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Argenta Silver Drill Results and Definition of New Exploration Target

Join CEO Joaquin Marias for some additional context on this morning's news. He will be available for a live Q&A following a brief presentation.

Tue, September 23, 2025 at 12:00 PMendedReplay
Argenta Silver Drill Results and Definition of New Exploration Target
Company
Argenta Silver Corp (TSXV:AGAG)
Date
Tue, Sep 23, 2025, 12:00 PM ET
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Watch the replay on this page · 43 min

On 6ix: 6ix.com/event/argenta-silver-corp-third-batch

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Transcript

Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.

0:03 Joaquin, great to see you. How are you today? Great to see you, Romeo. I'm very sorry to everybody for the delay. You might imagine that this is very busy on this side of the world. Thanks for getting very busy. Well, we have great news again to show to public. I'm very pleased to be here.

0:30 I will share my screen, Romeo, and you give me a thumbs up if... Perfect. I'll let you know once I can see it, then I will disappear until question time. Yes, just let me know if it's being shared. Looks great. Yeah? Okay, sounds perfect. So let's start with our presentation today. Thank you everybody for being joining us Again for those who have been waiting for a couple of minutes. My apologies for being late. I have been in meetings since very early this morning. I am pleased to bring to you some

1:07 news from today, September 23 of 2025. And we have released a successful step out. And we are also presenting a new target which is called Atenea. This target has been drilled and we have some successful results in there. So let's go into the presentation. There are some forward-looking statements that you will see here. Please have in mind that you will be able to ask some questions afterwards. So I would be very happy to answer those. The news release that we put out today, our title as you can see, that the company has drilled 545 grams per tonne over 43.2 metres, including 1302 grams per tonne over 8 metres.

2:08 This is a very important drill hole for us because it is a step out, that is 70 metres away from the existing resource. So it is a very long step out, if you want to call it like that, or a very distance step out. The other thing that we are announcing, it's this new target that we have defined through different tools and that now we have drilled. This drilling, it's telling us that there is silver. So we hit 2 meters with 314 grams per ton of silver in this new target that is called Ateneo. And I will explain this a little bit more in 1 minute. I want to show you this.

2:56 This is in our web presentation. Obviously, we are going to update this very soon. But you can see here the history or the company timeline and how the company has been evolving since its inception. We came out to the market at 15 cents and since then Things have been going really well for the company. We have the strategic investment of Eduardo Elstein announced in March, and it was completed in May. And we obviously started exploration in January. But I think that it's very important to highlight that in May, June and July we were starting to drill. Since July we have been putting out results.

3:43 This is the third batch of results that we are putting out, and you can see how the market is reacting to the results of this winter programme that we have completed a week or a week and a half ago. So this programme is already done. There is no more drilling at the moment in El Quevar. We are starting to prepare for the upcoming season. The upcoming season is going to be summer in Argentina. It's going to be in between October and May of next year, October of this year and May of next year. And this summer season, we'll see approximately 15,000 meters of drilling.

4:31 So we are starting to prepare all this. We will disclose hopefully more information and we will show you more information about this program soon. The important thing to highlight here is that this share price that we have had, this run up that we have had, it's also being reflected into our market cap. So the market cap, As you can see on this graphic, it's now much bigger than the one that we had a year ago. We started this company with a market cap of approximately US$15M to US$20M. And today, with the share price trading at US$1, our market cap is approximately US$250M.

5:23 It took us to create all that value. It's obvious that the market is working with us, that the silver prices are very, very good and are helping us, but it took us $5.5 million since the very beginning of the year to have this a superb value creation. And that's because we are being very, very careful with the money that we have. We think and we believe we are confident that the most important resource that we have is the money from our investors, from our shareholders. We want to create return on investment on every dollar that we have. That's why we are being so precise on targeting and so careful on working out things at Elkevar.

6:09 So for those who are not familiar with the capital share structure, A quarter of the company is in the hands of 2 billionaires and very well-recognized people in the industry, Frank Justra and Eduardo Elstein. Frank Justra is from Canada, Eduardo Elstein is from Argentina. At this moment, we're still having approximately $24 million in working capital, no pending payments and no debt. We have some institutions that came on the last bug deal that we had, and the remaining retail. So here you can see the drill holes that have been completed during this winter program.

7:02 We ended up drilling over 4,000 meters. We drilled 4,240-something meters. So It is translated in 16 holes. Pardon me. These 16 holes are located in this area that you can see in the image.

