Hamak Strategy (LSE:HAMA) — Investor Presentation

0:01 Good afternoon, and welcome to the HAMAK Gold Limited, who today announced its name change to HAMAK STRATEGY investor presentation. Strategy recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time by the Q and A tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can view all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Nick Thurlow, chairman. Good afternoon to you, sir.

0:33 Good afternoon, Alessandro. Thank you very much. I'd like to welcome everyone to what is the first of what we have planned to be many updates for HAMAK STRATEGY moving forward. I'd like to thank IMC and Yellow Jersey for getting this put together for us. It was invaluable assistance. I'd like to we'd like to welcome any feedback on what we do today so we can, you know, improve in the future and, learn from any glitches we may have as we go through today. So I'd like to start with giving a little bit of an update on what's been going on over the last couple of months. I mean, most people on the call are probably investors, but there may be some that are not or wanna learn more. And so I'd just like to start by, you know, reiterating where we are today.

1:21 HAMAK is a, you know, a main market LSC listed company primarily focused on gold exploration in Africa with a, you know, cash management Bitcoin treasury policy. This change started in January in in July, sorry, when we did our initial fundraising for this new phase of our of our business. And joining many other, you know, people in this market space, you know, looking at where the evolution of listed companies with a digital asset treasury policy policy are. One of the things we have is, you know, we I think we're gonna try try today is to differentiate where we are with some of our competitors. The first part is we have a very, very solid balance sheet. We have, you know, cash reserves that last us more than a year. We're in a very solid position, and we're very happy with that.

2:10 The other key thing is, you know, as we've seen from the previous slide, let's go back to we've, you know, we've started to build a very experienced, diverse board, which we will add to in the, you know, weeks and months to come. And the idea is we have this breadth of experience and, really, you know, just a world class board. I mean, doctor Laffrey is, you know, world world renowned economist. Britney is a equally experienced crypto person. We've got Nikola's experience and Martin's stockbroking experience that brings market advisory to us that's really invaluable. And I think as the as the months go on, we will add to this. And the last part is, the key part thing that I wanna get across today is that the mission here is to build long term value in the company.

2:57 And to do that, we know part of today's announcement with our name change was to really reflect what we've already done. As some of you may have noticed, we've listed on the OTC in the in The US, and our ticker symbol is h a t HAMAK STRATEGY. So this is really a part of just the evolution of the company and the branding and really to build upon the fact that we have this dual strategy of gold and digital asset treasury. And, again, the key key thing here is everything we do is about long term shareholder value. We will try and go into

3:34 as much detail as we can today about what that means. And with some of the pre you know, presubmitted questions, there's been a lot of direct questions that we'll do our very best to answer towards the end of this presentation today. Karl, I'd like to hand over you now just to give an update on the gold, and then I'll go into the digital asset treasury policy afterwards. Sure. Thanks, Nick, and afternoon to everyone listening in. So this HAMAK really started off as a gold exploration company. We we know that, and it was in July that, you know, the strategy kind of diversified a little bit with the incoming team that Nick brought along with him. But just to sort of give a bit of background on the gold, we were focused and still are focused as a matter of fact on Liberia, which I believe to be kind of a significant new frontier in gold exploration and development and mining.

4:32 This country is surrounded by the likes of Guinea, Ivory Coast, further afield, Ghana, Burkina Faso, which are all super gold producers in their own right. And the fact is that Liberia shares very similar geology, for a number of reasons, mostly politically based, was kind of neglected or under loved and under explored for many, many years up until, let's say, the last decade or so. And sure enough, when people actually start to embark to explore these sort of prospect prospective terrains that really haven't had a good look at before, you know, discoveries are made. And we are, I think, certainly part of this exercise now whereby the license that we focused on for the last couple of years, Nimba, on the Northeast border of Liberia bordering Ivory Coast.

