Asante Gold 5-Year Outlook

0:04 Hello everyone and thank you for joining us today for this live Asante Gold event. Today we're joined by Dave Anthony, President and CEO, and David Weins, CFO of Asante Gold. And today Robert Dixon from Jet Capital Advisors will be moderating the Q&A session today. Just 2 small pieces of housekeeping before we begin. This event is being recorded and will be made available shortly after we conclude. There's also a chat button in the bottom right corner of your screen. So you can ask questions there, but they will be addressed at the end of the event. With that said, I'll hand things over to you, Rob. Thank you so much. I won't do a lot of introductory comments at this point, other than the fact that I will be the host. Dave and Dave will be managing the presentation part, but we will be doing Q&A at the end. And we look forward to it. It's a very exciting time with Gold being, you know, $3,500 an ounce. There's few opportunities that are as exciting as this one. So with that, I will hand it over to Dave Anthony to take it away. And as I said, we'll be conducting calls or questions throughout the process.

1:10 Hey, thanks, Rob. Good to see you again. And thanks, everybody, for joining. I'm Dave Anthony. I am the CEO. I've been with Asante since we did a pivot from a small exploration company in 2021. I've got about 45 years experience in the business of mining and that includes some major companies like Kinross and Barrick, was COO for African Barrick Gold in Africa, but I'll leave that, that's enough for me. I'll introduce you to David Weins, who is our CFO.

1:45 David, why don't you say hello? Thanks Dave. Hi everybody, David Ween, CFO. I joined the company about 2 years ago. I've been in the mining sector for about 20 years at this point. Roughly split half between the investment banking side and on the corporate side. Spent 6 and a half years at SSR Mining, helped grow that company from Silver Standard to SSR Mining before the merger with Alisur. CFA and very excited to be working with Dave here

2:14 on transforming this company. And that directly relates to what we're going to take you through today. So very much looking forward to it. So there's a lot to talk about with respect to our five-year outlook. You can see here that last year we produced about 190,000oz. We also had some significant catalysts come in at the end of the year, principally the Pajara, a US$500M forward instrument. This year we're on track to produce about 340,000oz and that's on the back of increased mining activity at Bibiani and also the construction of the Sulphide treatment plant that gets us from about 65%

3:03 Gold recovery to about 92% recovery. So it's an exciting year at Bibiani. Toronto is bearing the fruits of a lot of incremental investments over the last 2 years. But you can see at the end of this year, we'll be going underground at Bibiani and starting an underground profile. We'll get into that a little bit later. But you can also see that big investments this year on capital. We get some relatively high ASIC costs, but as soon as we get that capital investment out of the way, our ASIC falls significantly. And with that, I'll pass it over to David. You can talk about how we reduce costs and increase recovery and increase Gold production up to the 500,000oz range.

3:51 Absolutely. And I'll move over to the individual assets in a second. But one thing I'd like to highlight on this slide, as you see the grey bubbles there, That's millions of dollars of free cash flow generated as per the news release. So we're looking at US$2Bn being generated by these 2 mines, and that's just over the next 5-years and that's only from reserves. So we're pretty excited about that outlook, particularly with Gold significantly above the price that that assumed.

4:21 So moving to Bibiani, Dave, did you want to comment on this or I'm happy to walk through?

4:29 This is on Bibiani specifically. Keep going, David, you're on a roll. All right. So you see, this was the consolidated slide that we went through in terms of the cost position of the company as a whole. Similar outlook, US$1.1Bn of cash generated at Bibiani over the next 5 years. You see the ASIC profile there drop significantly after this year and that's on the back, and we're going to go through that in a second, that's on the back of increased production as well as lower capital requirements going forward. You see we go up to 273,000oz of Gold production next year. Now, you may be asking, how are we going to achieve this cost improvement? And I think I wanted to give a little bit of an insight to investors around conceptually how to think about this cost reduction. So this year we're looking at an ASIC of about $2,500 an ounce, just under. What you see there, that first bar down of about $750 an ounce is reflecting the fact that there is very heavy stripping requirements for the expansion of the main pit this year. This compares the ASIC of $2,500 per ounce this year versus $913 an ounce in 2028.

