Argenta Silver Drills 533 G/T Silver Over 20.20 Meters

0:04 Good morning, good afternoon, or Buenos Tardes, depending on where in the universe you're signing in from today. I've got with me today Joaquin Marias, CEO of Argenta Silver, to discuss this morning's draw results. Joaquin, how are you today? I'm doing great. With this news, better than ever. Awesome. So here's how today's going to work just for the folks in the room. Joaquin has a presentation that he's going to walk us through today to give some color to this morning's draw results and news. Then I've got a few questions for him, but, and ultimately we're going to take questions from the live audience today. We certainly have time for a couple. That chat button in the bottom right of your screen is how you're going to be able to ask questions during today's event. We'll try to get to a couple, but keep in mind we may not get to every single one. That being said, don't let that discourage you from asking questions. I'll make sure the team gets those afterwards and they can get back to you as quickly as possible. I'll send them over with your email address or phone number, depending on which you entered on registration, and the Agenda team will get back to you as quickly as they can. The other thing I'll say for housekeeping is today's event is being recorded and will be available for replay in the mid-afternoon Eastern time, so probably late morning Pacific time. It'll pop up right here on this exact same link. Feel free to share it around once it pops in. It'll also be on Six's YouTube channel later this afternoon as well. But enough out of me, I'm going to throw it to Joaquin for the protein of today's event and I'll see you when we get to questions.

1:13 Well, thank you very much, Romeo, and let's start with this. So thank you everybody for joining us. Today we are announcing some news out to the market and this is the webinar related to those news release. It's a July 21st of 2025. We are pleased to announce an intercept of 533g per tonne of Silver over 20.2m including 1m with 3549g

1:41 per tonne and the news release as you probably already know has more information that I will be explaining today in this webinar. So let's get started with some forward-looking statements with the news release itself. As you have seen, we have disclosed today 3 drill holes, 2 of them are a confirmation drill holes that have been drilled in the existing mineral resource area. 1 step out that was successful, it's extending the high grade zone 50 meters to the Southeast. I will be with that in a minute. And we are also disclosing 2 things that are very important for us.

2:28 One of them is the, or are the results from our historic core sampling. That it means that we have been looking after the historical core that we have on the property. And we have been sampling portions or segments of historic drill core that has never been cut before or has never been sampled before. So those came back with really good results from the laboratory and we are also announcing the first batch of results from our surface sampling program, which is having great results so far, as you can see one of those samples reached the upper detection limit of 20,000 grams per ton.

3:15 So, to speak a little bit of what we are doing at this moment in El Quevar, we are drilling and we have a crew collecting samples on surface. So these 2 tasks are happening in the middle of the winter in Argentina, as you know, in the South American sphere, at this moment it's winter. So the program has been split in 3 things. It's going to be 15% resource expansion, and that means that we are going to be drilling

3:48 where these arrows are, including 25% step out. Those are the yellow arrows. It's the step out. It's coming out from the existing resource. The resource is what you can see in red. So we are drilling on the on the sides of the resource. We believe that the deposit is still open. So that's why we are drilling on those areas. We will be as well drilling new exploratory targets. Those are Atenea and Andrea. These 2 targets came in with the phase 1 from our process of this 2025 exploration program. We came out with these 2 targets. So Atenea, Andrea will be drilled, then we will be drilling in Argentina and afterwards in Manicopan.

4:37 And with that, we will wrap up the 4,000 metres that this programme is intending to drill. I will show you in a second in this one, actually in this slide, I'm showing you which areas have been drilled so far and which ones we will be drilling. So the red dots are the 2025 drill holes that have been already drilled. And the yellow ones are the ones that we will be drilling soon. So you can see that we have drilled some step outs here and we have already drilled on the resource. These 3 drill holes that are on this side of the resource, are resource expansion. We want to drill up deep on the system.

5:23 We believe that there might be some potential for expanded resource up deep towards the surface. We will be drilling, as I commented, on Atenea, in Andrea, Argentina and Manicopan. If you see this area from Manicopan, it hasn't been drilled at all in the past and we have really good evidences that are telling us that we should be coming there. So on this news release we have disclosed QBD 408, QBD 409 and QBD 410.