5:28 This is where we believe we found a pretty good discovery, I think it was back in 2022. It's located within splitting distance really of the 5,000,000 ounce ET gold mine held by Endeavor, FTSE 100 and TSX listed super gold company. And we share similar geology with this and we can certainly see similarities between what's going on the Ivory Coast side of the border and the Liberian side. I mean, just because there's line between the two, it doesn't mean that the geology changes. No, it's pretty consistent and similar and does extend. So this was the reason why we initially targeted the Nimba license and very quickly we discovered what we call a strong gold in soil anomaly, which is quite extensive actually, over five kilometers long of gold showings.

6:21 We did trenching over this area, we did channel sampling over this area, we got outcrops of rocks which we sampled and they returned very high gold values. You can see there 37 grams a ton, 45 grams a ton. So it kind of all stacked up very nicely. And I did a deal with a drilling company. We had no cash at the time, which was symptomatic of the HAMAK of old. But I did a deal with a drilling company where they took equity to drill for us. And our very first drill hole hit the jackpot. This was underneath the outcropping mineralized zone and at very shallow depths, hit 20 meters at seven grams a tonne, including five at 22, and these are bonanza grades in anybody's language. This really did get to excite us. But as I pointed out, the challenge for HAMAK in the old days was always being able to raise capital and raise it at a sensible price and one that didn't dilute everybody out of the picture.

7:21 So we made this decision as the old HAMAK board late last year, early this year to actually seek a joint venture partner to take this project forward whereby, you know, someone else would come in, they would fund the project, and we would actually try and get some exposure and benefit to the work and the success of the project going forward. So we did a deal effectively with an Australian listed company called First AU Limited, First Gold Limited. And the structure of the deal, we've announced this before, this is nothing new, but just the highlights of this, there's kind of three main stages to it whereby they can progressively earn equity in the gold asset in return for one, funding the project and two, paying HAMAK certain milestone payments and this is effectively a combination of shares or cash.

8:16 The first stage of the 35% earning has been completed. That is, we've received 100,000,000 shares, we've received $250,000 in cash and they've committed to the first initial drilling program of 3,000 meters. We're about a third of the way through this right now. And we expect this program to be finished certainly this time sorry, this side of Christmas. The second stage earning kind of kicks in when they issue a further 200,000,000 shares, but this can be a $50.50 split cash or shares. We'll just decide on that at the time, and this would happen within, let's say, nine months of the first stage being completed. So, this is a binding commitment, this will happen, probably happen within the next six to eight months.

9:06 Thereafter,

9:08 First Gold has the right to basically take the project to 100% equity and this is through further issue of shares. So at the end of the day, what we have or will have is basically we've transferred the ownership of the asset to First Gold and yet we then are a major shareholder of First Gold and get exposure to value creation through their share price. There's some bolt on milestone payments as we call them here, dependent on resource development. And these can total basically almost another 600,000,000 First Gold shares. So the rationale as I say is that at the time, you know, HAMAK couldn't raise money, we found a joint venture partner, they're funding it, they're drilling it, they're issuing us cash and shares and, you know, it's worked quite well so far. We got our first block of shares at 0.0035 Aussie cents and the share price is now, well, it's touched 9, it's probably back at 8, but this chart's showing 0.0085.

10:08 So you know, the value of those shares for HAMAK has obviously increased two or three times and that's the rationale behind doing a joint venture of this nature. But beyond that, I mean, as Nick's rightly pointed out, we are fully committed to continuing to look at expanding the gold portfolio of the company, and we are looking at a number of different projects right now, as a matter of fact, in Liberia, neighboring Sierra Leone, there's one in Ghana, Zimbabwe and as it happens last night, one in Kenya and Tanzania was discussed. So we're looking at these projects and we'll only take on the one that we believe will bring value. These could be early stage with great exploration potential or they could be advanced near production or in some cases in production as we're looking at.

11:03 We wanna continue to beef up the gold portfolio alongside the digital asset strategy that Nick is gonna talk to you a little bit further about now. So back to you, Nick.