7:28 The ones that we are disclosing in this news release are QVD 414,415,416 and 417. The other ones with labels are the ones that we disclosed in previous news releases And the ones that don't have a label, that are only 6 drills, those are pending results from the laboratory. So we are waiting for those results. As soon as we have them, we will be posting those news out. We hope to get them back probably by early October or late October or early and late of October. So stay tuned and watch out for the news because there should be more news coming out for those drills.

8:17 So these 4 drills that we are putting out are very important for us. You can see that QBD 415 was drilled, again, on the up deep of the resource. This was intended to be testing the upper boundary of the resource. With that, we have validated the model, the 3D geological model. QB 414, Super important drill. This was the step out that was 70m away from the boundary of the current resource, which was successful. We will talk about that one in a second. And then it's a QBD 416 and QBD 417. These were drilled in the new target that we call Atenea.

9:06 So Atenea, it's giving us a lot of light in an area that hasn't been drilled before. And It's very important because one of these drills came back with 2m with a grade of 314g per tonne of Silver. So it's telling us that there is Silver. And the other one came with anomalous Silver values. When I say that, it means that the values are not the same as the rest of the rock, as the remain of the rock in the drill hole. The values are telling us that fluids or some mineralization might be in that area. So this is giving us some hints on where to go next. The next slide that I want to share with you is the slide that is showing actually the drill hole QVD 414.

10:01 You can see how far it is from the existing resource. And it's very important to remember that the resource itself, I don't know if you can see my cursor,

10:16 Romeo. We can, yep, absolutely. OK, so the resource, most of the resource, the boundary, it's somewhere here. So this area here, it hasn't been fully included in the resource because it hasn't been properly infilled. So that's why we drilled QVD 412, which was drilling in a gap in between the drilling. It was a 60-metre gap And that was a very successful drill hole. If you remember, it was a drill hole with 40m at 1,026g per tonne of Silver. And in there, there was a 1m with 18,467g per tonne of silver. So QVD12 was a fantastic drill hole in that gap of 60 metres diameter and it's telling us that we need to keep drilling those gaps, we need to keep infilling there. But now 414 that has been drilled 70m away from the resource, it's giving us these fantastic values.

11:26 And here you can see that the highlight of this drill hole, it's those 8m at 1,302g per tonne of Silver. There are other intercepts that are very high grade, as you can see, 7m at 905g per tonne of Silver, but the overall is those 43.2m with 545g per tonne of Silver. So the spreadsheet of this news release is the one that I'm showing you here. Here you can see drill holes QVD 400, 15, 16 and 17 as well. And you might say, hey, this is not okay.

12:13 We don't like to see 1g or 2g or 3g of Silver per tonne in these drill holes. But remember, these are exploratory drill holes. These drill holes are coming back with a lot of information that is super useful for us. And in general, the rock in El Quevar has 0 Silver. So when you see this amount of Silver in a rock, it means something. And it's telling us that we have to keep drilling the area because there might be more around. So having just a little bit of Silver is telling us that we need to keep drilling the area and that these targets are worth to be followed up. So here you can see QBD 416.

13:06 It was a very shallow, the heat, and it's 2 meters at 314 rounds per ton. The previous drills that we disclosed before are the ones that you can see on the screen. And as we explained before, these drill holes are very important as well. We have a step out on the left side of the image that was also successful step out, some confirmation drill holes and an up deep drill hole. When I mention an up deep drill hole, it means that it's drilled on the up deep portion of the resource. The resource, we don't know properly if it continues or not up to surface in some areas, and that's why we need to keep drilling up deep to understand that. QVD 413 was successful on telling us that we should keep drilling a little bit up deep to try to define more mineralization up deep. So it's very important to understand the meaning of the drill holes. So the confirmation drill holes are helping us to see fresh rock that is coming out from the ground now.

14:16 The rock that we have been re-logging has been sitting outside on the courtyard for over 10 years and there are some things that might be degraded, so we needed to do those confirmation holes to understand a lot of technicalities from the rock. The successful step-outs that we have drilled now, they are telling us that the deposit continues, that it is open in both ends and that we should keep drilling that. The successful up-drill, I just explained that, is testing the upper portion of the deposit. The successful infill drill holes, as I mentioned before, are testing those gaps that we have in the resource. That's a lot of rock that needs to be tested and with this infill we are starting to fill those gaps that we have in the resource.

