Unlocking Opportunity in Papua New Guinea: A Fireside with ADY & GPAC

0:08 Hello everyone and thank you for joining us today for this live event. Today we'll be talking about a jurisdiction I'm not too personally familiar with so I'm looking forward to learning more about it. We're joined by Tim Crossley, Managing Director of Additon Resources and Callum Spink, COO and VP Exploration at Great Pacific Gold Corp. Today's topic is Papua New Guinea, which sits just north of Australia. As this is a live event, please feel free to submit your questions and we'll do our best to get to all of them. If we don't, or if you'd like to meet with either of the companies on today's call, a request meeting pop-up will appear when we close out. Simply select the company or both you'd like to schedule a meeting with and my team at SIXX will pass that information along to their respective companies. As always, this event is being recorded. Now it's a little later in the day for our North American audience. So thank you for joining us this evening. We will have the replay available as soon as possible tomorrow morning.

1:00 With all that housekeeping out of the way, let's get started, gentlemen. Let's start with you, Tim, but the question is going to be addressed to both of you. Tim, what drew, what first drew each of you to focus on Papua New Guinea?

1:13 Yeah, hi, Kyle, and Good morning from PNG to the audience. Look, a couple of things. Very underexplored. Everyone knows the mineral endowment here. And I think there's opportunities here that you can't typically find, certainly back home in Australia. I often say to people, a couple of our projects at Ferguson Island, if they were an hour or 2 hours out of Kalgoorlie, they would have been mined 25 years ago or 30 years ago. It's fundamentally the mineral endowment. We understand the jurisdiction. I've been operating with an ASX listed company in PNG now since about 2015. We understand the permitting process. We understand the structures.

1:58 We think the legislative process and the Mineral Resources Authority that govern mining here is a well-run department. Combine that with the mineral endowment, it's kind of a no-brainer to be up here. Same question for you, Colin. What drew you to P&G? Thanks, Carl. And good morning, everybody. I'm in Brisbane at the moment in Australia. So for me as a geologist, obviously geology is first. I've now spent a pretty significant part of my career working in P&G. And as Tim's already mentioned, you have this combination in PNG of enormous known deposits and large areas that remain pretty comparatively unexplored compared to other places in the world.

2:45 You've got massive mines in this country. And it's my job as a geologist to try and find the next one. Lahir, tens of millions of ounces. Porger, tens of millions of ounces. And Octeti has produced millions of pounds of copper. And So that's what keeps me interested. I get to go into areas where no one's ever walked into, you know, into some pretty remote places and be the first sort of person to have a look and sort of uncover what the geology is telling you in that part of the world. So, you know, people say that, people sort of go, where's PNG? And it must be incredibly remote, but the fact is I can get a plane from Brisbane and be there in 3 hours. So it's not as remote as sort of some people think people think it's like going to the moon or something like that. And not only that, you know, the geology first and foremost, but it's a beautiful country. It's you know, I get to go up mountains and volcanoes and rainforests and you know, tropical islands go fishing. So it's a beautiful place to actually go and work.

3:45 Great sticking with you Colm. P&G sits along like you said Lahir and some other ones I might be butchering here, but Porgera, Canaptu and K92. And there's a little argument among investors about the quality of the geological endowment. How would you frame that endowment as a starting point for this conversation? Yeah, so I'd widen it slightly because you know, P&G isn't just 1 mineral belt. In fact, it's probably well, it is multiple. So you've got sort of the Highlands mineral belts, which hosts mines like Porgera and Octedi and Kanantu. And then you have the sort of Alcalic Island chain, which hosts Lahir and Tim's project at Fenny. And then you've got like the New Britain Arc as well, where Wild Dog sits. But what they all have in common across PNG is while they're slightly different geological environments,

4:36 the common theme for them is that they're young, they're fertile and magmatism is, you know, they've got fertile magmatism in a very active tectonic setting. So all of the sort of check boxes that you'd want to see to convince yourself to go and do exploration there. So as a geologist, this is what makes PNG a very dangerous place to work as well, because every creek you walk down starts looking like it deserves a drill hole. The case for P&G is not theoretical.

5:10 The country's repeatedly demonstrated that the systems are capable of generating tier 1 Gold and Copper deposits. Tim, do you have any other commentary on regarding the quality of the geological endowment?

