Bethania Silver Mine Q3 Production Update

0:03 Hello everyone and thank you for joining us today for this live Kuya Silver market update. On Friday, Kuya announced record concentrate sales from the Bethania mine in Q3 2025 and upgrade mine infrastructure for sustained growth. Today we're joined by David Stein, President and CEO, to give further context to the release and address your questions. So please feel free to use the chat box which can be found in the bottom right corner of your screen. And as always, this event is being recorded and will be made available for viewing shortly after we conclude here today. David, thanks for

0:34 joining us. I'll give you the floor to provide your initial commentary on the latest news. OK, thank you and thanks everyone for attending today. I want to give a quick update, just go through a few slides and I'll try and keep it not too long so that we have plenty of time for Q&A, but hopefully answer some of the questions along the way as well. So let's get started. Please, everybody, go to our website and read all of our important notices with regards to our cautionary statements, our PEA, etc., from our previous disclosure.

1:21 And yeah, we just keep in mind we always have a corporate presentation on our website. It will not be exactly the same as what I provide today, because today there's some specific slides just about the Q3 update and what's going on at the mine. But you'll get all the disclaimers and you'll get all the, you know, most of the big picture stuff will be In that slide deck that's on the on the website that you can access anytime 24 7 So just briefly in case there's anyone on the call who does not know us We are a Silver producer with our flagship asset in Peru That's what we're going to mostly talk about or maybe entirely talk about today We do have our exploration project the Silver Kings projects in northern, Ontario which is a we've had some very good silver and byproduct cobalt results and we've got a new project in Saudi Arabia that we are we're in a JV with a partner there that's funding it and we're actually drilling right now so that's exciting as well but again focusing on Peru.

2:37 The big picture for Kuya and why I think we are the, you know, a great stock to own here at this point in time is, you know, the right commodity. We are not only are we a silver producer, but we have one of the most silver-rich deposits of any public company. With Bethania, we're probably pushing over 80% of our revenue now, given the silver price is going to be in silver. Risk profile, we're already in production, fully permitted mine in a mining friendly jurisdiction. And we have a strong balance sheet and no debt, actually not only no net debt, but no debt at all. And the balance sheet's sitting at around $10 million at the moment and likely will actually increase between now and the end of the quarter, you know, as we get towards break-even at the mine And we also have some warrants exercised as well we were expecting. So I wouldn't be surprised, even though we are also spending some money, but on some special projects we'll talk about.

3:43 But yeah, as I said, we're expecting to get some several million dollars in from warrants here. Growth strategy we've got the hundred hundred plan that's our long-term growth strategy that's what we're really in this for although we are gonna focus on the very minutia of what happened in the quarter and what's happening in the next few weeks and months. Really, we're sitting on a big, big project here that will take several years to fully execute, but the prize is very big. If you look at sort of the points in the middle here, the value proposition, we're looking at an opportunity that is conservatively a billion dollars, I think likely more. But given where the peers are trading now and given where the silver price has moved to in the last few weeks.

4:38 We control a district in central Peru, very large district, 4,500 hectares, sort of all around the Bethania mine, where we've not only have mine and infrastructure already set up there and the permit to build a new plant in the future as well, but we've got several other silver deposits that we've discovered at surface all around past producing artisanal mines that have, you know, much more silver there and are going to be good, very good exploration targets for us to go out and expand the resource. Although there's a lot, still a lot to do at the Bethania mine itself, it is by no means fully explored and we're just starting or restarting that process this quarter, which is very exciting. And again, I'll talk more about that when we get to the update. To the update.

5:31 So here we are. Here's our first. Here's our production highlights for Q3. And you know we're trying to present these in a way that's consistent quarter after quarter going forward so that you know our shareholders and you know anyone following us can really follow how we're doing. I mean, big picture, we certainly did not mine as much as we were looking for in Q3. Those numbers should be going up, not down, every quarter. But we did discuss that in the press release on Friday. We had quite a bit of downtime pretty much the whole month of August and going into much of September as well due to the failure of 2 of our compressors, our only 2 compressors at the time.

