Arc Minerals (LSE:ARCM) — Virgo Project Presentation

0:00 Good afternoon, and welcome to the ARC MINERALS LIMITED investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to management team. Remy, good afternoon, sir. Thank you, Lily. Good afternoon, everyone. Thank you for your time. Thank you for your interest in ARC MINERALS and specifically the the VIRGO project. We're gonna start now.

0:28 So what we're gonna cover today, it's all about the Virgo project. The first few slides will be about why it's a very unique project. So I'm gonna be quite quite bullish about it. But, obviously, I will back it up and explain specifically why I am so excited about the project and the drilling campaign to come. And then the second part, which would be the longest one, and it would be overall quite a long presentation. So if you have if you think you're not gonna have the time today, there will be a recording. So so just be aware of this. Make yourself comfortable. It would be a a fairly long presentation. So the second part indeed will be about how we got here because it's one thing to say that it's amazing. It's a unique project, but I will explain to you how come we end up ARC MINERALS having that project.

1:15 And so there would be a little bit of history there of the of the Kalahari Copper Belt. The third part is what is our plan. So it would be very much focused on the drilling plan for the monster head, and we will cover, obviously, the IP survey and the results we have just published last week, which is effectively driving the drilling plan that will come very soon. And then the the last part, which is potentially a tricky one for a listed company to do, but I'm actually gonna be quite candid with you, and I'm gonna tell you what I am looking for. So we're gonna go out drilling, and then, you know, often junior companies would tell you, oh, we have great results when they don't believe that's the case. Or they tell you they have good results, and you don't believe it's the case even though they are good results. So I will tell you before we have results what I am looking for. So those are the four parts. On the q and a, there will be no live q and a.

2:09 Number one, because I'm alone, so it would be a bit of a weird thing to do a solo q and a. However, I am expecting that all the questions I have received as of last night, and I've double checked early this morning, will effectively be covered during the presentation. So that's why there is no q and a. Feel free to follow-up. I will check the platform again at a later stage or send an email. I will cover questions later on, but for the purpose of the presentation and to keep it as tidy as possible, which I'm sure will be tricky anyway, There will be no live q and a afterwards. So let's get going. Why is it unique? Some of the slides will be familiar to you. They're already on the online presentation on the website, but this is where we are. So that's the Kalahari Copper Belt. I'm focusing on the Botswana side of the Kalahari Copper Belt.

3:01 And you have effectively two big players. You have a few juniors, but you really have two big players that do influence what's going on in the rest of the belt as well. So if I describe them, let's start with MMG. It's a very large mining group, Chinese mining group with a market cap depending on the price around $15,000,000,000. So they are the biggest guys involved in the belt, and they have the flagship Zone 5 deposit, about a 100,000,000 tons at 2% copper. Many other deposits around Zone 5, and as you can see, they are in the Northeast of the of the belt, and they are the biggest guys in town, basically. So that's that's that's one. And then you have Sandfire. Last time I checked, it's around $56,000,000,000 market cap, Australian company.

3:51 And they have also a flagship mine called Moteo, which is made up of t three and a few other satellite deposits in the what we call the Mid Kalahari zone of the belt. You see it here. And, again, they are successful. They are doing a great job, and those are the two key players in the belt mining actual projects. And then you have quite a few juniors around the belt, including ARC MINERALS, obviously, with those two licenses you see in orange in the belt, but you have others. And one thing I will highlight now is, you know, you look at people like Cobre, for example, which is listed in Australia or Cavango listed in London, they have very large exploration footprint for a junior. The reason I flag it now is you will see along the presentation that it is a theme for some juniors to have very, very large footprint.

4:45 Often, it is not a good idea. And often, you tend to see that they have no choice but to diversify, to divest, or to invite funding partners, which is exactly what's happening as we speak with those two juniors, and you will see how this is a theme all throughout the history of the KCB. So those are the players. One final point on that big picture description of who's who in the in the Copper Belt. Between the two big guys, MMG and Sandfire, MMG is going for annual capacity. So right now, to give you rough numbers, take it with a bit of flexibility because they are not exact. But MMG is producing, call it, around 50,000 tons of copper. So in the form of concentrate, when copper equivalent, they're producing about 50,000 tons per year, a little bit less this year, but that's around the number.

5:38 And Sandfire is producing about 55 or I think maybe even 60,000 tons per year of copper from those projects in the KCV. So Sandfire is producing a little bit more. However, in terms of behavior and in terms of strategy, all of this is public, by the way, MMG is planning to double well, it's not planning. It's happening as we speak. They are doubling the capacity, which will start the expansion about eighteen months from now, maybe two years, and they are planning to triple in total over the next years the annual capacity of production. So that's what MMG is focusing on when it comes to the the project in the KCB. Sandfire is trying to extend the mine life of their existing operations. So they had expanded their processing capacity over the last few years. Now they're not talking about it. It could change obviously in the future. But as of now, what they're focusing on when it comes to the KCB is finding more resources for the mine life as opposed to expanding the capacity per annum.

6:39 It's quite important. We'll come back to that at a later stage, that that difference in in attitude and in growth strategy. Zooming in a bit more now since we are, you know, in the middle of that MMG package in the Northeast of the belt, you can see our two licenses. And, you know, the one that's more interesting or more relevant at the moment is the one that's in the middle of the Zone 5 corridor. Now let me talk about the Zone 5 Corridor a little bit. This is defined by MMG themselves. So it's not me calling it the Zone 5 Corridor. It is what MMG calls it. It is the high priority area out of the whole portfolio. And the reason being is that they have the flagships on 5 deposit. They are mining it. They're making a lot of money. It's a flagship. It's a great deposit.

7:28 They have the processing plant, Boseto, which is further northwest, which is a plant that has been built many years ago, and this is the one that's processing the feed materials from Zone 5. They are expanding as we speak. They have a Zone 5 North deposit, just next to Zone 5. They have the Mango Northeast deposit here, and they have the Zeta Northeast. Those are what we call the expansion deposit. They will be the new feedstock for the expansion phase, and they're building a second processing plant, which will be very close to Zone 5, as you can see, very close to us. And that's all happening as we speak. And still within that corridor, they have high priority exploration targets, I will talk about this a bit more, which are called Quebe, South Dome, and more importantly for us, Mawana Ford and Zone 9. Okay? So that's what's happening. One more comment here, which again you will see when I talk about the history of the KCB is very relevant, is they also have Banana zone.

8:28 The Banana Zone is not and has never been a priority for MMG. It might change, by the way. I'm not speaking on behalf of other companies, obviously. But as of today and as of the last ten years, Banana zone has not been a priority for Comacao, whether under Cupric Canyon or under MMG. It's very important for me to say that now because you will see later what I talk about when I talk when I cover the history of the KCB. So that's for that area of the KCB where we are. Now when we zoom in further, and that's including the results of the IP survey we just completed and published about last week, As you can see, we have, you know, covered the IP survey over the last two years or three years, actually. We've done two campaigns with the view that we need to define as best as we can.

9:21 The contact between the Enguacopan and the Dakar rock formation, different edges of rock. Why? Because in the KCB, all the copper that has been discovered in the last fifteen plus years, even more than that, twenty, twenty five years, has been found at or near the contact between those two rock formations, all the deposits in the entire belt. So when you go explore for copper, this is what you're looking for as the first step towards defining drill targets, etcetera. So having the contact, to be very clear, does not guarantee you will have copper. So you will hear me talk about the contact a lot in a very bullish, very enthusiastic way. Let's be very clear. Contact does not mean copper. However, when you find copper, it happens that it's always in that contact. So you start with finding the contact. Okay? So we have done two IP surveys over the last two and a half years, call it three years, and we have now inferred again, you need to prove it as you go drilling, but we think the IP survey has been very reliable for defining the contact.

10:27 I hope we're not wrong, but we're quite confident about this. And so not only in 2024, which has been proven by the drilling we did in 2024, we've defined a part of the contact. And then this year, we have done a lot more geophysics, and we believe we have defined an extra 14 kilometers for a total of 18 kilometers of contact within our license. And furthermore, which is the key to all of this, and and and you will see during the presentation, is we are meters away from two high priority discoveries of MMG, one called Mawana Fault and one called Zone 9. And as you can see, I don't know if I can zoom in, and I don't wanna mess up the presentation. But if you look at Zone 9, the the the fence the drilling fence you see here, that that last hole here is actually steps away from the boundary of our license. I have been here. I've walked the ground. I've seen the drill colors. It's even debatable whether it's actually in our ground. Okay? So this is the proximity of a high priority discovery for M and G. If you look at Mawana Fold, you see quite a few holes which are stepping away from the license.

11:38 However, there are two holes. I don't know if it's easy to find now, but two holes that are alongside our license boundaries. They have been drilled only one year ago by MMG. Not before MMG, by MMG. And those are, again, I think, tens of meters. I mean, I drove past, there are tens of meters from the license boundaries. So when you zoom out for a second and you try to realize, is this really an attractive exploration project, you know, whether you're a management executive like me or whether you're an investor looking from outside. I don't know in the Kalari Copper Belt any license from a junior that's as close to high priority discoveries from a very large mining company that is very active in that in that area. I have not seen anyone. If you find one, please send it to me. There are no juniors in the entire belt that have the prospective contact and that are sitting meters away from a discovery that is considered a recent discovery of high priority focus for $15,000,000,000 mining group. I've never seen it, which is why I am so bullish, which is why I think it's a unique project.