5:45 And so what this essentially shows you is that $750 per ounce will be saved by us not needing to do that level of waste stripping by the time we get to 2028. So that's about a $750 per ounce savings on there. That is not a reduction of unit costs. You see down at the bottom, we're comparing about US$80 per tonne of ore this year versus US$40 per tonne of ore in 2028. That is purely a reduction in the strip ratio. This year's strip ratio of Bibiani, as you can see in the news release, is about 27 to 1. Next year will be about 15 to 1. And then going into 2027, it'll be 5 to 1. And that's when we really start to see the cash generation of Bibiani. You see, the grades will go up as well. That's a function of the fact that by 2028 we'll be underground and we'll be mining higher grades. At that point, obviously,

6:37 US$400 an ounce there won't be a surprise to anybody because that's free money, putting higher grade ore through the mill. Recovery, Dave touched on the Sulphide Treatment Plant, will be at 92% later this year and that'll carry through right through the forecast and you do see a couple of hundred dollars an ounce there. So you add all these points together and you get down to a sub-$1,000 per ounce ASIC, which we're pretty excited about. Over to you, Dave. The big news story, the next big news story of Bibiani is getting the Sulphite treatment plant finished. We kicked this project off in October last year. It's taken us a little bit longer to complete because of capital availability.

7:25 But when we got the Fajara instrument in place, this thing started to move quickly. We now look at commissioning it in May and June. We'll complete construction in June, start operation in July at about 80 or 82% recovery, and then just keep optimizing it. We'll get to about 92% recovery by October. You can see some of the equipment in place here. The FLSVXP mill gets us down to about 25 microns. Okay, the flotation plant is in place. The thickener is being welded as I speak. The cable trays, maybe go to the next slide, David. The cable trays are being installed. The flotation equipment is in place.

8:13 The pipe racks are being installed and all of the tanks and so forth, have either been built offsite or being built onsite, and their overall completion is now at 75%. The plant was designed completely in Ghana by Jetrom. Do a shout out to Jetrom. And we're very, very pleased with the progress and the quality. Maybe David, we can keep going.

8:47 So Chirano has obviously been producing for a long time, since 2005. We made some incremental improvements to the Toronto flow sheet and to the mining operation from our time taking ownership late 2022.

9:02 Those improvements are starting to pay off. This is a big year in Toronto where we've got a lot of underground development happening. So we'll be increasing the exposure or the withdrawal of ore from underground by about 50% going forward. That takes us up over 200,000oz a year by 2028. Something that we've got in front of us here, a 5-year outlook, and it's based solely on reserves. Of course, as we

9:33 translate resources into reserves, this makes the profile much more interesting and it carries us out on both mines now, past 2035 and toward 2040. So not only are we looking at producing a lot of cash over the next 5 years, we're also sitting on top of a generational opportunity at both mines with very, very long life as we move on. So maybe David, you wanna talk again about what happens to ASIC and cashflow at Toronto? Yeah, absolutely. So we talked about $1.1 billion generated at Bibiani. We're looking at US$1.0Bn

10:10 generated at Toronto, and you see the profile there in the grey bubbles at the top of the slide. No surprise that as we move to higher production and grades, lower costs, that's where you see the cash generation really kick in in the last couple of years of the 5-year outlook. We do see a reducing ASIC profile. And let's jump to the next slide where we can walk through, similar to what we did at Bibiani. Just not meaning to interrupt you while you're in the middle of it, but just on the reserves themselves at what gold price are you guys using to calculate those reserves? And I'm asking the question in light of, you know, a $3,400 gold price environment right now. Yeah. It's 1,700. Yeah. That's, that's important. I mean, And again, if you were to calculate it, I'm not asking you to do the math right in front of us here, but If it was significantly higher, say $2,500, would it move the needle significantly?