15:09 So before finishing I want to say that we are going to embark ourselves now in a much larger program. This has been the end of the foundational program of Argentina Silver. We were creating this foundational program where we put together the database, we log a lot of drill core, we gather a lot of information, we create a 3D model, we reinterpret the deposit, then we drill these 4,000 metres that have been completed last week. And with that, now we have a lot of information to move on into this much larger season. There are 6 drill holes still pending results from the lab. As I say, I hope that they will be coming in between early October and late October.

16:03 And well, hopefully we will have more news for everybody. Awesome, Joaquin, thank you so much. Now, as I mentioned, I've got some questions to go through, but there are already some great questions in the chat. For folks in the room, especially those who came midway through the presentation, there's a chat button on the bottom right of your screen. You're welcome to ask questions at any point during the remainder of the event. We'll get to as many as we can today. But, Akin, one thing I wanted to start off with, obviously, these are impressive drill results, extending that deposit 70 meters to the northwest, discovering the Adnea target. How do you overall, I know you touched on this, but I'd love just to a fine point, how do you see these findings shaping Argenta's strategy for El Cobar? Well, this is crucial, Romeo, because for us now to hit this step out 70 metres away from the resource, it's giving us direction.

16:56 So you could draw a line on top of the resource and you could say this continues, but there is always a question mark. It was that really what was happening or not? Now that we have drilled this 70m step out, that question mark, it's been solved. So now we know that it continues, that we need to keep drilling on this trend. And as well on the other side, where the other step out was also successful. So it's telling us that in both ends, it's still open. So The strategy here will be to work a lot on the resource expansion and as well with the successful results like the one on Atenea. This is telling us that we need to keep exploring those targets that are surrounding the project or the resource.

17:49 Not only that, it's telling us that we can create new targets with the information that we have and that these newly created targets might be successful as the Atenea target. Great. I know you mentioned that upcoming 12,000 to 15,000 meter drilling program for this summer. It's got that 40-60 split between expansion and new discoveries. I was curious if you could just share with the investors in the room, what's your strategic thinking behind that allocation and what should investors be expecting from each part of that program? Sure, so the resource itself has seen 70 to 75 or maybe 80 percent of the whole drilling in the property historically. So historically, 80% of the drilling went into the resource area.

18:38 And there has been very little exploration done outside of the resource. Only 3% of the property has been properly explored. So what we need to do now is we need to balance the equation because the potential of new discoveries is huge. And we have some low hanging fruit, which is the resource expansion. So the allocation here will be 40% into the resource expansion that we will be working towards these step outs and trying to fill these gaps and trying to extend the deposit as much as we can. So that's going to be 40% of the allocation of capital will go into resource expansion and 60% will be allocated into aggressive exploration outside of the resource. That means that we will be looking around the resource and outside of the resource and even in some areas that have never been explored before.

19:37 So there is a lot of ground to cover and this dual strategy is something that we can run parallel and simultaneously. So we can do resource expansion, and at the same time, we can start exploring the other areas, trying to find new targets or trying to find new deposits. And it's very interesting because it's always going to be staged or step by step, right? Because when we drill these target exploration areas, we can be working on surface in some other zones. And soon after, we can start drill those areas as well. And then we can move our surface team to other places. So each of the programs will run simultaneously.

20:27 That's the strategy behind that, trying to add a lot of values for resource expansion while trying to make a new discovery through exploration. Great. And one thing, I mean, it is crazy that only 3% of El Cavares, those 57,000 hectares have been explored. But given the success you're having with new targets like Adnea, What's exciting you most about the untapped potential across the property? Well, we have just been working around the Silver area. This is a Silver resource, right?

20:59 Our surface samples, our soils, are telling us that there are some sniffs of gold of a larger system in the Alcubar. So what we need to do is we need to start moving away from this thing that it's so rich. And you know, it's like the golden pot. You don't want to leave the golden pot, you want to stay there. You don't want to go anywhere, you want to stay there. But that's why we are going to put only 40% of our capital there. And We need to go away from there. We need to start looking in other areas. Ateneo is telling us something. Ateneo didn't exist before. We created this target during the month of February or March or something like that. We created this new target with a lot of information that we had. We put things in 3D and we discover this beautiful area that could have a lot of potential.