12:50 And when I tell you all of this, by the way, to be clear, this is me just paraphrasing what MMG is telling you. This is a slide from MMG. This is from their 2024 technical report. I invite all of you, by the way. This is all public information. Everything I'm showing in this presentation is coming from publicly available technical reports, ASX announcement, TSX announcement, feasibility, everything. Everything you can find yourself. I've put the source and and sometimes I've put even the the page number. This is in 2024 what MMG is saying. They're the one during the Zone 5 corridor. They're the one telling you it's a high priority, and they're the one telling you in the report, Zone 9, Mawana Fault, also South Dome and Quebec, which are a bit further away from us, are considered priority targets by Comacao copper mining as they exhibit the common characteristics of large high grade deposits.

13:46 So this is it, guys. That's the first part. I believe we have the most exciting exploration license in the entire Kalahari Copper Belt because of that and because of that contract. Okay? So that's the first part. Now what is the fair question, by the way, which I've asked myself, I've asked the colleagues in the office, especially Vasily, is behind on a second. If it is so good and when you see me and hear me being so aggressive about how bullish I am about the project, the the obvious question is, well, hang on a second. How come it's you guys? How come it's ARC MINERALS having the best license in the entire belt? How did you get that? How come it hasn't been picked up by someone else? How come it hasn't been discovered by someone else if you seem to say that you're the one who's discovering the contact? You're the one who's pointing out that the discoveries are meters away. How come this has not happened before?

14:37 How come it's falling on your lap? So to be clear, it's not falling on my lap. But, you know, it can feel like this when I talk like that. So this is the longer part. Take a seat. Get the popcorn. I'm gonna cover the whole history of the belt, not for fun, even though I enjoy it, but really to connect all the dots to where we are today. Okay? So let's get started. This is the Kalari Copper Belt in 2011, so fifteen years ago. There are three juniors, and that's it. Maybe there's a few guys, but as you can see, the entire belt is very well covered by very big blocks covering the entirety. Everything is contiguous. We don't have the spotty gaps everywhere like you have now. There are three players. So two are well established for a few years already, and one is a new player. So I'll start with the first two. All of them really matter when it comes to what happens to our license fifteen years later.

15:32 Discovery Metals listed on the ASX, they are the MMG of the days. So they they have a market cap, I think, of $500,000,000. So don't get me wrong. They're much smaller. But as a junior, they are killing it. They are very successful, and and they are the biggest player in the Kalahari Copper Belt. They have now almost almost mining, so they have, like, a very advanced project, and they're doing a great job. It's important for me to flag this, and I will cover this into details because, you know, they will have a lot of influence on what's happening in the following ten or fifteen years. So you have discovery metals, and they're focusing on the Boceto copper project, which is not far from Zone 5 and which is still today the plant, the processing plant that MMG is using, by the way. The second big player will still remain in the junior space, to be clear, but it's HANA mining that is still in Canada.

16:24 And at this stage, they are not as advanced. They are not doing studies, and they are not mining or planning to mine. They're explorers, but they have already a very large discovery. It's not even a discovery. It's a deposit called Bananasome. Remember Bananasome? And, also, they have zone five and zone six. And zone five, as we know, is a beast, but and they have that. It's not a beast at the time. And the third player is MOD Resources listed on the Essex in Australia. Eventually, they listed in London, and they've just pivoted. So literally just six months before 2011, they were like a med tech health care company, and then they pivoted to the natural resources sector. And they acquired a very big exploration package in the Kalia Copper Belt. And they are the one who have our ground, basically. Different shape of license, but they cover our ground, the Virgo project, when they come in.

17:24 A quick word on the macro environment because that matters enormously. As we know in commodities and natural resources, commodity cycles do matter. And so here, it's worth highlighting that in 2011, everything is great. We are two years, two and a half years after the global financial crisis, and the junior sector is flying. I mean, if you look at that graph on the right hand side, this is UK junior mining, but just assume it's the same for Canada and Australia. But look at that. In just two years, share price of five x, you know, between two x and 10 x depending on the companies. It's great. The risk appetite is back. Copper prices have tripled from the crisis. So you can understand the mood those companies are in in that environment. Okay? So let's start with discovery metals.

18:11 As I've said, flagship, they're focusing on the Boceto mine. It's about a 100,000,000 tons at 1.4% copper. Okay? Those are the numbers we're talking about. It's open pit. That's what we're all looking at at that time, open pit mining. And this is the tonnage. This is the grade. This is the plant. In 2011, as you can see, this is a picture from 2011. They're already well on their way to completing the the processing plant. They're on time. They're on budget. They're doing great. It's one of those juniors that's just doing super great. Market cap is 600,000,000 Aussie. The share price has gone up 10 x over the last two years before. They're fully permitted, they're fully funded with the private equity guys, with the traders, with the banks. You know, they've got project finance. They're doing very, very well. It's important for me to say that because effectively, the same way that I've quoted MMG and the same way that I'm talking about ARC MINERALS, VIRGO project in relation to MMG, and you can see how MMG is the big guys of the belt, this is what Discovery Metals is. Discovery Metals are the biggest players in the belt, so what they do has enormous influence on everyone else trying to get involved. Okay?

19:23 Following slides, this is them talking about exploration. So the first slide I've told you, they're very much completing the processing plant. They're gonna become a miner, a miner and a mining group eventually. When they talk about exploration in parallel to building that plant, this is what they're telling you. The next Boceto deposit is likely to be in the Mid Kalahari Zone. So as you can see here, it's there. I've put a a quick logo of ARC MINERALS. This is where the Virgo project is effectively. You can see Zone 5. Zone 5 is very small at the time. 13,000,000 tons at 1.6. Again, Zone 6, very small. It's still small today, but that area, basically, that part here, which is effectively MMG now, apart from the Boceto mine and that processing plant, it doesn't look like this is where the next elephant will be found. And even Discovery Metals, who's the most influential player in the belt, is telling you it's so you know, if it's happening again, it will happen in the mid calorie zone. This is where we want to find another Bocetto.

20:24 And at the same times, by the way, which I will come on to, you have the banana zone deposit, which is 70 it's it's more like 100, by the way. I will come on to it. But the big 73,000,000 tons, I'll call it a 100, I will tell you why, which is there. So it is very important what I'm saying here because the big guys at the time who are successful in the Kalari Copper Belt with big market cap for junior share prices coming through the roof, and they are successful. They're telling you the next big deposits to be found are in the Mid Kalahari Copper Belt or maybe for the Southwest, by the way. But this is not it doesn't feel you know, they're not saying it's not the case. But when you read the presentation, the RNA, everything, it doesn't feel like you want to be in the Northeast despite having the Boceto plant and mine.

21:11 Okay? Then if I move on to the next slide, then we have HANA Mining. So HANA Mining, second big player in the area, and they have that portfolio here with all the deposit and all the licenses, which, you know, it's it's it's a big footprint. Couple of things to mention. Their flagship deposit indeed is Barana Zone, which you see is a little bit southwest of that area here. All of this, by the way, is now LNG plus discovery metals as as as I will explain later. But the big focus is Banana Zone, 91,000,000 tons at 1.1% copper, and obviously, silver credits on every deposit has some silver credits. The share price was also up 10 x over two, three years since the financial crisis, market cap of 300 Canadian dollars.

22:02 Everything is great, and they are starting to move to feasibility studies at the Banana Zone. And Zone 5, which is theirs, it belongs to HANA Mining, is small. You know, we've established that already. As you can see, I make one small comment here, and that's part of the whole story of our license and why it is unique now, but it wasn't unique before. Our license is here effectively. And as you can see, what is red, that very thin red line is supposed to be the contact, which I've described before. And here, back in 2011, it looks like there is no contact at all in the license. This is a very important point. Right? Because this is what's influencing what other juniors might want to do if they can get ahold of the license. And in terms of what program priority targets and everything, why would you come here? There is no contact. Okay? So that's very important. If we carry on with HANA mining and we look at what they're doing, Bavana Zone remain the big focus. And when they talk about trying to find high priority targets outside of the Bavana Zone, They talk about charcoal site, which now, by the way, is included in Banana Zone. They talk about Zone 3, Zone 4, and South Of Banana.

23:15 When something is highlighted in gray, it's a it's it's a quote from their report or from their announcement and everything. And so as you can see on the maps, Banana Zone is there, and all the targets are near Banana Zone. They don't seem to have any high priority targets near Zone 5, Zone 6, or what is now ARC MINERALS or Zone 9, by the way. And on the topic of Zone 9, as you can see on the right hand side image, the they are the one circling it in yellow. It's not me. I've just put the ARC logo. So you can see they're starting to understand that something is going on there, and they're doing soil samples, so geochemical surveys. And they don't call it Zone 9 just yet, but, you know, there is a Zone 9 here, which is, you know, on on the other side of what is now ARC MINERALS. And zone five is just not a priority.

24:01 As you can see, it doesn't make the cut when they try to flag the high priority targets for further exploration, further drilling. Another way of looking at it is this one here. You look at the drilling in 2010. 2010, they drill 62,000 meters in one year at Banana Zone. A lot of it is infill drilling, by the way, trying to just connect the dots, extension, etcetera, with the purpose of doing a feasibility study. Okay? And then what happens is they drill Zone 5. They have already discovered Zone 5. Okay? They have a resource already. So it's not about trying to find Zone 5. They have found it. It is a small resource. But the whole of 2010, they drill and they don't hit any copper. That's very interesting again in terms of influencing the work program of other people around them.

24:50 So they hit they drill Zone 5. It is a small copper resource. The drilling campaign, nothing. No copper. They drill Zone 9. It's the first time that they drill Zone 9. And as you can see, the location of Zone 9 is here, which is not where Zone 9 is today, by the way. And I will spend quite a bit of time covering this. Zone 9 is effectively just facing to the other side of Mawana Fold, which has not been discovered yet. And this is, you know, this implies that, you you have a gap in between, but that's where Zone 9 is. More importantly, there is no significant results at Zone 9. So this is quite important because it's it's showing you the environment we are in and put yourself in the shoes of a new junior who will come into the KCB and will try to decide which license to get and what work program to do, right now, it looks like you want to be where Banana Zone is. Okay? Because that's where it's all happening.