11:06 I think it certainly would. And that's one thing that the team is looking at as we go through the normal course, 43-101 updates during the course of the year. And it always comes down to obviously, an optimization exercise around pit shells, to get the best economic results. I think as it stands now, we're quite happy to be generating a couple of billion dollars based on this reserve price,

11:35 but something we'll visit. Anything to add to that, Dave? I think one of the things that we brought forward in the press release was about a 250,000oz reserve increase at Toronto. That was built on $2,300 an ounce that particular reserve. There was also another 100,110,000 ounces resource. Okay. So that was pretty nice. I love it. It's one of my favourite outcomes from 2024. But what it also meant was an increase in the strike length at Abra from 400m to 700m. That mine is obviously going to get to be a lot, lot bigger. Now, I should point out when we bought Bibiani, we had about 1.9Moz reserve resource.

12:22 The reserve and resource at Bibiani now is over 3.6Moz and that's

12:27 at US$1,900 an ounce. When we bought Toronto, the reserve resource was about 2Moz and now it's at 3Moz. So, whereas we produce Gold and whereas we're upgrading our operations, and you can see we'll be making a lot more cash in the future, we're also adding to the reserve and resource and that just builds on the strategic plan, which gets us out past 2035 on both mines. All of that being said, and in line with what you just asked, we'll be doing a new 43-101 for both mines. That'll come out in the fourth quarter this year. Obviously, we're not going to be using US$1,900 an ounce to build that.

13:10 I will stop talking after this, but when you look at your five-year plan, If anyone wants to refer to it, it's in detail, a press release that came out on May the 5th. So that is in the public domain, but all the numbers there, as we talked about, are calculated on reserves using much lower gold prices. So anyway, interesting, carry on. Yeah, thanks, Rob. Okay, so jumping into the Toronto ASIC profile and the progression that we see from $2,100 an ounce this year to roughly half of that amount in 2028, There's a few things going on here. So as you can see from the chart above, the underground mines as a proportion of the total production become increasingly important. And as Dave touched on, the Obrah mine and I'd say secondarily the Saraw mine, underground mines become the primary ore contributors. So 2025, you know, much smaller scale but similar dynamic to Bibiani in the sense that 2025 is an investment year in putting money into the Abra mine to really open up more headings in the future, invest in that underground development so that we can realize the future potential which you see in the plan. And so that's really, that's the, that's, and to move to higher grades. And in fact, as you can see on the slide, that's the biggest contributor. So a couple of $100 an ounce we saved between 2025 and 2028

14:38 with respect to lower underground development requirements in 2028. You can see that we're milling 2g ore in 2028 versus 1.5g.

14:49 That's again, I use the term free money with respect to Bibiani and that's a similar concept here. You see a $550 per ounce ASIC savings based on that. We are continuing to invest in the implant upgrades at Toronto to get recovery to a similar level that it is in our projections for Bibiani of 92%. You see some savings there, and then there's some sustaining capital, other sustaining capital savings as well to get down to that 1,100.

15:25 Yeah, we talked a little bit about reserves and resources and this just outlines Some of the recent history at Toronto and some of the gains that we've been making in the last 2 or 3 years There's a lot more money to be spent on exploration last year, I think we spent something like 1 and a half million dollars in mine and Countryside at Toronto whereas our budget was about 8 or 9 million and that's because of capital availability But with a very small amount of investment, we have a history of just finding more ounces. And of course,

16:00 with US$3,000 Gold instead of US$1,900 gold, more ounces get added to this inventory by definition. Similar story for Bibiani, we didn't spend a lot of money last year at Bibiani on the expiration for obvious reasons. But if you have the opportunity to have a discussion with Dean Bertram, our VP of Exploration and Geology, he will very quickly point out that the potential for finding more ounces with relatively small investment is, I wouldn't even say significant, it's extreme. Okay, and then when we move on, we talk about the land package between the 2 mines which are connected.

