Argenta Silver Update

0:08 All right, as folks start filtering into the room, they're popping in right now. I'll say good morning, good afternoon, good evening, depending on where in the world you're signing in from. I've got with me today, Argenta Silver CEO, Joaquin Marias, coming to us live from Argentina to discuss the company's last 2 press releases. Joaquin, how are you today? I'm doing great. Thank you very much again, Romeo, for this interview or webinar that we are giving. Awesome. So for the folks in the room, here's how today is going to work. I'm first going to throw it to Joaquin for a presentation, go through the details of the last 2 press releases for the company. Then I've got some questions based on, but some extra ones are based on the ones that came in over email. And then I do want this to be an interactive event, so there's a chat button on the bottom right of the screen. If you have questions at any time during today's event, I'll try to tackle them towards the end of our conversation today. If for whatever reason I don't get to your question, I'll still make sure the Agenda team gets them, and they'll get back to you at their convenience.

0:56 The other piece of housekeeping today's event is being recorded and will be available for replay. It will be both on Six's YouTube channel, but also on this exact same link, probably late today, probably around 05:00 Eastern is my guess when it will be out. But enough out of me. I'm going to throw it to Joaquin to go through today's presentation. Well, thank you very much, Romeo, thank you, everybody, for being attending to this second webinar that we are doing with 6. I am Joaquin Marías, the CEO and President of Argenta Silver Corp. And I'm very pleased to be here presenting this time, 2 news releases that came one after the other. We had one of the news releases coming out on Tuesday this week and the other one came yesterday Wednesday. Very good news for us so 1 it's related to a bond deal plus an investment and the other one it's about technical results from our second batch of results coming out from Alkebar. So let's get into it.

1:52 Let's see if I can move my slides. There we go. This is a forward looking statement and now I hope that you can see here that we are showing these 2 titles of the news releases. So there are 2 news releases related to the bot deal that we have and the investment. As you can see the bot deal was for initially 10 million plus an over allotment of 2 million that was increased very quickly to a bought deal of 13 million plus an over allotment of 2. We were oversubscribed and we closed the bought deal with 15 million of gross proceeds that are coming into Argenta Silver. Simultaneously, our strategic shareholder, which is Eduardo Elstein, he decided to use his right of the pro rata to keep his pro rata.

2:50 So he did an investment of $2.5 million. This is translated in 17.5 million Canadian dollars of increase into our treasury. We already have $8 million in our treasury before the deal. So this is very, very important for us because it's giving us the funds necessary to carry on our operations into the future. We are just about to get into the spring and then the summer here in the southern hemisphere. I'm already giving you this interview or this webinar from Argentina. I'm flying to the project. I'm in a very small stopover in the province of Mendoza and I will be in the project in the next couple of days.

3:36 So to mention something very important for shareholders, probably most of you are shareholders of the company. The company was created in September or October last year. And you might have seen our share price going from 15 cents on the very first private placement to around 60 cents during the last 2 days. So that means that there has been an organic growth of over 300%. And this organic growth that you can see here on our share price, this translated as well, or is reflecting actually the very much hard work that we are doing and the good work that our teams in Argentina and Canada are doing to put things on track and to make this company grow and to be positioned as a major Silver company in the mining spectrum.

4:33 This slide will be in our updated presentation, which you will be able to download from our website. I guess that in between today and tomorrow, these slides will be there so you can download this and check very much what which were the major events for the company but well after this financing this is how the company is looking we have increased obviously our share amount outstanding and obviously there is a change in the fully diluted situation. The bot deal was for 1 unit, which was comprised of a share at 40 cents plus a half warrant at 60 cents. So that's why we have seen an increase in warrants and in common shares. Now we have around $24 million in working capital. And with this investment, with this bot deal, we have seen some institutions coming in and that's also giving us a new era, let's say, in terms of institutions. Before we had over 50% of retail and now we have some institutions coming in.

5:47 As you can see Eduardo Einstein, it's still having the same position as before. And our market cap has suffered a huge increase at 60 cents in an IWD base. Our market cap it's of almost $150 million. Remember that this is a new company, we created this company from scratch. We acquire Elkevar for $3.5 million American dollars and nothing else. And All the upside, it's coming from the hard work that our teams are doing. The second news release, it's from yesterday, August 13, 2025. We were posting out the technical news that we had. I'm smiling because I think that these grades will make plenty of people happy.