22:02 Well, we have drilled there. We are starting to see that there are some anomalous values in silver and it's very encouraging. So now we are starting to ask the big question. What is out there that nobody has seen before? Exciting. Looking forward to seeing more. One thing I want to talk about is infrastructure. Because I know Alcavar has got, you know, pretty great infrastructure with 60 kilometers of internal roads, 100 worker camp, railroad power lines. Somebody said to me recently, I forget who, said visible gold is sexy, but a highway is sexier, which I like as a line. As I'm curious, how significant do you think the infrastructure advantages for Argenta's property in de-risking the project, but also accelerating development?

22:46 So let's not think about El Cuevar for 1 second. Let's think about a mine. Let's not think about a mineral. We are not thinking now about the mineral. We are just thinking about the operation itself. That operation, right, let's put that operation on a white paper. Now I need to go with that operation of white paper and put it somewhere on a map. So If you put that somewhere where there are no roads, where there are no electricity, where there is no railroads, okay, it means that it's isolated like an island on the ocean. Now I need to start building things and to build things to connect that blank paper with the operation on top in the middle of a map, that will cost me a lot of money.

23:38 But in this case, this is completely different. So here we have a railroad, a road, a power line, a gas pipeline. We have the full support of the community that is in front of us. They are sourcing us with a lot of very, very good human workforce. And this has a very important meaning because it means that if there is mineral, if we find enough mineral to make a mine, we don't need to invest in road, in a gas pipeline, in a power line, in all these things that are already built there. So it's a lot of capital that we won't sunk on the ground, that we won't put there because it's already there. It's been built for us.

24:32 Some people have been asking me, would you put this kind of operation or this other kind of operation in the project? And I'm saying, look, I have energy, I have a railroad, I have to be very strategic in the future and see what I can do with those. But we could concentrate mineral, put it on the train and just bring it down the mountain. That's easy. I have the railroad there. The train goes every week through that railroad. It's fully operational. We have a camp for 100 people that it's a fully prepared for high winds, for winter conditions, for the summer. We have everything there. And we have probably now over, I don't know, around 80 kilometers of internal roads with the last kilometers of roads that we have been building up on Elkivar to get to new targets.

25:24 So all these roads and all this infrastructure at the end of the day It's money from our shareholders that we are not going to be spending on infrastructure that we will spend on meters to be drilled or something else in the future. Great. So I want to zoom out for a second before I get into one last question of mine. You got the robust resource base, nearly 50Moz. These strong drill results behind you. What are the key milestones investors should be watching for over the next year as you continue to advance Elkivar? So I think, first of all, the 4,000m have been completed, but we haven't disclosed everything because we don't have the results yet. So first milestone, we need to wait for those results to come out.

26:12 Secondly, I think that it's going to be very interesting to see how this summer in Argentina evolves in terms of the rigs that we will be bringing in, the amount of work that we will be putting in, how much surface we can cover. And our goal here is to keep drilling the resource. I think that that's going to be crucial and to expand ourself on surface as much as we can to cover the most amount of area, to define a lot of targets that can be drilled in upcoming seasons. We already have targets for the exploration, 60% that I was talking, we have already those targets very well defined.

26:59 We are now starting to plan how we are going to address those targets. I think that not everything is aligning really well for us at this moment. The markets are very helpful. I think that the results are the most important that shareholders should be watching for. Awesome. Yeah, certainly the price of silver this week doesn't hurt any silver story. Absolutely. I've got one more question before I jump into the great questions in the chat. I did notice Argentina was not included in this year's Fraser Institute Mining Jurisdiction Survey, which to be honest, I was surprised to see. My question to you is, from your experience operating in Salta, how would you characterize the current mining investment climate in Argentina? And what do you think are advantages of operating there, despite anything else that might be going on in the region?

27:49 Well first of all we need to distinguish something Argentina it's a multi-jurisdictional location Argentina per se it's not a mining jurisdiction it's multi-jurisdictional it's like Canada you cannot tell or like the United States you cannot tell that the United States is more or less mining when you have different states and different provinces, like Canada. In Argentina we have provinces. Every one of these provinces has different regulations or some different procedures, actually, that tell you how to move on your mining operations. But there is a legal framework that is national, where the provinces are supported. But every province is a jurisdiction.

28:37 SALTA didn't come up on the Free 0 Institute this year, which was a huge surprise for everybody. And the logic behind this, it's probably because the lithium industry has been falling down sharply. And The Fraser Institute, it counts the amount of mentions that are done on the promise. So if I interview you, Romeo, I ask you, where would you go to invest and you don't mention Salta, because you are not in the lithium industry now, then I'm not going to get it included there. Sure. And the metalliferous companies that are working in Provence are not that much, because it is the heart of the lithium triangle, and it has been attracting a lot of attention from metalliferous companies.