11:16 Carl. Hopefully, the camera's coming back on. Thanks for that. Good update on the goal. Learn something every time you you chat. So I think the the main thrust of what I wanted to get across to people today was how how we're gonna differ from some of our competitors in the market. The the first difference is really that we have a dual asset strategy. Gold and Bitcoin. Gold is also the largest asset in the world. You know, 25,000,000,000,000 plus, I think, 30,000,000,000,000, whatever it now. Bitcoin in the top 10. And this gives us a sort of diversification that does make us unique. It gives us a lot more diversity in the balance sheet with how we can move forward. And the key part for us is is doing it in a smart way. There is no shortage of of money in the market in for digital assets or and gold, actually. They're both highly liquid markets for for capital.

12:17 But the key thing is to do these in a in a way that makes sense for the investors, the company, shareholders, and the people we do do business with as well. So it has to be it has to be equal upside for both parties. So that that and I'll I'll touch on that again a little bit later on. Secondly, I think there's a there's a real potential with an active treasury policy. We will be announcing our Bitcoin digital asset treasury policy at the end of October with input from doctor Laffer, and we'll I'll touch on a little bit in on the next slides. So one one of of the the option one of the real possibilities, though, is to get yield on our asset holdings. We're doing it in some way through our gold with license payments, and I think we can do the same with with Bitcoin as well. And then the other thing we'll look at is, again, at the end of October, we'll announce what our sort of acquisition policy will be in terms of regular purchasing and how we're gonna manage that going forward. And I I know some of you may have heard on some of the podcasts I've done.

13:23 I think a third string for us is really an active m and a strategy. We started to look at some opportunities as soon as we came on board, and we've had a number come to us as well, which we've evaluated and actually already already passed on a couple of opportunities. But I think it's gonna make a lot of sense as a main board listed company with a dual strategy, strong balance sheet, a great management team. We're going to have increasing opportunities on on the m and a front to to expand. So, again, just going slightly more in-depth on the on the treasury policy side. We're gonna be announcing this about a month's time. And the key thing for me is, you know, that we have a smart balance sheet. I think I said on one of my other avenues that we, you know, we we we're looking to build a 100,000,000 plus balance sheet, which will then get you into a different tier with institutional investors and the like. But the reality is you gotta do it a smart way.

14:20 We could have actually got the balance sheet significantly higher already, but the deals weren't great. You've got to make sure that the any deal we put on the books is is is a value add to the to the shareholders.

14:34 So what I'm looking at is really a steady accumulation of Bitcoin. All our strategy looking at reducing our cost of acquisition, putting smart assets on the books. And also with our gold and mix and, you know, there's other things we could look at as well. It's part of a regulatory hedge that, you know, we have to we have to manage our our our regulatory compliance in a very smart way, and I think, you know, having a dual gold and Bitcoin strategy or digital asset treasury policy is a very, very smart way of doing it. The key thing looking forward, I think, for us is how do we manage this business in the most efficient way? As I said, I've touched on a few times. The the reality is there's a lot of liquidity in the market, and we have to manage this in a way that gives everyone real long term shareholder growth.

15:28 We've seen you know, there are competitors out there and many other in both sides of pond in US and UK that have put 9 figures on the balance sheet, and yet the market capitalization is lower than ours. So there is no shortage of money out there, but what we've got to do is do it in a very smart way that really delivers what we what we've always said is, like, deliver long term shareholder value. And, you know, one of the other key parts of that is, you know, key partnerships. I think there's a question just came in live, and we'll come back to about Archax. We were extremely happy with their with their partnership with them. They're, you know, smart bunch of people, and they are doing very exciting things in the space. Obviously, they are a fully UK regulated crypto business, and we're you know, we will move with them and see what is possible for our treasury management policy. I've had a, you know, good meeting with them a week ago, and we will do so regularly moving forward to try and figure out, you know, what what's a good idea for us.

16:28 I think one of other things is is always look at what's possible for us. Asset mix, I I'm a long term treasury guy. I started in treasury in 1990, so been there for a while now. And, you know, an asset mix is important. I think gold and BTC is a good start. There may be a point where we wanna buy guilt because we've got cash management and we have to look at things.

