Asante Gold: Got Gold? Get Asante Gold

0:09 Hi, my name is Bianca Pesciola. I'm the COO of Stix and welcome to the Asante Gold Live Investor Summit. I'd like to start today by introducing our presenter, Douglas Macquarie, President and CEO of Asante Gold. To kick things off, Douglas will be telling the company's story and then we'll be accepting questions. You can submit your questions in the Q&A panel on the right-hand side of your screen. Now without further ado, take it away, Douglas. Yes, thank you, Bianca. Thank you so much for hosting our second webinar. The purpose of this webinar is just to update all our shareholders and interested parties of what's changed in the last 5 months since since February. Obviously, the gold.

0:55 The gold market is booming and the junior equity stocks are beginning to follow along. So we put together a small presentation of some slides that sort of back up the bull gold market as we did on the last one. And then we just move into a Santee's projects And without further ado, let's get going on the slides here. OK, so here's here's our webinar presentation. It's on it's on the website at the moment. And the title is got gold, get a santi gold. The title really says it all. We're in a bull gold market. And so we hope you've got your gold bullion stashed away in wherever you think is the correct place for it.

1:51 You know, real gold bullion, there is no substitute for it. But once you've got your gold investment to ensure your financial assets through turbulent times, which I believe we're in, a part of your gold should be in the junior golds. And I say that because obviously it's gold and B because they're hugely leveraged. We're coming off a terrible, terrible bear market that lasted 6 years. The major indices, the junior indices are trading, well, they traded down to 20% of their values in 2012. Maybe they're at 30% now. So there's a 70% gain just to get back to normal. Back to normal. Let's start with the first slide here. Okay, here's our forward looking statement, the usual disclaimer.

3:06 Please take time to read that at your leisure. Okay, Sorry, I've got to move this. Okay, I hope everybody can see that okay. This is a statement from Ron Sturffely at Incrementum in Gold We Trust, the 2016 report. And I think most people know all of the bullet points on the left. But the key one there is that gold is reciprocally related to the monetary system. If the monetary system is stressed, gold goes up.

3:53 And that's just a really good way to hedge your finances. Next slide. Since our last webinar, I believe gold is around 1930 at the moment. I didn't check it in the last few minutes. But we're getting 50 and $100 up days, which really hasn't occurred for quite a while. And that's telling us that the system is incredibly stressed. Our share price is up 100% since February from 4 cents to today at 8 cents. And so the percentage gains are phenomenal. I'm gonna give a small update on our field work and then we're gonna, as Bianca said, go into some questions and answers.

4:43 But the point, If you look at the bullets on the right, most of the talking heads say that the COVID-19 pandemic, that gold is up because of that. Well, that's possibly true, but I don't know if any of you caught, I've got a link here to a US government speech given by Mike Pompeo just a couple of days ago on US policy on China. And I think everybody ought to read that. Because if you look back 6 months when the US-China bickering started to heat up, that's when gold started to heat up.

5:30 So we believe the underlying basis of this current gold spiking is international geopolitical issues. The US is number 1, China is number 2. So when those 2 get into flinging mud pies at each other, gold, I think, is a safe haven. So please take 5 minutes to read that. Gold juniors are finally, you know, the first money that comes into gold goes into the majors. After that goes into the ETFs. Then it goes down to the mid caps. So this all started about a year ago. Now it's starting to come into the juniors.

6:16 So I think the juniors is the place to be. We haven't had a lot of money to do much fieldwork. We have been doing some 3D modeling and that's turned out very well. We'll show a video later of results that show that the geology that results that show that our ore body, that the host, the mineral, the geology that hosts our ore body goes down at least 2.5, perhaps 3 kilometers. And please try to, you know, By all means, get your questions in and we'll try to get to those as soon as we can. Here's a quick slide. I've only got a few slides here. This one's from Merrill Building Company, And it just shows an absolute 0.94 negative correlation between the price of gold in orange and the US 10-year treasuries inverted.