5:57 These are the results that you have seen on the news release from today, from this morning. So 408 is our step out, which is 50 meters away from the resource. You need to understand that this image is showing you the drill holes from different perspectives. So some of them might look shorter or larger, depending where they are positioned. It doesn't mean that this is a perfect scale. Even though you have the scale on the lower right side of the image it's telling you that that's approximately 300 meters. So we have really successful step out 50 meters away. We thought that it was a good idea to drill there because we had a historic intercept on the South East portion of this drill hole. So that's why we drilled that step out. Here you can see that that step out came back with 112g per tonne of Silver over 19.2m, including some high-grade intercepts.

6:58 The higher 1 has 408g per tonne over 2.2m. For QBD 409, this is a very interesting hole with a very high grades as well. You can see that this one has 309 grams per tonne over 26 metres, including as well high grade intercepts. One of them, it's above the kilogram, over 2.5m. And QVD410 is also being drilled on the resource. You can see how shallow this portion of the resource is. QVD410 is the one from the title of this news release. It's 533g per tonne of Silver over 20.2m, including 1 metre that has 3,549g per tonne of Silver.

7:52 There are really good intercepts here, high grade and if you check the table that we put on the news release, you can also see the other elements on the table. And this is a clear statement of what we have been saying in the market and to the public. This is a pure Silver play. If you see the economic rates here are mostly Silver and then Gold is very, very low. Lead is very, very low. Zinc and Copper are very, very low. So this is extremely rare. Our historical data from the previous lead drill core, from the previous operators. It's showing similar analytics.

8:37 So I suggest everybody to get into our webpage, Argentasilver.com, go to the tab that is called Media, and there you will see some spreadsheets from the historical assays, and you will see very similar analytical details. This is great, it's a pure silver play. We are confirming the grade and we have a successful step out. In terms of surface sample results, we have announced a high grade surface graph samples and you can see here that those are mostly located in Manicopan. The other ones that you can see in the property are mostly historical or they show some silver grates, but not as spectacular as the ones that we have found in

9:28 Manicopan. Remember that Manicopan is one of our targets for the 4,000 metre program that we are drilling currently and ongoing on El Kibar. These results are spectacular. The sample that has over 20,000 grams per tonne of silver, it's the sample that reached the upper analytical detection limit of the laboratory. So for those that don't understand very well what that means, the laboratory has different instruments that they use to measure the amount of every element that is contained on the rock. So after preparing the rock and after getting to certain regulatory or mandatory fineness and preparation for the sample, they will assay the sample and each

10:22 instrument will have a detection limit, an upper detection limit or a lower detection limit. When they surpass that upper detection limit, they will have to use another instrument that has a larger upper detection limit, and so on. When the laboratory reached their upper, upper detection limit in the instrument that can read the most amount of silver, which is 20,000 grams per ton for this sample.

10:48 This is the sample that I came back with those results of silver as you can see there is plenty of silver that is very obvious and visible in this sample. And This is a true testament or a true statement of the richness of this system, of how powerful in terms of the mineralization this system can be. This is encouraging us to go and look more in these areas and

11:18 to go and look more into this region to see if we can find the feeders and the areas that are bringing up all this metal into the rock. So the historic drill core that has been drilled, well, it's very important to understand that there is only 35% of the historical drill core that has been cut. And You can see in the image behind this chart, that background image are actually the core boxes from the historical drilling. Only 35% of that has been cut and assayed. So it's a lot of drill core out there that hasn't been analyzed.

12:06 And it's giving us the potential to expand our resource just by analyzing that core that we have right there on our camp. So these are the 5 drill holes that came with a really good results this is Actually expanding a little bit the mineralization zones where these 3 holes have been drilling so you can see here samples with different grades and the higher grade is in QVD 362

12:37 that has 255 grams per tonne over 10 metres, including 175 grams per tonne of silver over 2 metres and 600 grams per tonne of Silver over 3m, which includes 882g per tonne over 1m. So really good results for us. I need to emphasise that We are still moving forward. We created this company in between September and October. We raised 15 million in September. In between November and December, we put everything together in Argentina to start working. And it's very important to mention that we have been working very hard, very strongly with communities and government to move things forward. We have great support from them.