16:53 I think the key thing is to look at things. You know, I think I'll say I don't wanna be flippant, but I think I said in a podcast few weeks, you know, a month ago that, you know, we might, in the future, look at different coins. And the share share price went down 16%. That's happened. I didn't say we were gonna buy any, and we didn't. But I think you have to be open and professional about how you look at everything. And I think that's what we're looking at in terms of the financing deals, our joint ventures, the m and a possibilities, and certainly gold. Like, as Carl mentioned just a few minutes ago, there are lots of deals out there. And the key thing as a board is to look at them in a very clear light of not just to add a deal for the sake of deal. And our our goal is, again, long term shareholder value at the you know, at a at a price and a entry point that suits everyone.

17:43 And and the key thing is all partnerships should be a win win for both sides. Check my notes. I missed anything here. Look. I think that's main of what I wanna put over. I think if we go into some of the questions, we we can we'll start to address some of the specific points that people brought up. That's great. Well, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. You can do so just by using the q and a tab that's situated on the top right hand corner of your screen. But just while the company take a few moments for you the questions that have been submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via investor dashboards. We have received a number of questions from investors, and if I could ask you, Nick, at this point, start the q and a with the pre submitted questions, that'd be great, and then I'll pick up from you at the end.

18:33 Sure. Carl, do you wanna start with the gold ones? Yeah. So the pre submitted ones. Yeah. Okay. So couple of questions. Near term exploration, what sorry. What near term exploration or production milestones should investors expect over the next six to twelve months? And how do these align with pathway to cash flow generation? So the current program in Nimba anyway, let's just not talk about potential projects that we may bring into the portfolio, but the existing Nimba project. The drilling, as I said, is going to the first 3,000 meters is complete with assay results by certainly before the end of the year. That really was just an exercise from First Gold's perspective to, one, obviously test the deposit that we've discovered and look at the sort of structural controls of the gold, etcetera, and basically come up with a clear defined plan, an enlarged plan for 2026.

19:34 What they're discussing with me at the moment is probably a 15,000 plus meter drilling campaign over the next twelve months of 2026. Now the objective of this will be clear, will be twofold. One, to extend lateral extent and the depth of the mineralization with a view to number two, declaring a maiden resource of gold for the Nimba deposit. So that would be the sort of next six to twelve months for Nimba. Next question pre submitted was when can we expect news on the first gold assay sent to the lab? Are they looking positive? Well, the first batch of samples are in the lab.

20:20 These are being sent to SGS in China, as a matter of fact, it's an accredited lab. And then the second batch, I've just given instructions this morning, as a matter of fact, to send these to an SGS accredited lab in Accra, Ghana, really just to fast track the results, you know, to have two separate accredited labs doing it. We obviously comply with all the necessary standards and duplicates and blanks that we put in there so that we know that the results from different labs are going to be properly verified. So these results I do expect the first results to be sort of issued and announced by Firstgold and by ourselves jointly probably early October, if I can be realistic because we're obviously at the end of September now.

21:06 So this would really just be for the first three holes of drilling. This 3,000 meters is going to comprise about seven or eight holes. They're quite deep holes actually with probably lots of probably 2,000 assay results to come out. So I do expect these to be the first results early October and then results on a regular basis towards throughout October, November and probably early December. Are they looking positive? Well, we'll have to see the assay results, but First Gold did announce, I think it was maybe a week or two ago, what they are actually seeing in the initial drilling cause. They are seeing mineralization, but obviously, we've to quantify that through the assays, really, I can't say any more than that at this point in time.

21:58 Okay, Nick. Thanks, Carl. Let's put my camera back on. I will endeavor to do his thorough job on the other questions that you did there. The first question I had was, will be any other digital coins in treasury other than Bitcoin? In the foreseeable future, no. We feel that Bitcoin is the best option given the depth and liquidity in that market at the moment. You know, we obviously note that there plenty are plenty of of other other digital treasuries in The US that are looking at other coins. But for the time being, we're very happy with our gold and Bitcoin dual strategy. Second question was, do you anticipate additional equity raise in the short term? If so, how would you balance financing needs with the shareholder dilution? Well, I think it's very important. We have been looking at multiple funding options.