7:15 So it's a 94 negative correlation. That's about as good as it gets. Weak yield on the world reserve currency means why own it? Gold is far better place to be. That's what that chart says. And you can see where it started near the end of 2018. Next slide. This is a chart from the excellent incrementum report of the cycles that investors go through. And in our last webinar, we were down here, junior gold, February 2020, where we'd come out of the bottom and gold market was starting to improve.

8:06 We were at the relief stage. We've now gone to the optimism stage, July 2020. And then that goes on to excitement, thrill, euphoria. And then the cycle starts all over again. According to past cycles, this part of the cycle should be 2 to 3 years. So there's a lot of room on the upside. Next slide. This is a chart of the gold price adjusted for inflation. So the blue line is the nominal price, US dollars on the left axis. And the gold chart, again, this chart is a capital light Murren building company. You'll see the big spike in November, 1979, 1980 related to geopolitical events.

9:00 So you basically had a typical cyclical high in gold, but on top of it, a geopolitical crisis. And, you know, this is the same type of setup I think we're coming into right now. We've got all the cycles pointing to a gold cyclical high. And at the same time, we have a saber rattling going on between 2 of the world's largest nations, both nuclear powers. So it's a very stressed time. Next slide. This is the famous Big Mac chart. And it's by the economist. And basically it's looking at the price of a Big Mac in all these different countries.

9:54 So basically, United States, the Big Mac costs what it costs. In Canada, It's 10% cheaper, Euro, etc., etc., etc. Malaysia, it's 60% cheaper. So I don't know if you average this out, it looks like the US dollar is based on big max is about 20 or 30% overvalued as we speak today, except for Switzerland, which for some reason it seems to be undervalued. Something to do with their central banks' transactions to keep the Swiss franc at a level to keep their exports alive. So what this is really saying is if the US dollar is overvalued, gold is undervalued because gold is quoted in US dollars.

10:45 Next slide. There is the central bank buying. You can see as of 2008, central banks have been net positive buyers. Obviously, the more gold that central banks buy, they have to buy it with something. They're probably de-dollarizing. They're diversifying their reserves. And this seems to want to continue. Okay, that's enough charts. So going forward, our major task in Asante is to find $25M USD to put Kube into production. Obviously, at $1,200 Gold, Kube's margins for a small underground mine were not particularly large, but at $1,900 gold, we believe we've got a really good mining margin.

11:43 And so we expect, hopefully in the not too distant future to secure that financing. And we want to do it in a non-dilutive way as possible. So a gold forward, project backed debt or a joint venture. And obviously when we have a signed binding term sheet, we'll certainly release that via news release. So until we've got that, we'll just keep entertaining new groups and signing CAs. And hopefully we got some news on that shortly. We wanna put KUBI into production as a green sustainable mine. We can power the whole mine with a 4 megawatt underground, I'm sorry, 4 megawatt solar plant.

12:42 We can do that, we can finance that off balance sheet. And so we wouldn't have any diesel. We're thinking of using toll milling, so there'll be no cyanide on site. There are 5 mills within 150 kilometers of the site, good roads, we have power right to the site. So essentially after financing, we're ready to start doing the portal and driving the decline. From there, we would like to go on to a resource to reserve underground drilling program to prove up the reserves. We can then do a final mining plan and apply for a full mining permit. So that's the plan all subject to financing. Last point here, I've worked in Ghana for 23 years.

13:32 My advisors and myself have found quite a bit of gold, drilled out a lot of reserves. We think there's lots more to find in Ghana and once we get the cash flow from Koubi, we will start aggressive exploration to find something bigger. A few charts on the other projects of Asante. Quick chart on Ghana, it's a very stable British common law country. Their biggest industry is gold mining. They've got all, most of the majors are there. Goldfields, Anglo, Newmont, Kinross, Gold and Star, Perseus there, Scaliano Gold.