6:23 We were, you know, at the time we were not expecting it to be that long of a delay. We thought we could get them fixed and back up and running in a matter of a few weeks and then you know you wouldn't have had such a big drop in the production. However, midstream we made the decision to to get a new piece of equipment, a larger compressor installed at site, and then a generator, electrical generator to support that. So that was all done in August and September, and now it's up and running. So we've now created a much better situation

7:03 for the air compressor, runs the ventilation, and also some of the equipment underground as well that runs pneumatically. So it's very important. It's a critical part. And we now have a brand new piece of equipment there, bigger in terms of the power that we can use and it's going to be a much better situation. So we've really lowered the risk for the operation going forward. I guess that's what I'm trying to say. And we still were able to repair the old compressors and we can use them now as spares. So that'll be a theme that we talked about a few times today is just going from an under-capitalized operation in the first half of the year to now a better, more fully capitalized operation with proper critical spares and ready to grow.

8:03 So with that being said, we did process quite a bit of ore. That's because we did have a backlog from Q2. So we were able to process a lot of ore during the quarter. And that made up a lot for financially, at least, that makes up for a lot of the downtime that we had on the on the production side so so that was good to see silver grades are continuing to you know now a couple of quarters look good at over 10 ounces per ton. So that's actually very, very close to our indicated resource grade in the model, which is a good sign just that it's consistent and we can make a lot of money at that. You know, it may sort of go up and down quarter to quarter going forward, but that's obviously where we want to be.

8:54 Silver recoveries continue to rise from our processing that we're doing at the toll mill. And again, that's just, I think we're learning a little bit every quarter and tweaking things and getting better and better recoveries, which is great. I think, you know, low to mid 90s is probably, you know, as good as we're going to get at least from a toll mill. And we may be able to push that a little higher once we have our own mill at site. Metal process there's the silver that we're talking about for the quarter almost 19,000 ounces. And then the second half of the table is on our concentrate and sales. And here I just want to highlight the fact that our sales were 79% silver in the quarter, and that was with a $40 silver price average for the quarter.

9:50 So at $50, et cetera, that we're gonna be at over 80%. So this is one of the most silvery rich silver deposits out there. I'm sure some of you are familiar with other junior silver miners out there and many of them would struggle to get 40 or 50 percent silver weighting with the ore deposits that they're mining. So for those investors who are really bullish on silver They really need to look at owning kuya as a way to get like proper silver exposure in my opinion And that goes for a lot of exploration projects to you know when you actually dive into the numbers a lot of exploration projects that are promoting themselves as silver projects, you know, they may only be 30, 40, 50% silver by value when you actually dig into the numbers with the gold and the zinc and whatever else they have.

10:42 So, you know, again, we're getting revenue back. I mean, I think in Q3, the way to think about this is just that's offsetting our costs. So we're not burning through as much money, which is good. And as I said, other than the special projects that we approved and we talked about in a previous press release, the drill program and the ramp, we should be cashflow breaking even, maybe even doing a little better than that in Q4. So In terms of the risk mitigation and growth initiatives that I alluded to before, get some specifics here. In Q3, we finished the installation of 2 shovels that are moving the ore and the waste around for us underground.

11:32 We have the new air compressor there with the 2 guys standing by it. We've got the electrical generator as well that's now on site. So we and again that gives us a bit of redundancy because we've also got diesel generators as well. So we're just upgrading and upgrading and making this thing better and better. In terms of what we're now planning to focus on in Q4 and beyond into next year. Obviously the new ramp is a big one. You know, if you go back to the PEA from a few years ago, we had fully designed and planned to produce our 350 tons per day just from the existing adits.

12:19 So the ramp is actually, you know, adds capacity for us overall. Now it will make it a lot easier for us to get to that 350 in our view, because it's just gonna be much, much more efficient. And and then and then that's important. And then the other important thing is it will allow us to continue to go deeper because we you know, we know the veins go deeper. And the the plan in the P.A. Really had no way to mine them any deeper. It was not planning on anything beyond the 7 year mine life at 350 tons per day. So this really injects more of a long term thinking and also it allows us to expand.

13:07 Additional shifts, so right now we're just mining about 16 hours a day, so we need to go to 24, so that's another thing that will jump up our production later this quarter. Underground dining area, right now we've got a, you know, our miners all have to leave the mine to eat, so that's another little thing but it's important. Second, explosives magazine underground, that's another redundancy we're working on. So right now it's an explosives magazine.