16:51 So the

16:53 Toronto shear is on the west side of this map, the Bibbiani shear is on the east side, they run anywhere from 500 meters to 5 kilometers apart. Bibbiani Ore is a little bit different from Toronto, but they're both very, very continuous. What's interesting here is that the way the structures were evolved, and that's 2Bn years ago, the way that Gold was deposited, again, 2Bn years ago, the plumbing and everything that got the Gold in place. This landform, which is over 80km long, It's a mirror of what happens at the Carlin Trent in Nevada. It's also very similar to what happened at Calgorlie and Cumbalda. And those are the 2 most productive Gold-producing regions in the world as we speak.

17:47 Okay. So this area has not been well explored. It's been mined for over a hundred years, but it's not been well explored. And I hate to be too casual about it, but it seems like every time we put a hole in the ground we find ore. That's one of the exciting things about being here. It's not just that we're going to be making a lot of Gold between now and 2035 plus, it's that we'll be discovering a lot more than we already have. We're pretty excited about it. I must say that it's an interesting fact that I actually wasn't terribly aware of, but I had an investor a couple of weeks ago ask why people stay with this company. We have something like 1.5% turnover.

18:35 And the answer we got is, you know, for most people, especially professionals, is that people can see a significant long-term future here working with this company. Yeah, I mean, I can attest to that, Dave, having gone to site and visited Ghana myself. It's hard to put into words for people maybe who haven't been there to really understand the significance of the company to the community. I think I'm right in saying this. I think in terms of expats, Dave, I think there's maybe 5 and it's very much a Ghanaian company with huge support from the government and the people of Ghana. So I think that's, again, it's hard to put that into words for people maybe on the other side of the world, but It's a big factor. It is a Ghanaian company. And we've got, you know, Ghanaians making principle decisions at every level of the company, straight up to the executive vice president's office.

19:28 And, you know, we have a high level of commitment, a high level of retention across the company.

19:36 Excellent. Are we finished with this?

19:38 We're getting to the Q&A. That's right. You know what? So the format here is on the bottom right-hand side of your screen, you can enter questions there. There's been a lot of questions that have come through already. And Dave and Dave, maybe I'll start with one of them. One of the questions is all the Gold companies, the producing Gold companies have gone up since gold started to move much higher over the last 12 months, 24 months. Why is Asante's share price not essentially performing? That's an obvious observation, but I think it has a lot to do with questions like this, which are, this is, and I'll ask you now the question. We are happy to hear the increase in reserves, but the high strip costs are raining on your parade.

20:26 Is it possible to get long-term financing to cover the stripping costs and capitalize the costs and write them off over a period of time of beneficiation.

20:36 So they're kind of related. Maybe you could quickly touch on that. And it is important to just mention this call is an operations update oriented call. It's not a financing update oriented call, but perhaps you could just touch on that in the context of where the share price is.

20:57 Maybe I could start and then pass it over to Dave to talk about raising money a little bit. But look, if we don't move dirt at Bibiani, we don't produce Gold and it's just that simple. We are behind on the stripping program because we are behind getting money into the company. With that money coming in, and it started in in December last year, We've been able to accelerate stripping in Bibiani. We're producing right now today about, well, it's over 100% of what we produced in the fourth quarter of last year. So things are moving up at Bibiani and obviously I'm excited about the Sulphide treatment plant coming in. We see a lot more production of Gold at Bibiani. We see a significant amount more production of Gold at Serrano. And as we bring money into the company, that's how we make that happen.

21:46 It's obviously a big ask and David has been working on it with his team for the last, I guess, 18 months. Maybe, David, you want to talk about how that program has evolved and when we expect to see a payoff. Yeah, absolutely. And so, I'll be careful with how much detail I go into just because, you know, that as Rob mentioned, this is not the purpose of today's call, but I can certainly report that the financing process is going well. We do expect to make an announcement in the second quarter and are targeting closing in the second quarter of the financing package as well. So there will be a further announcement at the right time in terms of the details. But as you can imagine, with the Gold price where it is

22:33 and with the benefit of the liquidity injection that we got from Fujairah in December and getting things moving, that that's been certainly a tailwind for the process. Directionally, I can say that there's been a huge amount of demand from financial counterparties on the senior debt side. As you may recall from the financing package, there was a combination of senior debt as well as other instruments. And so you may see the total amount of senior debt going above the $150 million level that was initially announced. And then you would see a reduction in the other, in 1 or more of the other pieces that we announced. So I won't go any further than that. And the initial question, as Rob read out, had multiple facets to it as well as sort of why isn't Asante higher than it is? And it's interesting. I mean, we can't control the market, obviously. I think anecdotally, the feedback that we've had from investors is that there is a bit of an overhang on the share price from this financing catalyst that everybody's waiting for. And so, you know, I think that is, you know, I think that's a correct interpretation personally.

