Asiamet Resources (LSE:ARS) — BKM Copper Project Optimised Feasibility Study

0:00 Morning, and welcome to the ASIAMET RESOURCES LIMITED Investor Presentation. Throughout this recorded meeting, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted then, publish responses where appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Tony Manini, Executive Chairman. Good morning, sir.

0:29 Good morning. Thank you, Paul, and good morning, everybody. Welcome to this ASIAMET RESOURCES investor presentation webinar. As Paul said, I'm the chairman of ASIAMET RESOURCES, and with me today, we've got Darren McClellan, the CEO of the company, and Mudit Gonka, the finance head of finance for for the business. What we're gonna do today is we've got a series of slides that we'll walk through. It's really focused on the optimized feasibility study that's just been completed for the BKM copper project. What this is all about has been to deliver a realistic financeable first stage project to unlock the significant production growth opportunity within the district at in Kalamantan at the KSK project.

1:25 So we'll step through a series of slides today, as Paul alluded to, and then we'll take questions and answer those questions. Hopefully, we can cover everything that everybody's interested in hearing today. So if we move to really the key investment highlights and a quick summary of what this is about, it's really about delivering near term cup production with multiple growth options. So we've delivered here what's really a stage one project. It's a lower risk, smaller 10,000 tonne per annum copper cathode development. The project has been reengineered and optimized for lower CapEx, quicker execution, simpler delivery, all of which flows into making it

2:21 a project which is more readily financeable. It's been very much focused on the near surface higher grade ore, so the smaller project focused on the near near surface high grade material, and then it's a being a staged approach to the development of the leach SXEW. Darren will talk to to all of that as we go through. We'll produce LME grade a copper, so that fits very nicely with the domestic value add downstream processing mandates of the Indonesian government. We're going all the way through to metal, so copper cathode metal, and selling that into the high demand Asian market immediately within Indonesia and surrounding Indonesia.

3:07 A big part of the driver for this optimisation optimised study is really around the CapEx and getting the CapEx down to a manageable level for a company of our profile. So the capex now well below $200,000,000 including significant contingency, which is a big reduction from where we were previously. We've got multiple international local banks under NDA now. Moody will talk more to that, and we're looking to move into the formal financing process immediately. Pretty compelling economics that have come through from this this work. I won't run through those numbers individually, but Darren will cover that as we go through.

3:57 What I will say is it's a it's a great time to be getting into copper production. There's, you know, clear clear supply demand imbalance, and the fundamentals are very good and looking very good going forward. So a great time to be getting in, particularly where we've got a lot of growth options that sit behind this initial stage one starter project. I think as many people on the call will know, we've got a very large resource base which presents a great strategic platform for long term value creation. This is a starter project. We've got lots of copper in the ground. We've got polymetallic resources, copper, lead, zinc, silver, gold.

4:44 So a lot of optionality to grow once we're up and running and got some cash flow. Just quickly on the on the market itself, just a couple of charts here which, you know, show, number one, why it's a great time to be coming into production for copper. And, really, this is about the demand side drivers driven by the clean energy transition, electrification of everything, electric vehicles, you know, the the amount of power required for data and and AI applications, and the up up upscaling of grid, updating if grid's needed to support all those industries.

5:31 So here you see the supply side versus demand side in terms of forecasts. Demand in the blue, the supply side in the red. On the left hand side's a couple of years back, '23, and the right hand side's out to 2040, and you can see that growing deficit in terms of supply not being able to keep up with with demand going forward. No surprise. When that happens, you get the price environment that you see on the right hand side. This is a much shorter time frame, of course. It's it's well, it's actually about ten years, and you can see a steady increase in copper price over that period and continuing in that northeasterly trajectory that we like to see, and hence, the backdrop for for this development.

6:28 So I might just stop there. That's just a brief introduction. There's quite a bit of detail for us to get through. I'll hand over to Darren, and he's gonna step through all the work that's done. Mood will talk to the finance. We'll talk to to the upside opportunity, and then we'll come back with a summary at the end and take some questions. Over to you. Thanks, Darren. Alright. Thanks for that, Tony. So running through some of the key metrics of the BKM stage one project. So NPV, 122,722,000,000. IRR, just under under 18%, four and a half years, simple payback period over a over a life of mine of just under thirteen years. So I think an important aspect there is, you know, a substantially long sort of reserve tail. So simple payback, yeah, within that sort of four to five year time period, and then we have another eight years after that to continue. So I think that's, yeah, that's an important point we may touch on a bit later when we're talking about financing.

7:26 Total cathode production over the life of the project, 124,000 tons. Yeah. One of the big focus areas has been in in reworking BKM, this stage one project, has been looking at optimizing the mining, and we've been able to, you know, really rip down the strip ratios down a point seven seven to one. So that's sort of, you know, really helping with the operating costs, having to move a lot less material per unit ton of copper production. Revenues, global revenues, 1,200,000,000, EBITDA of 612,000,000, and c one cash costs sitting around just under a dollar 80 a pound. Next minute. So we're just a bit we're going to show a video here. This is created by our our engineering partner, Rexline. So this is their their design scope of the three stage crushing across to the heap leaching area. So I'll narrate this a little bit as we go through the video. Thanks.

8:27 So as we zoom into the central part of Central Kalamantan, yeah, if people are unfamiliar, we're roughly 300 kilometers north of the capital city of Central Calamantan. So

8:42 just zooming into the crushing area at this stage, ROM pad and run of mine area, and then the heap leach pad. So that's our 40 ton articulated dump truck. That'll be that's the size of truck that we now use with the smaller mining requirements. So we're going into the first stage of first stage of crushing and coming up to the second stage of crushing. So we're using what's referred to as sort of rolls crusher, mineral sizes, so not not sort of maybe traditional jaw crushers or crushers. So it helps a lot with, you know, having a really tight control of product size. This that's really important for heap leaching. So after the first two stages of crushing, then move up to what we call the screening tower, the screening plant. So here here, we actually remove any of the material that is already crushed to to final product size, so it gets screened out and and bypasses, and then we send the oversized material to the what we call the tertiary crushing, the third stage.