14:25 So lots of big companies think it's a fine place to work and so do we. There's very few juniors in Ghana, which is good for us. The reason Ghana has so much gold is because of continental scale structures. Big structures means lots of plumbing, gold, and you have a source rock for gold in the Berymian rocks. And you put the 2 together, it forms big gold deposits. So in this golden triangle, which you can see here on the slide, there's over 220 million ounces of gold in resources and past production. So it's similar to the Carlin trend from a production point of view.

15:14 Here's a slide on KUBI. Again, we're sourcing $25 million in financing. Estimate 12 to 18 months to complete the portal decline and the resource to reserve definition drilling. We would then be in a position to do some bulk sampling and test shipping to a toll mill to arrange the milling contract. We will initially focus our stopes and initial production on higher grade areas. There's lots of, I'll show you a slide shortly that shows the resources, but we're going to target the high grades first. Why not? We've got to pay back whatever debt we have, take advantage of this gold window. If we've got extremely high gold prices, get production.

16:09 We believe the resource is open to depth. We'll talk more on that. But we feel We currently have 100,000 ounces per 100 vertical meters. So if it goes down to 2 kilometers, well, there you go. We have the potential for up to 2 million ounces. Next slide. There's the resource wireframe. And we're looking west. So this is south, this is north. There's the 2 pits. They'd been mined out and back filled to daylight. So this resource goes down. The deepest hole here is about 650 meters down, but there's very few drill holes. So most of this resource is to the 300,350 meter level. So that's 350,000 ounces down to 350 meters.

17:01 You can see the bar on the right here. It's a bit small, but that's 12 grams, 10 grams, 6 grams. So everything in purple and orange are plus 6 grams per ton. 6 grams is about $350 ore at the moment. So it's perfectly adequate for underground mining with a good margin. Next slide. Those are 100 meter squares. Next slide, that's just a schematic of there. There's the current pit back filled. That's where the portal will be on the east side of the pit. Drive a decline down at minus 15%, 3 different levels.

17:48 First level at minus 60, minus 120, minus 180 meter levels. And then it would be basically shrinkage mining is what we're planning on doing. The ore body is 2.1 meters wide, 1.5 to up to 6 meters. This section of the ore body over here is considerably thicker, slightly lower grade, but that depends on the gold price. The lease is 20 years. We have 8 years remaining. It's renewable. At the moment, grid power is just a kilometer from the pit. We're going to have to upgrade the road and run the grid power into the pit once we get started here. And after that, we'd like to get a four-megawatt solar plant up and running.

18:36 There's many companies in the world that will finance that off-balance sheet for a electric sales forward contract. Again, here's just the area. This is southwest Ghana. There's the big Obawasi mine that's been in production for 110 years. We're on a structure that basically connects. This is the Ashanti shear zone. There are 2 splays. One goes through our Fahia Coba and onto Perseus. The other comes through Kube and goes down to Tarquah, et cetera. So these are major structures. We also have major east-west structures that come from the Perseus area over through Koubi and through our Betenazi.

19:23 We also have, this was our original IPO property, Fahia Koba, and we'll talk more on that later. And then we have a selection of concessions here that are still in the acquisition stage. They're coming from a company called Gawknet, which I'm the managing director of, through a deal with Galliano Gold, and it's subject to some ministerial approvals, etc. So as we get these projects, we will do a news release and start looking at the next stages of exploration on them. But we do have at the moment the keyhole option. It's a tiny little property, but some very exciting results.

20:11 So here's the keyhole. Again, this is all alluvial mine for the last 20 years by local Glamze. There's almost no outcrop, but we estimate 800,000 ounces of gold have come over those 20 years out of this alluvium. A couple years ago we did some geophysics. This is the IP anomaly in red, and so there's sulfides in it. Sulfides, arsenopyrite, shear zone, quartz vein, visible gold. Very Ashanti Oboasi looking ore, except that it's non-refractory. It's visible coarse gold. So some of the grades are quite significant. I don't know if you can see these numbers, 27 grams, 11 grams, et cetera.