23:41 And so to reassure investors, we're working very hard over here to make that happen. It's going well, and there'll be another announcement in due course. And when I look again on this slide, $2 billion generated at both assets

23:57 at a gold price significantly below the spot price level. And you compare that to where our market capitalization is an enterprise value, I'll let investors decide for themselves whether there's an opportunity here. Thank you so much. Related question, but I think maybe just touch on it, David, and short response is fine. The question is, it is definitely nice to hear the five-year growth plan. Could you please provide

24:27 the facility that was provided back in, I believe it was October, the $500 million facility. The question is, is how much have you drawn down on that and or plan to, would be, you know, could you provide a bit of an update on that? Absolutely. So it was, we closed the facility with Fujairah, who is our largest shareholder and an extremely supportive partner of ours. We closed that just before Christmas.

24:52 And as a recap of what that entails, it is a $500 million facility that can be drawn in $100 million tranches over time. We drew down on the first hundred million. That primarily went into getting things moving at Bibiani in terms of the stripping program, in terms of progressing the sulfide treatment plant. And that's really why you saw those positive updates as we went through that slide. That was the deployment of the first $100 million. There were and are goal delivery requirements associated with servicing that facility. We have been making those on time as scheduled. And in the next couple of weeks, the next $100 million draw is scheduled to be drawn. And that will obviously provide, as we look to conclude our financing package, will provide a very helpful liquidity injection to keep things on track.

25:50 Thank you so much. Question that I'll ask, you know, given the record gold prices, you know, a lot of people when they and notwithstanding everything you've just talked about, people look at a $3,400 goal price and you guys are a producer today. Can you quickly just touch on that sensitivity in terms of obviously these higher goal prices for a producer are helpful for you, but is it material at this point given all the spend that you have to do in terms of stripping and the sulphide treatment plant and everything, or

26:21 do you really see the upside coming next year and beyond?

26:26 In terms of the benefit of the Gold price? Yes, absolutely. I'll give 2 answers to that. The first answer is it's tremendously helpful because as you know, Rob, we are producing a significant amount of Gold as it stands. Yeah, and that's just very helpful in terms of being able to meet all of our near-term payables and obligations as we conclude the financing package. What I'll say is that it does not mean that we will not do a financing package anymore. Certainly the gold price is not significant enough where we're cancelling our financing package because we can sort of, you know, no longer require any financing at all, but it is tremendously helpful. And you could even see the size of the financing package reduce a little bit, because as you can imagine, with the amount of revenue coming in the door, it does incrementally reduce our capital requirements.

27:22 Excellent. Yeah, I mean, there's a question, you know, in terms of another question In terms of going underground at Bibiani, do you anticipate any unique challenges to doing this? This is more of a Dave question. Given that you will be going from an open pit to underground, do you foresee any issues in doing that? Not issues, but are there any unique challenges presented? And I guess related to that is your mining contractor,

27:56 how far along in that process are you already? So Rob, the tender for the mining contractor goes out at the end of next week. We expect to award for the mining contractor late September, early October and have them mobilized by November. Okay. And that's a two-year program to get the mine infrastructure in place. We won't produce very much Gold at all in 2026, but in 2027, it starts to go real hard and that will be done with owner

28:30 equipment and operators. When we take a look at the Bibbiani ore body or the Bibbiani ground conditions, this is great ground. It's not broken up, It doesn't have a lot of water running through it. If you recall, when you saw the open pit, Rob, there were walls in the open pit that had stood at 45 degrees or even 35 degrees for the last 25 years. Okay, So it's really, really good ground. The Feasibility Study that we had conducted through the second and third quarter last year demonstrated conclusively that the development of the mine is practical and it will be a low-cost underground mine. One of the factors at Bibiani that we're blessed with is that some of our chutes are upwards of 60m and that allows us to go transverse stoping, which again leads to very low dilution and very high rate of resource recovery. So we're really excited about the development of the underground mine.