9:41 So this is another rolls crusher. It's a very tight product size, and then the two materials get combined and flow through on this conveyor to our agglomeration unit. So this is a really important part of the of the flow sheet where we add what we call acidic raffinate, and that's mixed in basically like an agglomeration drum, and we coax be able to bring the fines and the and the coarser material together to make a good solid product that comes across the 600 meter long conveyor, over to the heap leach pad. So now we're we're entering entering the heap leach pad and the mobile conveyor system, which has a lot of flexibility and allows us to be able to deliver the agglomerated ore through to the initially starting, we we start stacking material at the I don't know. Call it the front side or, you know, in this case, the we're looking we're actually looking east here. So we we stack from the east side, and then you'll see through the video, we we retreat back to the west. So have a radial stacker here, which is laying out the material.

10:45 So that's that stacker can stack up to about seven meters high, but our our lift height's 6.6 meters. And we'll see shortly, so it's sort of indexing back, and and this is how this is how the conveyor system retreats. So we have sort of the the three units at the at the far end. They and then the individual grasshoppers get pulled out as we come back through here. So this is how we retreat back and stack in the rows of material for the heap leach as we show as we show here. Probably maybe a few little adjustments we'd like to make to this video to for it to be absolutely accurate, but I think it gives a pretty good picture of of how we'll be that front stage, that really important first stage of crushing and through to agglomeration and heap leaching.

11:32 Thanks, Mudit. Okay. So now we'll talk talk about the physicals related to BKM stage one. So 28 and a half million tons of material mined and stacked, only 22,000,000 tons of waste, so it's our strip ratio of point seven seven. We're only a maximum mining rate of 5,400,000 tons per annum. So, you know, at that rate, the largest size fleet that we need for BKM is three forty to 50 ton excavators and nine articulated 40 ton articulated dump trucks. So relatively small, very manageable, and very mobile and maneuverable fleet, which is gonna be quite important for, you know, the the efficient mining of BKM.

12:18 The maximum ore treatment rate to the heap leach is 2,600,000 tons per annum. We start off at 1.7 and then basically just steadily steadily ramp that up over time. So we only need to run the the crushing plant at about 35 to 40% of its capacity

12:34 in the first, you know, in the first couple of years, which which is really good because it it does give us, you know, some some leeway in terms of being able to ramp up commission and ramp up the the heap leaching and stacking system. So our soluble copper grade, point five five. We have lifted that up from from the previous study. So, yeah, sort of lower tons and higher grade overall so sorry. Soluble copper recovery around 79%. As I mentioned before, just under thirteen years life of mine and a 124,000 tonnes of cathode produced. The average run rate for cathode production, if we take away 2028 and 2040, which our ramp up and ramp down years, you get 10,200 yeah. 10.2 kilotons per annum average. So I guess the the other I guess one one key thing, and and this leads into the into the capital cost estimate, it is we are developing a two stage heap leach construction. So we we build the first stage of the heap leach, and that is good for the first three years of three years of operations, three years of stacking. And then within that first three years, we extend the heap leach pad to build the second stage. So, yeah, it certainly allows us to to keep the one of the reasons we've been able to reduce the capital cost for the project to get into production.

13:50 Good segue into the next slide. Thanks, Mudit.

13:56 Okay. So this is some more detail in terms of the CapEx. Tony mentioned we're down to sort of around that just over 178,000,000 now. The sort of the bare cost of the CapEx project, 145,500,000. Certainly, yeah, a lot of lot of work gone into, you know, understanding the mining facilities. The process plant infrastructure, that's the work that's been done by Rexelin Indonesia and and Big Room Technology. There's certainly been some some really good outcomes in terms of the the engineering design and also sort of the the cost effectiveness of of working with those two groups in their in their specific areas. So, you know, really happy with the way that that engineering's done and and certainly having them do that work and and our our execution of of the project will see them just carry on their detailed engineering work from the work they've done in this feasibility study, so it makes it very efficient to to continue on with that activity.

14:51 So certain certainly, the the the projects the project has built been built up from sort of bottom up analysis, so, you know, a lot of, you know, a lot of detail in the capital cost estimate. I think the a a key point a key point to reflect on in this is is relates to our contingency or the growth and contingency allowance. So with respect to growth, so that is a that's an application of of a percentage to every single line item in the capital cost. So it sort of varies between 5% to sort of 12 and a half percent depending on the the certainty of that particular item. So the the the global average of the growth allowance currently in the in the capital cost estimate is 7.670.6%. So that's 11,100,000. So that is 7.6 of the 145,500,000.

15:39 In terms of contingency, so on top of the growth allowance, you know, taking on some board taking on board some feedback from previous independent reviews, we have applied a a 15% contingency to the bare capital cost estimate. So that brings us to the 21.8. And, certainly, yeah, in discussions with our current independent review process, certainly comfortable with that level of contingency being applied to to this CapEx estimate for where we are in the the journey for for engineering design and and going through into construction. So I think the final point of here is is the big graph that sits on the right hand side. So this is a this is a graph of capital intensity. So the capital cost divided by the average the average production rate for a project.

16:27 So for for this dataset, which is, you know, which is relatively recent, quite extensive, 21.1 or $2,121,174 dollars per ton of, cathode production. BKM sits at at sort of 17,500, dollars per ton of copper. Every CapEx project is different. There are different settings, different requirements, but it's still a relatively good benchmark to to to be considered against, and and seeing us on the bottom side of that is certainly certainly encouraging. Alright. Thanks, Muneet. So looking at the the financial and and economics, yeah, from a rev we've spoken about the revenue EBITDA, net profit after tax, 372,000,000. Cash cost of a dollar 79 split out, yeah, reasonably evenly between mining processing and the the general and administrative costs.

17:15 We've already spoken at length about the construction CapEx, sustaining CapEx, 22,700,000. I'll speak a little bit about that shortly. And then we also have a substantial provision for closure and rehab in in terms of this, yeah, this configuration of BKM stage one. So I think a couple of couple of really key points a couple of key points here. Power source, you know, we we have pivoted somewhat to thermal coal fired captive power plant. And, certainly, yeah, working through working through the options, this says there's there's a couple of key reasons for this. Certainly, moving through the process, this has worked through to be the, I guess, the most technologically straightforward approach. Certainly, coal fired power is a is a well known technology.

18:04 So so certainly, it's technologically simpler than what we're proposing previously, And, also, the availability of of a supply source for coal has has become available, you know, sort of within the last six months, six to seven months of, you know, working on the on the feasibility study. So that's that certainly

18:22 has allowed us to to rethink that, and that's yeah. We're taking forward the thermal coal fired power as our as the the basis for the project. That's what the the FS is based on. So I think the other another key aspect, and I guess, unfold well, it it is it kind of is what it is, but there is there has been a a new royalty regime introduced by the the Indonesian government. So previously, we had a fixed rate of 2%.