6:40 We announced a drill hole which intercepted 40m with a grade of 1,026g per tonne of Silver. And within that drill hole, there is 1 meter with 18,467g

6:58 per tonne of Silver. That's a lot of Silver. And We are very, very happy. This is an all-time record-breaking intercept at El Quevar. It's the highest grade recorded in a drill hole. We are very happy to announce that this drill hole has been drilled in a gap. This is a 60-metre gap and drilling there means that we have 2 drill holes, 2 historical drill holes. They have 60 metres space 1 in between the other. We drill in the middle and we hit this 40m with over a kilogram of Silver. So it's telling us that this gap that we have of 60m is not a mineralisation gap. This is a drilling gap. We have seen many more in our 3D model. Remember that we created a 3D model for the deposit for the project. And this is giving us a breakthrough idea, some new insights of what's going on. And we are now drilling some of those gaps. And we are looking at things like this. So it's encouraging because in the future we will infill more of those areas.

8:06 Probably those will be areas that we will incorporate in the future in a mineral resource update if we do one in the future. The other great drill hole that we were posting in this new release is a drill hole that it's a 400, QBD 413 and this one was 14.35 meters with a grade of over 440 meters. This is an up deep drill hole, which I will explain in a minute. So, for you to have an idea of what we were doing, we had defined exploration targets that you can see in the blue squares. And we have defined some targets for resource expansion. So this is a balanced approach that we are taking here for this project. We will do resource expansion while we are doing exploration.

9:00 And that's because we already know that the resource is there. The resource is very rich. We know that we can expand that. And then there is a lot of exploration upside potential. Only 3% of this property has been thoroughly drilled. 97% remains mostly unexplored. And that's why we are going to be exploring on the surroundings. So these are the drill holes you can see in this image QVD

9:28 4.13 and QVD 4.12. Those are the ones that we are posting in this news release. QBD 411, unfortunately we had to abandon that hole before hitting target at 92m due to operational challenges. The other 3 drill holes, 408,409 and 410 are the ones that we disclosed in the previous technical news release. All the red dots are drill holes that have been already drilled. The yellow ones are the targets that we will be drilling, the drill holes that we will be drilling. At this moment we are drilling in Atenea, then we will be moving to Andrea, Argentina and we will wrap up with Manicopan and we will come back to QVD 411, the drill hole that we abandoned. We will come back to that drill hole to drill it again.

10:21 So the results that we are posting now are the ones that are on the right side of the image, QVD 412 and QVD 413. You can see here the 2 drill holes, 412 is the one with the long intercept of 40m at 1026g per ton of Silver, with that very nice all-time record-breaking intercept of 1m at 18,467g per ton of Silver. The other one, QVD13, is the up deep drill hole that you can see here. This is not the best way to look at 413. This is the way that we should be looking at the QVD for 13.

11:07 It is a NAP deep testing drivel. It means we are testing the opening that is coming up to surface. You can see that we hit there 14 metres with a very nice grade. This is opening more the idea that the resource might continue a little bit more up to surface or who knows where. But if you can see my

11:33 hand here, all the portion, all the gap in between the resource and surface hasn't been drilled. So, nobody knows if there is more mineralisation there or not. And that's why we need to test this. So this is the spreadsheet. You can see again how constant is the silver grades, how beautiful are these grades. We are talking about

11:59 1 kilogram or 1 and a half kilogram per ton, over 2 kilograms per ton, even almost 4 and a half kilograms per ton of silver. The other grades in this intercept are average grades from the deposit itself. The same is happening with QED413. Very, very nice grades. It's looking really good. As we have been always saying, this is a pure Silver play. There is no Gold, no Lead, no Zinc and no Copper. You can see in the analytical results that it's a very, very rare deposit. It's pretty much pure Silver. So, what is the meaning of these results?

12:45 What are we saying so far in between the previous batch that we disclosed and this one?