29:41 For us, it's a question of, let's get to it. It's going to make a significant impact in the near term, but also the long term, because we're only going down to the 800 level in the current planning, but this ore body occurs near vertical and the mine will become much deeper over a longer period of time. Just as a general point, getting a few questions in just looking for more specifics regarding the financing package and so forth. Maybe Dave, David, I should say, speak, just speak to timing on that. You don't have to get into the details, obviously, which are not public anyway, but just in terms of the timing, is the Q2 sort of timeframe, can you just comment on that?

30:27 Yeah, I won't go into really more detail than that, Rob, just not at liberty at the moment, but I'll reconfirm that we are targeting a closing of the financing package in the second quarter of this year. That's all, yeah. And investors can expect an announcement related to that, you know, certainly before it closes. So that is on course. Now, I recognize the sensitivities there. And I guess Separate question, there's a question just regarding what's the process, where are you in the continuum on getting listed on the TSX-V or the TSX versus the CSE? It's a constant question, we get it all the time obviously, but I thought you should touch on that. Yep, great question and glad it got asked, gives me an opportunity to reinforce that we are very much looking at an uplisting to the TSX Venture. We are in dialogue with them now.

31:26 You know, the primary hurdle to achieving that uplisting is our working capital position. As everybody knows, we've got a large working capital deficit and have had that for the last couple of years with the financing package that is, that should be, or that will be rectified. And that is really takes the primary and only hurdle to our knowledge in terms of achieving an uplisting away. And we would look to certainly be listed on the TSX-V subject to obviously the approval of the exchange later this year. Excellent, okay. This is a question I think you partially answered before, but I'll ask it again. The chart on page 3, which is I think the one we're looking at, would look very different and show more strength if the figures were based on a $2,500 higher Gold price rather than $1,700. I think you mentioned you're going to have 2 updated 43-101s coming soon. I'll leave it to you to answer that.

32:32 Yes, the technical report updates very much are in the pipeline and you could see an impact from there. Obviously, there's a trade-off between margin and cut-off grade when it comes to cut-off grade being another way of phrasing the Gold price. So, the team will certainly look to optimise that, but I think it's a fair assumption that our reserve price assumptions at this point are a little bit outdated and there's some upside to increasing that. So we will see how that comes out. There is a question again, you can answer it or not, depending on how you want to take it, but says, when do you when do you plan to settle the payment to Kinross to take ownership of Toronto, etc.

33:26 And I think I think, does that fall under the, you know, to be continued banner of the financing package being complete? I'll leave you to answer that. Hello? Yeah, I see David maybe have gone offline. I can answer that. We've had a lot of discussion with Ken Ross as part of this financial initiative. The discussions have gone very, very well. I can't be too granular. Okay. But, you know, obviously, Kinross is a principal partner for us. They've been very, very supportive. We look forward to continuing that very positive relationship.

34:16 I think I'm back now. I don't know. I think David answered that one. Okay. Yeah, you are back, David. Okay. Okay. Yeah, I would have pretty much said what Dave would have said. They're very supportive partners and we look forward to concluding along the lines of what we had previously put in the public domain. Yep, no, understood. More, this is a Dave Anthony question. The increase in mine life at Toronto is pretty significant. You mentioned that somewhat related to gold price, but not just because it extended the open pit that you have there, it seems like the resource conversion is going to plan maybe even better than planned, as well as the expiration. What sort of account, what accounts for the extension and the growth there at Toronto, because it seems pretty exciting.