18:48 Now the the royalty regime is a is a ratchet from a minimum of 4% up to a maximum of 7% depending on copper pricing. So currently, in the financial model, effectively, we have a 7% royalty across across the project life. And so that has seen us so seeing the royalty payment increase from 24,000,000 up to 83,000,000. So substantial windfall for the government, but it obviously has impacted our has impacted our project. Effectively, it removed $29,400,000

19:21 of NPV and effectively two points two two percentage points of of IRR with with simply that that change in royalty relative to, yeah, the previous regime. So I think that's that's yeah. Please carry on with it. Next next slide. So here, you know, really a relatively simple slide just showing the the sensitivity of the project to to copper pricing. The copper pricing we've looked at, $4.52, $5, both both sort of within our our broker consensus pricing, you know, current pricing, you know, depending on which market you look at, sort of within these ranges. So so I think, yeah, there's there's, you know, good positive, you know, good positive uptrend in in certainly the valuation of the project with with increasing copper price.

20:11 Thanks, Mudit.

20:14 Okay. So there's a couple of probably two key areas that we see as opportunities for enhancing PKM stage one. So the first one relates to improving recovery out of the heap leach. So yeah, the current overall copper recovery out of the heap leach is 60%. We recover, you know, 79% of the soluble copper that's going there, but there is a portion that is insoluble in in some of the materials born out in chaffle pyrites. So, yeah, there's there's been yeah. Within the last couple of years, there's certainly been a a lot of news and and work being done on improving the leaching of particularly chalcopyrite in the in the heap leaching heap leaching system and heap leaching technology. So, yeah, we'll be we'll be really keen. We we don't really have the opportunity to test those now prior to going into production, but certainly going into production, starting off, we know that we have high levels of of soluble copper

21:08 at the start. We have some, you know, we have some time to be able to get established, then we can take really good bulk samples of material and be able to do the test work that would be necessary to verify well, to verify and do the test work that would allow us to understand the application of those technologies. I think that's really, really encouraging. And secondly, the other area that we see as an opportunity is the availability of soluble copper that have to that we're currently processing through our mutualization wastewater treatment plants. Currently, in our in our flow sheet, we lose we lose that soluble copper through the neutralization process, but actually just looking at some things now with Bigram, there could be an opportunity for us to to make some pretty modest flow sheet changes that would allow us to be able to separately recover the copper from this wastewater into a into a low volume, sort of a high value, low volume product that could be recycled to the heap leach. So we are We we've we're gonna have we have had some discussion, and and we'll be having a look at some work with Big Room to see if we can realize that and and see what the opportunity could be to recapture some of the three and a half thousand tons of copper that we currently precipitate and don't recover.

22:25 Thanks, Mohit. Okay. I'd like to hand who's gonna lead into the the financing discussion. Thanks, Mohit. Sure. Thanks. Thanks, Aaron. On the financing, I think our approach, you know, is is a multipronged approach is what we've taken. Right? It's gonna be a mix of debt, equity, and potentially other pools of capital. And the way we've approached it is to keep the dialogue open with all potential pools of capital, lenders, traders, strategics, and the likes, and and and have had conversations with them over the past few few months, all essentially now that those dialogues will will really get an and and will be fast tracked now that the BFS has been released.

23:16 From a lender's perspective, you know, we've been engaging with a group of lenders, both international and, local banks. There has been quite a strong interest we've, or initial strong interest we've received from the lender group, and that's probably, due to two reasons. One is definitely a the product. Copper is something that, you know, lenders want to get exposure to. Most of them are kind of really exposed to nickel in Indonesia, but copper is something given the backdrop, the the positive outlook, the secular trends, the deficit expected, that is a product they would love to get exposure to in Indonesia. So this allows them the opportunity to do that.

24:03 And secondly, of course, from whatever we've shared with them on our initial and discussions around reducing the scale, making it simpler, making it staged, derisking it, I think that's that's the other point that that kind of really appeals to them. In terms of the you know, where we are, so we have currently five NDA signed with lender groups, mix of, as I said, international and and local. Of course, there's a, you know, many more lenders who we've interacted with, but I think these are the top five who we felt, we wanted to kind of really engage with. And hence, we we've signed NDAs with five of them. What we, what we are also doing is getting the ITE report, the independent technical study, and we've actually taken a slightly different approach.

24:53 Typically, you would do the feasibility study, and then the independent technical reviewer would come and review it. But what we've done is brought them on early, and they've been doing the review and and essentially nearly finalizing that review. So their report would be available to lenders, you know, over the next few days. So as we speak, we are in the process of essentially providing access to our data room, which has all the information, and we'll also have the independent technical review report in the next couple of few days. And the lenders essentially will have access to that. In terms of how we wanna run the process, right, I think we need to the our our initial thinking is to run a quite a tight timeline process.

25:40 Let lenders have an initial look, come back to us in a few weeks with their initial diligence feedback slash initial term sheets. And based on that feedback, we wanna essentially finalize or decide which kind of lending group do we wanna take forward towards final credit approvals and find a kind of detailed diligence phase. So I think that's that's essentially what what what we'd like to run-in terms of a a process.

26:10 Talking about the kind of the equity slash other other piece. So, again, lot of interaction with the other groups on the equity side as well and off take side. So on the traders, we have four NDAs signed with traders, and this is this is the likes of global traders, but also Japanese. So so those those are the ones in place. Traders have spoken to us about variety of structures. Of course, they want offtake, but they can do a prepaid. They can they can do an equity investment. They can do a hybrid. So I think some of the traders are quite flexible in terms of the form of the capital. And, the idea there is that we'll have to evaluate what makes more sense, once they've had a detailed look at this, new study.

27:01 In terms of strategics,

27:03 we've so we've had a lot. To be honest, strategic side, there's been a lot of inbound over the last, I would say, couple of years. But the ones I'd like to mention is essentially, there's probably about six NDAs right now where there are people who want to take a look at the new study. And over the last three to four months, we received many more inbounds from strategics who wanted to take a look, but I think we've held those discussions off and wanted to reengage once the study was out. So now that the study is out, we are actually in the process as we speak signing new NDAs with some of those those players or counterparties. And, again, I think in terms of the process, it'll probably be a similar one where we'll let people have, initial look, come back to us pretty soon with their feedback.