13:38 It's a space that's specifically designed for safety to store your explosives when you're not using them. So right now we have a separate building. It's outside. It's been you know just built I think last year and permitted and then we would be doing working on doing the same thing for the underground one. The current one gives us enough capacity, but again, the other one would give us more redundancy, have the explosives closer to where they're going to be used as well, which is of course underground. So a little bit less travel time and handling costs there as well. So that's a good idea. I forgot to mention earlier. No, I did.

14:23 I did mention the air compressor, what it does.

14:26 Additional milling options. That's another thing we want to add. So we're looking into that. And of course the actual, the Bethania plant is the big prize there down the road and we're working on, you know, we're looking at ways to accelerate that project as well. And then, you know, there's a bunch of other smaller things that we add just in the normal course, but I thought I would mention them here. More shovels, more drills, carts, etc. So the growth initiatives, You know, just the big one is the ramp. So this is, you know, a slide we have in our deck right now, but just a good, and by the way, we're still playing around with the design of this. We're about to start the portal here, but so it may not look exactly like this as we continue but you know the big picture here you know negative 13 degrees slope so that allows you to drive you know trucks in and out of the mine or vehicles and the first part will just go down and then connect to the 640 level where we're currently mining. So this red would actually be our ramp right now with the winch. So you can see it's too steep to drive on.

15:43 You can walk down it. There's kind of a staircase type thing for our people, our workers. But then also you've got a pulley system with a winch at the top that you can pull ore carts out and that's how we're producing right now. So that will be made redundant eventually once we have the ramp and we can still use it for special situations

16:11 but we will essentially decommission this. Okay the other big news in terms of the quarter is starting the drill program. And we're starting at Bethania. We have a lot of exploration to do over the next, you know, probably 3, 5, maybe longer years to really show the potential of the Bethania District that we control. But we're starting right now with the mine. So here's where we're currently at with our resource. The resource has been frozen in time for 4 years and we're very excited that we can now drill and expand this at depth. That'll be where we're focusing right now. It's sort of the, I mean I think there's a lot of like no-brainer place to drills, but this is the lowest of the low-hanging fruit, which is just to drill down here. You've got your veins, you know, the pink, which is the high grade, and the red and the yellow and the orange, which is your more, you know, sort of mid-grade material, and it's all trending down deeper, so we want to drill that and basically extend the veins, give our miners more information in terms of mining at the at the lower levels as well that then some of which will be mined pretty soon and and expand the resources of course.

17:41 So this is what it kind of looks like on our on our full property cross-section here or long section is we'll be drilling this area here for the you know in the immediate future and you know that should do 2 things for us it should it should give us allow us to convert some of our inferred into indicated, because now we've got more data in the basically covering the same blocks. And then it should allow us to increase our inferred resources at depth.

18:19 And again, we'll start pushing things off to the east as well, maybe a little bit with this program, but probably more so in 2026. I think once we get going here, we'll probably just approve a rolling exploration program, something along the lines of 1.5 to 2 million per quarter. That would get us to the 6, 7 million a year that we want to be spending to get to our 100 million ounce target. Of course, it won't be all in Bethania in the underground mine part. It will also be the other 6 deposits that we have identified. But again, back to Bethania, this is showing the drill program in a few different angles.

19:05 Again, I've shown this slide before, but just to remind you what we're doing. And this is interesting, you know, again, just to show you some mine drawings that, you know, this will not go in our main corporate presentation, but just for just to show you You know some of the things we're doing today you know in order to get this drill bay ready, and this is This is one of the drill bays that is essentially ready to to to start drilling right now We're gonna do 7 of them and it involves slashing out part of the mine workings. So slashing out means you essentially take your same tunnels and you just make them wider, you know, because the drill needs a little bit more space where it's going to be set up and then we'll drill multiple holes from each bay.

19:57 And so the drill will stay here for some period of time while it drills all those holes. Meanwhile, the next bay will be finished and then it can move, the drill can move. You know, this does create some additional work for us and you know, work, you know, these could be miners that could be, you know, in the production stopes. So there's a little bit of an effect on production, but it's pretty minor. And again, while we're ramping up, it's not something that's gonna significantly affect our production. But just to note that it does affect production, but we believe it's worth it because adding an exploration element to what's already a great production growth story is, I think, a way to really get people excited about the long-term future of Kuya, which I think right now, given our stock price, people are not thinking too much about the long-term.

