that association. This is a really exciting target at which we plan to drill test in 2024. Target a a one and a two were soil anomalies defined at a very wide spacing by first quantum in their historical exploration. So So we went in and collected samples on a much closer spacing and that confirmed the anomalies, defined them over an hour about three kilometers by one and a half kilometers at target a one. And that becomes a priority for for drill testing this next year. We do get a very, very good soil sample normally at target a two as well, but we think that is hydromorfic in origin based on its element association and the fact that the soil samples were very organic rich. So we don't despite the high values, we don't think that is a target that's worthy of follow-up, although we do think it may be related to target a one through groundwater movement.

33:33 So the final project to talk about in Zambia really is our Mupala project. So this was an application that we put in for a new license for ground that became vacant. There was a rush to state that. We were the first in time Anglo American try to apply for that, but we beat them to it. And it sits close to our Muay Thai project, but right adjacent to that Anglo Art Minerals joint venture, which I mentioned earlier where Anglo have to spend a huge amount of money to actually earn their interest. And our license contains several several kilometers strike length of this pale brown unit, which is the lower own stratigraphy, which is the main host for copper in the copper belt and and out of the mines in this area.

34:25 So it's really prospective. It's a new license. It's a 100% owned by by our Zambian subsidiary, and we're just completing the formalities to start exploration and sourcing historical data. So we're going to bring this project forward, you know, in parallel with our other projects too. So that really exactly concludes that side of the presentation for Zambia, but I do want to talk about Nevada as well briefly. You know, we have a portfolio of a number of projects in exploration projects in Zambia in sorry, in Nevada. We are very attracted to Nevada. It's ranked number one as in the world as a mine favorable mining jurisdiction.

35:12 All the major companies are working looking for gold and base metals in Nevada. We hold several projects for copper and precious metals. And the priority there really is the Brunton Pass copper project, which we did quite a lot of basic work on last year, and which we budgeted for drilling in 2024 as well. So just in a little bit more detail, the Brunton Pass copper project, this is located in the Walker Lane Mineral Belt, which has several world class epithermal deposits and copper porphyry deposits and iron oxide copper gold deposits. We have seen mineralization in the field here, copper mineralization spread over about one kilometer by 0.6 kilometers.

35:57 We have done soil sampling, and we've done trenching. The soil sampling defined multiple copper, arsenic, and mercury anomalies. The trenching intersected wide intervals of copper scar mineralization, which can occur as a halo to porphyry copper deposits and form copper deposits in its own right. So we're getting very wide in sections, 50 to 80 meters, over 400 PPM copper. And in addition to that, there's a second zone where we have found very, very high arsenic and mercury anomalies both in the in the trenching and in the soil sampling. The alteration that we're seeing in that zone is similar to that we see at the Paradise nearby Paradise Peak Mine, which has 1,600,000 ounces of gold in past production.

36:50 And our trenching is intersected very wide intervals of arsenic and mercury. So why why is that significant? Well, arsenic and mercury are commonly found in the upper levels of epithermal gold deposits. The gold values tend to then occur slightly deeper. So this is defining a very exciting drill target for gold, and we see those same elements enriched in Paradise Peak. So, you know, we're quite excited about this copper project and resources permitting. We'll certainly be looking to to drill there this next year. So just looking to next year, you know, we do really expect and we've had strong flow this this last year. We expect that strong news flow to continue.

37:43 And we think we need that, obviously, to to maintain investor interest in the company. You know, we're seeing cobalt drilling drill planning now, advanced for Conkola West. We we expect to to drill in q one, maybe stretching into q two, but hopefully q one. We have drill programs planned, as I've explained, to test the various key targets we generated at the other projects held by ourselves and Moshir. And we're continuing our cooperation with First Quantum. And we're also looking, of course, at Brunden Pass in Nevada. So some statistics there on shareholdings. That was current as of as of Friday, I believe, like sorry, Monday, eighteenth.

38:32 Showed the shares on issue. Market cap at that time, £2,800,000. That's increased slightly, of course, since the announcement yesterday. It shows our share price range even before that announcement was up to point two of a p within the last fifty two weeks. So kind of not our last this is not our last slide, just interesting to hit throwing another comment here on copper. Jeff Curry, head of global commodities at Goldman Sachs, his his view is that the copper is in the best sing single best position over next year when it comes to commodities because copper is a new oil. Interesting interesting statement, I think. So so this is our last slide.