27:55 And based on that feedback, you know, we know who's serious and what makes more sense for us and then kind of go forward with them on that basis. So so I think that's how at least, you know, we've been approaching the financing from lender and equity perspective. In terms of timeline, I think the way we would look at it is we are in May. It's a it's probably a four month process from start to kind of finish is is how we would like to run that both on the equity and debt side. Well, yeah, I'll I'll pause there, of course, we can take questions. I know I've already started seeing some questions on this, but I'll I'll hand it back to you, Darren. K. Thanks, Mune. So looking at our our next steps, fun as Mira alluded to in the in discussing the previous slide, finalizing our our independent technical experts' review. So that yeah. We have been doing that in in parallel. So we're we're just yeah. We're coming to the to the to the final throes of of them approving and releasing the final report for the ITE. Yeah. We've we've had a chance to discuss and review, but we have been going through that process as as the feasibility study has also been being developed over the last couple of months.

29:09 So so that's that's certainly certainly good to be able to close that out in line with the with the study, and and it certainly helps us move into the the financing discussions much more rapidly than what we had done previously. We've already spoken about the formal launch of of structured engagement with lenders and strategic investors. Keen to appoint a project director to to be yeah. To lead construction, lead lead development of of BKM stage one. Yeah. Certainly hope that we're able to announce an appointment not too far, yeah, quite quite soon in the future. Yeah. Looking for for someone who's got really good big really good Indonesian experience, but but certainly experience in, you know, constructing delivering projects in the in the setting that we have related to PKM.

29:57 With the with the appointment of the project director, that will then give us some good segue into discussion with construction contractors, going through early engagement, starting to look at some of the contracts. I know that's going to be a really important part of the I think that'll be a really important part of the the discussion with lenders. They'll be really keen to see the the type, the nature of the construction contracts, how we're going to how we're gonna be taking that forward. So so it'll be really important really important. The project director is here to be able to lead that as well, given it'll be his responsibility to to execute those. Finalizing key permitting activities, there's a there's a couple of, yeah, there's there's a couple of permits, yeah, that are outstanding that we've we've been working on. Yeah. We see some light at at the end of the tunnel, not not absolutely critical that we have them at this point in time, but, certainly, we we see a path forward to to closing them out. And there are some other activities which we are currently actively working on, which come as a result of completing this study and and our requirement to have to submit new studies, new details through to the through to the government for the new project.

31:01 And then, yeah, sort of all this leading into, you know, preparation for the opportunity for some maybe some early detailed engineering design and and I think an early works program, you know, at least at least doing the planning and establishment for that, you know, so we can see what that looks like, you know, what would be the the things that we could do to to certainly get off and running in in the project and and certainly as, you know, some of the the aspects of the the equity and and debt side come through, that'll be important to to take us through. So, yeah, currently, we finished the study, released that as as we look through the development road map. Yeah. Base Mudit's mentioned sort of the the four months time frame over the the project financing. So, yeah, that's looking at us in engineering sort of in quarter four of quarter four of this year. Maybe potential to start a little bit of work a little bit of work earlier as we just discussed.

31:53 Then we start developing site doing site prep, and then it's sort of really sort of full on construction, you know, starts around q two twenty twenty six and carries through until the end of twenty twenty seven, but we're able to commission. And because of, yeah, I guess, because of the way that the, you know, the structure and and particularly the processing facility, that's that's the, see, the the critical path. Yeah. The the ability to develop the heap leach and be starting that work because and and you can continue on sort of developing and and commissioning the back end of the plant, the SXEW, because you don't have yeah. Yeah. You've gotta build up enough copper from the heap leaching system before you can turn those systems on. So so there's, yeah, there's ways to be doing things in parallel, which is really important, not so much in a sequential And first copper cathode sort of showing currently in our plan, April 2028.

32:42 Next minute. So I'd just like to talk so now we're sort of moving into some discussion about okay. We've we've discussed a lot about BKM stage one. Really important. The platform for for the future development of the KSK contract of work effectively. So what what do the next well, yeah, what are the next stages, you know, potentially looking like, you know, as as we take the project forward? So looking at we see an opportunity in what we would call BKM stage one a. So heap leach expansion, you know, this would come about from successful application of some of the of the technology which I referenced before about improving improving the leach recovery. I was talking before about heap leach recovery improvement that comes you know, if we can verify that and it gets applied in BKM stage one, then, you know, you yeah. There's an opportunity to reevaluate the recovery models for the entire deposit. And, yeah, there there could be an opportunity and and, of course, you know, need to look at at, you know, how a heap leach gets expanded, but there could be an opportunity to expand the heap leachable component of BKM. So so that's what we are really classifying as BKM stage one.

33:53 Stage two looks at us yeah. That stage one a probably probably still still has you looking at maybe some more of the mixed copper materials, but BKM stage two is really looking at, you know, that portion of the material that's a 100% Chalcopyrite oh, yeah, close to a 100% Chalcopyrite in the deposit. So, yeah, within the yeah. Within BKM itself, it's a four hundred and four hundred and fifty two thousand ton resource. We recover a 124,000 tons. So there's substantial there's 240,000 tons in situ in the ground, you know, that we don't mine, and there's 85,000 tons of copper, you know, is in spent ore on the heap leach at grades total copper a total copper grade of point 3%. So there's, you know, one of the flow sheets that we've been looking at, and and this is following on from other you know, another group that is doing this in here in Indonesia.

34:43 You know, the opportunity to make a high grade, high rise sort of lower grade copper concentrate and delivering it to a plant. There is there is a plant that has been constructed and commissioned now that is processing a concentrate like this, and and they are producing sulfuric acid being delivered directly to the nickel high pressure acid leach plants in a particular area here in in Indonesia, and they're subsequently recovering the copper as well as other other sort of basin precious metals from that particular deposit. But ours yeah. For BKM, it would be relatively straightforward because there's only pyrite and copper. So so, yes, I mean, it's important. There is there is a there is a business case. There is a flow sheet. There's there's an operation which is doing something very similar to this. So I think it's you know, that that lends some weight to the ability to to be able to do something of a similar nature, although we may we we would produce the concentrate of BKM and then and then look at, you know, where the best place might be to to process that concentrate.