25:43 Moving on. Now we talk about MOD resources. I've given you the context of what the successful juniors are doing and what they are saying. Now MOD comes in, big footprint. Remember, I've talked about big footprint of the juniors being potentially a curse. You'll see here it's a proper curse. Big footprint. MOD comes in, and they take a very large footprint, just over 8,000 square kilometers. What they flag and remember, they come from the health care sector. It's a it's a new gig for them. Limited historical data. So that will be important again. Market cap is about 80,000,000 Aussie dollars. They just came in. You know, they don't have a track record in mining. It's quite a good market cap already. And then you have the northern licenses, and this is including the Virgo project. Again, the licenses were not exactly the same as they are today because, you know, you have to relinquish portions of the license sometimes, not always, but sometimes.

26:35 And so it's quite a bit different, but this is basically where ARC is. Another point which is relevant here is the private vendor from which they required those licenses was in the bank in the liquidation, basically, for two years prior. And so what it means here is it's great. Now we can follow someone who's covering our ground in the in the past. But what they are flagging, not only they are saying in the in in the reports that they have very limited historical data, but specifically to the license in the North, which include Virgo, they picked it up from a private company that's under liquidation. And so there's been no work done for two or three years, and it's very limited, which is which is why, you know, it it it does explain why we're here today with ARC.

27:22 And another presentation from them, literally a few months after they've acquired that package, and they're focusing straight away. What they do, as expected, with the background I gave you about discovery metals and HANA mining, they make an investor presentation and they say, hey, guys. We're gonna focus on the Mid Kalahari zone because we don't think so. Discovery Metals thinks so. And they quote Discovery Metals the same way I quote MMG. They quote Discovery Metals in their presentations, and they say, hey. We're gonna focus in the Mid Calahari. And by the way, we have a target. It's called Kournike. We have the funds. We're gonna drill 12,000 meters at Kournike. So that's what they say. And as you can see, even in the maps they show, they don't even show a star for Boceto. It's just banana and which belongs to HANA Mining and Khoenoke, which is the target, and that's what we're gonna drill. So you can see the behavior could have been influenced by the big guys' activity and and comments.

28:19 In 2012, they've been quite successful actually in doing that drilling program at CornerKay, and they're putting a small resource. But before, like, twelve months or eighteen months turnaround, it's actually quite impressive. And so CornerKay, it's not big right now, but it's the very beginning. And so you're just shy of 10,000,000 tons, and you're just under 1% copper. Okay? So and then again, the drilling is focused on the infill drilling extension of Khoenake, just trying to make it bigger and more consistent. So that's what they do in twenty twenty twelve. And as we can see, they are starting to put a map, which is very basic, but still it's a map, and they are planning to drill what is now the Virgo project. And as you can see as well, as opposed to Hana Mining, which I flagged earlier, there is a contact. Or presumably, there is some inferred contact, which is in green. It's actually wrongly located again, but, you know, now we feel there is a bit of contact, and we are going to drill it. That's what MOD Mode Resources, is saying. We're gonna do a big 10,000 meter RC drilling campaign in in that area. So that's 2012.

29:25 Now towards the end of 2012, things change a little bit. Still no drilling at the Virgo project, and they start to drop the licenses. Not not the Virgo licenses. Sorry. But they dropped some licenses. So if you look, they used to have what is called the Zone 6 Corridor. They used to have those licenses here. Gone. They used to have a few more around there. Gone. They still have the ARC license, and they've relinquished portion of it, but they're keeping, you know, basically, what is the Virgo project. And also here, in red, they're keeping this, which is now, by the way, Galileo, which will be interesting because I'll talk about this a little bit later. So they start to drop license. They don't do the drilling they said they would do in terms of that generative RC drilling exploration. And, basically, it's sort of a MNA in the KCB.

30:13 So Discovery Metals has received a bid just over 800,000,000 Aussie dollars, by the way, not US, but Aussie dollars, by a Chinese group, which is an existing shareholder of of Discovery Metals. So you've got this very big bid for Discovery Metals. HANA Mining has received a bid. As you can notice, the valuation is much lower than the market cap. I will come back to that. And this is Cupric Canyon bidding for HANA Mining. Cupric Canyon, who, again, was an existing shareholder. And as the share price is down, the market cap is down, they're bidding for it. And so MOD Resources now is not doing as much as we thought they would do, but they're flagging. This is a slide from their presentation, and they're flagging that a lot of m and a is happening. And what I noticed as well when I reviewed everything is during that time, the quarterlies, the investor presentation, everything, you see a lot more of that gold project in New Zealand, which they've had all along as an earning JV. They were earning in.

31:09 But you can just sense the focus is just more about this when you read the reports. You you just got a sense of it. So let's forward to 2013. And sure enough, January 2013, they officially announced they're looking to divest Botswana. So they've never drilled the verbal project. They were kind of, like, using the MINA momentum, and also you will see markets are becoming very tricky now. And so the app the risk appetite, the ability to raise money, everything becomes more difficult. And so they're like, you know what, guys? Actually, we're gonna divest out of Botswana. Only a year and a half after having entered Botswana with a massive footprint. Remember? And they were doing quite well, actually, on the gold side in New Zealand. So you can see that shift happening with regards to the two projects. And so what happens in Botswana because of the process of trying to divest, they do nothing. When I say nothing, I mean salt sampling across almost the entire property.

32:04 So nothing is really happening on our ground. Okay? Nowhere else either, but nothing on our ground. The market cap has collapsed. Times are tough. And at the end of the year, there's no MINERA. So they never got a good bid from anyone. They have a new CEO, Julian Hanna, who will do a great job eventually. And so, apparently, they reject the proposal. We don't know what proposal it was, but they reject it. And they say we'll go back drilling next year in Botswana. So you you've got that twenty thirteen when nothing happens effectively. And by the way, there is no MINERA for discovery metals either. So this is the environment we are in at that time, which partly explain why things are tough for MOD as well. It's because when you look at Discovery Metals, and here, you know, there will be a lot of lessons to learn for me and for investors and for explorers and management.

32:54 Discovery Metals had a bid from the Chinese group for 800,000,000 plus. One year later, the share price has completely collapsed. They have a market cap of 35,000,000 Aussie dollars. Why? That's because they reject the bid, first of all. So you gotta learn a lesson from that. They reject the bid, and, actually, this whole ramp up commissioning and ramp up of the plant is tough. It's tricky. The plant is good, by the way. It works quite well, and it's still working today, by the way, for MMG. But it's the the deposit the open pit deposit, which are Plutus and Petra, they're tricky actually in terms of grade viability, in terms of transition materials. So a mix of oxide and sulfides, it's a nightmare. The copper prices I mean, every it's a perfect storm. Everything that cannot work doesn't work. And so and plus, you know, they've raised a lot of debt for the project finance, which, you know, you would argue is a good thing for shareholder returns. But when things don't go well, I mean, it's game over fairly quickly because of that debt load you have on your balance sheet. Share price collapse, market cap collapse, things are not good. We're in 2013.

33:57 Right? So think about this in the context of the mood for MOD resources with our license in hand. What about HANA mining? Same. HANA mining is down 90%. COMPET collapse. So they don't they don't have a major drama the way discovery metals have, but it's kind of like the the exciting stuff is gone. You know? The Banana Zone, we know it now, and so it's all about infill drilling. It's all about putting together that feasibility study, which they are almost eighteen months late in publishing. In the meantime, the copper price is just going down and down and down. And so you have what we call the Lassonde curve effect, which Lassonde was a very successful or still is a successful mining entrepreneur in Canada. And effectively, he's described many years ago that, you know, in terms of return for junior miners and creating value for shareholders, there are two phase. One is the exploration phase where you're very excited by discoveries and increasing the size of a resource.

34:54 And then once you've established all of this and it's all about infill drilling and engineering, get boring. It's not exciting. Shareholders walk away. They sell, and they walk away. And so they call it the value of death where you just do engineering, and you lose all your shareholders that were there for the sexy stuff. Right? Exploration, big discoveries. And then you make a lot of money again, presumably, if things go well, during the development phase because now you're lining up everything, and you're successfully transitioning from a from an explorer to a miner. But that's what happens to HANA mining. You know, we know about Ballana Zone. And for one, two years, there's nothing new to talk about, really. They're just doing infill drilling. You saw the the meters they were drilling at banana, 60,000 meters a year. Nothing really exciting is gonna come of that. It's just infill drilling. So, anyway, share price collapses. It's not so good, and the environment is tough. And so Cupric Canyon, the private equity firm, was an existing shareholders of Cupric. They were buying shares in the market, by the way, very early on. So they've lost money like everyone else as the share price was collapsing, but they have money. It's a private equity firm, and so they buy them out at 82¢ a share near the bottom.

36:01 Okay? So a lot of lessons to be learned here for everyone. But the reason I put it here is to give you the kinda like a feeling for the environment that Mode Resources is operating in. Let's go back to Mode then now that we know all of this in terms of background in the belt. And they have said, remember, we're gonna go back drilling in 2014. So here we go. 2014, they acquired more licenses in the Mid Kalari as usual, and they have new priority targets called Marty and Boseto West, and they require more ground. Within the more ground, they have a new discovery. So they drill. There's something called Moelo project, and it's a platinum discovery. I've never heard of it. I've never heard of platinum ever again in the KCB, but they're heating platinum and palladium. And so this is a new focus for the company.