20:58 They're, And so the more we can demonstrate that it's real, the higher our share price should be. And this is just to wrap up, this is why we're doing this. Again, it's not to produce 100 tons per day or anything like that, which is, those are all great near-term targets, but this is what we're looking at doing over the next 5 years or so, expanding the mine,

21:26 but doing it through mostly or entirely through cashflow so that we can really maximize the value of the shares. And and so we've talked about this in the past, but that's that's if anything, we're looking at it's in better shape than ever, given that we're we know We have more working capital to get things done in the near term and of course we've got a great, a higher silver price as well. So the combination of that really is a great turn of events for us. And then on the exploration side, again, we're just very confident that we'll be able to methodically drill quarter after quarter and gradually increase our resource base. And that's that's all we're looking to do there. So it's not something flashy. We're not going to come out and, you know, have 100 million ounces tomorrow.

22:15 We just think that with the targets that we have and what we already know about the veins, if we spend the money, we will get the results. And what does that mean for a share price? Well, I mean, If we produce 20 million a year in cash flow, and by the way, this is still using a $30 silver price, so it should be higher than that, but

22:41 the cheapest company out there is trading at 10 times, and the most expensive is into the 30s. So, this would be next year, you're talking about a minimum 200 million USD market cap and potentially 500 or more. And then you go to something bigger, which is the 100-100 plan, and you're looking at, again, a minimum of a billion dollars and potentially several billion. You know, there's there's companies out there who are peers who are on this list, in fact, that, you know, that have market caps, you know, well over a billion dollars, you know, close to 2 billion that are, you know, not even close to making a hundred million years, a million dollars a year of EBITDA. So to be able to potentially do that from 1 mine is extraordinary.

23:27 And I think that, you know, that means great things for our share price in the future, especially if we can kind of cap the shares outstanding where they are, assuming our warrants get exercised, you'd be looking at about 200 million fully diluted from here. So we've got about 140 million today and and That's where we're at. So if you you know, if you want to do some quick and dirty math, obviously, this is not not a not my advice, but You know you if you wanted to take you know 500 million market cap us and divide by 200 million you get you know 250 us a share right and you know if you want to do 250 divided by 200 that's that's you know a buck 25 us per share so those are obviously way way higher than we're trading right now.

24:23 We're at about 40 cents US or less, a little less than that. So amazing upside, I think, and obviously as the big shareholder myself, that's why I'm doing this. So with that, that might've been a little longer than I wanted, but I appreciate your

24:41 concentration and attendance and I'll answer some questions now. Excellent, Thank you, David, for the thorough presentation. We do have quite a few questions here, so let's get started. Order where Bethania is producing from production stokes rather than just development material. What should investors understand about this milestone in terms of efficiency gains, great consistency and the path to steady state production? Sure. Let me see if I have a, I don't really have a slide on that, but It's a good question. So we did mention in the press release that we are, you know, we started mining our first stope. I think we're now mining 2 or maybe 3 by now. They're starting to get, you know, developed fast and furiously here in Q4. Q4.

25:32 Basically, you know, the difference between a stope and other sources of mineralized material, when you're doing a narrow underground vein mine, there are a lot of places where you're going to just hit material as you're doing your normal development. So for example, actually I can use this slide. So if you look at the pink here, you're mining along here and then you hit a vein, you obviously mine that and then you keep going. So you do get ore and then we also have to develop

26:12 these vertical workings, which in English is called raises. And those are in ore, or mineralized material. So you do get little bits of mineralized material in these other, in these sort of development working phases And that basically was 100% of our production up until now. Now we have the stopes are the basically the blocks of material that are serve no purpose other than just to produce production material. So essentially, once you have all the development done around them then you start you know drilling and blasting these stopes and it allows you to produce more efficiently because you're gonna stay there longer and you're gonna produce more ore from the same area essentially.

27:01 So it's an important part as we transition from kind of the smaller scale production to a little larger scale production, and we'll rely more and more on having more stopes open. We'll still have development production though, That'll always be part of the plan and part of how we mine the deposit. But more and more of our material is going to come from Stokes going forward. Thank you. Now, a question from the chat. During Q3,417 tonnes mined, 1841 were processed. What was your stockpile in tonnes at the end of the third quarter? It's going to be pretty small, just because I think we were able to do a batch.