35:43 K. Thanks, Muda. Okay. I'd just like to hand across to Tony, talking a bit more about the broader KSK contracted work and some of the polymetallic materials. Yeah. Thanks, Darren. Look. This is really everything we've talked about to this point in time is about the BCAIM feasibility study, and Darren's just talked the last couple of slides about the opportunity immediately within the BCAIM deposit itself. What I just wanna remind investors about is that there's a hell of a lot more here beyond this 10,000 ton per annum development project. As Darren said already, we're leaving a lot of copper in the ground, so that's still there to be recovered as we go forward with a different process flow sheet.

36:32 But, you know, immediate just to remind people, immediately next to BKM to the north, we've got BKZ. This is a polymetallic high grade zinc lead silver gold copper deposit. There's a lot of metal in the ground here. These things have been mined worldwide for hundreds of years, and some of the mines that mine them are down at a thousand 1,500 meters, 2,000 meters deep. This is sitting just below the surface, pretty much untouched and very underexplored. We've done as we've done what we could with the limited resources we had available to get to this point.

37:20 But, you know, there's a hell of a lot of growth to come through the development of this. And, you know, you've only got to look around at things like foreign mining, foreign, f o r a n, in Canada. It's probably got not that much more than what we've got here in terms of the opportunity, opportunity, and it's got a market cap of somewhere around over $1,000,000,000, and it's just starting to build that project now. So we've got, you know, high grade polymetallic ore. We've had some fantastic gold hits here as well, and I'll just remind people that we actually have drill holes with very long intervals of high grade gold where we've got probably the opportunity just within BKZ of around half a million ounces of contained gold.

38:14 So, you know, I think that's been forgotten about as well, and we're just gonna start reminding people of actually what we've got here beyond the 10,000 ton project. Look. And then just around BKM itself, just a couple of snapshots here just to demonstrate that there's a lot more to come. I talked about BKZ just now, which is the you can see on the left hand side at the top, BKM in the middle. And then you can see to the South BKS, it's a very similar footprint to BKM, and then BKW, similar footprint again to BKM. And both of those areas had very limited work. Mean, I think there's seven holes drilled down in BK South, and about four of those have intersected good grade mineralization very close to surface.

39:08 And, you know, you can see some of the numbers here, 10 meters at 2.5 copper, including, you know, two at very high grade, 7.5% copper. So, you know, a lot more to come there. On the right hand side, I just talked about the gold results. You know, around and and see, you know, the results that people are putting out, and you you'll be hard pressed to find numbers much better than this. This this was drilled back in 2023 '23, I think it was. '22 or '23. And these results, you know, were the initial results from drilling into this precious metals part of BKZ. So here, you'll see the yellow on this on this image is actually gold in the soils, and you can see B k zed's the very top piece of that. We've got B K M sort of here.

40:06 To the south where we've got BKS is a very big gold anomaly, hot similar or higher level magnitude to what we have up at BKM and BK South, which has never not yet been tested. So we you know, when we see these things, we see this very extensive, you know, copper field. We see these these, you know, very coherent strong gold anomalies, you know, we're very we'd be very confident that we're gonna get additional resources beneath these. And once we get up and running with BKM, we've got the roads in there. We've got the camp in there. We've got the infrastructure in there. We've got, you know, the initial power source in there. So you've got a lot of the infrastructure there, and we can start to unlock the district scale opportunities that that sit here. And I think a lot of this is sort of being forgotten about.

41:03 Everybody's focused on the 10,000 ton project. It's a small project, da da da da da. But, you know, this is where we're talking about stage one a, stage two, stage three. There's an opportunity to build a much larger production base here. And that's what, you know, some of these strategic parties see and most interested in. We're not being valued for any of this, and they see an opportunity. Look, so that was really talking about the immediate surrounds of BKM. I'll just, you know, just remind again that there are BKM sort of sits here on the right. On the left, you've got Barroi and the Far East Zone.

41:53 These areas were drilled many years ago, Exceptional high grade copper silver results. Never had any follow-up since then. They lie within forest areas and can only ever be mined underground, but you've got grades sufficient to go underground. So in due course, you know, the company needs to get back to these areas, but we've got we're building infrastructure at BKM. So, you know, we've we need to, you know, focus on op really getting as much as we can where we've got the infrastructure. But, you know, obviously, there's huge upside here. And, again, you know, others see this not being valued and, you know, are very interested in it.

42:42 So, you know, lots more than lots more than meets the immediate eye and what's been the key focus. And, you know, we've had to we've had to focus with the resources we've had to actually get a project up, get started, get the infrastructure in place and then look to grow off the back of that. So in summary, look, we've been through all the slides. You know, we it's really this this this work that we've done over the past year or so is really about delivering a lower risk, you know, high impact early stage development project where we can get that infrastructure in places I just alluded to. We've got strong returns. We generate the cash flow, and then we can take advantage of all that district scale up so that I just alluded to.

43:33 So I think that's that's it in terms of the formal presentation. I think we can move to the questions. Muted, I think you're gonna step through that. Absolutely. Thank you very much indeed for the presentation today. Ladies and gentlemen, do please continue to submit your questions just using that q and a tab, but just for the team to take a few moments to review those questions submitted today. I'd like to remind you that recording the presentation along with a copy of the slides and other questions can be available on your dashboard. As you can see, we've had quite a few questions come in. I'm not sure we're gonna get time to to answer them all. We did have a number of presubmitted questions, but we can address those. We don't come around to post event. But if I may just ask you just to click on that q and a tab where appropriate to do so, just read out the question, take it, or direct it to the team, and I'll pick up from you at the end.

44:23 Sure. Yeah. Thanks. I'll try to see how much we can cover, but let me let me get started. So and then first one, why are the ore reserves smaller than in the previous ore reserve statement? I think, Darren, that's probably for you. Okay. Yeah. Sure, Muneet. So ore reserves yeah. The the ore reserves are effectively being constrained by our selection of a heap leach size. So, yeah, we we we took a view, yeah, we took a view that the heap leach we needed to move the to seriously move the needle, move the dial on capital cost. We had to relocate the heap leach to a a a better area for construction, lower earthworks, lower risk. And so we made that decision.

45:09 You know, we we laid out the we laid out the heap leach and then defined effectively what, you know, what was a reasonable and realistic stacking of material on on the new heap leach design, which which within itself had its own constraints. So that's yeah. That that process led us to a a tonnage of between 28 to 29,000,000 tons. And so, you know, and effectively defining that as the maximum amount of material that that you'll be able to stack that effectively sets the sets the maximum ore reserve tonnage. So because you you can't quote an ore reserve if you don't have somewhere to put it. So that's the that's effectively the that's effectively what set the the limit this time. The in terms of doing the optimization of what material is overall economic with all of the inputs in, just trying to recall, I think they're over on top of what we have now, I think it was another three or 4,000,000 tons, would potentially be economic within a within a different pit, yeah, within a different pit design.