21:01 Old showing here with 10, 20, 30 grams. The widths are a bit disappointing. It's only 1 meter wide. We put about 10 holes in here along the shear. This was only our initial exploration, So we consider this very exciting. The length here is 600,700 meters. We hit gold in every hole. We got some grade. We've got good looking mineralization. So we want to expand our exploration for 2 to 3 kilometers to the north and a couple kilometers to the south. And basically what we're going to look for is a section of the shear or another shear, perhaps cutting at a 30 degree angle to it that will be dilational.

21:52 And in a dilational section, you get the same material. It's just a lot thicker. So that'll be our expiration target. Once we get financed. Our Betonazzi option. This is the one east of Kube. This one is an option from Perseus Ghana. We did a few initial holes. Basically, we were drilling this shear zone looking for an Ogoassie type shear zone deposit. It isn't there. This was actually a mafic silk. But we did catch some interesting gold any place we cut across the IP. So there were just these 4 drill holes. This IP target has not been drilled. You can see it's moving into where the alluvium is. These little dots are soil samples and of course over the alluvium they mean nothing.

22:46 And so we're going to expand this IP survey and then we're gonna drill IP targets. And I think this one's gonna come up big. There's very extensive alteration, there's cross fractures, there's significant gold. And it's on a major structure that heads due north right to the big Obawasi mine. So, it's an exciting project. Again, we need to get in there when we're funded and get exploring. This was our IPO property. It's the Fahyacoba And again, we put quite a few holes in there, we were funded from our IPO, and our best intersection was 289 grams over half a meter. Unfortunately, we didn't find the big one, but we got where there's smoke, there's probably fire. So we want to get back in here.

23:40 This shear zone, our property has actually expanded since the original property was somewhere in here. So we've been able to expand the property and this shear zone, which Perseus has some significant mineralization on, cuts across this corner, the concession. We've done no exploration there. So our next program we'll be working on here and then looking around this intersection for a highly structurally controlled high-grade target. Again, we just need the funding to do that. So, there's the highlights. We're focused in Ghana exclusively. High-grade underground is what we like. We're in Ghana, the safest and largest gold producer in Africa.

24:27 We're right in the middle of the infrastructure. We're very near-term production, only subject to funding and 12 to 18 months. We want to get KUBI in production, get to cash flow. Got lots of exploration and down dip on KUBI and on our other projects we just talked about. And we've got a very experienced board. Just invited a new director on our board, Karsten Korp from Lima. And we just lost our dear director Florian who'd been with us since the IPO. So, yeah, there's the capital structure. Current 66 million shares, warrants, options, fully diluted 81.

25:17 We have to pay 7 million shares to complete the KUBI transaction, so that would bring it up to 91. We've just announced a private placement, fully subscribed, of 3 and 1 1 500,000 units at $0.05. Market cap 5 and 1 500,000 at the moment. Enterprise value 8 and 1 500,000. We went from a lower 2.5 to a high of 8 cents today. Fairly strong insider and associated shareholder involvement in in in Kube in Kube in Santi so the insiders got an awful lot of skin in the game quick shot of our management and directors and advisors to the board and contact and questions and answers. I think that takes us, we're at 926.

26:15 So I think we can move on to some questions here. Okay, the first question I've got is this a webinar about gold or the company from Andrea Schmidt in Germany, good shareholder of hers. And I think it's about both. If you don't believe in gold, why would you buy a gold junior? So, you know, I think it's the very first thing every investor has to decide, unless you're just a speculator. If you're a speculator, anything that's got flashing lights and making noise, you buy. That's not a santee. We believe we're more a Warren Buffett of the juniors.