5:26 Not really, Kyle. I mean, Calum said it all. It's extraordinary and it's underexplored. There was probably a wave of exploration in the 60s, 70s. That's when the Octetis were discovered, the Porgas were discovered, Lahir, Panguna, and then there's a bit of a dull period. And it's left a huge void of opportunity for explorers such as GPAC and Atitin. And as Karl mentioned, our Feni project sits right in the middle of the Lajia Island chain, which arguably is probably the number 1 gold discovery belt globally.

6:13 Sticking with you, Tim, Despite that endowment, a number of investment funds still say they cannot invest in PNG because it sits outside their jurisdictional mandate. From your experience on the ground, where does that perception of sovereign and jurisdictional risk come from and where do you think it is most misunderstood?

6:33 Yeah, look, I'll start with that last comment. I think it is definitely very misunderstood. And, you know, what I'd say about Papua New Guinea, you know, it's a former British colony. The kids are all taught in English. It's Westminster system of government. So it's the same style of government as what you have in Canada and we have in Australia. It gained independence in 1975. It's had 9 prime ministers in that period, all through free and fair elections. In the same period, Australia's had 11 Prime Ministers. It has never expropriated a mining tenement or mining lease off anyone in that period. So that perception of that kind of risk just doesn't exist in PNG. I think it's a flawed perception.

7:22 You've seen in PNG some of the world's greatest projects be developed here and continue to run unimpeded by government interference for multiple decades. I mean, I think Lahir's nearly 30 years, Octetti be similar, Porger has been running for a very long time as well. So I just think that perception around sovereign risk, whatever that might be in someone's mind, it just doesn't exist. And then if you want to take that down a layer, you know, to sort of local level sovereign risk, I just don't see it any different to the risk that you see in any other parts of the world in emerging markets. If you don't keep your stakeholders on side with you and inform them and treat them respectfully and treat them that you are a visitor on their land, you'll have problems. And I think that goes for any parts of the world. So, you know, for us, it's been, you know, me personally, since 2015, I've been involved through an ASX company. We've discovered and permitted 2 projects in under 5 years, right from discovery to permitting. One of those projects is under about 70% through construction.

8:39 Wapolo, which is our project here, is under construction at the moment. So it'll be kind of my third project to take through drilling and then into construction.

8:51 And if you think about those timelines that I've just spoken to and think about whether you could develop a project even in Canada or Australia in those timelines, I'd say not. So this is a good place to be.

9:05 Well said, Tim. Callum, anything further to add regarding sovereign or jurisdictional risk? Yeah, look, I think some of the perception is understandable, of course. P&G can be operationally difficult, infrastructure can be limited, logistics can be expensive, and you know, land access requires significant engagement. But I think, you know, what people, you know, some investors tend to bundle all that together and call it sovereign risk. And you know, my, my note to them is that operational complexity and sovereign risk are not necessarily the same thing. And just digging in a little bit deeper to what Tim said, P&G has a fully functioning mining act, you know, an established regulator, defined tenement processes, wardens hearings, courts and decades of international mining investment.

9:54 You've got, you know, major international companies continuing to commit big money into exploration and into the development of their mines as well. So I wouldn't say P&G is risk-free. I don't think any mining jurisdiction is. But to build on what Tim said, I've worked there for many years and I think the jurisdiction is often better understood by people operating on the ground than it is by, you know, capital markets in Canada looking at it from offshore perspective. So ironically, I think that's, you know, the perception of difficulty is part of why the exploration opportunity still exists as well. And I think, you know, P&G sometimes gets sort of charged twice, once for the actual challenges, and again, for the perception of them.

10:44 As This is an educational moment here with you, Gowen, but why don't you walk us through how the regulatory and permitting framework actually works in practice from exploration licenses through wardens hearings and mining leases and What that process says about security of tenure and the rule of law in P&G?

11:05 For us, the exploration level, as mentioned in the previous question, the actual framework is very structured. In P&G, you apply for an exploration license through the Mineral Resources Authority. Once that's granted, and you know, you have to prove that you can actually do exploration and have the budget to do it. You have expenditure commitments, much like you know, you do in Australia and Canada as well, you have technical reporting requirements, and then renewal obligations. An important part of that process is something that some of the listeners will be unfamiliar with, but that's called the warden's hearing. So that's a formal hearing held in the project area where landowners, local government and other stakeholders actually have an opportunity to raise support, concerns or objections.