46:12 So it would be a slightly bigger pit design, slightly higher strip ratio, etcetera. So so this yeah. I mean, this this also allowed us to, you know, bring that tonnage down and also really screw down that strip ratio and and sort of, you know, really just mine out that that high that mostly higher grade, higher leachable material from the deposit. Thanks. Next one is, IRR appears to be low than the 2023 study. This is despite the higher base case copper price being used. Can you explain the reason? And, also, how would lenders look at it? Okay. I can probably take that one. So I think when we look at this project versus 2023, we yeah. We'll we'll need to see what's really changed. And and, actually, maybe if we can, we actually have a comparison so we could look at that.

47:12 Let me just show that, actually. So I think we need to look the entirety what's actually changed. And in a sense, the the the whole idea was to adjust the scale and the kind of the execution risk when it came to this project. Yes. IRR is low, but I think, again, what we need to see is the CapEx significantly lower. Not just the CapEx, but the contingency that we had applied, it was only about 12%. So in the past study, whereas now it's more than 22%. So that's that that's a huge change. The life of mine from nine years is now almost thirteen years. And with the payback of four and a half, that, provides a lot of reserve kind of tail, at the back. You know, the mining the amount of material we are mining is way lower.

48:00 So so it's almost half. It was 19,000,000 tons then, and it's probably about less than 50,000,000 tons now. Power earlier was gonna be biomass. Now we're talking about coal, which is, again, from a technology perspective is derisked. The royalties, as as Darren mentioned, has gone up from two to 7%, yes, but the cash costs have come down. So an overall execution risk from a flow sheet perspective has also been derisked. So, yes, IRR is probably lower, and multiple reasons for that. Right? Key one, of course, being royalty, but also other costs have also gone up. But overall, the the way we see it is that this project is significantly more derisked. And from a lender's perspective, because it says how would lenders look at it, from their perspective, I mean, it's two things that the lender would want to look at.

48:48 Right? One is, of course, economics, and the second is kind of project execution risk, so to speak. From an economics perspective, even an 18%, like, IRR or whether it's earlier you know, in the past iterations, it was a bit higher. I mean, from their perspective, I mean, that's quite an attractive economics anyways. I mean, you know, there's a lot of cash flow that's still going going to come through. So it's the question of having cash flows to service debt is not really an issue. So then the the key consideration for this project, and it was the same last time as well, was scale and execution. And both of that, in terms of reducing the scale, making it simpler, and reducing the execution risk from whether that's flow sheet, whether that's the amount of materials moved, whether that's, you know, power technology, all all of that has been kind of derisked. And, hence, you know, that's that should be appealing to the lenders. And whatever initial conversations we've had with them and we've always kept them abreast of how we're thinking about things, I mean, that that's the feedback we've got from them that those are the considerations that they would have. So, yeah, I think that's that's that's the feedback we've been getting.

49:53 Should we okay. Couple of questions on Butong. So maybe we we we we do that. So the questions on Butong. Yeah. Possible to shed some light on Butong and the current interest there. Tony, did you wanna do take that? Yeah. Look, I can talk to to Butong. So, I mean, Butong, you know, clearly remains a highly strategic, you know, copper gold asset for all the reasons that we've articulated previously. You know? It's a large resource. It's it's close to infrastructure. It's near the coast. It's near the market. And, you know, these types of projects are increasingly difficult to to find globally.

50:39 So we, you know, we have had considerable interest in Bootong all the way through. Yep. And I think now that we've got to the point where we've completed the feasibility study or the optimized feasibility study moving into project financing for BKM, then we we'll we'll look now looking at how we can, I guess, utilize the intrinsic value that sits within Bhutan to help us with the funding of the BKM project? So up to this point in time, over the last few years, we haven't had the opportunity to do very much work at all at Butong for a number of reasons, but predominantly driven by the fact that we haven't had the resources to actually go and do a lot of work on a large project simultaneously with trying to get BKM underway.

51:54 And the profile of BKM, given the size and scale of the company, makes a you know, has always made a lot more sense to get that up and running first and into production. We've we've been able to preserve the optionality within Butong. And now that, as I said, now that we've actually got the you know, we're moving into the project financing piece on BKM. We are looking at, you know, what options are available to us with Butung, whether that's a sell down in partial part, whether it's sell down bringing in a partner with some commensurate upfront payments, whether it's, you know, looking at if we get the right opportunity, selling in its entirety.

52:50 Whatever that is, then it's you know, there is very significant optionality for us still sitting and preserved in Bhutan given the profile of the asset in a copper market that's hungry for copper units. So I hope that answers the the question. But it's it remains a very important asset, and and now that we're at this point in time, probably far more more important than ever. Tony, there's one more maybe then if you could take that one as well. And this is around shareholder. How closely has the company been working with larger shareholder? Are they still supportive on debt and funding? Yeah. So look. I mean, I think I've said this for for a a number of times publicly.

53:44 There's probably a couple of things just to mention here is so number one is, you know, we are very actively engaged with our major shareholder. They have representation on the board. So we, you know, we work with them constantly. But I think, Darren, from a physical's point of view, there's been quite a lot of interaction with I mean, BOOM is a large, you know, mining contracting company in country. It has, you know it's had an infrastructure arm, and so there's been quite a lot of interaction. Darren's had a lot of interaction with them in putting together the the actual physical project itself. And, you know, we we constantly engage with them on how best to take the project forward, you know, the strategic thinking around how to fund the project.

54:40 They've got very strong banking relationships in the region, leveraging, you know, off those banking relationships. Muted is working with them. So, look, really good cooperative working relationship with with them. So I think it's very strong and it's very, you know, in many ways, I think we've been very lucky to have them there, very supportive through this period where we've had to, you know, reshape the project to to get it to a point where it's it's ready to fund. And then, you know, going forward, they'll play an important role in helping us shape the finance to actually build the project. So, you know, I don't think he could, you know, certainly been a very good working relationship.