36:48 However, remember the environment. Straight away, they say, guys, we have a new discovery. It's PGMs, but we need a funding partner where we can't do everything at once. We have limited funds, small market cap. But we're looking for third party people. In the meantime, by the way, just to avoid confusion, they are renaming the K Corner, which at the time small, but was their flagship target and project, Mahumo. And, again, they do extensional drilling trying to make it bigger. Fair enough. And they're already implying that they will do a mining study, so the in 2015 for the Mahumo, which was corner key. So that means infill drilling, that means extension if you can, but mostly infill to upgrade the the resource in terms of quality and and category. And what they do, you know, which is the key now for ARC MINERALS, is they're dropping the license of ARC MINERALS. Well, it's their license, but you see what I mean. They're effectively dropping the Virgo project.

37:42 So we in 2014, they've done they've arrived in 2011. They've effectively done nothing on their license. Blaming them, by the way. I'm not being judgmental the way I speak. You've seen the context. You've seen the macro context. And by the way, ARC is no better sometimes. I will cover that fight. But I'm just being very blunt here. They've done nothing at the Vrgo project. And by the way, it includes the license. They are dropping the license, which is Galileo's now, by the way. The reason I'm flagging both of them is because look at what happens. Sendfire buys the Galileo license a few weeks ago. So it's quite it's quite funny that MOD is dropping ground, which they had, which eventually, you know, is being bought by Sunfire, which had bought MOD years prior. So, anyway, that's a quick topic. But this is what's happening. They're dropping stuff.

38:29 They have a platinum recovery. They're gonna do infill drilling. They're gonna start to do feasibility studies on that Mahumo, which is a cake corner, and they acquire more ground. Okay? And the environment is tough. 2015, market cap of mud resources, 6,000,000 Aussie dollars. It's a catastrophe. I'm not blaming them. You know the environment is horrendous at that time. What happens? They they update the corner k called Mahumo. They update the resource. What happens? It shrinks. It goes from 10,000,000, 9.5, to 2,700,000 tons, but much, much higher grade. Why? Because the copper price has collapsed, and so we have to use a higher cut off grade, and that completely shrink the size of the deposit you can use for you for your resource statement.

39:17 They come out with a feasibility study, so they only have four year of mine life based on that revised resource. So that's that's not good. Market cap is really bad. However, two things happen, and big credit to Mode Resources because that is a game changer later on. And I can see for an investor, they'd probably be very tired with that market cap and more acquisition. We've seen it many times for the last few years from what resources. What do they do? They acquire a lot of ground, guess where, in the Mid Kalahari with the help of Metal Tiger. Metal Tiger is a small shop well, I say shop, a small listed company in The UK, but they have more money. I I haven't done the full due diligence on them. So if I if I lack a bit of knowledge here, I apologize. But it looks when I look at the terms of the transaction, it looks like they're the one funding the early works of that new acquisition.

40:08 What they're buying, it's called Discovery MINES. It's actually the exploration ground of Discovery Metals. Why? Because Discovery Metals has gone bankrupt. I will come back to that. But that's interesting in a way, and there are lessons to be learned as an explorer and an an executive here. MOD Resources is buying Discovery MINES, which is a private company, which is a it's not a spin off. It it's a liquidated asset of Discovery Metals, which has gone under. And Metal Tiger is the JV partner because they're funding it. They're helping Mod Resources acquire that grant. The reason why it's quite important and the reason why I give a huge amount of credit to the management of Mod Resources after struggling for quite a few years is that new ground, by the way, will be the t three deposit, which is now the flagship Moteo mine of Sampfire.

40:59 So it's quite interesting. Right? If you forget ARC MINERALS for a second in terms of learning about the the life of junior explorers, it's sometimes, you know, it's just that final acquisition in the worst of time. You're on your knees. Your market cap has collapsed. I'm sure shareholders hate you the way shareholders have hated ARC MINERALS, And you finally pick up the grounds that will be transformational for you. So, anyway, enough on on on t three, but that's just very interesting to see that, and it's in the mid. The big news 2015. The very big news is Cupric Canyon, the private equity fund. Remember, Cupric Canyon picked up HANA Mining in 2012, and it's a private equity fund. Cupric does not communicate. So between 2012, actually, it's 2013 from announcement to completion of the transaction.

41:48 But during that time, they don't communicate. They don't have to. They have the money. It's a private equity firm. They're not listed. So they never communicate, and they show up at a conference in Botswana in June 2015, and they say, oh, by the way, guys, we have some news. We thought we'll tell you all. We have 67,000,000 tons at Zone 5 grading 1.9% copper. And people are like, what's going on here? They come back to that well, it's not a confirmed, whatever. But they come back in November 2015, and they say, well, hang on a second. We've just updated that resource now with more drilling. We have 100,000,000 tons at effectively 2% copper at Zone 5. I mean, this is incredible. Incredible. So all this time where discovery metals, HANA mining, and more resources are telling you the next big discoveries will be in the Mid Kalahari, They might be right, by the way. I'm not saying it's not the case. And now we have sent fire doing doing great in the Mid Kalahari.

42:47 But no one is paying attention to what's well, we can't. It's private. But, basically, no one is aware of what's going on back to where it all started. Zone 5, you know, like, Boseto and everything, and Kupriq is basically defining this monster deposit, which is, as you can see, right next to where we are, but now the ground has been dropped. We don't know where it is. It's dropped. And so this is the macro environment at the time. You know? HANA mining taken over by Cupric Canyon. Cupric Canyon, during the time I've told you they will not communicate, they drill almost 200,000 meters at Zone 5. I mean, it's it's incredible. 200,000 meters is being drilled at Zone 5, and they're not telling anyone. No one is aware of it, and the market is horrendous.

43:32 Copper prices have gone down 50%. Look at the junior index I've shown you before. It's down, what, 90 percent 80 to 90%. It's finished. This sector is finished on their knees, and it's all about survival. Is delivering the big groups are are trying to survive, by the way. They they all everyone is suffering. The juniors, the majors, it's it's horrible. But during that time, the private equity firm has been defining a monster in the Kalahari Copper Belt. What happens to those license that have been dropped often, not just in the KCB, but everywhere, either it's just back at the cadastre, so it's there. It's either it's available or it's not even available. But, anyway, in that macro environment, no one cares. No one is in the mood for picking a brand anyway.

44:17 And often, it's picked up by local geologists. They don't have the funds, but they are close to the cadastre. They follow, you know, the the the area inside out since they were students. And so they pick up stuff, and then they they're hoping that there is a recovery in the sector, and then they do deals with the with the juniors that have a few a few more funds. So that's the state of play. This is where we are now. Okay? And reminder, no one has ever worked on our license. We're in 2016 now, 1516, and still no one has done any work on our brand. Okay? Now what happens in 2017? We have a new entrant, but let's give a bit of background. Mod resources, remember, 6,000,000 Aussie dollar market cap, while in 2017, $150,000,000 market cap. I'm sure there was a lot of dilution along the way. That's the way it is. But still, I haven't checked the share price for the purpose of that slide, but it's up multiples, multiples, and they're doing great. As we said before, t three is very successful.

45:16 It's good grade. It's open ptable, I believe. They're extending it. It goes it's great. It's it's just going very well. Great momentum. It's all good. And so remember, you have Cupric. Cupric is private. They don't talk to anyone. No communication whatsoever. We just know they have these monsters on file. We don't know much more than that, and the market is in a bad mood. It's only starting to recover. And we have more resources, and that's effectively the only big junior talking about the KCB in the market as risk appetite is slowly starting to come back now after the the horrendous years of 2015, 2016. So COPORAY Metals, very small ASX listed junior. They do a reverse takeover. And, again, remember what I said about big acreage? They come out and they say, guys, we've got a very big footprint in the KCB.

46:03 We have the second best footprint in the KCB. Okay. Sure. And they do made an exploration program. At the time, it's focused on the Southwest. As you can see in red, all the licenses are in the Southwest of the belt. So a little bit in what we call the Mid Kalahari, but it's even more there. I don't know how we call it, actually. Maybe the Southwest Kalahari, that's where they are. And, again, we start with geochemicals and geophysicals, you know, soil, magnetic, and everything. So that's 2017. We moved to 2018, and and, again, you know, they acquired more grand. It's a typical junior big footprint. Guys, we just took massive more grand in the media. Now combined together, we have 14 almost 15,000 square kilometers. There's a bit more afterwards, but I haven't done all the math.

46:51 So we have fourteen, fifteen thousand square kilometers in the bell. We have the biggest footprint. Okay? So that's the we've seen this before many times. So that's what happens. What happens, they pick up our ground too, by the way. So as you can see in the Northeast, four new licenses, and they call it the Virgo project. I think that was the name of the private vendor, Virgo something. So here we go. We can now follow someone that is expected to do some work on our ground. Okay? Again, similar to what I've told you with mud resources, when they acquire the ground, no surprise. Historical exploration is very limited. We know that. And so we might do a potential regional self sampling program. So, you know, we really start from the beginning here when it comes to our ground.

47:37 And they want to become a major explorer, you know, that big footprint story I was telling you about. So let's move forward to 2019. What happens? So they remain focused in the Southwest. As you can see, all their ground in pink. So focus on the right hand side for now in terms of the map. You can see indeed the Virgo project there, but as you can see, they're not flagging it. It's there on the map. But in terms of targets and prospect, nothing there. It's all very much Southwest. This stuff is very deep, by the way. I mean, it's it it's very hard. And I and I will come back to it, but, I mean, you know, Vasily has always thought that this is hard work, this stuff here. But, anyway, very deep. You don't see you you cannot hit the contact at at surface because everything is, you know, kind of similar to what's happening in Zone 5, but it's much deeper.