11:56 And then, you know, the outcomes of that meeting form part of the wider tenement decision process. But, you know, if you ultimately make a discovery in P&G, you move through the mining tenure and development approvals relatively quickly, as Tim mentioned. I don't know why people think it takes a long time. Like P&G is built on mining and a lot of the revenue and the taxes in the country are generated by mining. So they're pro-mining. The government wants to see mines developed in the country. And so in terms of security of tenure, my experience is that if you maintain your license properly, you meet your expenditure, you report on obligations, and you engage with the regulator and the communities, you know, that's a big part of it is actually having the community support, then that's the framework for maintaining your tenure.

12:53 Well said Callum. Tim, I don't know if there's anything he's missing that you want to highlight or we can move on to the next question here. I think we can move on. I think Callum wrapped that up really nicely, actually. Yeah, for sure. So we'll go to you, Tim. When investors raise concerns about fiscal terms for an ownership or repatriation of capital, how do P&G's actual settings compare with other major Gold and Copper jurisdictions?

13:20 Look, I'm not experienced necessarily in South American jurisdictions, so I can kind of just talk to the P&G process. Under the mining legislation,

13:38 the state, being the P&G government, does have a right to purchase up to a 30% position in a mining lease at the time where you get your mining lease granted. So typically in P&G, the history has shown that the state doesn't necessarily do that other than in mega projects, so very large projects. For example, with the Exxon Oil and Gas project here, they did take up a full 19% in that project. In our case, we're probably expecting around about 10%, and that would be held in trust for landowners,

14:17 which we're supportive of. And I think most investors I've talked to would support that. The Royalty regime here is very, very low. 2% Royalty with 0.5% production levy, so in total 2.5%. So taxation, pretty similar to Western companies, corporate tax rates were around 30%. They are bringing in some capital gains tax legislation here. And the other thing that the State will offer you, at the time of the mining lease grant, is to do a project agreement which would incorporate their equity state. But in return for that, they're offering fiscal stability.

15:05 So for a project like ours, we're likely to get, you know, fiscal stability for the life of the, for the life of the ML. And of course, that means we're ring fenced from any further tax rises, any further changes to royalty regime. It gives us a very stable

15:24 fiscal platform for the life of the project, or for the life of the ML, which is a huge positive for a developer.

15:35 What about your experience, Calum, with investors? Do they raise much concerns about fiscal terms or foreign ownership? No, not really. I mean, foreign ownership, foreign investment and international mining companies are obviously established parts of the PNG mining industry. So that, you know, that answers itself. If people didn't want to be here because of, you know, what they perceive, you know, might impact that company, then they wouldn't. Right. And I guess for an explorer, slightly different to Tim and where his projects are, so that, you know, the bigger issue is usually not whether capital can enter or leave the country, it's sort of whether you have a sufficiently good geological project to justify the investment in the first place. So, yeah, no issues from what Tim said.

16:23 And pretty loaded question here, but I have it written down, Kyle. How central are relationships with local landowners and communities to advancing a project in PNG? And how do you see that engagement as part of de-risking rather than an obstacle? Absolutely central, I would say. I don't view community relations or engagement as like a separate work stream. It sits right alongside exploration. And it's a precondition for exploration and or mining projects. So, for the audience, you have to understand how diverse PNG is. It's a country where there's more than 800 languages, which makes it one of the most linguistically diverse places in the world.

17:08 A lot of people still use that native language. There's not 1 engagement strategy that you can apply anywhere in P&G. Because from mountaintop to mountaintop, the way people do business and their culture and their upbringing differs. So, the land that we work on in P&G is customary land. So having an exploration license does not mean you simply arrive and start drilling. You wouldn't go into certain places in Canada or Australia without getting permission from the farmer or whoever's owning the land. It's the same in P&G. You have to respect that And you have to maintain those relationships continuously. You know, I've got a team of community relations guys, myself and Tim, we go out into the villages, we're talking to the locals, we learn the language ourself.

17:59 You know, I might butcher it, but you know, I do my best to engage with the communities, with the local schools, with the local churches, so people respect me and I show respect back to them as well. And so that's what I would say from my perspective, good community engagement is not just an ESG issue, it's a projective risking. And your perspective, Tim? Yeah, 100 percent with Calum on this. I mean, one of the reasons I'm actually on my way to Fenny Island right now, other than I'm escorting our Oz. He's just on Starlin. I'm going to start a very large IP project around community awareness.