55:33 They're very committed. I've said that all the way through. I mean, they wouldn't I know these people well. They wouldn't have invested in the first place if they weren't prepared to follow it through. So they're certainly, you know, fully committed to do that. Thanks, Tony. A couple of questions around some level of commitment from interested strategic investors and, offtake partners provide more detail on lender counterparty interest so far. So maybe I can take I can take those. So, essentially, level of interest, I mean, I shared when I was speaking about, you know, the the financing slide in terms of what level of engagement we've had, you know, NDAs, process, where we are in the process. But, essentially, a you know, when it comes to strategic slash off take players profile, you know, as I said, the traders, it's a mix of global traders, the usual suspects that you would have that that who would look at a project like this, well known names, plus, Japanese. So I think that's kind of the profile when it comes to traders.

56:47 When it comes to strategics, again, it's been a mix. There's been Indonesian parties. There's been interest from Chinese parties. And, again, these are people who are in the commodity similar commodities, base metal, some have smelters. So I think it's a, again, a variety of of strategics who we've been we'll be speaking to. Level of interest so far is I think it's it's varied, as I said. You know? So when it comes to, let's say, traders, to be honest, we've received, in the previous iterations, we've also received some some kind of written interest from some of the traders in the past. Of course, they need to reevaluate that based on the current iteration or the the stage one study.

57:33 On the strategic front, for most of them, we've held back, really providing a lot of data till this was released. So the interest so far has been more initial and with the view of doing DD, once their study is out. How so there is this question on royalties. What CU price what copper price does royalty increase to 7%? So it's $10,000 per ton, which is about $4.54 on a pound basis. You know? And that's that's how it is. And and the question also spoke about inflation adjustment. Yes. So the government the way government looks at royalty is it looks at at a nominal basis.

58:23 So you know? Whereas, of course, our study is based on real prices. So if you do on a like for like, essentially, we are talking about you know, essentially, you get to a 7% if you look at normal prices for for our model, and that's what we've applied, a 7% throughout. But I'm just conscious of time as we're we're coming up to the hour mark. Unless there's any other ones, of course, you can address any questions post event, but if there's anything personal ones that you wanna just pick up. Yeah. If if I was thinking maybe we go over five more minutes and because there's been quite a few, and then maybe if that's alright. Sure. No problem. Go ahead, sir. Okay. How should the market now look at BKM now that the or value BKM now that the DFS is complete?

59:16 Probably one for me. I think let me take an outside in view and how a how I would have looked at it in my previous shop in a bank. Right? If when we looked at companies like this, which had a starter project and growth potential, I think the way to to to kind of look at it is, a, what the value is for the starter project. In this case, you know, we have an NPV of 122,000,000. If actually you you see what that means on a per share basis, you know, it's about point four, US dollars or point three, in terms of pounds. Right? But that's, of course, the strata project, just NPV to borrow a number of shares.

1:00:02 Then I think you look at, okay, what else is there? So in in this case, I think you would look at the institute copper resource that's there. And typically, we would apply a a a a dollar per resource ton kind of value. You know? So that's that's definitely a value there for the institute copper resource that's there already at BTM. Then I think the next layer will probably be the the polymetallic and the gold resource that's established, And then, again, assign a value to that based on a a peer multiple for for these kind of resources. And then then there's the exploration, you know, drill hits exploration potential. And that, of course, is slightly trickier to value, but that I typically gets valued in a multi like, evaluation multiple if a company has a lot of growth. You kind of assign assign it a bit of more of a a a pinout multiple. So it would be an SOTP approach I would have taken and and then kind of build this up and then come up with some value.

1:01:06 I mean, you know, I I presume that if if that was done, the value would be probably multiples of of the current market cap, but that that's at least the approach I would have I would have taken. Details on this. Yeah. I think we've maybe one more. What's what's most exciting of this juncture for the company. I think it's it's quite exciting where we are, to be honest. It's a lot of months of a lot of months of work that now, finally, we managed to release the the the OPTIMIZE study, finalizing the IT, start kick starting the financing process, kick starting the reengagement with the strategics and traders.

1:01:57 So, I mean, from our perspective, it is a very exciting exciting moment, I would say. Maybe I should I'll tell you know, when I came over, maybe I should say and this is more personal. Right? When I came across when I was at the bank and I came across Darren and Tony and and and, you know, of course, impressed with the team, but, also, I was extremely excited about the opportunity set here. Right? Not just the startup project, but the the the long term growth potential to build this into a platform. And that's the reason, I mean, I I kind of came came on board, which is seeing the long term potential. So so I think I think it's important to see that what's exciting today and that there's a lot of exciting stuff that's happening, but also keep in perspective that that, you know, there's a lot of exciting stuff going going forward as well.

1:02:44 I think I think, Muted, I I I wouldn't mind just adding. Yes. Certainly, being able to really see that that clear path forward to the financing process, having having things being able to come out within a relatively short space of time and and having all that information together to be able to go into that process so much sooner after, you know, after releasing the study is is exciting, and and and I I feel a much better way of of approaching it this time. Obviously, we we learn from these things. So I think it's I think that's really exciting. And and sitting here in in Jakarta in the office and and seeing, you know, the amount of interest inbound interest in in our assets is is really exciting. You know, we're we're not going out and marketing ourselves for that sort of thing at this you know, at any sort of way, shape, or form yet. You know, a lot of people are familiar. A lot of groups are familiar with the assets.

1:03:37 These are these are copper assets in in Indonesia, which are which are pretty rare. So, I mean, they're they're they're really valuable. You know, the the copper assets of others are are well tied up. You know, we we have two really good assets here that, you know, we really wanna do our best to make sure people appreciate the value of. Okay. Murdered, I think that there's there's a few questions that have come in. I think if we've got time, we should just quickly punch through them. I think they're pretty few additional ones. So maybe we just I I can just jump through a few of those if you like quickly. Short short on it, please. Please go ahead. So so one of the questions here is how's ASIAMET planning to fund on that? Production graph shows 2028.

1:04:23 How is ASIAMET planning to fund ongoing operations until income from the copper cathode production? So we've talked a lot about the project financing. So the project financing essentially sets the we move into project financing. We raise the project finance, and that's that's really the funding to take us from from here through to production. So that's what project financing is, and that's what all this this work that's going into to actually get the project finance in place, and that's the the the capital that we'll have to spend to get to that point in time when we get production and get cash flow positive. So that's that question. Second question here, any chance to get subsidized as a start up or give the government ownership to increase returns to shareholders.