13:24 And that's when we embarked ourselves into phase 1,

13:29 and late phase 2 of this 2025 exploration program. We are drilling phase 2, which is 4,000 metres and this is ongoing. So we expect to see more results coming out from this drill season, hopefully

13:47 to make this grow in a very organic and systematic way. I will extend myself just a little bit. And for those that want to learn a bit more about Elkevar or those that are not very familiar, this is a pure Silver plate that has on the indicated category, 45.3Moz of Silver at 482g per tonne. And on the inferred category 4.1Moz at 417g per tonne of Silver. At this moment we have approximately a market cap of US$80M. We have US$11M in working capital in the bank. Less than 1% or 3% of this property has been explored. We are located in the north of Argentina, in the province of Salta. This is the heart of the Lithium Triangle.

14:38 So most of the people and the government, they are used to the mining industry. It's a very mining friendly jurisdiction.

14:47 We are located over a major structural corridor that hosts some of the bigger copper porphyry deposits in the Chilean side of the Andes. And on the Argentine side, we encounter over this major structural corridor the volcanic complex of El Quevar.

15:06 Just in the red rectangle is where the resource has been found and where most of the exploration has been carried historically. We want to extend ourselves out of this area because this is how it looks. It's very, very big from the left side to the right side of the image. This is 20 kilometers and all of that it's inside our property. You can see that here we have 2 erosional windows or 2 bowls, Kevar North and Kevar South. Most of what is happening is happening in Kevar South at this moment. We are exploring there, and we want to expand ourselves to the other regions. So again, this is a pure Silver play of very high grade, as you can see here in the resource chart. Everything is located in one place. And we are now drilling step outs, as I mentioned.

15:57 One has already give us a successful results. And it's not

16:04 less to say that this is a project that has most of its infrastructure in place. So we have a gas pipeline, a railroad and a road coming straight to the camp and 20 kilometers to the north we have a high voltage power line connected to 2 solar farms. One of them is the largest one of South America. And within the property, we have buildings on top of the mountain, over 60 kilometers of internal roads,

16:32 an explosive warehouse, multiple buildings, including 1.2 kilometer decline, and this camp, that it's a solid concrete foundations camp. It's a camp for 100 people that has everything there. We have 2 water wells giving us to camp, plus other things and you can see how close we are from the provincial road and the national railway. So we are fully cashed up at this moment. We still have $11M in the bank. We have no debt, no pending payments. 13.5% of the company is in the hands of Frank Justra,

17:07 12.7%. It's in the hands of Eduardo Elstein, who is doing that through IFIS. Well, most of the companies retail, so almost 17% is hired by individuals. So that's pretty much for the update today about this latest news release. We are very keen now to answer questions from the public. Awesome, and thank you so much Joaquin. Now I know there's quite a few people in the room and some came in a bit late. So just want to remind you, there's a chat button in the bottom right of the screen. I'm eager to take questions from the audience today. I've got a couple just to get us started. But then I do want to take a couple from the audience. Please use that chat button in the

17:45 bottom right of your screen. There's quite a big audience in here, but we'll try to get to as many as we can today. So, Joaquin, first thing I'm going to throw to you, obviously the first batch looks impressive, especially that 533 grams per ton silver at 20 meters. Mining is an expectations game, obviously. So I'm curious how these numbers compare to your expectations going into the program. Well, actually, because we are doing on the adjacency of the mineral resource estimate, we were expecting to have really good results. We have seen through phase 1, which was a previous preparation and putting everything together to understand this deposit, we saw through that phase 1 the potential of the project and we are trying to target high-grade zones with this program as well as on the exploratory side, we are trying to target things that we believe that will have value for the future.