27:04 If you buy value and you buy good people and you're in a good country and you're in a good commodity, you're gonna make a lot of money. But the unknown is time. And I think the time is now in our favor. The next question is from Jens Farnhauser. I hope I pronounced that right. It's a question about, we did it with a company, a Chinese company we did a deal with about 3 or 4 years ago. They were to put 19.5 million Canadian in to do a joint venture on Kubi. Unfortunately, they ran into some capital control problems out of Beijing and were unable to provide the development money. And so that deal lapsed completely and they ended up owning 3.8 million shares that they purchased at 18 cents a share and they're still shareholders.

28:02 Hey Douglas, I'm on the line here and I have a few questions for you as well. OK. Yeah, there's another one here from Jens also. He asks, why should I keep investing in Asante when all the other explorer and junior miners are running like crazy. What does Asante bring into play? Okay, well I think every share, every company, I mean the rising tide lifts all boats, So fine. That's number 1. Gold is a good place to be. Number 2, why Asante? Well, we have a 350,000oz resource that by all metrics appears to be have about a $1,000 an ounce margin.

28:50 If you think of it that way, if based on other minds around the world of this type, if you have a $1,000 an ounce margin and you're producing 50,000 ounces a year, that's 50 million US dollars a year. So I think the answer to your question is if, that's an if, if Asante is successful in finding the financing, then we'll be reporting $50 million in free cash flow within a year. But that's an if. Makes sense. This is a question from Jonathan Gunter and he says, where can I buy your shares now Doug?

29:39 Jonathan, it depends which market you're in. We trade on the CSE, that's the most liquid, but we're also on Frankfurt. The symbols are on our webinar there. And the webinar is now on the Asante website under presentation. So most people have no difficulty buying on the CSE. The Frankfurt is there and it's over the counter in the States. That's maybe a bit of a different market. We're not listed down there. That's just some market makers that are making a market down there. But yeah. I see a question here. What's the from Jens Fanhauser again? What's the concrete plan for finding a partner for the $25 million US dollars?

30:26 Good question. We actually have 84 confidentiality agreements out at this time. We started 3 years ago when Gold was only $1,200 an ounce. We are not prepared to give up 100% of the project. There is so much upside. If we have 2Moz there, high-grade, then why would we give up too much of the mine? So we focused on a maximum 50% joint venture to earn interest. And we started looking for 15 million US, 3, 4 years ago. We're now up to 25 million US because the value of the project has so increased. So the earn-in is gonna be 25 million. If we could do a gold loan, that would even be better. That way we keep 100% of the project.

31:15 Sort of, you know, Once you forward sell gold today, you get the $25 million. We deliver back the same amount of gold over 3 years, but obviously at a lower price. The investor then makes the difference between what we sell it for and what we deliver it back at. That's their margin. But after that, they're gone. We own the mine 100%. And that would be debt-free. And we'll pay them back from production. So I don't have to go into the market and dilute the shareholders to pay them back. We'll mine the gold at CUBI to pay back the gold forward. That's the plan. Makes sense. I see another question here as well. This one comes from, I'm sorry, I've been butchering your name, Reinhardt.

32:06 He says, Doug, how can we get more attention and interest in the Asandi stock? Volume has been thinned and financing of 25 million at this share price wouldn't be good. Okay, yeah, again, we have no intention of doing an equity financing at this price. The dilution would be massive. I'm the largest shareholder and I can assure you I have 0 interest in being diluted down to nothing by some bought deal from some fancy brokerage firm or fund. It makes no sense. So my interests are absolutely in parallel with the other shareholders. Well, you know, today a good ounce in the ground in measured category in a good country with infrastructure nearby is probably worth $200 to $250 per ounce.

33:06 And indicated is probably worth 50, 60, 70 and inferred is probably worth 30 or 40. If you average that out on other deposits worldwide, it's probably $150 US an ounce in the ground. That would suggest a $50 or $60 million in the ground valuation. Now, we do not have a formal report on that. That's just based on other deposits in the world, the valuation of other deposits in the world. So a $25 to $30 million earn in for 50% is the right number. Plus, it's what we need to have sufficient margin, sufficient sustaining capital and contingency to get CUBI to cashflow.