1:05:17 Darren, do you just wanna quickly mention about the what the opportunity that we do have there? And I think and I think this was in relation to the royalty because I think there was a royalty question, and then there was a the follow-up to this. So I in terms of, you know, any in subsidies when it comes to the government for the royalties. Yeah. It I mean, I can can say at this point in time there, I mean, there is no there's currently no indication with respect to subsidies. Yeah. Any sort of anything to do with the the royalties. We do you know, as as as part of the the current the current model here, There are there is tax incentives, yeah, which which are currently in our financial model. There there are tax incentives for downstream downstream processing.

1:06:09 So they're they're applied. They're they're they're substantial. You know? It's a it's a fairly big big part of the reason that the nickel the nickel industry has taken has taken itself to where it is is because of, you know, quite substantial corporate income corporate income tax holidays that come as as part of an incentive package for downstream downstream processing. You have to be producing copper cathode to be to be able to realize that, and that's that's of course, that's what we're doing as well. So, yeah, in terms of, I guess, in terms of other giving the I think the question said giving government a share. Yeah. I guess the investment landscape here in Indonesia is changing is actually changing somewhat, certainly with the way state owned enterprises interact and and now with the creation of a sovereign wealth fund here in Indonesia.

1:07:04 Yeah. There is we're probably not quite big enough for that for that business or may maybe not at this point in time, but I think it's I think it's fair to say that the Indonesian government is still looking very much inward in terms of wanting to continue to promote and develop its its resources. Yes. Royalties are a way that the government generates revenue, and and it's it's obviously been across the across the board. It wasn't just copper. It's it's other it's other metals as well. So, yeah, that's the framework we have to work within, but, yeah, still very, very supportive of developing projects here. And that's also seen with the banks. Indonesian banks are are very are very focused and and they're state owned banks, a number of them, and and they have mandates to to continue developing projects here in Indonesia. So things could change, you know, in terms of the question. There's there's you know, rules do change here as well, and there's there's always, you know, there's always a possibility of maybe something happening with with respect to with something else in terms of the royalties for start ups for for new for new projects. But, yeah, unfortunately, there's nothing in the you know, nothing being shared in that respect so far.

1:08:16 Thanks, Darren. So maybe couple of there's couple of questions here. So looking at historical drill results, seems we could be have an interesting gold play too. Can you run through that a bit? I've already run through the gold play, so that's been done. Could it be a stand alone project we could JV? Same question for Baroy JV to get value. So what I would say so the gold the gold forms part of the VMS system. It's part of the same deposit and would have to be mined as part of the sequencing of that mine. So it can't be separated out. Of course, one of the things that can be done with polymetallic deposits to actually assist with financing is streaming.

1:09:01 So where, you know, you have key primary products and you sell sell forward your precious metal content, whether gold or silver, as part of that deposit, which helps you actually provide financing for, like, your stage two or stage three development. So the the gold, certainly very, you know, very attractive, very important part, but it is actually part of the polymetallic deposit and is not something that can be separated out. And you wouldn't want to do that anyway at this point in time. That would be creating the ultimate mess, having someone working within within the footprint of your actual mining operation. Barui look, Barui, you know, I think is very is a is a long dated option.

1:09:51 And look, as Darren alluded to, we have a lot of we have as we've as the as the whole commodities complex is lifted, as the markets have been more attracted to commodities, and as we've got towards the end of this feasibility study, you know, we've we do have a lot of interest. So and it's broad. It's across the spec all all the assets themselves. It's not just one or the other. It's actually across all of them. So big Baroit does have value for us, but it's probably the most long dated piece of the puzzle. And I think it's just not possible to carve off part of a contracted work. It's just not how it works in Indonesia or anywhere else for that matter.

1:10:39 So you either sell the whole thing, you sell the future. But in this case, it sits on the contract to work, so you can't divide one out from the other. Another one here, as the Canadian markets appear to value explorers such as ASIAMET in multiples compared to London, Have we is there any thought of dual listing on TSX exchange in order to open up a wider investor base? So firstly, we used to be listed on the TSX. We were dual listed TSX and AIM. Originally, we had 2% shareholder base in Canada and hence and and and cost to keep the company dual listed of an extra $250,000 a year. So we elected to delist off off AIM sorry, off of TSX.

1:11:28 And the primary driver for that is that if you look at Indonesia, the the there's very few, if any, probably no TSX listed Indonesian explorers. Might might be one or two. So I think, you know, it it really wouldn't make any sense for us. We're probably much better off looking at a listing on the Indonesian stock exchange once we get into production or alternatively, you know, think about the Australian market. It's Indonesia is much more familiar. You're closer to home. TSX and and and I don't I mean, for projects like ours, I don't think the TSX is valuing them any better than than any other market at the moment. It's a very low liquidity there and things like that I alluded to, Foran, you know, has been able to to get traction, but it's a project that's in Canada.

1:12:38 So that's a that's a major difference. So I think I don't think there's a lot of value in considering a listing in Canada. But in due course, I think it's something that we would very well, we've already thought about listing in Indonesia, but you can't list in Indonesia until you're in production. So and the valuations, by the way, on the Indonesian exchange are extremely good. So it's something we'll look at in due course. Look. And the last question that we have here, I was under the impression that the CapEx to NPV ratio was a lot better now. Slide says equal. Did you miss contingency for 2023 FS? So I think the answer is yes. Whoever put that question up, the the question is if we applied the same contingency to the CapEx in two thousand and nine Two thousand and Yeah. Then you would have a a ratio which was, yeah, much much lower than what it is now at at 1.43.

1:13:49 So the comparison on the slide was comparing the con with the contingency that we put in, and it was one of the it was an area that was highlighted that we needed to have a look at. And, actually, what you see in the new study has taken onboard that feedback, and the contingency being the new study is probably the contingency that needed to be added to the previous CapEx. So I think, hopefully, that answers the question. We got a far superior far superior NPV to CapEx ratio now than we had then if we applied the same contingency. Unfortunately, we lost 30,000,000 in NPV with the the recent changes, which Yep. Yeah. It's something that we can't.

1:14:42 Get it. Fantastic. Look, guys, thank you so much indeed. You've covered off every single question you've had through. And, Tony, thanks for jumping in those last ones. Much appreciated, I'm sure, from the investors. Tony, Darren, thank you indeed for updating investors today. Can I please ask investors not to close the session? You should now be sake. It's only take a few moments to complete, and it's greatly valued by the company. On behalf of the management team of ASIAMET RESOURCES LIMITED, I'd like to thank you for attending today's presentation. That concludes today's session, and good morning to you all.