29:31 But it has been attracting a lot from lithium companies. I have to say that working in Salta, it's amazing. It's a great thing. I wouldn't think in Argentina, the best place to work, probably San Juan or maybe Santa Cruz in Argentina, but Salta it's great because you have the communities that are super supportive. They understand very, very well what it's mining. You have a lot of services in the province. The government understands perfectly how mining works. Most importantly, they understand how the market works. So they understand when they need to fast-track things or when they need to reduce the pace, because they understand how markets work, how things work in the international level.

30:26 And there is something else that we already mentioned. The province itself has a huge amount of infrastructure, And the workforce coming from Salta, it's very highly skilled and it's premium quality. So we are using a lot of workforce from Salta. 90% of our contractors are from the province, 50% of our employees are from the local communities, and I would say that probably 80% of the total workforce is from the province of Salta. So if you ask me what do I think about Salta, I think that it's a fantastic location to go. There are no cartels, no armed conflicts, no problems. It has an international airport with connections to everywhere.

31:16 You know, our project is located 4 hours from the capital city, so you can go make a visit on the day and get back on the same day to the city if you are taking somebody to visit the project. I think that it's a fantastic province to be, and we are still surprised why it didn't come up on the Fraser Institute. I believe that probably it's because the lithium industry has been hit very badly with the prices of lithium in the market. Yeah I hadn't thought of that. That's an interesting take. I'm going to jump to a couple of select questions from the audience before we call it today. Kolda asks, what prompted you to do a 70m stepout? Did you have a hunch or was there specific data suggesting it'd be a good idea? And If so, do you have additional step-out drilling planned? I know we already touched on this, but good to get on it again. Okay, I didn't go to the last portion of the question, but I got the first one, so. Yeah, the last one is, if it was data, do you have additional step-out drilling planned? Okay, that's a great question. So, first of all, most people would say follow your guts, right?

32:21 But I am a scientist, I am a geologist, and the person that is running our program, it's a very, very highly skilled geologist. He has worked in Fruta del Norte, in Lobo Marte. He was part of the discovery team of Cerro Negro from Gold Corp. So we are data-driven people. Our gut might make a lot of noise, but that's because of the food that we eat, not because of the feelings that we have. We are data-driven people. That's the key behind this, that we have a company that has acquired a project that came up with a huge data package.

33:14 That data package was not properly processed. We find a lot of information there that was not properly processed, and a lot of information that was not processed with modern tools, with modern technology. There was no 3D model in LeapFrog. There was no maps made by Iogas and so on. And we are putting all this together. We are working out the data. And the data is giving us results. And it's pointing out where to go and what to do. And that's what we are doing. We did a lot of work at the very beginning. We spent like 4 months working on acquiring new information like a TerraSpec, Halo. Those are actually very specific studies on alterations, which are telling you what's the temperature inside the deposit, where we should go.

34:08 So mostly data-driven. It's because we have been doing the homework. We have been doing the right homework and that's why we are getting the results that we have. To the second question, if we have more step outs planned, we did. With these results coming out today, we have more for sure. Great. Watch the space. More is more. That's fun. So Salasin from the chat asks, so they realize this is a silver play. Just touching on something you said earlier. When are you going to address the gold potential in the property? And they Also thank you for your hard work and say it's tough to find a mining company that doesn't just talk but takes action. So I thought I'd share that too. But when do we start looking at gold seriously at El Cavar?

34:54 Well I appreciate a lot the question but I appreciate mostly the comment that this person is doing. What's the name of the person? Selesin2000. OK, so Selesin, thank you very much for saying that. And I really appreciate that. We are committed with our shareholders. We are committed with the work that has to be done. I am a true believer that this industry is a little bit broken. There are plenty of companies in the market and many of those companies, they don't comply with the logical steps of the industry. Some of these companies, they want to shortcut the steps. There is a very old recipe. I always say that this is the oldest industry in the world.

35:40 I think that probably 2.5 million years when the Old people start to looking for rocks to make tools. In ancestral times, that's when mining started. And actually, it's a very old industry, and people are trying to skip steps. And they are failing and failing and failing because they just skip steps. We are doing the proper job of putting the information in the right place, working it out and go step by step, trying to make new discoveries or try to get drill holes as the one that we target 70 metres away from the existing resource and we hit successfully. To your question about Gold, we have seen in soil data, so this is soil samples, This information is distributed on a grid that has been made on this. These soil samples have been taken on the surface.