18:48 So I personally do a quarterly full community awareness.

18:54 Sorry, did we lose connection there for a bit? You're good, Simon. You're good. Okay, sorry about that. Yeah, I personally take the time to do the community awareness. And as Calum said, it's not a separate work stream. It's just how you do business in PNG. But I would contend that that's no different to community awareness in any other emerging market jurisdiction when you're exploring on someone else's land. You know, be, treat yourself, you know, as a guest and be respectful and communicate openly, transparently. And I've never had a problem here across all our 3 projects. But if you don't do that, and you try and sweep things under the carpet, or you don't communicate transparently or honestly, I think you can expect to have issues.

19:47 Well, gentlemen, Before we get into a couple of company-specific questions, I'd like to think that we were pretty head-on with all the main topics regarding P&G and mining and exploration. Looking ahead, and I'll direct this to you, Tim, 1st, What would it take to shift these perceptions? And what role do you believe P&G will play in defining the next generation of major Gold-Copper discoveries once it does? I think it's on the ground delivery at the end of the day, Kyle. We've seen K-9-2 in the recent time have really paved the way for strong interest in P&G. They just reported their second quarter numbers yesterday, the day before. Fantastic set of numbers. We don't necessarily need another K9-2, but we need another couple of projects to be able to show investors that timeline from exploration through development, through to production is something that can be done in a really

20:53 quick timeline. I just think it's seeing is believing and getting it done. We're very confident about our own projects and the timelines we've got there, But I think it'll take that plus maybe a few more projects to move forward and demonstrate it on the ground. And then you'll see a shift. K9-2 did a huge, huge shift around particularly building Canadian investor confidence in P&G. But we now need to build off that and keep going. And Calum, over to you as well, but maybe I'll also rephrase it a bit. Is perception changing at the moment or are we still working toward that? No, I think it is. You know, the Canadian markets love P&G. I think they understand that they can get a return on their investment when you look at, as Tim's described, the success that Conanto has demonstrated over the last 10 years. It's mind boggling the numbers now and where they're going over the next few years is really exciting.

21:57 But as Tim said, you can give investors presentations about sovereign risk all day, but discoveries and mining development and shareholder returns change perceptions much faster. But the industry in general has a major problem. Across the board, across the globe, no one's discovering enough large, high-quality Gold and Copper projects. And P&G is slightly different. There is world-class deposits here, but there's so much exploration opportunity here in mature jurisdictions like Canada and Australia, I was often going into projects and looking at what the last 5 companies had done or had missed. In P&G, I'm going into areas where not not a single white man's ever stood before and looking at creeks where, you know, it stood there for millions of years and is untouched.

22:49 I think P&G is going to play a

22:51 pretty significant role over the next 5 to 10 years. I can see myself as well. There's more companies in P&G. There's more tenements being registered. I can feel it. I'm starting to compete for staff and it's starting to boil now, Tim. I don't know if that's coming to you as well, but it's a really exciting time to be in P&G. There's a brand new mining minister. There's been some shakeups across with the MRA and improvement in systems and processes. And they're all for it. They're changing the framework to make it even easier for me and companies like Tim and others across P&G to get in, spend the money and find something. And I'm looking forward to that opportunity. Great, excellent.

23:37 Gentlemen, there's a couple of company-specific questions I do want to take an opportunity to address the audience. Feel free to ask a couple questions here, we have a little bit of time, but Henry Tavar has a question for each of you. So we'll start with you, Tim. Henry's question, what scale and grade does Fenny need to overcome to need to overcome the access and infrastructure cost hurdle? So I can rephrase, I can reread it one time here. What scale and grade does Fenny need to overcome the access and infrastructure cost hurdle? Yes, look, I mean, it's a good question. I don't really look at it from the access and infrastructure cost hurdle. I think access is actually very easy at Fenny because it's a coastal and you can access it easy with barges and ships and so forth. But From a geological perspective and a shareholder return perspective, I think we'd like to see Fenny get to around about 2Moz.

24:39 If half of that's in the indicated category, I'd be seriously considering taking that project through to a PEA and be the 3rd Aditon project developed after Gammater with construction starting in 2030. That's my pipeline and roadmap for Aditon. It's a sprint to cashflow with Wapolo, develop Gammater, get Gammater into production in 2028. And then if the numbers come together for Fenny, as I've just described, we switch to developing Fenny in around 2030. And Callum, Henry's question for you. What's the critical environmental hurdle of wild dog that could sterilize an otherwise economic discovery?