12:52 Remember that the previous results were confirmation drill holes. They are helping us to understand technicalities from the resource because the resource was drilled and that historical core has been sitting there for 10 years. We need to drill fresh rock to understand a lot of technicalities in geological terms. That's why we drilled some confirmation drill holes. They came back successfully telling us that the alteration and the mineralisation are the ones that we saw in the historical drill core and it's also

13:26 confirming that the grades are constant in those areas. Then we have a successful step-out drill hole, which is telling us that the resource might continue. That successful step-out was drilled in a very shallow portion and the resource might continue to that area. Then we have this successful up-deep drill hole that we posted out today, or yesterday, sorry, that a successful deep hole, as I was saying, is telling us that mineralization might continue up. And the successful infill drill hole is telling us that the gaps that we have, they are not mineralization gaps, they are drilling gaps. We need to go there and keep drilling in a few of those areas and potentially include those in a future resource update.

14:13 For those that are not very familiar with the company, Kevar is a project that is located in the province of Salta. We have a deposit of 45.3Moz of Silver at 482Gpt of Silver on the indicated category and 4.1Moz at 417g per tonne of Silver on the inferred category. This is a pure Silver play. We have, as I was telling you, something that is very precious because it's located in a very good jurisdiction with a lot of infrastructure. The deposit is in the north of the province of Salta. This is a place where people and the government are very familiar with mining, so it's a very mining friendly

15:01 province. We are located over a major corridor. We cover 80% of the volcanic complex of El Kevar. The volcanic complex is a place where volcanoes have been created, 1 on top of the other. So the amounts of fluids that have come to surface are creating these volcanoes and that's where the

15:21 potential for these huge deposits to be created, it's coming from. The red rectangle that you see on the screen in the middle of the property, that's the 3% that has been thoroughly drilled. The remain of the property, it's mostly undrilled, untested and completely unexplored. We have 2 places here where we are going to be focusing on the future, Kevar North and Kevar South. This is how it looks. You can see the flags of the volcano and these 2 huge boats that are Kevar North and Kevar South. So the alteration, it's very evident in this picture. It's all those orange and whitish, grayish and yellowish colors that you see on the screen.

16:07 From the left side to the right side, it's 20km. This is a very, very big volcanic complex. All that of what you see in the picture, or most of that it's in our property. We have a mining gas pipeline, a road and a railroad coming at 3 kilometers from our project. And I will talk about that in a minute, but to emphasize this is a pure silver play. There is no lead, no sink in the resource, 100% pure silver.

16:36 You already know that we already have the resource. We are filling these gaps that you can see here. Internally for infrastructure, We have a camp for 100 people. We have 60 kilometers of internal roads. And externally, as I was telling you, we have the railroad, the road, the gas pipeline, and a high voltage power line, all of them coming towards our project. This is a huge amount of infrastructure that in the future we won't have to build.

17:03 And as you can see, this is the camp. We have all the core on site. The camp is fully prepared for 100 people. And I will be there in a couple of days. As I said, I'm in Argentina. I am a geologist and you know, it's hard for geologists to stay behind the suit and the desk for a long time. I need to go there. I need to see the rock, but I also need to talk to the community, to the government. I'm very well engaged in every portion of the operation. And I think that this engagement that we are having, it's super important to keep things running super good in every side of our company. So that's pretty much it, Romeo and the audience. Thank you again very much for joining us and I'm very happy to answer questions for you. Awesome. So I've got some questions I want to run through, but then I'll get to the ones that came in over email and also the ones that are in chat right now.

17:57 So one thing I wanted to get into, I know you've mentioned it and obviously people in the room, I think many of them have read the news release, but that's 18,467

18:06 grands per ton of silver intercept. Project record, obviously, but just for folks in the room, I'd love if you could put that grade into perspective for investors, you might not be familiar with what constitutes exceptional silver mineralization in those epithermal systems. Okay, so there are plenty of silver deposits around the world. When you see grades above

18:27 150 grams, that's starting to get interesting. And that's when a deposit might become a good or interesting in economical terms. So when you see 150,200 grams per ton, that's when things start to get very interesting. So For you to have an idea, our cut-off grade for the existing resource is 250g per tonne, not 100,250.

18:56 These grades that you see here are way above the average of the industry. When you see drill holes like this one that has a meter of 18,467

19:10 grams per ton, that's extraordinary. This is a very rare thing, but not in El Kevar. In El Kevar, we have grades that are around 9,000 grams per ton, 7,000 grams per ton, 5,000 grams per ton. You can see some of these results now on the screen. And if you remember we post a surface sample on the previous news release of over 20,000 grams per ton. That's a grab surface sample that reached the upper analytical detection limit from the laboratory. It means that the laboratory has no more instruments to read that amount of silver. That's the top for the laboratory. This one in the Druval, it's very close to that limit. What it's telling us, what's the importance of this is that it's telling us, hey, this is super rich thing. The fluids that form this deposit were super charged in silver.