22:46 And, again, as I've said before, long term shareholder value is at the core of our decision making process. We'll only take additional equity on if it's a real win win win, which means the company, the investor, and existing shareholders. We have already turned down a number of offers, and we're still entertaining more now. We've we've been inundated with offers coming to us. So the answer is we will make sure that we do the right thing and not just take a deal for the sake of doing a deal.

23:18 Third question was what valuation benchmarks or peer comparisons do you consider relevant for HAMAK as you progress towards larger scale operations? The risk is being a tiny bit flippant. My personal preference is to avoid them. I want us to be differentiated enough that other people have to sort of benchmark against us, to be honest. Obviously, there are net asset value calculations that could be done in various ways. And right now, we're near the top of those.

23:46 But it's unless you become a expert geologist like Carl and look at other things, you can't use the same metric on gold that's in the ground. We don't know what it is, but it does give us that upside that other people don't have. And so, I think, you know, I think we wanna set the benchmark, to be honest, not follow other people's. Another question was, how quickly do you envisage getting to a 100,000,000 balance sheet that Nick mentioned previously? Yep. Well, I all these things come back to haunt you, don't they? So the answer is quite simple. We could have done it already. We we've been offered lots of money, and we could have put a 100,000,000 on the balance sheet. But as I said, that isn't a guarantee of success. There are other people in the market now with balance sheets in excess of a 100 that are lower market capitalization than us. So, again, this comes back to what I said about making a good deal.

24:34 Size means one thing, but it's gotta be I think it's gotta be matched with our market capitalization. So I think the key for us is that anything anything we we add to our balance sheet will add to our market cap at the same time.

24:46 Next question was when will the company be required to deliver prospectus to the market? There's no definite answer for this. We don't have any short term pressure. And with the FCA rules on headroom changing in January 2026, that gives us a lot more breathing space. The earliest we might need one is q three twenty twenty six. But, again, if we through certain things with m and As and other things and they increased the headroom to 75%, there is a possibility we don't need one.

25:17 We know other people are looking at perspectives, and there's gonna be challenges from the regulator if and when you do it. It's something we discuss regularly on the board. We discuss with the lawyers. We discuss with everyone else. So it's something that's it's being discussed, but we don't need it in the short term. And I think we to pull the trigger, we need a very compelling business case to put one forward before we need to.

25:42 Next question. When will we see m and a activity concluded for a revenue generating business? Well, the good news partly is that we've all we're already as a business, we're already revenue generating. Through treasury management and potential yield, that could be a more revenue generating. I think I personally got a view that if we can do get our policies correct, by the end of the first quarter twenty twenty six, we'll be cash flow positive. And I do not think there are many digital asset treasury companies that can say that. We're very close now, but but I think the end of first quarter twenty six, the goal is to be cash flow positive. But, again, saying that, we will look at all deals. I would prioritize a deal if it has revenue generation, which is why we are looking at gold deals, not stepping on the car's toes. But

26:26 if we look at it's definitely a focus. I think if you can be different this is part of the HAMAK difference. If we can differentiate ourselves by having cash flow positivity, revenue generation, dual assets, and yield and revenue, I think that's that's a a great combination and will set us apart from other people. One nearly lightweight question, which not lightweights, wind lighthearted questions. Like, to the board and Nick in particular, you've had a long and esteemed career and presume you could be sitting on a beach somewhere. What are your motivations for leaving MBS and starting from scratch again here? Well, I think so I'll take second part of it. I don't think it started from scratch.

27:07 Blockchain, crypto, Bitcoin Bitcoin is is a natural evolution of finance, and I've been in the finance market since 1990. And there are evolutions in the market, and I think this is a natural one. I've saw that in the last three years in Dubai where it's been a world leading center for Bitcoin and crypto.