36:39 This soil grid is telling us that while silver is fading away on soils, on the surface, While silver is fading away, gold is starting to pick up. And this is happening towards the centre of one of these erosional windows that we have in the project. So one of these erosional windows, which is one of these volcanoes that have been decapitated, might have all the epithermal system preserved and might have portions of this gold system preserved there. And We need to pursue those targets. Hopefully, we will be addressing that during this summer with more surface work.

37:26 And the sooner we can drill there, the better it will be. We are not drilling because, as I said before, our gut feelings. We are data driven. So when we are sure that the data is telling us that we need to drill in certain areas, we will do it. But the potential for Gold, it's obviously there. There are historical drill holes with gold in the property. And I believe that that will be also a game changer, if positive in the future. If positive in the future, that will be a game changer for Al-Khawar. Great. There's one question about the upcoming midterms in Argentina, which I believe are in October. And Simon from the chat asks, is there a chance that the results of those elections can affect Argentina's operations?

38:15 No, 0. Great. That was easy. No. I would like to expand a little bit on that. Javier Mele didn't have any support in the Congress until now. So why did he lose would affect things. Things might get a little bit difficult in political terms, but the people, it's supporting a change, and that means not coming back to what it was before. We might not have a Mille in the future, in 2, 3, or 10 years. We might not have Mille, but I don't think that we will have what we had before. And this is because I see the change. I have been living for 4 years in Canada, and What I see from Argentina is that there is a real change in the behavior and in the people mentality.

39:09 So I don't think that we are coming back to what it was before. I think that it's going to be something similar like Malay or better, but not what it was before. I think that these midterm elections are not going to affect at all this. Something that I want to mention, Romeo, as well, is that The biggest winners in Argentina are the ones that have been there for the last 20 or 30 years, despite any change in politics, despite any change in social issues, in social problems. They didn't leave the country when things went down and they have been working all the time there. I can mention them.

39:54 It's a group of companies from the Grosso Group, the group of companies from Rob McEwan, the group of companies from the Lundin family. So all these are very, very successful companies and very successful families. Pan American Silver, these companies, they never left the country on the ups and never on the downs. They always stood there. They understood how to navigate politics, how to navigate the economic hurdles of the country. And that's how they became so successful. Argentina has a lot to give, a lot to give, super rich. So don't go because the award is much bigger. Oh, that's a great note. Appreciate that. There's a question from the chat, Marcel. He says that the CEO of Dolly Varden, Sean, pointed him to Argenta and said it was love at first sight. He's curious, how is Dolly Varden or Sean connected to Argento or yourself?

40:49 So Dolly Varden is not connected to us at all. Dolly Varden is an independent company to Argento Silver, as whatever other company in the world. I used to work for Dolly Varden before. And Sean Kunkun and myself, we work in the Fiori group. This is the group led by Frank Giustra. In August last year I identified the economic problems or the financial problems that the previous operator was having with Elkevar. When I identified those issues, I realized that the company was in distress, that company was in distress. And that's how I brought the idea of acquiring Alkevar into the Fiori group. And that's when Frank Giustra, Sean Kunkun and myself, we put together this and we created Argenta Silver.

41:44 And that's how Sean, it's related to us. In the Fiori group, there is a lot of support and I feel very supported by the group, by Frank Giustra, by other people. Our advisors are William Middlecourt and Stavro Casaneva. So these are our advisors to the board. We obviously listen a lot to them, but we also listen to our biggest shareholders who have a lot of experience in the market and who also are the owners of the company at the end of the day. With everybody else that owns a share, if you have ownership, we always like to hear you and to hear your thoughts.

42:34 We are here for that. We are managing the company, but we are also here to listen to our shareholders. Awesome. And Colger from the chat says, thank you, Joaquin, for your effort. Just great. And I will thank you for having this interview. I think it was really, really useful. I appreciate you always willing to answer everybody's questions. So it's always, I think, helpful afternoon. So Joaquin, thank you so much. Everybody in the chat. Thank you. If you have any additional questions, please do shoot through. I'll make sure the Argenta team gets them. But Joaquin, thank you so much. This is great. Thank you very much to you, Romeo, and to everybody else. Don't wait to ask questions and please keep following us on social media, Instagram, AX, LinkedIn, Facebook and YouTube because we will have many more things in the future for sure. Thank you. Awesome. Thanks everybody. Have a great day.

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