35:04 And you did mention that you had some really interesting exploration results, notably the high-grade Gold intercepts at Orba, which are supporting the exploration end of that. Probably not talked about enough, the exploration. You can maybe answer that question and then touch on the exploration surrounding both mines and the belt itself if you'd like, Dave. So Rob, I got to talk specifically because we're almost out of time. I'm going to talk specifically about going underground and extending our development drifts between the Oprah Mine and Sarajehu. Sarajehu right now is an open pit, but it has an underground potential. So, we extended that drift. We did a lot of exploration last year and as I mentioned earlier, we've added about 250,000oz to the reserve. That sounds great. And we've added another 100,000oz to the resource.

36:00 That's also nice. But when you move that from 400 meters, that strike length from 400 meters to 700 meters, we're now starting to talk about a significant long term mining operation. Okay? Basically having doubled and we haven't quite connected with the war body yet but all of our modeling and all of our expectation is that those 2 mines underground are going to come together. So, that's becoming a very big dog. Okay? And again, like any other reserve or any other war body in Ghana, it's near vertical. So it's going to go vertically for a long, long time at depth. Beyond that, when we take a look at Serriehu and Mamnao, 2-years ago, these were 2 very small pits.

36:47 They were the size of a quarry and not a lot of prospectivity. We've drilled, we've done a lot of grade control as well as diamond and those 2 mines are coming together. Okay, so we're looking at a mine now that's going to be over 3km long. It's going to get to about 200m deep and it's going to deliver open pit ore for a long, long time at about 1.1g. So between the 2 developments, Obera underground, Sarajevo underground, Mamnao, Mamnao North and the gap between Sarajevo and Man now, which is 3 and a half kilometers. We're looking at a significant long term open pit producer. I should have mentioned earlier. About the open pit at Abad Yobo has gone into production about a week and a half ago. I was top of the mountain. It's fantastic.

37:42 That one is coming online as well. And as we start doing our grade control drilling there, we just see more Gold coming out than what was originally modelled. So, you know, Toronto, the story of Toronto has always been about knowing where to look and then just go find it. And Toronto has been, I think, starved for exploration activity for a long, long time. Part of the reason for that was the gold at $1,100 an ounce didn't really get anybody excited with these mining operations. Gold at $3,000 an ounce or better has a $2,000 margin. Okay, so this is a big factor in extending the life as well. We can find it, we can develop it, we're Ghanaian, okay, so it's easy for us, not easy, but we can get it permitted in a timely way.

38:32 And it just extends the outlook for both mines. Thank you so much. I'm going to ask one more question on that, but actually just related to what you said, I'm going to ask one more question because we're running out of time. Where does the Bibiani-Torano and all the ground in between in terms of a mining complex rank it on the continent of Africa in terms of a production base? Because people tend to forget how significant this is. When we're running at 500,000oz a year between the 2 mines, that positions us as a tier 1 asset. But our geologists, our engineers figure that we're able to produce something like 2x, something like 3x of our current profile with more development. So where does it sit?

39:31 Well, around the world, I think it sits in a comparable position from a structural standpoint to Carlin Trent and to Kambala Kavgorli, as we mentioned. In Africa, it puts us in easily into tier 1 territory. Okay. And I guess the final question, and David, you partially answered it before, but it's a fantastic, the question is fantastic news to hear about the graduation to the TSX-V. Would it be sensible to go straight to the TSX, given that you will be a material producer as you've outlined? I'm not as familiar with the mechanics of that answer, so I won't answer it, but David, maybe touch on that and then we'll wrap up there. Yeah, it's certainly something we've looked at. There is a path, I'd say it's a narrower path to go straight from the CSE to the main board of the TSX.

40:26 You know, there's nuances around the approval process that I think would make it less smooth to do it that way. So ironically, it is more smooth to actually do it in 2 steps. But I think, you know, moving to the main board of the TSX is something that we foresee for the company, but it'll be 1 step at a time to the TSX Venture first. Understood. Thank you so much, everyone. With that, we will we will wrap up the call. Thank you so much. And obviously, it's going to be a newsy story going forward. There's going to be a lot to to follow up on in due course. And I'm sure in due course, we'll be doing another webinar. So stay tuned via the good people at 6 and we'll go from there. ♪