18:39 Great, no, I appreciate that. And I know with Step Out Hole QVD-408 extending that mineralized zone by about 50 meters, What does that mean to you? I was just looking for your perspective for the broader resource potential at El Cavar, especially in those underexplored zones. So this is very important for us because the last time that this project was thoroughly drilled was 2013. It's a sporadic exploration in between 2013 and 2014. So in that sporadic exploration, nothing really happened in terms of expanding the resource

19:16 as it is. We see the potential to expand this through step outs, even we see some gaps like the one that you can see here in this area in the right side of the image. So having all that potential of expansion needs to be tested. And that's why we are trying to put this step out there to prove if this project could be, or the resource could be bigger than what it is today. So this successful step out is encouraging us to drill more in this area and even in these gaps that we have seen on the historical resource. Great. I know some of these numbers are quite aggressive. I'm curious if you could just speak to the significance of that surface rock chip sample exceeding 20,000 grams per ton of silver. What does it mean and how does it influence your exploration strategy?

20:10 Well, as I was mentioning, if you see this image here, Manicopan has been barely drilled. Most of that has been drilled on the northern portion of Manicopan. So it's telling us that Manicopan has a huge potential for more things to come up. When you see these kind of

20:32 crates on surface, This is telling you that definitely the system, it's coming up, right? Because it's there. We just need to pursue more exploration in this area. We need to now try to test this more. There are going to be 2 drill holes through in Manicope Pond, but so far with these samples, those might be more, or they might be just 2 for this season. And in the incoming seasons, we will drill more in this area.

21:04 This is like a magnet for us. It's telling us something's going on here, you should be coming towards this area. Great. I do want to talk a bit. By the way, great question in the chat. I think We'll get to all of them so far. Please do throw in some more if you've got them. Eager to take a bunch. I wanna talk about strategy and program design really quickly, because for Tomas, this drill program appears to be as much about confirmation as expansion. And I'm curious, how are those dual goals being balanced as you go into the rest of the winter campaign?

21:32 So not necessarily only expansion and resource extension. So if you see, we have here 2 step outs on the north, west, 1 step out on the southeast. There are only 3 confirmation drill holes within the resource as it is. These 2 yellow ones that you can see on the southwest of the resource, these 2 yellow and the red one that it's been already drilled, these ones are resource expansion as well. So not everything is confirmation here. I would have to say that 15% is confirmation, 25% it's expansion, and 60%

22:17 it's exploratory targets that we have to test. Argentina, it's a great exploration target. There are 8m at 779g per tonne of Silver there that were never chased. And we are going to test Argentina as well to see what we have there. Andrea has only one drill hole. There is a lot of expectations there. So we will try to drill there. Altenea, it's a totally new target, never drilled before. So we need to pursue that one. And Manicopan is the target that I was

22:52 speaking before. So I would say that it's not everything, confirmation and expansion. I would say 15% confirmation, 25% expansion, and 60% exploratory. Okay, no, appreciate that extra context. I think that's helpful. One thing, you've successfully generated kind of high-grade results from those previously unassayed historic drill core.

23:15 What role do you think these legacy assets are going to play in resource expansion efforts? Well, look, we have 104,000

23:26 meters of historical drill core. So when you find all that and just a portion of that has been sampled. And we start laying those down. That was part of phase 1. Part of phase 1 was the re-logging of the historical core. And when we start laying those down, we start finding that plenty of segments or portions of those drill holes were never cut, were never assayed and we thought that they could have the potential to have mineralisation. So we start cutting them, we start sending them to the lab and they are now returning back good results to us. So it means that some drill holes where the mineralization seemed to be ended, now we know that it's not ending there, it could be expanding.