25:29 Read it one more time, Environmental. The critical environmental hurdle, a wild dog that could sterilize an otherwise economic discovery. Environmental hurdle. You know, or elaborate on any hurdle if you'd like. Yeah, look, I mean, we're, we're in the jungle.

25:52 You know, It's not like parts of Western Australia where you just drive a rig on any part of no man's land. This is serious topographical terrain with its challenges associated with rainfall and access and bringing in machines and whether you go to helicopter support drilling. There's a lot of questions to ask. That hinders how fast you can move. You have to be, particularly with Wild Dog, you've got to be very systematic. And I think we're trying to show the market, the size of the prize is there. It's just being systematic with how you do exploration because taking a rig through the jungle is not easy, but we're doing it and we can do it. Just it's a bit of a slower process. So, you know, compared to other explorers in easier parts of the world, that, you know, there's slightly higher drilling costs and you've got to do things slightly different, but I don't think there's any deal breakers there. You manage with the environment perspective. You've just got to look after the environment like you would do any place in the world.

26:53 And, you know, I do environmental monitoring. I've got environmental, you know, environmental scientists who work for me. We do bench test work. You know, we demonstrate environmental stewardship in that regard. So we just try to do everything the right way. But look, I I think if we find something up at Wild Dog and it's it's this clearly a system up there, no one's going to batter an eyelid whether we start a mine up there. The people of East New Britain want us to find something there. And so again, I'm looking forward to exploring. Sticking with you Callum, I'll get a couple of questions for you and then we'll go to Tim. Great Pacific Gold has just expanded the high-grade Elimaraca and Cargallio vein systems at Wild Dog and now has 2 rigs turning on the flagship with the first push into the south zone underway.

27:43 What are you most eager to test with the drill bit over the next few months. Thank you. Yes. Look, the biggest question for me right now is, is Wild Dog and the Corridor a collection of individual high-grade vein systems or are we looking at 1 much larger district mineral system. We see mineralization outcropping over 15km. So it's clearly not an insignificant system. Some of the results from Elimaraca and Cargallio, we've gone into these creeks, pretty remote areas and found 9m, close to 5g per tonne Gold. And same with Cagaglio as well, went in there, found a vein, outcropping at surface 6m at 7.3.

28:29 So the gold endowment there is now just working out what's going on geologically and then bringing a rig in, systematically just going down these targets. I've got close to 50 targets across the tenement portfolio, but It's been very systematic, as I described in the last question. You can't go and drill everything. You've just got to slowly work through the targets that you do have. For our shareholders and investors and potential investors, hopefully that comes across with our releases, is that we're slowly developing more targets, bringing it into sort of that brownfields drilling. The 2 rigs are behind and we've got teams of guys just rapidly going out and making new discoveries. I'm also excited about other projects that we've drilled recently. We've talking about Cassie Ridge. It's a very exciting project.

29:19 We'll be making an announcement there in the coming month once we get all the results back. I can tell a really good story about that. I'm really excited at Wild Dog. I've worked at Porger, I've worked at La Jolla, I've worked in the Eastern Highlands. I share some of the core photos and I share some of the geology we have with some of the world's leading experts in these types of systems. They're now consulting for me because they're that interested in doing it. It's a great place to be. It's a really exciting project. The Kessar project is contiguous with K-92 mining tenements And its veins appear to sit on strike with deposits like Cora. So help people understand what makes that neighboring geology so encouraging as you plan the phase 2 program there.

30:10 Yeah, so we've got Kesar, sits to the northwest of Kenantu. It's continuous with their assets and tenements. We've also got another project, which we don't talk about too much, down to the south of Canantu as well, which is Arau and El Andorra. But what excites us about Kesa is not just its proximity to Canantu, it's the geology, it's the geology and it's the architecture and what we've seen so far. So, you know, we're in the same rock package, you know, late-Miocene Pliocene Minerals District. We've got similar epithermal veins in similar intrusive rocks, including the tonalite, which, you know, Kainantu has a lot of in their deposits. We've got structural orientations that seem to just magically line up with the orientations of some of their major deposits.