20:11 And now we have a great question. What if 1 or 2 or 3 of those branches just opened and came somewhere else and it's sitting there. So we know of 1, which is this one. But what if 1 branch went to one side or the other and they are sitting there and nobody has discovered them yet? That's why we're taking this approach of expansion of the resource. We need to work on this. We need to expand this resource, but at the same time, we need to go out and look for more because there could be more. If there are more, they might be very rich. This is what the resource is telling us. The resource is talking to us somehow with these results. Awesome. No, appreciate that very much. I got one question on just getting your head on strategy for capital allocation. I know you got the dual strategy, resource expansion, but also exploration of untested areas. How are you balancing? What's the strategic thought that goes into those decisions?

21:09 Well strategic thoughts into those decisions first. As I was saying, when you have something that it's there laying down and we are proving these step outs and these infills. And we are proving that there are plenty of gaps that need to be drilled to expand the resource. That is telling us that, well, the logic is keep drilling there, keep expanding the resource. Maybe we can add many houses here by doing so. And that's our sweet spot. And this is

21:42 our treasury, let's call it, right? On the other side, we have 97% of the property that hasn't been explored. And we need to jump there to look for more things. The geological evidences of mineralization out there are very, very important. We have all these evidences telling us that there might be something else out there. So we need to go out and explore. That's the logic thinking about this. What's the allocation of that? Well, we will probably be allocating around 35 or 40%

22:16 to resource expansion and then the other 60 to 65% into exploration. So we need to go out and look for more. The deposit is there, we need to keep drilling. We need to be very consistent on drilling these gaps and trying to expand the resource. But we need to focus a lot of our efforts in finding more of these things. Each one of those windows, of those erosive windows, Kevar North and Kevar South, So I will show them in the screen very quickly here. Each one of these windows, they have 4 kilometers in diameter. They haven't been explored. Only that little red square that you can see in that image is where thorough drill has been done in the past.

23:05 So we need to go out there and try to look for something else. Awesome. I appreciate that extra context very much. I got one. So I know now you're drilling outside the main Yachtay deposit for the

23:15 first time on targets like Aenea and Andrea, you talked about it today. What's different about Argenta's approach to those greenfield targets versus the infill work? And to you, what does success look like at those targets? Well, that's a great question, Romain. So

23:31 When you are drilling for resource expansion, you need to target some areas like this one. We put a drill hole in between a gap of 60m just to understand what was going on there. This drill hole is telling us that the mineralization continues. So it's telling us, hey, that gap is there because nobody has drilled there. There's mineralization, so you need to drill there. That's what happened there. So it's a very chirurgical approach, a lot of work in the 3D, a lot of work with the alterations and checking where things are going and where not. So that's more like a chirurgical work. For the exploration, the approach is more aggressive in terms of, okay, let's discover something new. So let's put all the evidences. When the evidences start to match, we say, okay, this is a place where the evidences are matching. That's where we need to put a rule and target that and try to hit mineralization.

24:32 We have top class professionals working behind this. We are putting in a lot of effort, a lot of work, a lot of hours of understanding these things. Our surface team for the exploration targets. They have been going out to the field every day no matter what, in even rough conditions. We are drilling now in the middle of the winter and despite the snow and despite the conditions, we have everybody working, obviously with all

25:03 the safety standards, but everybody's doing a huge work trying to find more things. So we have 2 different approaches, as you said, and 2 different thinkings. And we will start moving concentrically. If you see Ateneo, Andrea, Argentina and Manicopan, they are surrounding the resource. So that's the first ring. Then we will move to another one. Then we will move to another one. And we need to move ourselves to Kevlar South and then to Kevlar north because those areas are completely unexplored. This deposit is laying marginal to those huge areas with all this potential.