24:15 So that's, let's put it this way, low hanging fruit for us because it's laying there on the backyard

24:23 of our camp. Again, as I said, the background of this image is the backyard of our camp and you can see that here in this image as well. So all the cores there on the core here. So we do not need to drill those through those. We just need to go there, lay those down, check the areas that haven't been sampled before,

24:45 and obviously send those ones that we believe that they could have potential. And now we are looking that some of them are returning us good results. So it means that some of those areas that were known as empty or that they had nothing, Now we know that they have mineralization. Great. One question. I want to get into investor positioning here because I know there's a bunch of investors in the room who are just hearing about Argenta I think for the first time at least based on the data I'm looking at. I'm curious with silver obviously on

25:16 a great run. How do these results position Argenta in a fairly crowded field of silver companies is a compelling story in the current market environment. Yes, yes. And indeed, look, Argenta Silver, it's a pure silver play. You can see that on the analytics. You can see that on the analytics. You can see that on the on a resource. This is a pure silver plate There is no EQ anywhere here. You cannot read EQ because this is this is pure silver So when you see the analytics like the ones that we are posting here in this needs to release This is a pure silver plate plate. So we have we have

25:51 all the leverage from Silver in here. There are plenty of Silver companies out there that are stating their resource or their grades in Silver equivalent. And much of that equivalent will be led or sink. And those elements or those metals are not having that push on price that the Silver is having at this moment. So here we are having most of the leverage from the price of silver. It's still at the market It's going up and that's great. And I think that we will see kind of a push in the incoming month on time in every conference that I go the experts are telling how Depreciated It's silver or how bad is this silver gold ratio and those things should come soon. So I think that we are starting to see the beginning of a cycle here. And it's very beneficial for companies that are pure silver because the other elements, not all of them are going up.

26:55 Sure. I got 2 more questions. Thanks for indulging me before we get to the audience questions on next steps. Curious, what should stakeholders look forward to in the next batch of assays? I understand they're expected in August and September. Are there zones or targets you're particularly excited about? What should people keep an eagle eye out for?

27:12 We are working towards results that will be compelling as this one. So what we are looking for is to have results from the other drill hosts that have been drilled. So you can see here that at this moment, there are 4 other drill hosts that have been already drilled, that the results are still pending from the laboratory. So as soon as we start receiving them, we will start putting them online and we will start disclosing those through news releases.

27:45 We should be expecting the second batch to come by somewhere in August, the remaining ones coming by somewhere in September. So we will be posting constantly the results from this season.

28:03 My expectation is to find Silver in these areas or to find evidences of the system so we can keep following this up. And Again, what you see on the screen, it's only 3% of the totality of the property. Kevar North is pretty much unexplored and Kevar South is completely unexplored. So we need to see in the future, or you will see in the future us moving

28:34 the efforts towards this and explore areas and trying to find more mineral. We will do a balanced approach here. We are not leaving aside the fact that we have 50 million ounces of silver combined in between both resources. We will work on the resource area, but we will also be exploring at the same time the potential of this project, which is immense. Awesome. Oh, Thanks for indulging my questions. I want to jump into the audience questions. This is everybody's opportunity to get stuff answered. Now, there's a number here. I'm going to read them basically in order, but if anybody, I know there's another group that came in late again, please do. There's a chat button in the bottom right of your screen. You can ask questions during this last portion of the event. So Kyle from the chat says, nice grades, are there any problematic elements at the deposit like elevated arsenic, et cetera?

29:24 No, no elevated arsenic, no elevated

29:28 antimony and not elevated the other things. And this is something that I would like to make a little bit of education here, because people get really confused sometimes. And I understand, because it's not sometimes that easy to understand. I am a geologist, and I'm talking from my professional standpoint of view here, every epithermal system, low sulfidation or high sulfidation, will have arsenic, antimony, bismuth, and so on. So every deposit in the world will have elements that are not good, or that seem not to be good. The problem is how much do you have of those. So if you have too many or not.

30:10 So if your grades are too high or not. We have gone through the data. We have checked data, historical information. And even in these results, we don't see elevated grades of the laterous elements. They are there, if they are not there, you cannot make sulfides. So, most of the sulfides are sulfur and something like arsenic or bismuth plus a metal. So if you want to have a metallic deposit, you need to have arsenic, antimony, bismuth, and so on.

30:45 And again, the problem is how much of those are in there. For us, those are not elevated. Awesome. Appreciate that extra context. Brian Pomerance from the chat asks, says this looks like a great business opportunity. Why did the past owners sell the project at such a big discount? Why? Well, actually, the previous owner was Golden Minerals. Golden Minerals, they left this project, and they went to Mexico to start working there. Mexico, It seems that they had some problems. Afterwards their financial situation was not the best. I would say that it was a company that was in distress. We made the offer and they accepted.