30:58 And so we know systems like Cora, which is a world-class deposit, it's amazing. Fundamentally, they're structurally controlled and they're high-grade chutes and they've got the right faults and vein orientations, permeability, fluid pathways. We're seeing that at Queso. It's early stage, but we've confirmed that there's Gold up there. Some of our phase 1 drilling didn't give us absolute screaming results, but showed that there was economic Gold up there, 3.67 and 13g per tonne Gold over smaller intervals. Now, it just needs a significant drill program. I've devised a strategy to go up there and systematically walk all the targets. We did a mobile MT survey. We've had guys reviewing what we've done and the magnetic signatures. And it all points to just being an extended footprint of Canadian.

31:54 So it's not just a single mine, it's a district. So you're going to have mines everywhere. South Pacific, also Canadian companies, got some of the ground up to the Northeast. And again, they're starting to demonstrate that they're getting good results as well. So I'm excited to own that tenement. Excellent. Thank you. Over to you, Tim. For people just hearing Aditin for the first time today on this call, Aditin is targeting a restart of mining at Wapalo in Q4 2026. Having now cleared the wardings here and secured approval for a 20,000 tonne bulk sample and coming off 131% increase in indicated resources at the neighbouring Gameta project. What are the key steps that still need to fall into place between now and production?

32:44 There's really only one key step now for Wapaloa and that's the mining lease to be granted. We can start the production under the bulk sample permit before that happens, and that will enable us to wet commission and also get some concentrate samples out for market pricing. Essentially, everything's in place. It's just the mining lease being granted and we're expecting that sometime in September or October. We're there. We're basically there. Landowner consents, everything's done. And beyond Ferguson Island, Adderton's 100% owned Fenny Island project sits within the Lahir Island chain and has been returning new Gold-Copper zones. How do you see Fenny fit into the company's longer-term growth story?

33:38 I actually forgot to answer one part of the question you asked me before around the grade. I think for the development of Fenny, we'd like to see the grade to increase to around about a gram. It can be just under a gram probably in the current pricing environment. In fact, probably around current levels, actually a current pricing environment, you'd still seriously look at development. But in ranking of our projects, Fenny's the flagship. It's got the geology that supports mega-sized

34:08 resources. We already know we're in a very big mineral system where our drilling has demonstrated and historical drilling has demonstrated multi-hundred metre continuous intercepts of grade, commercial Gold grade, more than 200 metres. It's a very big system. What our current program is focusing on is extending and expanding the resources, but also targeting some high-grade zones to lift the average grade of the resource. We're having some success. We've demonstrated that the Kabang resource is probably going to have a dogleg shape to it with a Northern arm heading towards the crater and dome and a Southern extension, potentially down to Lacey and maybe Danmargol. Now Danmargol looks like it's a large porphyry system and we're going to be testing that now with our ground IP project, which is a very big ground-up IP program, 25km2 over the next 4-months.

35:05 That will just give us a bunch of additional drill targets over and above what we're doing now

35:12 to demonstrate the offset or deeper porphyry systems, but also what's going on in and around the northern side of Kavang and south of Kavang towards Lacey. The way I'm thinking about it in terms of, I'll just reiterate what I said before around our development pipeline or our roadmap, it's Wapolo. Not because Wapolo is the best project, it's actually probably ranks 3 in our projects in terms of scale, but it gave us the shortest timeline to cash flow. Gamma is starting to prove up to be an excellent little project. Both of them are at surface mineralisation, very shallow mineralisation. So you're looking at shallow open pits. And at Gamma we actually discovered a huge ultra high-grade zone.

36:00 I think it was 12.5m at 28g, including 3 at 105g and a Bonanza grade of 1m at 228g. So every time we look deeper at Gamma, we drill a hole in Gamma, we start to investigate and we look under, it delivers great outcomes. I think you'll see Gamma ultimately grow in its own right to well over 1Moz. That takes us to Fenny, which is still an exploration project with a foundation resource. But as I said before, if we are up around that 2Moz, we're close to a gram by the end of this drill campaign, I would be very confident we would then take that into a PEA and the development and literally switch our development team, our EPC team from Gamma and switch it straight across to Fini.

36:54 Timelines for that probably around about 2030, 2930. Gentlemen, thank you. Very enlightening discussion for me and I know the audience gained a lot of value from it as well. If this discussion piqued your interest in 1 or both of these companies on the landing page or when I close this tab here, there will be a request meeting button. Feel free to hit that. Thank you. Thank you for taking the time out of your day. It was really, really great discussion. Thanks, Carl, for having us.