27:52 We're processing in batches right now. So the stockpile depends really on the timing of when we ship our material to the mill. And I believe we had a shipment fairly close to the end of the quarter.

28:10 So that stockpile will be minimal. I'm not sure what it will be, but we'll report it with our financials in November. Thank you. How representative are the average head grades for silver, lead and zinc in Q3? And would you please comment on the average recovery expectations for silver, lead and zinc? Sure. I think these are pretty indicative. It's matching up very well with our plan and it's matching up very well with the indicated resources, resource grades, which is, you know, frankly is based on more, much more data than the inferred resource, which is a little lower in grade. So I think the indicated is more consistent of what we should expect in terms of the deposit as a whole on average, and we seem to be getting that.

29:12 And so I think That's a good sign. In terms of the recoveries, you know, we're you know, I think the the maximum recovery that you're going to get, you know, in a flotation process on silver would probably be 94 95 percent okay that's just that's been my experience and so at almost 92 percent this quarter we're getting there and we're also you know using a mill that is not optimized for our ore or our production. It's more of a commoditized process design where they can process anything, any kind of combination of silver, lead, zinc and gold probably, can go through this particular mill we're using.

30:06 So not to say there's anything wrong with the mill, there isn't, it's just it's not set up exactly how we would set it up if it was just purely producing Bethania ore. So I believe that we will, you know, using our own mill in the future, we'll be able to push that towards the maximum, you know, 94-95%. But, you know, We're very pleased with what we're seeing right now, getting, as I said, in this quarter almost 92%. There's nothing really strange or interesting about our ore, frankly. It's very kind of standard polymetallic minerals that we have and very similar to other mines in Peru and in our neighborhood.

30:58 The big difference is just that our silver grades are relatively are much higher than most of the other mines. And we get more of our revenue and more of our value from silver than whereas the lead and the zinc is lower. Thank you. I'm gonna pair a couple of questions here because I think you'd be rather limited in what you can say for the one. What free cash flow did KUYA obtain in Q3 with that 1841 tonnes ore processed? And to date, dilution has been substantial due to cash requirements. Are you approaching a point where cash flow is sufficient to sustain operations going forward? Yeah, okay, well, I'm gonna comment, say 2 different things on those 2 questions.

31:45 Look, on the cash flow, we'll just have to wait for our Q3 financial results. So that'll be out in November. And just, you know, as a big picture, like every other mining company, pretty much we're going to put out 2 press releases on the, per quarter on the production. So one of we had like the operational update, tons, great, et cetera. That one we can do like pretty soon after the quarter ends. So that's what we did a few days ago. And then the financial numbers come out a little later in the quarter. And so you'll be getting 2 press releases per quarter on covering production. One will be the operational technical side. The other will be the financial side.

32:31 And it'll be consistent going forward. So just expect that. In terms of the dilution, I mean, look, yeah, we've had dilution. We've done equity issues here and there. They've tended to be small, small dollar value. The 9 million 1 we closed in August and now it's in July. That's the biggest one we did since our, probably since 2021, so in several years. And it's put us in a fantastic financial position. We didn't necessarily need to do that one, but we had a lot of interest and we felt we could do some really great things with that money and it would dramatically lower the risk for us as owners and shareholders.

33:25 And risk is a big part of how you value stocks. So we decided to do it. It's made a huge difference already, just even though we actually haven't spent much of that money, but just having it and having that financial strength and the confidence to be able to go and buy equipment or rent and enter into a rental agreement, you know, etc, etc. It's been massive for us. So we're already reaping the fruits of that financing, I think. And it's probably going to be, you know, end up being the best financing we've ever done in terms of a return on capital. You know, we we're in a position now where we're, you know, we have, you know, significant cash on the balance sheet. And as I said earlier, I'm expecting to get more.