33:57 So. Greg Lee says, thank you for the webinar. Please excuse my ignorance, but what is your take on the supply side? How long do you expect optimism to stay with gold? How long will it take to reach euphoria? All in rough terms. Just wanted to hear your opinion. Okay, well, now we're crystal balling. So all I can give you is my personal opinion. My personal opinion is the US dollar is in trouble. Gold is quoted in US dollars. The US dollar, if the velocity of the US dollar worldwide decreases, which it is massively decreasing right now, they have out of control COVID, it's going to take a year before their economy corrects.

34:50 World trade, well, world trade, Well, okay, I think US trade is going to drop in 0.5. So what is going to sustain the US dollar? That's the question. Will it come back? Maybe, maybe. But in the meantime, in short, in the short time, a 50 percent retracement in the U.S. Dollar wouldn't surprise me, which means gold will double. And the relationship between gold and the US dollar and the interest rates, they're very, very high correlations. So yeah, I know I'd be very, very bullish on gold at this time. And as I say, the gold juniors, Newmont will double. A good junior will go up 10 times.

35:36 So you need a bit of both. You need gold, you need a major, you need maybe a royalty company and you need some good juniors. That's how I would diversify. Makes sense to me. Question here again from Jonathan, Jonathan Gunter. He says, have you tried to sell a stream or royalty to a royalty co in order to increase credibility and attract larger amounts of capital? I think, yeah, well, we looked at it. We did a net present value on a royalty stream and it would, you know, because KUBI is a small producer and a small resource in the big picture, the maximum it would give us is 4 or 5 million. So it wouldn't be sufficient to fund the development of the mine.

36:26 And we're giving away a huge upside that we'd prefer to hold on to. You're supposed to sell assets at the top of the market, not the bottom. Another question here, this time we're looking at Ken. Ken says, Would you consider selling the project or the company at the right price? Is this a realistic option? Okay, absolutely. Absolutely. It's a public company and somebody wants to offer us, well, should I even mention a number? It'll have 7 figures. Very fat 7 figures. If there's 2 million ounces there, but we've only proved 350,000, do we sell 350,000 ounces? Or do we say, hey, there's a lot of upside here.

37:17 I would say at the start of a bull gold market, we'd want to get paid for a lot of those ounces, potential ounces in the ground. So the price tag will be quite a bit higher than I think most people realize. But obviously we entertain any offer. We have to. That's our job. Another question here. Andre Schmidt, he says, what are the next plans of Stante? Okay, so yeah, the next plans, we're starting a trenching program as soon as the Ghana borders are open. They're currently all shut per the COVID. Every month, they say next month. So I'm basically ready and our crews are ready. We have a all Ghanaian geophysics crew on site at the moment doing a mag survey over 800 meters strike length of the 513 zone. There's a very good correlation between high magnetics and the Cabroa contusions.

38:18 So just like the Cooby main zone, the magnetics have been quite effective. Probably should just show this video quickly here. I don't know where our video went Bianca, but it's appeared. Yeah, here you go. This video, I should have shown it earlier, but it's the, okay, it's, this is the the magnetics. It was from an airborne magnetic survey, and then it's called a 3D inversion. So we're looking down. These lines are 1 kilometer apart. In red, you can see the same KUBI resource wireframe from our 43101.

39:05 And if I stop it right here, you can see the ore, the mineralization, is sitting right along the edge of this magnetic body. And we've only drilled it down to 600 meters, but only to 300 meters. You can see the structure easily goes down 2.1 kilometers and then it offsets and starts again so this could be a major major thrust fault or We obviously we don't know it's never being drilled. We'll find out so Likewise the 513 is similarly related to the contact of a highly magnetic body. Yep. So it's all very exciting.