27:26 The simple reason for coming back was, you know, the family's all here, and I decided that after three years on a very hot beach in Dubai, it was time to come back and be with the family. Next question. We've seen most BTC treasury companies raised primarily via dilution and a supposed HAMAK flywheel effect. Oh, we've covered this. So this is sorry. I this comes back to the point that we only could take deals that are really sensible for the company and make sense. Okay? One of the tougher ones, what are the long term ultimate ambitions for HAMAK? 1,000,000,000 market cap, FTSE 100. Well, let's go with yes and yes. Can't promise it, but why not? I think the goal here is to be the class leader in The UK. As a main board listed company, I think we have a bigger upside than a lot of our competitors.

28:15 The regulatory outlook in The UK will have some impact on how we'll grow and how fast we grow. There's no question that UK is in a middle between a deregulated U US, heavily regulated, but clear certainty within The Middle East and Far East. So The UK is literally in the middle, and we have to figure out with the regulator how we grow at a pace that makes sense. So that's really why there'll always be uncertainty to to some degree. Next question was Arthur Laffle was an incredible founding appointment on the advisory board. Who watches the connection to Arthur that made that happen? Other connections do you have up your sleeve?

28:53 Well, part the the team is a very, very well connected team. Mike Murphy was instrumental in getting his his involvement to to us. And And we're gonna be having an event with him in London, October 22, where touchwood, that is the event that we will launch our digital asset treasury policy in connection with doctor Laffer. So we're very excited by that. And I think, you know, one of the as I I just alluded to this earlier is that the the the breadth and, you know, of the board's experience is one of the key differentiators of us going forward. And I think in the next month or so, we'll have we'll we'll be adding people to the board which bring, you know, unique experience.

29:31 And probably slightly younger. You know? We're all getting on a bit and far more crypto friendly, you know, not friendly experience than we are. So I think there's there's some holes that we can still add to and bring some great experience to the board. The last of the pre questions, how aggressive is the initial accumulation of b two c going to be? Is there a target number for the initial phase of building out the balance sheet or longer term target? I think when I first came on, I did have this target of saying, let's get a 100,000,000 and do it right. It didn't take long to realize I've I've asked this question twice before is that it isn't about the size. It's about it's really about the cost of acquisition. Cost has many factors from the price of capital, short term cost in terms of fees, long term cost in terms of ongoing debt service.

30:23 So, really, our caution has been about doing the correct deals. There's a fine line about what I can say now and what I can't say till an RNS comes out, but there are many, many ongoing deals right now. We look at many a week, and we will be you know, well, touch wood. We'll be announcing some soon, but the they're ongoing all the time. It's it's about doing very smart, very smart, deals. That was the end of the pre submitted questions. Carl, I've got a couple of live ones here. We sort of touched it, but are you looking to acquire more mining assets?

31:03 Yeah. What's the sort of strategy of I mean, mining you know, we've had a clear strategy about licensing. Would you like just to differentiate between the two?

31:12 Well, we just to answer the question is we are we are looking at, obviously, more mining assets, specifically in gold, ideally in Africa, but it's not necessarily have to be so. Right? You know, I'm thirty five years in Africa, my experience, my background. So it's a continent I'm comfortable with working in and, you know, fully aware of the risks involved, etcetera, etcetera. So, you know, the the the for me, the the the sort of the the the lead ones at the moment, one in Liberia, which funnily enough, was in my youth, I was I was stomping the ground there for diamonds, looking for diamonds in this particular area, which actually, unbeknownst to me at the time, had gold potential, but hey, ho. But that's that's one in particular I'm I'm keen on, and then the second second one in Sierra Leone. But a little bit further afield, Nick, I know that you've been sort of introduced to something in Ghana, which looks pretty interesting, to be honest with you. And further afield in Southern Africa and Eastern Africa, we've been introduced to projects. So as I said earlier, they don't necessarily have to be at the resource stage or at the mining stage. Anything that can come in and add value using our sort of shareholder capital in a sensible way makes sense to me as we've done with the First Gold deal.