48:31 So it's not like you have, you know, the Dakar that's being eroded at surface, sometimes even the Qube Hills showing up at surface. So when you want to understand the different layers of of rock formation, you've just got to go down. And so the geophysics and the geo came in my view, and by the way, I am not a geologist, but it's just tough and less reliable. It's tough. But, anyway, that's what they're focusing on. And why? Look on the left hand side, which is a very simplified map they have put out, but in a way, it shows you the way to pitch it to investors if you're in their shoes. It's like, guys, in blue, you have Cupric Canyon with Zone 5. You go 100 kilometer down. You have t three MOD resources, which, by the way, has just received a takeover offer by Sunfire. So remember before when there was all that MNA momentum?

49:18 Now it's not an MOD and A momentum, but you have one big takeover of MUD resources. So when you're a smaller junior, you're trying to ride, you know, that that momentum. And so you say, look, guys. Zone 5, deposit, you know, those guys control the Northeast part. MUD resources, they control the mid part. They t have t three, and guess what? They just received a bid from the big guys at Sunfire. And we are the next big guys. We are further Southwest. Look at the footprint. And if you were to calculate, we're another 100 kilometers for the Southwest. So, you know, guys, watch that space. That's basically what's happening. Virgo project, soil sampling, and maybe some geophysics. Alright? And we're in 2019. Let's stay in 2019, but towards the end of the year, drilling results in that Deep Southwest, underwhelming. I haven't put the numbers, but I remember looking at them yesterday.

50:10 Point 3%, point 4.5. Don't get me wrong. This is good in the Western Domes in Zambia. This is not good in the KCB, okay, when you compare to everything else. So drilling results, not good in that area they were focusing on before, and they start to drop ground. Again, those big footprint guys, they're dropping ground that they have not even worked on or barely worked on. And so as you can see, Virgo, our two licenses are still there, but but they've dropped the other two. Okay? And they say we really enquished, but we are planning to drill the two licenses that are now ARC MINERALS. We're planning to drill them in 2020. Very exciting. We are twenty one years later from that vendor company being bankrupt before being acquired by Mode Resources, and maybe, finally, someone is going to drill at the Vrgo project.

51:03 But you start to see that caveat, which you've seen many times before from juniors with a big footprint. They're saying in February 2020, before COVID is obvious, right, and before we are really affected by COVID in terms of, you know, logistics, operation, traveling, and everything. And they say, you know, we have a big strategic footprint, but we are in discussion with a number of parties for potential source of funding. So you can start to see that change compared to the very bullish early days. What happens in 2020, 2021? Towards the end of twenty twenty, they're selling the entire block they had in Namibia to send fire for about 2 Aussie dollars. And they announced strategic review of the Botswana license. I mean, it almost feel like it's a copy paste of what happened at Mode Resources during the difficult time of of the market.

51:52 Then they do indeed get affected by COVID. There's nothing to deny there. And the drilling at Virgo, which as you can see was supposed to happen or start in q one twenty twenty, just doesn't happen, and there's no tuning at Virgo. So it's just incredible. Right? And and then you can see that they are changing their focus similar to what we've seen before with other juniors. They do a JV in Western Australia. I forgot the commodities now, but it's it might be copper, but I don't think so. And then they do a trans frame transformational deal in Niger for uranium. And so what happens? They sell the Virgo project to us, to ARC MINERALS, which is great. Little bit of background on the mood at ARC MINERALS at the time because because I keep talking about the others, good days and bad days. But, you know, ARC MINERALS, in March 2021, the share price has gone up fivefold from the laws of COVID.

52:47 We we are in exclusivity. We are negotiating terms, or I think we have no I don't think we've published the terms yet. We're still negotiating with Anglo American, but we've told the market, so the market loves it. And you have that post COVID massive rally. Right? So it's not just about ARC. The whole sector is flying. A bit like you saw in twenty eleven, two years after the the the GFC, where it's the same here. In 2021, everything and the riskier, the better. Everything is flying. So ARC is flying too, up 5% from the trough. We've raised money. You know, we keep raising money at higher price. Everything goes well. We are focused in Zambia. We might be doing a great deal in Zambia, so it's all very exciting. And I've been wanting to go to I was a CFO at the time, and and I've always been wanting to go to the KCB.

53:32 And so I tell Vasili, I said, look. Can you look for stuff in the calorie copper belt? And we look everywhere. He looks everywhere, in Namibia, in Botswana. You know, credit to Vasily because it is Vasily who, after reviewing everything, and someone like me who technically is nowhere near the level of Vasily, telling him what about this, what about that? And even myself, by the way, saying, why don't we grab big footprints in the KCB? I say that internally as well. I'm I'm not different than the other people. But, you know, Vasily looks around, and he just can't quite get his head around why we would do this. It's too deep when you go towards the media in our view for a junior company. But I say, well, look. Look at corporate because they're getting out of stuff. You can see they're getting out of stuff. And so he looks and remember, corporate has a very big footprint. Right? So there's a lot to pick from. And credit to Vicinity. Right? I think we'll go back to this in five years' time.

54:24 And Vicinity said, well, look. It's not the big footprint you're asking for, Remy, but I like it a lot. And those are the two licenses that they have left, which they call the Vrgo project. If we could pick that up, that would be good. And so I said, okay, Vasily. If you say so, let's go for that. And remember, we have a much bigger market cap than them and than we had a year prior. So we basically buy the whole thing for £1,200,000 in shares, which, you know, I look back, we diluted the company by 3% to get it. So, you know, with hindsight, it's amazing. I had a lot of flack. I mean, Nick, myself, and Vasily, we had a lot of flack for that transaction, but it's funny now. Right? And it might be even more funny, hopefully, in a in a year or two. So, anyway, so that's the background in terms of giving you a bit of context for the mood at ARC MINERALS. We do that transaction.

55:10 And as you can see, it takes time to complete six months. Actually, it's not that long, but it just shows you right that things take time. And so what that means is we are in November 2021. VIRGO belongs to ARC MINERALS or 75%, but we have an option to buy them out of the 25%, by the way. So November 2021, twelve years after the company, which was called ARMAGRAM, which was the vendor to MUD Resources, twelve years later, still no drilling has ever happened ever happened at at the Fogo project. It's incredible. So, anyway, so that's the background. That's the whole history. It took a while to get there, but I hope you've enjoyed it because I've really enjoyed it myself going through all the documents and really just learning from from from the experience of others. So now let's talk about ARC MINERALS, and let's be blunt. You know, I've been very blunt about the others. I'm gonna be blunt about ARC MINERALS.

56:05 ARC MINERALS is slow in Botswana. It's not a criticism. By the way, I'm the CFO at the time of the company. I've been the one pitching KCB to Nick. I've been asking Vasily to really look for stuff. So, you know, in a way, internally, I'm really the one keen to do something in the KCB. And once we have it, we're still very slow. That's the reality of it in terms of the work program. And, it's not because of Vasily. Most likely, because of me and to some extent, Nick. It's because we just focus on Zambia. And so you see that with the juniors. Right? And so we have we we are desperate to do the legal settlement because we are trying to close that JV with Anglo American. We've announced the terms. It's very exciting. People were excited, but as you keep on waiting, we're under pressure from shareholders. The share price has to go down. And so, you know and and that whole momentum post COVID is dying down a little bit for everyone, not just for ARC, but for everyone. And so and we're trying to sell you know, we have sold DRC, the the gold mine, which at the time, by the way, gold prices were nowhere near as high as they are, and DRC is tricky. So, you know, it it was difficult to sell DRC at the time.

57:11 And so, you know, when you look back at the RNS, which I've done actually, you just see, you know, the journey is exciting, but we haven't completed it. So everything from a corporate, legal, admin point of view is hard work, and it's all about Zambia and DRC for the company. And so that's the background to not justify, by the way, but to explain why we all screw ourselves. You know? Nothing has happened for thirteen years at the Virgo project, but it's not like we're going super fast as soon as we've picked it up. We are slow. And so we do soul sampling, you know, which is fair enough, but, again, this is slow. Soul sampling program at the Virgo project, and that's what we say in June 2022. Then we do scalp drilling programs. So scalp drilling, it's a rabbit holes, very shallow, quite cheap. You turn around quickly, and it's not so much to define if you have copper and what grade. It's just to pick up the contact. It's a cheap way and fast way to just follow what you believe is a contact, and you pick it up, you move on.

58:06 And what's interesting, by the way, is when we do that drilling, scab drilling program, wrap drilling, we realize, and it's very important in the whole history of that belt and especially our project, that the contact, which we know we can touch, you know, we drill it, we see it, you know, it's not just implied from surveys, but the contact is up to a kilometer away from where everyone before, including ourselves, infer that it is based on very old geo geo regional, sorry, magnetic maps, but they're not very high resolution. They've been done at a much wider scale, so the spacing is nowhere near as tight as what we would do now. And so it's just interesting. You you drill down, and you see that the contact is not exactly where the map has been suggesting for many years. And sometimes you're up to a kilometer further up. When I say up, I mean Northeast.

58:58 Okay? So that's the background. It's slow. We're not going super fast. We are distracted by more important thing, by the way, at the time. It is more important for ARC to focus on on Zambia. It's it's the right thing to do, but it's just explained to you why things are not going so fast in in Botswana. Now let's move forward. And what happens at ARC MINERALS, we complete the JV finally with ENGLOR. And this is when, by the way, I stepped down as a CFO. The JV is finally complete. We started the exclusivity with ENGLOR in 2020. Right? So it took three years to complete the transaction. It's tough. It's just tough. At the same time, what happens? M and G acquire Comacao, which is z five and the other stuff, for just shy of $2,000,000,000.