25:41 Great. And I appreciate that very much. I'm going to get in now to some of the questions that came in over email. I see there's lots of questions in the live chat. I'll get to those in a second. Somebody wrote in in advance of the event and just wanted to know more about the Argentine businessman Eduardo Elstain, how the company came into contact with him and what's the significance that he's a significant investor? Well Eduardo Elstain is an Argentine person. He has been building different companies in the country. He's a great businessman, very successful businessman in the country. And Eduardo, he got into the real estate business. He has a company that it's called Ilsa, which has pretty much a real estate

26:27 investments. And then it's a Kresut, which is a Nagori business company. But he's also a very, very interesting mining businessman. He's very well involved in mining. He's president of some companies. He's one of the major shareholders of a company that has a mine in Chile and a mine in Argentina. The Argentine mine is actually a silver mine in Argentina. And he has investments all over the country.

26:55 So having a relationship with Eduardo and having him as a shareholder, as a strategic shareholder in the company is extremely important for us because we already had Frank Giustra, right? He's a Canadian entrepreneur, Canadian mining legend. He has created many, many companies. He's very famous in North America. But okay, what's happening now? We have local support. So an Argentine business, one of the most important Argentine businessmen, it's supporting the company. And It's also believing in the vision that we have here. So it's super strategic to have them. We have 1 director that came with the investment that he did in the company.

27:41 This director that is working with us, it's been super supportive. It's been essential on advising us in some things. They also put a technical advisor to work with us who has been super helpful as well. So we are having a great synergy with them. And you know, it's a shareholder, so they own as well this, we are pushing all towards

28:08 the future of El Quevaro, which so far it's been very, very nice. Great. No, really, I think that's helpful context. One person wrote in to ask you fully funded through to the end of this year?

28:18 Oh yes, with this to the end of the year, well, that's something that the audience has to understand. What is the end of the year? Sure, that's a good question. It's the end of the year December for us, or when it's the end of the year? So, you know, when you're in North America, the summer will be between May and October, right? That's the summer for North America. So it's within the calendar year, right? Here in South America, it's the opposite. So our summer, it's in between October and May. So it's overlapping in the end of 1 year and the beginning of the other one. So for us, We talk more about seasons. So if we are fully funded until December, yes, we are. But we are now trying to finish these 4,

29:09 000m. These 4,000m are part of phase 2 of the foundational program of Argenta Silver. So in phase 1, we collected the information, we put everything together, we did the 3D model and we acquired these targets. That was phase 1. Phase 2 is drilling this, setting the basis for whatever is coming on. Then We are coming into the summer season in Argentina, which goes in between October and May. We are fully funded for that. We are ambitioning a drilling program in between 10,000

29:40 and 15,000 meters of drilling. And we are fully funded with this for that. So That's why we are so happy now. Great. I appreciate it. I think that's a really useful extra context. Jumping in, I'm just going to take the question in the chat in order. There's quite a few. I'll try to get to as many as we can. Like I said, if I don't get them today, I'll make sure the team gets them, so don't worry about it. Yes, before you continue, before the audience, if your questions are not answered here, they don't have to, that answer have to discourage you on contacting me. So my contact is there. Please send us an email, text us. We are very happy to answer any kind of questions. So just feel free to contact us. We are very transparent, very open. We believe in the communication.

30:23 So if your question is not answered here, just contact us. Perfect. Let's try to get through a couple. Wesley asked, how much more exploration this year and how long is the drilling season in Salta?

30:35 Okay, so I already answered about the exploration season. That's the previous answer that I gave.

30:46 The other one, sorry? Just how long is the total drill season in Salta? Like when do drills stop and start? So it's for us, it's all the year. So we are drilling now in the middle of winter and We will be drilling in the middle of summer. So it's all the year. But I think that he was asking what's the potential for exploration or something like that, right, Romeo? Yeah, I think you've already tackled it. So we're probably good. But yeah, David asked, he knows that the share price went up after the announcement. He's curious if you thought it would go up more or what your expectations were for the jump following this news. Well, I would love to have that super power on reading if a share price goes up and down. You know, I wouldn't be talking now here, I would be somewhere else if I would have that power.

31:36 What I can tell is this, this is something that we have to focus on the facts. These are the facts, what I'm showing you in the screen. I think that my screen is still being shared, right, Robin? Absolutely. So these are the facts. These are the facts. I became CEO of the company in April. And you can see that since then, there has been organic growth. We are over 300%, around 315% since the creation of the company. We are delivering results on time as we have been promising. We are doing what we promise. We are doing things in a very diligent way. We are being very, very conscious about the work that we have to do, because it's all about shareholder value and how we create growth in this company. So bringing a company that was or a project that was completely abandoned or sleeping with an acquisition of 3.5 million Canadian American dollars that we did in September. That's what we paid for the project. From there to now, we are looking at a company that has a market cap of $150 million Canadian dollars.