40:00 Yep. So to finish off there, yes, we're doing geophysics. We'll then get in with an excavator. This zone cuts right across the main access road. And so it's very easy to get in there. We'll put 6 or 8 trenches and they're down to 6 meters deep and assay them. What we're looking for is to ascertain the oxide content above drill intersections. There's been 23 odd holes on the 513 zones with typical intersections, 1, 2, 3 meters of 2, 4, 5 grams. So we don't know what this does on surface. It's never been mined, but there may be a surface mining opportunity there should the results be favorable.

40:47 We'll know that very quickly. Once the borders are open, we'll have the trenching done in 2 weeks, samples done in another week. So a month after we start, we'll know and can report on that potential. Excellent. John Christensen asks, how do I buy IPO shares with warrants? Okay, well I think private placement with warrants, well basically the company announces various financings. We've been trying to minimize our dilution and just raise sufficient money to keep us current as possible. We've been building up some debt and It's friendly debt and it's non-interest bearing. Again, the reason behind that was if we had issued shares for all of the debt, we wouldn't have 66 billion shares issued today, we'd have 300 million.

41:45 So we preferred to have friendly debt on the books. Going forward, if our share price is at a more financeable level, we will certainly announce the financing and then any investor can certainly call up and say they would like to take a piece of it and we'd have to consider it. Yeah. Rob Brutley asks, COVID-19 is starting to take a stronghold in Africa and Ghana has recently recorded new highs in daily cases. Has Asante been affected by COVID-19 and how is the company managing the pandemic? It's a good question, but we're a very small company and we really haven't haven't got a lot of staff. They've all been hunkered down and we've had no reports whatsoever of COVID in all our operations.

42:37 We understand the president is currently in isolation, whether it's just for his own safety or, you know, he's certainly not in hospital, but probably it's just for isolation. Yeah, it's a very, very sad pandemic that the whole world is suffering through. Ghana will come out of it like everybody else. I think they only had something like 8,000 cases. I could be wrong on that number. So as countries go, it's got a population of 20 odd million. So it's not that much different than Canada. So, yeah, we all got our fingers crossed. This pandemic will be over soon. We can get back to some semblance of normalcy. Yeah. Exactly.

43:24 Raymond asks, this is a question you already answered around the 100% buyout. He does ask, if so, how much do you think it would go for? Well, again, like I say, if you put $150, $200, I mean if the gold price goes up $200, and you have, which we haven't proven yet, an economic deposit. That $200 almost goes right to the bottom line. So if 1 thinks that resources are worth $150 or $200 today, you add another $200 to it, that's $400 an ounce in the ground. Times 350,000 ounces, plus upside on another $500,000. I mean, you can do the math.

44:11 It's 7 figures and it's a fat 7 figures. That's what I think it's worth. I agree. Jens asks, can you give us a name for a possible JV partner or is there already a bank in game for financing? No, we can't. Like I say, we've got 84 CAs out. Most of those have gone by the board. They were 1232 years ago. But I would say there's 5 current groups that are coming back and asking more questions. So would it surprise us to have a offer on the table in the next month? It wouldn't surprise us at all. Brian Hart asks, have you considered offering a gold and almayeb bond to shareholders and outsiders?

45:03 Yeah, we thought about that a few years ago, perhaps we should resurrect it. You know, with the buoyant market we have today. It's a good idea, thank you. Yens, can you give us some detailed information about SMD mining? About the SMD? Sorry, okay, yes. Well, it seems that the SMD is still being commercialized by a company called Novamera Inc. We've got a link to it on our website, to their website. They raised a few million dollars and they're working through a very diligent schedule to address each of the points necessary to commercialize the program.

45:52 I don't think there is a timeline and, you know, we do keep in touch every couple of months. I have a chat with them. It's all looking very good, but I would say they're a year off of perhaps having a commercial. If you think about it, we can go ahead with our plans. We can go ahead and do our decline and our drilling and start mining. If SMD is commercialized and it's economic, we have 800 meters of strike. So we can basically go off to the Northeast, would require some permits, and we could start the SMD there in an area never being mined. So we're certainly very, very interested in it. The economics look spectacular, but it just isn't commercialized yet. So, you know, we can't, you know, gold is moving.