31:33 So we moved forward and take the advantage that this is a company that has been formed in the Führer Group with the support of Frank Jostra. And that was a huge advantage because we could move things very quickly. In 60 days, we managed to identify the opportunity, close the deal, put together a legal due diligence, a technical due diligence, close the deal, raise the money, put in NI 43-101 to get back into the market to get listed as AGAG. So all that happened in 60 days and it was an advantage from the FIORA group. I appreciate that. Fort Stockton Jeff from the chat asks, and I know we touched on this, but I think it's great to reiterate, when will the 4,000 meter drill program be completed and what's the next step after you've got those results?

32:27 So it should be completed by September or October. As I said, this is winter drilling and winter drilling is challenging, so we should be finishing by September or October. After that, I am envisioning a much larger drill season. My idea or my dream here is to see 2 rigs at least on the area, drilling more targets here and following up these targets. So what is the plan afterwards? The plan is to do a follow-up on those targets, on these targets, sorry, on those ones that have most promising results. We will be focusing more on the other.

33:13 We will also start moving away from the resource and trying to get ourselves into the more unexplored areas of this project. So you will see a methodological approach here, you will see systematic exploration, organic growth, we don't want to rush things, We want to make this step by step. This is an industry that pays very well when you don't skip steps, when you don't shortcut the steps of the industry. So we will be doing whatever is at our hands to add value to this project, but you will see this step approach into the future. So after 4,000m, we will follow up the targets that have been drilled this season.

34:03 And then we will probably start expanding ourselves to the exploratory targets. And we will keep drilling of course for expansion of the resource on the up deep and the step outs of the resource, the existing resource. Great, I think that's pretty exhaustive, appreciate it. Gaston from the chat asks, how is the silver present in the ore? Is it free silver, oxide, sulfide, et cetera? Yeah, by the way, these are great questions. The deposit has only 10% of oxide and 90% of sulfide. So far as it is laying on the ground, most of our mineral, the silver mineral are argentite, acantite. We see some ruby silvers in there, but that's pretty much the predominant species in the ore.

34:56 Great. Don from the chat asks, what's the total area which Argenta has staked? Well, the total property has great questions, by the way. So the totality of the area, can you see that Romy? Right? Yep, it looks good. That's great. So this is 57,000 hectares. This is very big. You can see down here on the left that this is 10 kilometers. So each one of these erosion windows, they have approximately 4 to 5 kilometers each one. The property itself has almost 20 by 20 kilometers. It's a very big land package. And we cover 80% of the volcanic complex of El Kevar, which is a major future, as I said.

35:43 This is a structural corridor, which means that it's a very deep crack on the Earth's crust, that it's allowing fluids to come up in massive ways. And when this happens, it creates this volcanic complex where 1 volcano starts to grow on top of the other. And that's how the potential of this project, or that's the potential of these areas, becomes so big, because you have 1 pulls after the other on these magmatic events, and that's how you can rapidly build a deposit with time. So millions of years ago, this volcanic complex was formed. And afterwards, it was eroded. So the rivers and the glaciers carved the top of that system.

36:30 And that's why we see these 2 balls here. But imagine that these were huge volcanoes here in this area and now they have been carved out and we can literally see in the guts of those huge volcanoes. Cool, I love the pictures actually quite helpful here. One question from Daniel, what's the timetable to analyze the past 66,000 meters? The table to analyze? The timetable to analyze the past 66,000 meters. So what kind of timeframe are you looking at for those historical 66,000? Oh, how long it will take us? That's it. Yeah, that's it. Well, that's a great question as well. So at this moment, Not all the crews are on the field because it's winter.