34:21 I'm expecting to get, you know, several million dollars of warrants being exercised this quarter you know that's a that's a little bit of a one-off but obviously you know it's a good thing and so yeah we're in a fantastic financial position. And meanwhile, the mine, you know, shouldn't need much, if any, additional capital from us in the quarter, other than the special projects that we already talked about, and they're not that expensive. So it's not going to use up our cash. And So I guess what I'm getting at is, yeah, there's a potential that we don't need to issue any more equity. You know, if there are any larger projects that we want to look at or etc. Down the road, you know, we'll have to evaluate how we finance them. But obviously, with cash flow, we've got now better opportunities with debt as well.

35:21 And we do have some additional warrants beyond the ones that expire in December. That series is the 37 cent warrants that mostly expire in December. There are a few warrant series that will go into mostly 2027 and 28 actually, there's not much coming due next year. But those will potentially bring in additional cash for us as well. So I think you know if we can keep it around the 200 million shares out that assumes all the warrants and options and everything get exercised today. If we can keep it around there that would be great. Obviously that would be my goal and you know I think that would be great for shareholders.

36:10 I know you know a lot of you just follow Kuya specifically but you know some of our peer group companies have just done, you know, in this with this window opening up in this additional interest in silver, you know, many companies have done like massively dilutive financings. And, you know, I think when you're raising 20 million dollars and you're putting it into exploration, you never know if you're gonna get it back, right? And really, it's exciting when the news is coming out, but then I think the chickens come home to roost. So I think in our case, we know that we can create value with that last financing that we did, and really, as I said, get a high return on capital for it.

36:57 Thank you. The questions keep coming in here. Hans is wondering, the production pause resulted in a 4 to 6 week delay. However, given that the mine is back online and the daily rate already exceeds the prior level, how has the new compressor and generator capacity accelerated the timeline for consistently achieving the 100 tonnes per day mining rate? And when do you now expect to achieve operational break-even? So look, the 4 to 6 week delay was a great question by the way. 4 to 6 week delay was I mean I guess meant to be like a little bit of secret guidance I guess.

37:44 We you know so that that would you know if we were if we were going to hit 100 tons by the end of September previously, then we should be, you know, let's say another 6 weeks from there, maybe. And I think, you know, we're, we're, we're gonna try to be a little bit more conservative in the way that we forecast as well. So, you know, hopefully it's a little bit before that, but we're getting there already. I mean, we can already see in October here that the numbers moving up and moving in the right direction. And, you know, we're essentially already achieving record production for us and that should head towards 100 tons pretty quickly. In terms of break-even, I mean I can already see with our models that 100 tons is more than break-even and we're even running our internal models at lower silver prices.

38:39 So if you consider, if you think silver is going to stay at $50, then our break-even is probably lower than that. Is it 70 tons? Is it 80 tons? I don't know, but we're very, very close already to that. And that's why I'm very confident that X the special projects, we should be break even if not slightly cashflow positive in Q4. So more of statements here than a question, but I think you might be able to provide some commentary on them. Investment sites such as Yahoo Finance and others do not list you as a producer, hopefully you can contact Capital IQ to update your description to get more eyes on Kuya. And looking forward to when institutional investors start to add Kuya to their portfolios and or ETFs.

39:30 Just want to comment on that. Yeah, if anybody has any, if anybody sees any, any, it's, I'll tell you just from, from our perspective, there are so many websites that summarize or have a profile on a public company, it's hard to keep track of them all and make sure that they're all updated. So if you see anything that looks out of date, please email us at info at kuya.com, kuyasilver.com, sorry, and bring it to our attention and we'll get someone on that and try and get them to to fix it. And appreciate appreciate that. Yeah and I agree like we are still although we have a few really great institutional investors, I think overall we are under-owned by institutions, institutional investors. That's for a couple of reasons.

40:29 One is just that we've been too small for the past few years to for many institutional investors to buy, even if though they would want to buy us and they liked our story. And then the second is we've never done really those like bigger financings. You know, the, you know, I mean, the 9 million 1 brought in some institutional investors, but they sort of have to be in that like, you know, 9, 10 million plus 20, you know, the 25, 50 million. That's That's how a lot of the institutional investors get a position. Now for us, they're going to have to buy in the market if they want to get a position in Kuya. But I do think that's an exciting opportunity is to get some of these new investors and following us and as well the ETFs. We're not held in any of the silver ETFs right now, silver mining ETFs.