46:44 We have to move. So if conventional mining will work, let's go do that. Another question here, Rob Ribley asks, I realize that Asante's plans are contingent and dependent upon successful financing. Assuming that you do get the needed financing, can you provide a timeline regarding your exploration and possibly a PEA? Okay, well, like from the minute we're financed, we can start road construction, power line extension, portal construction, and then start driving the decline. That will be an expiration decline. We don't need a full mining permit to do that. It'll be an expiration decline. We'll get down to the first level. The second level, we'll do the resource to reserve drilling.

47:34 That's going to take 8 to 10 months to get to that stage. At that point, assuming everything is as planned, it's mining, so I'm sure we'll have some surprises, but the ore body is there. It's got hundreds of drill holes in it. We know it's not refractory. We've done 3 metallurgy tests. The rocks are competent. We have a mine just to the north of us in the same rocks that goes down 2.5km. Our VP was the mine manager at that big mine. So we're confident we can perform to get KUBI into production in 12 to 18 months. Greg Lease says, thanks for the great answers.

48:22 What are your views on the possibility of US using oil and gold reserves to combat currency devaluation? Unfortunately, yeah, I don't. Well, you know, how much gold the States has is always, you know, that's being debated for a long time, you know, no audits for I forget how many dozens of years, but the reality is since 1979, the US has not balanced a single budget. Well, I think if I had the reserve currency of the world, I'd prefer it was run by Angela Merkel, had that German dogma to actually balance budgets.

49:13 The US doesn't seem to care because it's the world reserve currency. So unfortunately there's a lot of dollars being printed and the velocity of the use of the US dollar is now decreasing massively. World trade problems, et cetera. I do not think if the velocity of the US dollar slows down that they can maintain the price and quite possibly they don't want to maintain the price. There's a lot of Americans that need jobs and unless the US dollar devalues 20, 30, 40%, I don't see how they can compete. So what they can do and what they will do, well, that's in the realm of politics, which I don't know.

50:02 Yeah, right. Your guess is as good as mine. Yeah, I know. Exactly. I see that we're coming to the end of the question. So if anyone has any last minute questions, feel free to submit them into the chat right now. I'll ask my final question to you. What are you most excited about in the next 12 to 16 months. Well, I'm excited that we're going to finance Kube and start construction. And all indications are Kube is going to be a very nice economic high grade mine. And it'll probably be there for at least the next 20 years. And from the cash flow from that, we don't have to keep going back to the public market and diluting the stock, which means that we can with 1 or 2 million dollars be very aggressive explorers. 1 or 2 million dollars a year can find an awful lot of gold.

50:59 We've been living on about $200,000 a year for the last 5 years. So that's pretty tough. But $2M a year we can explore like crazy. Kevin Thompson, our advisor on our board, he's anxious to get going, but we have to find a budget. So I'm excited that we can seriously build a Santee to being a mid-tier company in Ghana. And it'll start with KUBI and it'll start with a financing. Yeah. We're excited for you. That's it for the Q&A period. I'm going to throw it back to you, Douglas, for the final word. Okay, so thanks, everybody. I really appreciate everybody dialing in. I'm not the world's greatest presenter, but, you know, I think Asante is a quality story.

51:52 We got really quality people. We're in a quality country. And I think gold is the place to be for the next 3 years. And between you and me, the $25 million we're looking for sounds like a big number when you have a market cap of 5 million Canadian. But in all honesty, it's 2 apartments in New York. We'll find the financing. Thank you. That's all I can say. And when we do, we'll halt the stock, do the news release, and then we'll open the stock. And so people who have shares, well, I think they'll be smiling. So that's, look, I hope to do this again in a couple of months. Hope we have some good news. Thank you, everybody. Thanks so much.