32:51 So from nothing to $150 million in market cap. I think that that's a fact and it's telling where we want to go and what is our intention here. Awesome. Yanni from the chat asks, what's your take on how large the deposit could be? They offer up 500 to 750 million ounces as potential. Well, how much it could be, I need to be very careful with this because it's again, if I would have the superpower to read the size of things, I wouldn't be here. But I can tell you this guys, I wake up every morning, I wake up every morning thinking on 250 million ounces of Silver. If we will find those 200Moz more in the existing resource, I don't know. If they will be outside, I don't know. But that's my goal.

33:46 So far, we have 50Moz of Silver in the resource. From those 50Moz, we need to understand that 90% of those 50Moz are indicated. That means that the infill work in there, the density of drilling in there, it's super, super high. So, what do we need to do now? Well, we need to drill around We need to try to expand this and maybe we will add a lot of Infer in the future. That's fine. In another stage, we will convert those into indicators, but now we need to keep testing and trying to expand the resource as much as we can. If there will be 100 million ounces in the resource, well, that's going to be amazing if that happens, because now we have 100 million ounces in only one place. If you see other projects around the world, they have a little bit of everything, split it on the map. Here we have 50 million ounces in one place, and they are 90% the risk on the indicated category.

34:50 So that's awesome. Awesome. There are a couple of questions about timeline. So I'll kind of loop those all together. H. Kahoon from the chat asks, what's the timeline to production broadly? What's the best guess for production timeline? Well, we need to think about our peers in these terms, right? So there is a fantastic company in Argentina, the management team, I know them, excellent people. It's called AbraSilver. This company, they have also Silver Play. It's a great company with a very nice project. 7 years ago, they had nothing. 7 years ago, they were like, like we are now with no infrastructure at all. And in 7 years, they have built something precious there. And that means that now they are, I think, coming into PA or PFS.

35:36 So they are starting to come more in thinking about production. If you think about other companies, it takes maybe between 5 to 10 years to get into those stages. So we are already with all the infrastructure, 50Moz of resource, built solid concrete foundations camp. We have the roads, we have the railroad, we have the gas pipeline. All that is infrastructure that we don't have to build. So the time it's getting smaller there in terms of putting things into production. What we need to focus ourselves now, it's on making more discoveries on resource expansion and in knowing what are the conditions of this thing. So I guess that more or less that would be the time. Maybe we see a PFS in the next 5 years, in the next 7 years.

36:25 We would be precision, I don't know, but we are working towards that. Perfect. And I know you already touched on it, but there's 2 different questions, 1 looking for an ETA for an MRE and 1 for a PEA. Just giving people a reference point for that timeline. Well, it's just what I mentioned. We need to expand our resource. The resource is extremely, they're risking it in my understanding for a project of this category. When you see that you have 90% indicated and only 10% in fair, it's telling you that there has been a lot of drilling in the resource. But when you think about 97% of your property and explore, there is no balance there. So we need to find this balance approach. We need to go out, we need to explore, we need to look for more, and we need to keep expanding the resource.

37:19 If we have material changes and that means that we increase the resource by 25 or 30%, that's going to justify a resource expansion or a resource update in NI 43-101 terms. But we need to have at least 25% of a resource upgrade or expansion. Until then, there is no need. We are okay with this. We will keep moving forward. About the PEA, same story as before. When we start thinking that this is looking good for possible mining, then we will start doing the right economical analysis to understand what's going on. Perfect. Chichi Bob from the chat asks, does the project elevation concern you at all?

38:05 No, no, not at all. No, because when you think about the high altitude projects of the world, this is on the low end. This is not considered high for a high altitude project. Our camp is 3,900 meters altitude. We have a soccer field there. I go there and it takes me less than 24 hours to feel okay And most of the people that we have brought there, it takes in between 1 or 2 days to get fully acclimatized. And from there, you know, we go to the project, the project it's at the mineral or the resource is at 4,500, 4,800 meters altitude. You can perfectly work there.