37:18 So we have part of our crew still reloading this core. And we need to go through that. So remember that we started properly exploration in January. So it's been only 6 months of exploration, or almost 7 months, and in 7 months, this is what we have done. We have put together a project that was almost abandoned for 10 years, and we put all this together, so there is a lot of work to still go in. How long it will take us and how much focus are we going to put on to this? That's a great question. We want to put a lot of focus because obviously there is a great opportunity there for us to expand the resource. But actually, what's the timeline for completing this? Well, it will depend on many things, but we are on top of that. We are still re-logging the material. We will be disclosing more and more of this news.

38:19 Perfect. One question that just snuck in here at the end from Rodney. What's the timeframe for the next resource estimate and will additional properties be picked up in Argentina? Yeah, that's a great question. So the additional properties, I would start with that one. Sure. It's, we have been promising everybody that we will make this company focus, to be focused in Latin America. We have been looking for projects, but we have a problem. It's really hard to find a project like El Cavara out there. There are not that many, and if we bring something, we will bring something that adds value, and not something that will cost us value. So we are still looking for that in Argentina. If we will be adding more properties, I don't know if there are some properties that we will be adding in Argentina, but we are looking all over Latin America to see if we find something similar.

39:16 In terms of the next resource estimate, well, to do a new resource estimate, the industry standard or use is that you could do a new resource estimate when you see at least 25% increase in your resource. So far we will be drilling and we will be doing step outs. Probably when the 25% or more expansion on the resource happens, that's when we will be posting a mineral resource estimate. It will be depending on the results from this season and the next season.

40:01 Maybe it take us 1 year, 2 years. Maybe we find something else somewhere else and we start to grow that bigger so we can include that area into the resource instead of just working on the existing resource. So it will depend on many things. But again, this will be staged. It will be a methodologically approach. You will see organic growth. We won't leave any window out. We will don't open the doors. We will open every door that we have and we will try everything that we have at hand because the potential is huge and there is no way to leave the potential aside. Not on the resource side and not on the exploration side. We will try to address everything that we can.

40:55 And yeah, it's just a matter to be patient, support the company and keep thinking that this is a very, very big project to explore. Great, appreciate that. One last question from Rodney here. When will you need additional capital based on your current plans? Well, great question, Rodney, thank you for that. So let's put it this way. Let's suppose that by October we will finish this programme and the money that we have currently in the bank will be left with a bit more than half of the money that today we have, that we currently have. So it means that to get into the next season, if we want to drill 10,000 or 15,000m, we will need to look for money.

41:50 We are always sensing the market. At this moment the market is very keen on projects like this. So at some point we will obviously have to raise more money to drill the other targets and to expand our exploration program. I believe that it will be probably during this year. And As I said, if we are finishing by October and our cash is depleted because of this season, then we will need to come out and look for money before October. Great. I appreciate that direct answer. Now, I think that's it for audience questions. We'll kind of cut it off there, but I'll ask you just to close off today, Joaquin. What are you most excited about for the rest of the year at Argento? Well, with these results on our first batch of results, this is a great start.

42:41 This is a statement for us, and I hope that it's a statement for our investors and potential investors out there that this project has an immense potential, that this project can deliver really high grades and that the targets that we are doing are good targets. So we will keep going to these targets and I'm very very excited to see the results coming out from Atenea and Andrea and the results will tell us if these targets are worth to follow or not and if there is a system close to them or not. So every result that we receive, it's great information that we are getting back and it's going to tell us what's going to be the course of this project in the future.

43:27 So I'm very, very excited. I ask everybody to stay tuned and to expect more results coming out. So yes, please go to our web page, look at the videos that we have there, look at the tables and the pictures that we have there, go through our presentation. We are very open to and very keen to answer any kind of questions. So dig into the information because this is a huge project with a huge potential and we are just starting. Okay. Thank you so much. I think this is a really helpful context for this morning's news. I know we had a big audience today. Thanks so much for taking time out of your day to join us, especially those who asked questions. We got to all of them. So if you think of the perfect question right after the event ends, as I often do, please just send it in. I'll have the Agenda team get back to you as soon as possible. But I just want to thank everybody for their time today. And Joaquin, thanks for a great presentation.

44:15 Thanks to you, Romeo, and for everybody for attending.