39:21 And I just really want to point out that we believe that tertiary minerals is very, very undervalued. Also, that's for for, you know, the audience here to to make their own decisions, but just leave you on this slide to look at in your own time. But the when you look at other companies working in Zambia and comparable countries, then, you know, we feel that we trade at a substantial discount to to companies, our peer group companies. And yeah. So we're looking forward to keeping the news going. And, yeah, I will just leave it at that. Thank you very much. Perfect. Patrick, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen.

40:17 But just while Patrick takes 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. Patrick, we obviously did receive a number of pre submitted questions ahead of today's event. And as you can see there in the Q and A tab, we've also received a number of questions throughout your presentation this morning as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And, Patrick, if I may hand back to you just to read out those questions and give your responses where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Okay. Thank you. So yeah. So one of the pre submitted questions here is that everyone seems to agree that copper shortages are looming. So why have we seen copper prices pull back in 2023?

41:09 And until recently, there was talk about a surplus in 2024. Well, just to answer that, I guess what we do have to do is draw a distinction between, you know, short term effects and long term trends. You know, copper prices have pulled back slightly in 2023, but are now recovering, partly because of the economic situation that the world sees itself in. And but what we have seen, as I say, is a a change a total change in what was talked about as a surplus in 2024 to now, people are talking about a shortage. And one of the main one of the main reasons for that is the closure of First Quantum's Cobra Panama mine in Panama. It was closed by the government against against First Quantum's will and against an agreement that was already in place.

42:00 That produced 1.5% of the world's copper. And that mine going offline has basically changed that short term outlook. But the long term outlook that we discussed at the at the beginning still stands. And, know, one of the interesting signs of a looming copper shortage is that these smelters have recently reduced their treatment charges, so they are competing harder for copper concentrates, which basically shows that those copper concentrates are in tight supply. So hopefully that that answers that question. Another pre submitted question was, you know, why so much emphasis placed on the Zambian projects when we've been longer established in Nevada?

42:48 And I think that is a good question. I think the, you know, the explanation lies that lies in the basically, in the fact that we have in Zambia, we have expenditure commitments both to Moshir as our local partner and also to the government in the terms of any license that are issued. So there are expenditure commitments and the clock ticks on those. So we meet all our requirements. But in Nevada, of course, they when you have a mining claim, you can hold that indefinitely. So the priority, you know, the the pressure is on on exploration in Zambia rather than Nevada. But the two jurisdictions are strangely complementary because, you know, in Zambia, there is a very defined wet season when exploration is more difficult if you're not in an established area.

43:36 So, you know, you have difficulty with roads washing out, with river crossings being difficult. Whereas in Nevada, you can work year round. So they are complementary in that sense and allows us to to work in Nevada when perhaps we can't work for a short time in Zambia. So that that would explain that, hopefully. So another question, David h. Should we assume that a 10¢ free carry will be the same over any future deals on the other four more sheer licenses? I can't really answer that, actually, David. I think the difficulty there is that, you know, when we look at other deals, they have to be looked at in their own merits. I think it's a it's a principle, but it depends to some extent on on where we are with those particular licenses with machine. For example, at Jack's, you know, we have already earned the right to 90%, whereas the ones we're still earning that right percent that percentage.

44:36 That was the case with Concolo West where we were still in the earning phase. So it's it's that's as much as I can say on that one at the moment. So a question from Eddie, Eddie M. So do we expect any more joint ventures to be signed in the next few months? And also, have the conversations opened up with the Swedish government regarding the first part project, and how hopeful are we to be able to develop the project in the future? So I guess it's three separate questions there. One of these one of these actually ties into one of the pre submitted questions about the first part project. So I'll take those as they are set out. But in terms of joint ventures to be signed in the next few months, we can't give advance notice of those, unfortunately.

45:27 But what I can say is that there is a lot of interest. People are scrambling for ground positions in Zambia. All the majors are back in Zambia having left on the previous governments. And, you know, we'd like to think there is a high likelihood of that happening. And, you know, we'll just have to have to wait on that to see what happens. So going on to the FluorSpa project, this is our Storeman FluorSpa project. And you'll notice that we didn't have a slide on this project. So we really wanted to kind of focus on the announcement yesterday and what we're doing in Zambia.