59:44 It's a very big deal. It's a massive transaction for the Kalahari Coppell, the biggest one in the Kalahari Coppell. And so finally, we can focus on Botswana. We've done the JV in Zambia. There's no more legal problems. ENGLo is gonna take care of the Carbonpo project. You Finally, we can pay attention to that project. And with the MMG bid, it's cool. You want to go in the KCB. Right? That's where the big money is happening. There are exciting transactions. Let's go. So 2024 IP survey, and we want to basically really define the contact properly with a view to drill. Right? So you really have to now try to define it properly and as long as you can. And so at the time, we suspect that we have maybe four, maybe five kilometers joining Mawana Fold, which has different names at the time, Banana Peel, the peel, Mawana Fold, which is there. And so we're quite confident now that there is a contact crossing through, and that zone nine, which is not showing on that old map. But, you know, if you can see the the the mouse, it is about, you know, there. Okay? Or we think it's there.

1:00:50 So we do the IP survey. It's quite strong. The signal is quite strong, and we go drilling 3,000 meter drill program, and it's working very well in picking up the contact very closely to where it is interpreted by the IP survey, which obviously has a big impact on what we are doing this year, by the way. And we hit copper straight away. You know? Like, I I think it's been misunderstood when we put out the ARMS two years ago that we hit copper in one hold out of eight, but that's not the way it works here. As you can see, you drill fences. So it's all about one fence picking up copper. Of course, we'd love to hit copper everywhere we drill, like everyone. But so I think there's been a bit of a misunderstanding of whether that was a good drilling campaign or not. It was a good drilling campaign. Three meters at 1.3% copper equivalent, Vasily and wanted to carry on. That's what we put out. You know? We're putting in place a second phase drill program targeting the inner copper sulfide zone and which effectively is to go further Southeast As you can see, we've only scratched the surface in terms of covering ground.

1:01:55 And we say I haven't put it there, but we imply that we think there is about four, five kilometers of that prospective contact. So so that's what happens here. 2024, we are proactive. And why? Because we are now we are not distracted. We are now focused on Botswana. But what about twenty twenty five? Well, twenty twenty five, we are distracted. The legal issues reappear in Zambia. The activity from Anglo American really drops down, understandably. Everyone is frustrated. We are frustrated. Anglo is frustrated. Shareholders are massively frustrated. And what you know, we're starting to feel like it will happen happens. Andrew and ARC terminated the JV in October 2025. And so during all that time with the pressure, with the funds being more and more limited, with shareholders not really enjoying the vibes at ARC MINERALS, we do we do very limited work in Botswana. And so that's what happens.

1:02:48 Now what happens around the turn of '25 and 2026? Well, you know, we're trying to find Zone nine. So I stepped in as a c a as a CEO. I'm doing a review of where we are. You know, we have Camompu back to us, but still with a lot of legal issues. And we have Botswana, which I'm the one who was, you know, at the origin of trying to get involved in the case of this. So I review the whole thing. And what screams to me when I look at all the public information and whatever I find in all data rooms that we have and other people have is, basically, there's a lot of confusion about Zone 9. On the left hand side, as you can see, you have Zone 9 being here. So those are the drill holes of Hana Mining, remember, where they said that they've hit no copper whatsoever. So it's there. Then you look at Comacao, so Cupric Canyon, when it's private.

1:03:37 I don't know whether that presentation was publicly available at the time, but when I did my digging over the last few months, I picked it up. I find it, which is from 2022. But now we see Zone 9 being here, and it almost put, which is not correct, by the way, but almost put the drill location, and they put some intersection. You know? So you're in the four to five meters at 2% copper. Really good. And they talk about how this is a high priority target and everything. That's Komakau. That's before IMG. That's Cupric Canyon. So I'm trying to get my head around it, and I'm like, well, there's a bit of confusion here. But, you know, if Zone 9 is where Komakau is saying it is, well, the contact might not be four, five kilometers going straight straight through.

1:04:22 It might be just curving into Zone 9. And then the question is, you know, how early do you lose that contact into MMG's ground, 97G, or how long does it stay in your ground? But this is curving inside our license. So so I go I go back to the team, to Vasili, to Titus, and I say, hey, guys. You know, that it's not clear to me. And then you look at MMG because MMG is publishing the technical reports, publishing quite a few things. Here, it says May 2014. It's incorrect. Should be May 2024. And MMG is is is telling you, well, Zonline is there, but moreover, they're telling you it's a recent discovery. And this is part of their pitch. A $15,000,000,000 company is telling you guys, by the way, we have Marwanathan Ford. By the way, we have Zone nine. As you can see, Marwanathan Ford is called Banana Peel here. Let's call Banana Peel. So there's a bit of confusion. It's just not clear.

1:05:12 It's just not clear. You look at the best academic research papers from Wesley Hall and Murray Heath, David Cattrell, Jackie Catherine. Sorry. Catherine Knight. And and and, again, if you look at the flagship reference academic papers, which are from 2018, for example, Zone 9 is where it used to be, you know, in the very old days. So it's confusing. We don't know. But it's starting to pique my interest. And I'm like, well, hang on a second. Zone 9 is indeed much further Northeast, about 10 kilometers further Northeast, and the contacts you could argue might be a lot more on our ground than their ground. We've got to look into this. So, anyway, I step in and early it was starting in December 2025, but, you know, by now, you know, I've been to site four times. Vasily has been five times, and we go to Zone 9. We go to Mawana Fort. We go to Zone 9, and we geo localize every single drill color we can find on the on the ground.

1:06:15 And now we know exactly where Zone 9 is, and this is there. So you remember that map I showed to you before, this is the exact I don't know if you can see the mouse when I when I move it. Yeah. You see it a little bit. This is the exact location which we've picked up with the GPS of don't think it's all of them, by the way. Sometimes it's a bit of, you know, it's like, kind of, where is Charlie? You're trying to find all the drill colors in the bush, but the location is perfectly correct now, which is the first time that we can show you. You know, of course, they know where the location is at MMG and and at at Cuprican in before, but no one outside them knew where the location was. We know exactly where those holes are. And as you can see, those holes are meters away. When you go to that drug color here, it's debatable whether you're actually on our ground or their ground.

1:07:08 I don't mind, by the way, but I'm just saying. So we know the exact location. And forget the IP. Just go back three months ago. And the debate was, well, is the contact going away into the license around here, or is it going in the license more around here? And which is why, you know, we've done a bit more. It's because, actually, to our surprise, we feel the contact is actually staying when we say the contact, we mean the contact at surface equivalent. And then, you know, and then it goes down deep at an angle, 60 degrees, 65 angle going southwest southeast, sorry. So, anyway, so then we do the IP because Vasilis said, well, guys, we did the IP in 2024, and it was bang perfect in terms of location for finding the contact when we drilled after the IP survey. And so we did the IP. We did some Grand Mag, but as you can see in pink behind, you have quebi volcanics rising up close to the surface. They're not outcropping, but they're rising up close to the surface, and that's created a lot of magnetite noise.

1:08:13 And so the the the Grand Mag, we did it. There's good information there, especially around that contour here, that that fold. Sorry. But it was very distorted. And so we're like, you know what? We like the IP. We like what it how it works. Let's jump straight into the IP. And then we were positively surprised by the IP that we didn't feel we were losing the contact, and so we had to extend it. It took a bit longer, but that's good news. So that's the key here. Right? This is the whole story. Sorry it took a while. I hope it's interesting for for you guys. But this is why we are where we are today. Between well, from 2009, but even before it's just that I don't know what's happening before. Well, I will have a quick anecdote and a bit of a joke now. But for more than a decade, maybe for decades, no one has ever actually paid attention to that ground. And when they have, twice, they were about to drill and twice macro environment stop them from drilling, and then they drop the ground or they sell in the case of.

1:09:12 So it's incredible. This is why it's unique, and this is why we are so lucky. You know? It's not because I'm telling you it's a great license, kind of half making it up. This is why everything happened purely by luck, the cycle, and I think anyway, so that's that's where we are. Just a quick joke. I mean, it's you won't see it on this slide, but the Zone 5 was discovered in the early nineties by none other than Anglo American. So Anglo American was there for about five or six years in in the KCB. They were big explorers, right, in in the whole of Southern Africa, and they discovered zon five. When you look at those technical reports and you read the history section, it's during that 1989 to 1995. But in the early nineties, they they they discovered zon five. So how funny is that?

1:10:00 Anyway, so that's where we are. I think it's unique. I think it's amazing, and and and we'll move on to the drill program. Final word while I'm speaking. Compared to before, because when you look at discovery metals, I'm talking trying to fast forward a little bit. Maybe it's too soon, and I don't wanna jinx it, but, you know, feasibility studies, mining, processing plant, infrastructure. Right? Discovery metals, HANA mining, and to some extent, yeah, to some extent, Mode Resources, the infrastructure to build a mining project with a processing plant and with the mine, you know, right, with all the mining engineering that goes around it, the infrastructure was not there. There were no mines in the KCB during those days.

1:10:47 So you had you know, you needed proper road access, electricity, needed power, and ideally electric power, water, I mean, everything. There was nothing. The reason I said that is because look at here. We are eight kilometers away from Mango. Mango is an expansion deposit, by the way. I've been many times. When we drive to our site, we drive through here, you know, there. And so you see the mango box cut, and you see the waste dump right in front of you as you're driving through. And so we are eight kilometers away from Mango, and we are eleven, twelve kilometers away from Zone 5, and this is where the processing plant will be. And when you drive to site, by the way, you can do it different ways, but the best way is to go via the Komakau Complex because the roads are really good.

1:11:37 Infrastructure is incredible. So it's quite important to keep this in mind. Look. We're trying to find copper. We're not in the business of building a mine yet. I hope we are, but we're not there yet. But just bear that in mind. If we are successful, it's a big if, but if we are successful in finding copper and and a a proper resource, you're in an environment where all the infrastructure is there, all of it. Okay? So that's why I think this project is unique and is amazing. And as you can see, the quote again from MMG, I'm doing like everyone else. I'm quoting the big guys when it's flattering. So thank you for for still being here with me. What is the plan, which which is partly what you guys are here for? And what is the drilling plan specifically? So here we go. That's what it is.