38:51 And the upper portions of the mineral areas that we know are around 5,000 meters, but that's not extremely high when you speak about high altitude projects. The base from whatever it's been built in that area of the high Andean flats, where the salars are, so the lowest portion, it's 3,900. That's the base. From there, everything above, it's OK. So we are OK. We are not worried about the altitude. Perfect. Now, again, I know you've touched on this, but I'm just going to throw it to you because somebody wanted to ask in the chat. You asked, are there already silver producing companies in the area in Salta? No, the companies that you can see there are the ones that you see here.

39:41 So what you see, actually, there is a company that is called Hanak. I think that they have a very small production operation in there, but from the major companies, you can see them on the screen. It's Abra Silver, Taka Taka with First Quantum, which they have an exploration project called the Nevada as well. Then it's Aldebaran in Porphyry, which is called Rio Grande. And today the only important Metalliferous production company, it's Fortuna Mining with the Lindero Mine. They are producing gold from there. Every blue dot that you see on the screen, it's an ongoing operation for lithium brine. So there is a lot of lithium brine in Salta, but no other big silver producers in there.

40:30 You have SSR Mining with their Puna operation in the province in the north, in Jujuy, right somewhere here. It's their project. This is SSR Mining, previously known as Silver Standard. They have Chinchillas and Piriquitas. Those are the 2 places where they are taking silver from. Perfect. There's one question. Are there any concerns the ore's copper content might drive cyanide consumption to a costly level? No, no, because this is going to be probably a concentration, a floating process or a concentration. Afterwards then you can float. The previous or the historical geometrological test that had been done in El Quebra had been super favorable, super, super good.

41:27 And at this moment, it's not a concern for us for 2 reasons. One is the one that I just mentioned and the second one is because we should be focusing ourself in other things now rather than thinking if we are going to produce this way or the other way. If I wake up every morning thinking in 250 million ounces. That means that we only have 50 now. I need 200 more for that, for my team. So, for those 200 million ounces, who knows what's going to be the production method, right? Or the concentration method. If it's going to go flotation or if it's going to go to the excavation, we don't know. So we need to discover more and then we need to put things on the balance and think what's going on. What we have today is something very interesting.

42:19 Over 90% is sulfide. That's great because we know that it's going to be so far concentrated through flotation. Perfect. A couple more questions. I'm only going to get to 1 more. But like I said, I'm going to make sure all of them get to the agenda team. I think I tackled all the big ones. But Jan asks, and again, I think you touched on this, but I think it's good to reiterate as we close off. How many meters have you drilled so far? And how many meters does a project like this usually require? OK, so the project historically has seen over a hundred 4000 meters. So over a hundred 4 kilometers, it's historically what the project has received. So you can see that laying there on our backyard. If you see this image, the courtyard, that's where the 104 kilometers of historical drill core it's laying down.

43:12 And it's very good for us because we pick the boxes and we come into the core logging facility, we have been re-logging. We have re-logged over 30%, actually over 35% of the resource has been re-logged so far. We have drilled from this 4,000m that we are drilling now. This winter season we are drilling 4,000m. We have drilled so far 2,000m, so we are just a little bit above 2,000m. So we are halfway on this particular season. How much do these projects require? Well, for exploration, I think that if we want to discover something in the future, we will need to drill a lot of drilling. You can see some companies in Canada, they are drilling per season, 10,000, 20,000m.

44:08 Some of them are drilling 50,000m per season and some of them have been drilling for 4, 5, 6 years, that amount without any kind of a great discoveries. Some others have drilled half of that and they have already PAs or plans to mine some of those deposits. So it's very variable. It can variate from 1 to the other. I think that if we do our proper job on exploring well, we might have some success there. That's going to reduce the amount of drilling that we will need to put this into production in the future. Awesome. Well, Joaquin, Thank you so much for going through the last 2 press releases. I think this is excellent. I know there are lots of people in the room. Thank you so much for joining us today. Really appreciate it. I'll make sure that the Argenta team gets the transcripts, so any of those questions, I think there were just a couple of small ones, but I'll make sure that they get them and get back to you. But really appreciate all your time today. Joaquin, thanks so much for letting us grill you for a half hour. Thank you. Thank you very much, Romeo. And thank you, everybody, for joining us. Stay tuned. Follow us on the social media. We will be posting more news out in the future. This is a project that keeps going.

45:15 We are committed to do these continuous flows of news. So follow us and stay tuned for the next updates. Awesome, Joaquin, thank you