46:12 But in fact, you know, those who follow the company will know that we had a decision made on our Storm and Fulispa project in Sweden on an appeal that was submitted to the government four years ago, over four years ago, against the grant of a mining license for our Storm and Fulisbar project. So the Storm and Fluorospar project contains a defined resource of 28,000,000 tons approximately at 10% Fluorospar. So that is something like just under 3,000,000 tons of Fluorospar in the ground. Fluorespar sells for $450 a ton. So, you know, we're looking at around a billion dollars worth of fluorespar in the ground. And that one project supported a market cap for the company that was several times the current market cap of TERTIARY MINERALS.

47:07 So the reason that we haven't put anything in here is because it is very much a sleeper for the company. The government the government has stepped in on our appeal to say to the mining inspector, you have to revisit your decision to to overturn the grant of our mining license. Reasons were given why they had to do that and gave guidance on how they should approach that. Now, you know, the the guidance that was given, we think, favors the reinstatement or the grant of our mining license there. And so that's certainly a a hopeful point. But, you know, this project has been tied up with the government decisions for many years. If it is reinstated, it's still open to objection by the Sami by the Sami reindeer herders, and we have to do environmental work to be able to move forward to a mine decision.

48:04 But so we're we're watching what's happening. We obviously, the the dialogue is back open with the Swedish government, but there's not a lot that we can do while we await the decision from the Swedish government. Now we have you know, we are not spending money on this project at the moment, but we're following following developments with great interest, of course. So another question, one from, I think we've answered. Arthur p has asked, is there an order priority for drilling regarding the various targets generated over the recent field season? The answer to that really is not not particularly.

48:50 I think the but the the terms of the license will probably require that certain ones happen before others. So just, for example, to do drilling at Mukai and Mashima North, we need forestry approvals for the drilling, whereas we don't need those for Jacks. So we could probably start drilling at Jacks earlier than we could start drilling at Mukai and Mashima. So I think just those sort of, you know, administrative issues will dictate the order in which it's done. Question on Stormin again. Could we claim compensation? This is Jane. Could we claim compensation if Stormin is rejected again? I think the answer short answer to that is probably not.

49:39 Probably not. So, hopefully, that that answered that question fairly fairly briefly. There have been a number of questions. J and S is also asking, there's a rumor of another placing. Can you comment? Like, on comment that there is no placing currently planned, so we can scotch that rumor, hopefully. And just looking through additional quest for any questions. So I think we've we've addressed there are a couple of questions on on placings, which I think we have addressed. And in any event, you know, we cannot give forward notice of these things in any event, but I can tell you the the main nonplanned.

50:25 You know, the the company the question from latest b on the company's cash position and how far it will take the company. Well, we'll be publishing our our annual accounts very shortly, early in the New Year. So, hopefully, you know, without me going into detail about that, you'll be able to take a view on that in the in the early New Year. Obviously, to do all the work that we want to do, we will need to raise funds at some stage in the future, but we would hope to do it at a higher price. We have a number of warrants in issue, which could bring initial cash into the company. And, you know, doing deals like the deal that we've done with CONOLA certainly reduce the need for for capital where someone else is spending money, and we'll certainly be looking to try and replicate that elsewhere.

51:14 So, you know, in reality, the amount of money that we'll actually need may be a lot less, and we would hope to leverage leverage that through joint ventures, etcetera, on other projects. So, hopefully, that's about all we've got time for, I guess, in terms of questions. But, you know, there are other questions that get submitted, and we'll do our best to answer them through through this platform. Perfect. Patrick, thank you very much indeed for being so generous of your time then addressing all of those questions that came in from investors this morning. And, of course, we will be able to give you back all of the questions that were submitted today as well as any other ones that do come through back immediately after the presentation has ended just for you to review and to then add any additional responses, of course, where it's appropriate to do so. And we'll publish all those responses out on the platform. But, Patrick, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company.

52:06 If I could please just ask you for a few closing comments to wrap up with, that'd be great. Yeah. Well, firstly, thanks to the investment company for providing this platform. But, also, I'd just like to thank all those who are listening and and watching this for their attendance. You know, I really appreciate their interest in the company. And, you know, we're looking forward to a really exciting time in 2024. Lots of plans, and, yeah, we look forward to coming back and and saying more in future. Perfect, Patrick. That's great. And thank you once again for updating investors, this morning. 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 the management team can really better understand your views and expectations?

52:53 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 Tertiary Minerals PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.