1:12:24 Please allow me for quite a few disclaimers, and please don't hate me or anyone else in the company later on. This is definitely subject to change. It's an iterative process. What you see here is almost guaranteed to not be what we are going to do. Okay? So that's a big disclaimer. This is a plan, and this can change maybe because of bad news, or it could change for sure if they are good news, right, in terms of accelerating the drilling, infill drilling, going deeper. I don't we're not there, by the way. But please, please, please, I'm taking the risk today of being very transparent in showing you the drill plan. I will go into more details on what you see here, by the way, a lot more. Please, please, please allow me to tell you that this will very likely change. It's a plan, and things always change along the way for good or bad reasons. So that's a massive disclaimer, but I trust you to take that into account when I go into so much details and transparency to show you what we plan to do.

1:13:28 So before talking about the targets, I'm showing you the drill holes of MMG and everyone else before MMG, but which is now the MMG ground. We have located I was telling you about the Zone 9. Those are the drill holes from Hana Mining in 2010. Okay? So that's why, you know, we we we everyone thought and we thought when we picked up the ground that we were trying to find copper and find the contact and then find copper between Mawana Fold and Zone 9, which is here. And we were thinking we might have four to five kilometers. This is Zone 9, what is today called Zone 9, which is that. Anyway, I've covered that ground before, but I just wanna insist on that. So the targets. So that's the drilling plan.

1:14:14 Again, things can change. So when we talk about number of holes, we estimate it'll be between 20 to 28. Why am I giving such a big range? It's because it depends on when you hit the contact. So we'd like to start as shallow as possible. And so if we don't find it, we might step back, go deeper. If we hit copper in the contact, we will definitely step back and hit deeper. So, actually, what you find is if we drill more holes and if we drill deeper holes, it's because it's it's you know, we're hitting copper. We like it, and we wanna find more of it. If we do less, it's because, well, there's no point following this one up. When I say there's no point, you know, everything I say here, take it with a pinch of salt. One, I'm not a geologist, and two, you know, exploration is difficult and complex. But but you would assume that if we hit copper, you just wanna keep stepping back and infill drilling to see, you know, how, you know, how continuous it is, etcetera, etcetera. So that's why it's a range. 20 to 28 holes.

1:15:15 In terms of depth, we estimate on average that there will be about 200, maybe 400 meters. You know, as I said, you know, if we go deeper, we're not gonna stop deep. We're gonna stop as shallow as we can driven by cost, but also because you wanna pick up the contact and see if you have copper once you've picked up the contact. So if we go deep, it's because we are stepping back. Remember, it's at an angle. The the or we expect the contact to be in the copper mineralization to be at an angle. So so you step back and you're trying to hit it again at an angle, but, obviously, you're gonna pick it deeper. It's not flat lying, or it's very unlikely to be flat lying. So so that's why. So if we go deeper, it's it's for good reasons. It will be mostly diamond. It's not set in stone. You know, it was one of the questions.

1:16:03 At the very beginning, we saw a mix of ARC and diamond, but then do you have two rigs at the same time? Do you have one? You wait for the other one. We believe, and that's because, you know, we've received the quotations from quite a few drilling contractors that maybe we will only go with a diamond drill rig. We will probably start with one. I'm not against having two rigs at the same time. It's not more expensive, by the way. If anything, you might save a little bit of a fixed cost. But, anyway, that that that's the debate. And as you can see the location, we we are are driven by three targets. Okay? Southfold area, central area, which we have referred to in the RNS as the the jug, which I know has been picked up by some shareholders, and we've had a couple of questions on this.

1:16:53 And then we're calling it Zed 9. As you can see here, to avoid confusion, Zed 9 is us. Zone 9 is MMG, and Zed 9, hello, is us. If you have other names, maybe we wait for the results. You guys are welcome to suggest a new name for the area, but let let's let's be successful first. Right now, we we we have a lot to prove, and we need a lot of luck. So that's how the drilling plan looks like, and that's how the targets look like. Covering a couple of other points, which I've added last minute to cover the q and a effectively, we have submitted the two license renewal applications, so 135 and 162. We have submitted them well early to really, you know, play by the rules properly. I have been to the Department of MINES three times this year already. We have a great relationship in Botswana. It's it's great.

1:17:48 And so we have submitted, and, obviously, we're hoping that we can have a 100% renewal for the two licenses. And we are going to drill starting in August. We are drilling before we have confirmation of the renewal of the license. Okay? So we have made that decision that we are going drilling. We're just not gonna wait. And that's because of Botswana. That's because of our two or three renewal processes already since we've acquired that grant where our level of confidence and look. Touch wood. I hope I do not jigs it, but we are very confident in the in the system in Botswana. Okay? Final word. Sorry. I can see the bullet points on my slide. The lab assay.

1:18:34 So So when you drill I'm making up the numbers here. But when you drill two, three, 400 meters of diamond core, regardless well, not regardless, but you will not send 300 meters of core to the lab. Okay? Just a quick reminder, and we're gonna cover the topic of what intersection to be looking for. But, you know, we're looking for five meters of copper, right, per per per intersection. You know? 10 would be great, but, you know, we're looking for five meters. So if you have five meters out of a 300 meter hole, you don't send 300 meters. You send ten, fifteen, 20 meters to the lab. So just bear that in mind. And that if you do five, six thousand, maybe eight, maybe 10,000 meters of drilling, depending on how how we go, you're not sending nowhere near that to the lab.

1:19:21 You might be sending maybe 10% of that to the lab. Not even that. 5% of that to the lab. So just keep that in mind with with with the lab assays, right, in terms of how much do you send to to the lab for results. Okay. Target by target. Southfold, this is the biggest one. Five kilometer long as a target, guys. Okay. So please, everything I say here is speculative. It's indicative. It's interpretation from us and our consultants. So, you know, nothing is guaranteed whatsoever. But this is how we define this target. We call it the South fold area because, effectively, we think that all of this is the Mawana Fold. It's just that we cover that part of the fold, and MMG has that part of the fold. So we call it South Fold area.

1:20:06 Again, you guys are more than welcome to suggest all the names. And we believe that, you know, this target for us is about five kilometers long. We're gonna follow-up from an ARC hole we did, and I don't know whether we have published the results or not at the time. They're not significant to be clear, but we are confident that there is already copper there. Don't know about the grades, but you know? So we wanna follow-up from there, which, by the way, know, the fence before was drilled in 2024. We've hit copper. We like it. And so we're gonna pick it up from there, and we're gonna go all along that fold. And, you know, from a structural geology point of view, we do like folds. You want as many things to happen for the fluids to travel up, and so we do like that fold a lot.

1:20:52 But, again, you know, we'll see. Zero guarantee whatsoever. But that's one of the I'm not ranking them, by the way. I mean, obviously, this one is the biggest one, but I'm not telling you it's target number one in terms of order priority. We're just gonna drill everything if we can. And, also, we might not be starting here. Okay? So that I don't know. We'll see with Vasily. But that's one of the three big targets. Target number two or the other target is called central area. We've we've referred to that jog. That was a surprise. So when we were getting the data one by one from the IP survey, what you know, put yourself in our position as you receive the not the report, but just the data. You know, live data with updated map with with new data being collected by the team on the ground, and we are here. And so by now, we're like, well, okay. I guess that's that's gonna be the end of the contact by now. And it's not too bad. You know, I guess we have, what, 10 kilometers.

1:21:47 So, look, it's not it's much better than we thought before, but, you know, I did say to investors before, we might have up to 15 kilometers, and we'll have 10 or 12. And I tell them, look, guys. It's it's it's already not bad. But, you know, this is what happened. We can see the the IP, and we can see the chargeability. Just seems to suggest again, this is only the survey. Right? You have to go drilling. But it seems to suggest that the contact is just kinking back in the our license. And it's quite important here. You know, Vasilis is flagging to me and the team, you know, look at this regional level, by the way. This is big picture well, big picture. It's it's the same area, but in terms of the data, those are regional big scale magnetic surveys that that had been done, or I think it might be overlapping surveys.

1:22:34 But what's happening here is you have this dike running through, and you have here the Quebe the Quebe Hills, and a lot of things are going on here. So, again, it doesn't guarantee anything, but geologist and, you know, please double check and, you know, correct me if if if you hear this is wrong, but you do want to see a lot of structural stuff happening, folding, false things going through because that's how the fluids move. So that's why we like that area, not only the contact coming back in and that level of chargeability and that drop of chargeability, but also what's going on in the ground here when you look at the quibbly volcanics and when you look at dags crossing through. So, anyway, so that's the the another big target, about three kilometer long. We'll see what happens there.

1:23:24 And the final target we'll drill in between, by the way, but it's just if we have to look at what, you know, we find attractive. You know? There will be holes in between those targets as you can see. The other one is Zed 9, which I've discussed before. And effectively here, you know, Zed 9 and Zone 9, it's on the other side of that of that dike crossing through. And so it's interesting to see what's going on on either side of them. So not only do you have that going on, which you wanna see you wanna drill nearby. Not only over it, but often you wanna drill nearby because things happen, things travel. So that's one argument for for zed nine on top of the contact, obviously. But very simply, when we see where the holes are of MMG and where we see what happened to the IP survey as we were extending it, we are wondering there is no guarantee, but we are wondering whether this zone nine is actually starting on our ground.