41:26 And like it or not, they're a big factor in terms of share ownership. And some of our peers that are a little bigger, the ETFs own as much as 7.5% of their shares. So, that can be $7,500 million easily. And that's more than our entire market cap. So I think those both the ETFs and the more run-of-the-mill mining fund institutions are going to be opportunities for us to add shareholders in the market and that should really help continue to get the price continue to rise and reflect what our true value should be, which is much higher than 50 cents Canadian a share.

42:18 Thank you, David. We have time for a couple more questions here. When can we expect the first set of Bethania drill results and what do you roughly think is the time and total drilling meters needed to fully test the depth's potential? In terms of the first results I think you know we we we will we'll see if we can get any results I mean definitely before the end of the year and, you know, maybe earlier in December or even, you know, possibly late November. You know, the, that would be, that would be the ballpark. And you know, those first, that first set of drill results will probably, we probably won't be finished the program until, you know, especially with the assays, getting the assays back until early 2026.

43:16 But we definitely expect to have some results this year before the end of the year on that. So we'll get those as soon as quickly as we can. And we're very excited to do that and to report that to the market. In terms of how to drill the total depth, I mean, that's an impossible question really to answer because we don't know how deep the veins go you know, I think we You know some of these intermediate sulfidation vein systems can go a kilometer deep. We don't necessarily want to be drilling a kilometer deep Bethania, because I think when you get that deep, there's probably easier places to mine and easier places to drill off resources that are shallower.

44:04 So I think you know our tentative plan here would be to double the depth for sure so go from kind of a 200 meter block to a 400 meter block in turn from the sort of the the top of the Bethania Hill down to the bottom of the resource. And that should, another 200 meters, again, given what we see above that in the current mine area, in the current resource, should be roughly 20 million ounces for us. And, you know, I would say that we could do that in 10,000, 15,000 meters.

44:51 Obviously if we wait and we drill when we get deeper in the mine, then those meters won't be as long, those drill meters won't be as long. So it's a little bit of, you know, it's more meters if we have to drill from the current 640 or 690 level where we're mining right now if we're drilling from there and we're drilling deep obviously there's going to be more meters so it's a little bit of you know do you want to get these results faster or do you want to get them with less meters? But that's ballpark what you'd be looking at, I think, and in terms of, and that would just be the 500 meter current strike length, by the way, and if we extend that off to the hilltop zone, that's another 500 meters. That's a whole another series of drilling that we need to do, both probably from underground and from surface in that case.

45:42 Yeah, sure. David, thank you for addressing all these questions and the thorough presentation today. I'm gonna leave it to you for closing remarks with this final question. For investors digesting all of this, what would you say is the most important story or theme they should take away from this quarter? Well, thank you for that question, whoever wrote that. That's a good one and you know really I probably should have mentioned this in the beginning but the beginning presentation but look I think this quarter When you look at the production and also the impact of the financing we did, we really transitioned from an undercapitalized and riskier mine, where we needed everything to go right to start to get it up and running the way we wanted to, to now where we've actually got, you know, we've got a lot more, I don't wanna say margin of error, but we have more redundancy, we will have more redundancy in the mine so that and the operations so that little hiccups like the air compressors going down won't be or won't be a major factor for us, you know, hopefully ever again.

47:01 And so I think that's really, if you look at sort of pre Q3 and post Q3, with Q3 sort of being the transition zone, pre Q3, we really needed everything to go right post Q3. I kind of don't need to worry so much about everything going right, perfectly right and everything day to day because we've got the money and we've got the backup systems to make sure we can keep growing production at Bethania. And now we can really focus on on the bigger picture, which is obviously the 100 100 plan. And we're we're more confident than ever that we can achieve that. And again, that's, you know, when people invest in junior mining companies, you know, they want a 10 bag or a 20 bagger. That's the you know, that's the type of thing that that where we can actually deliver that, you know, because we have that that potential, both on the resource side and on the production side. So, to me, that's the big message in terms of the quarter is really that transition to now a much less riskier and company where you can really focus on the end goal, on the big picture and not worry so much about what's happening day to day.

48:20 Excellent. David, always appreciate the updates until next time, but thank you and thank you everyone for submitting questions. It's always great when we have a lot of participation in these events. But but thank you. Thanks everyone. Bye. Bye. Bye. Bye.