1:24:21 And that the contact at surface is on our side, which means that picking up the contact below the sand burden and starting to hit the contact and hopefully the copper might be starting before you get into MMG. We don't know. We have no more clue than I'm telling you now, but this is why we are very intrigued by what we now call z nine for us. Okay. So that's it in terms of the plan. I hope that was pretty clear and pretty pretty useful for for you guys. And now, again, it's another section which, you know, I think I'm I'm doing it differently than a lot of other people in in junior listed companies. I'm gonna tell you honestly, candidly, what I am looking for. And by the way, here, this is me, Remy, looking for it. So at least that gives me a bit of a and that gives Vasily a bit of distance from what I say in case, you know, we need to tell you a different story.

1:25:18 But, look, I'm just being very transparent and very candid with you. And, this is coming from me. I'm not a geologist. Okay? But in a way, that's quite useful for investors because then I speak a language that might be a lot more familiar to to the investor community and retail shareholders specifically. So in terms of what to look for, well, how how do I approach it? I'm looking basically at the deposits of MMG. And and what I do is I say, okay. So Zone 9 is a flagship. Zone 9 was 100,000,000 ton as we know at 2% because they're mining it. Obviously, it's getting a little bit smaller. And so you have an idea for the grade here. Right? So flagship deposit, a 100,000,000 tons. Alright? Round the number. 2% copper, 20 grams silver.

1:26:06 What about the expansion deposit, Zita, Zone 5 North, Mango? And here, you know, very different. 20 to 30,000,000 tons. At steel, we're around the 2% copper grade and 20 to 40 grams of silver. That's what we're looking for. Okay? So by the way, we're not gonna define a resource and a deposit this year to be clear. Okay? But it's just to drive the conversation and to try to see what eventually we would like to achieve. And so what does it mean in terms of drilling holes and intersection? Right? So this is the kind of stuff. And then when you look at the whole table, and as a quick mention aside, remember how Banana Zone was the flagship ten years ago, how it was all about Banana Zone. Banana Zone, you know, the truth is you have to split it into many smaller deposits because it's basically an oval, you know, kind of at surface contact.

1:27:02 And so it's just deposits on that contact all alongside, you you know, know, the limbs of that oval shape thing. And but, you know, while they are reporting it as different deposits along the way, and as you know, Banana Zone is not a focus of of MMG, of Cupric Canyon, of Comacao over the last ten years. So and why? I'm assuming it's because, well, there are spotty deposits along, you know, the contact, not just one continuous deposit. And each of them on its own is very small, you know, like one, three, six, ten maybe here. One percent copper, sometimes 2%, one and a half here, charcoal site, which is part of banana, 50,000,000 tons, but it's point 5% copper.

1:27:51 So and you still have good silver credits. But so, again, the reason why I'm spending so much time here, this is because that's to educate myself as to, well, what do I really want to see? What do I want to achieve with the Virgo project? And, truthfully, I want to achieve, at the very least, an expansion deposit. I'm not telling you this is what I'm looking for this year with the drilling, but this is what I want out of this project. Okay? I want us to find at the very least what looks like an expansion deposit equivalent. Because I think whether as a project for a big flagship mine like Zone 5 or as a stand alone project, by the copper prices are so much higher now than they were two, three, four years ago. So I think an expansion project works on its own completely.

1:28:41 But, obviously, it's even more attractive in terms of economics if it's a feed feed stock for an established plant. Anyway, so this is how, you know, I I I try to think about it. Now if we look at the shape, again, it's very important to try to understand what does it mean to have 18 kilometers of contact. You know? At the end of the day, those numbers on their own, it means nothing. Right? And they just throw numbers out there. So what a deposit looks like? So if we look at a flagship deposit, you know, let's dream big. Okay? We are being super speculative here, but let's dream big. What does a zone five deposit looks like? It's about four kilometer long in terms of strike. So this is the number you can put in the context of the contact, you know, kilometers we talk about as a junior, not just us, every junior. So, you know, four kilometer long is the strike.

1:29:33 If you look at a plan view, it's the strike along the surface below, you know, forty, fifty meters of burden, sand cover. This is the strike of a crazy deposit like Zone 5, and it goes at an angle 55, sixty, sixty five degrees in that case. Could be different. It doesn't matter too much. But at an angle, which is why you see typically how you would drill it to to define a resource. And in terms of thickness, it's 10 meters. Sometimes more, by the way. There there are parts of Zone 5 where it gets to twenty, thirty. If we're talking just heating copper, it can be quite wide, 30 plus. But in terms of that high grade copper, you know, core area, on average, it's about 10 meters of thickness.

1:30:19 So you can see how small that is. Right? It's we're not in the 50 meters, 100 meters. This is not an open pit mine in the way you would look at in in the Dongs region in Zambia or some other parts of the world. Those are those very slim sheet of copper going at an angle very deep. This is underground mining, to be clear, for energy. And it goes from coat it fifty, hundred meters below surface. You know, you clear the sand, and then you're into the sulfides, and it goes all the way. For Zone 5, it goes all the way. It doesn't stop, by the way. So they they now they're doing the engineering studies to see whether they put a shaft to just pick up the copper, which is increasing in grade. It's all public information. It's increasing in grade as you go very deep. So, I mean, it's it's a beast, zone five.

1:31:04 So this is zone five. Okay? And so when you put it in the context of we have 80 kilometers of contact in our license where you could say we have four chances of finding a zone file. You know? All the disclaimers here. Very speculative. I'm just trying to put things in context. Okay? Next example is basically a typical expansion deposit, mango Zone 5 North, which is not the same as North 5, but but just as Zone 5, but just next door. So the strike lens here, it's not four to four and a half. It's one and a half. Okay? So, again, put it in the context of the contact we have. Now you have 12 chances of finding the equivalent of a mango or Zone 5 North an expansion deposit.

1:31:51 Okay? Then if you look at the thickness, it's five meters. You know? Zone 5 North, that economic thickness of copper is five meters. Mango, I think, is eight meters. Okay? So this is what we're looking for, which, again, to try to understand the copper intersection we might be looking for when we drill, you start to have that level of understanding of what it is you're looking for. In terms of depth, in the case of mango and Zone 5, it's six, seven, 800 meters. I believe you know, don't quote me on this, but I I believe that it goes even deeper. Like, it's open at at depth. But right now, the their resource made up of what you see here in terms of number. The send overburden is about 35, forty, fifty meters from surface.

1:32:38 Below the send burden, you you have an oxidized slash transition part. Someone asked the question whether we would be looking for oxide or sulfides. Again, it's only my view, so subject to correction later on. We are only looking for sulfides. If you remember, the Boceto mine of discovery metals in the early days massively suffered from the oxide copper and the transition zone. The plant was just not fit for purpose. It was a nightmare. So, you know, learn from other people's mistakes. My understanding is that we would be looking only for sulfides, and so you have thirty, forty, 45 meters of sand cover. And below that, you have oxide transition copper, if we find copper, and it's below that. So call it a 100 meters below surface that you would be in sulfide copper, and this is where your deposit starts.

1:33:30 So that's what we're looking at. Okay? Now, again, final slide. Well, there's one more after that. But final slide, again, to educate myself and you guys, you know, Vasily knows what he's doing, but for me to make sure that I have a feeling for what is it that I want to achieve with ARC, well, you you just follow what the big guys are saying. And so, again, that's a presentation from MMG, and this was their present so think about this. This is a presentation from MMG in November 2023 when they are pitching, like I'm doing now to some extent, when they are pitching the acquisition of Comacao to their investors in Hong Kong. Right? It's a multibillion dollar company. They're acquiring Comacao for $1,900,000,000, including debt, and now they have to pitch it to their own shareholders. Right? And this is how they pitch it. There are many slides, obviously.

1:34:23 But one of their slides is this one. They say, oh, by the way, not only do we have zone 5, not only do we have optionality with the old Boseto open pit, we have optionality with banana. It's not the focus, but don't forget we have banana zone. But we also have a fourth emerging group of new discoveries, which includes Zone 9, Mawana Fort, and this is how they describe them. Five meters at 2% or more, obviously, but over five meters at 2% plus grade. So, you know, don't hear it from me again. Hear it from NMG. This is the kind of discoveries they put on an investor pitch in Hong Kong as a multibillion dollar company. Okay? So I'm doing the same. I'm telling you, I don't have it. I want discoveries at five meters plus, at 2% plus copper, and some some silver, obviously.

1:35:19 And, obviously, the final way to know what you're looking for is to look at what Mawana fold and zone nine is in terms of intersection because, you know, if MMG is telling you the so priority discoveries and they are at five meters at 2%, well, then this is clearly what I'm looking forward to. Okay? That's it, guys. I hope that wasn't too long, and I hope you you've enjoyed it. I'm just enjoying that slide for the third time now in the presentation. I really want you to appreciate, and I hope I have convinced you. I'm not pitching you to buy the shares necessarily. What I'm trying in a way, I'm motivated by the fact that I believe people thought that the Virgo project was definitely not a flagship project compared to Zambia.

1:36:05 And that's partly because we bought it for only £1,200,000, which we paid in shares, which was only 3% dilution. And now, you know, guess what? We had problems in Zambia. We're going back in Botswana. No. No. No. No. We are in Botswana because when I stepped in, I did a strategic review, and this is the founding I got, and which is why I was motivated to go back to Botswana. Now we have the IP results. You have the IP results, and you know what we want to do. And I believe and we have sorry. I finished there. And we have the exact location of Zone 9 in Mawana Fold. And I can tell you, I'm looking at this. There is no guarantee, but, you know, I I don't know how you can find a better license in the Calari Copper Belt. So thank you very much, everyone. I hope you've enjoyed it. If some things have not been clear, whether because of my French accent or because I got too fast or because I was simply playing wrong, please send an email. Please reach out. Put the q and a on that investment platform, and and thank you very much again for for your time, for your attention, and good luck to us because, you know, at the end of the day, I can say whatever I say.

1:37:16 We need luck. So thank you, everyone. That's great. Thank you for updating investors today. If I please ask investors not to close this session as you'll now be redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.