32:33 So definitely, Nick, think watch this space. I'm keen to add you know, another two or three to the portfolio over the next coming months. Absolutely. Yep. I slightly touched on some these before, but the next one was from Tom. Are making great leaps to the digital asset and investment fund tokenization space. HAMAK will be getting involved in that too? I think we'll try and go with as much as we're allowed to. So, obviously, they have a different licensing structure to us. They're allowed to do specific crypto things. As a main board company, we have slightly different restrictions, but part of the reason to partner with them was that we wanna piggyback with what they're doing. I mean, they're I think the exciting thing is I as I've I said this before, but I've been I first actually came into blockchain crypto space back in '20 late twenty eighteen, early twenty nineteen, and it was actually don't get too excited, but it was actually a gold crypto coin. I'm not saying anything about Wigandoo, but I did this back then. And I think in the last five or six years, there's been a real movement in terms of taking crypto and blockchain from theoretical stage to real use cases. Right now, there's a lot of movement on real world assets.

33:45 I think the whole space that ASH is in is is gonna be exciting. I know they did a big deal between Aberdeen and Lloyd's recently. So, yes, we will be talking to them regularly about how we can leverage their expertise to to help HAMAK out. No question. Next one is the long term goal of the Bitcoin treasury to be a Bitcoin bank. I offer Bitcoin accounts, Bitcoin loans, etcetera. I I have a big back banking background, and in my other business, I actually do have banking licenses and crypto licenses. Again, this is really comes down to regulation. It's anything's possible. I think you'd have to go get different regulation. I mean, the crypto licensing in The UK is tough. So but could we JV with people?

34:34 Of course. I I mean, mean, we're in the space. We have expertise in gold and Bitcoin assets, and I think, you know, how you manage those assets is something that's key going forward. So anything's possible. Go on another goal, I think you may have touched this briefly, but the the the specific question is how much of FAU does HAMAK currently own? Do you know the answer? Yeah. Yeah. I do. So on the on the base of the 100,000,000 shares that we currently hold, it's just under 4% of the share capital of FAU. If it goes the full distance, let's say, stages two and three are cemented, then it will be 18% shareholders of FAU. But bear in mind, you know, obviously, FAU in itself is gonna need funding to, you know, deliver on its projects. So there will be further capital raises, I'm sure, as as first gold goes along. That, you know, that headline number of 18% will will change.

35:33 Slight tougher question, but I think I'll I'll try and have a stab at this first, and then you can have a go card maybe. So why look into further gold prospects when you've been unable to fund the first one and totally failed in that, especially since 2022. I think it's an interesting thing. Like, I've worked in a lot of companies where people funding anyway is difficult. Right? Part of the issue about digital treasury is that, well, it makes it a little bit easier to raise money, but it also means then you have a treasury to fund things. So this is why the dual strategy really makes sense. You know, there are lots there's infinite number of possibilities out there with gold and crypto. And the key thing is, as a specialist listed company with, you know, fiduciary responsibility, we wanna do the right thing. So I think the investment landscape always changes.

36:19 And I think this is where the one of the real benefits of a dual strategy comes into play is that you suddenly have a balance sheet that can be used in many ways, and the our goal is the board is to maximize shareholder return for that. So I don't if wanna add anything to that, Carl, but I think Well, times have changed. Right? Know, gold where it is at the moment. There's a lot more active interest in the junior sector for for gold projects, unlike there was in 2022 when I remember we when we were IPO ing, Putin's tanks were going over the border in Ukraine, and it took a million pounds out of our raise at IPO, and that's what we were faced with at the time. So it's it was a tough gig raising money for HAMAK as a small cap, in a tough world. Hence, why we chose to do deal when we did with first gold. But since the new team's come on board and the new strategy, I'm not saying funding is ever going to be easy, but I think funding is more accessible to to HAMAK these days than it was two or three years ago.

37:16 Yep. Next one, I'm gonna try and get through all these in next few minutes. Has Bitcoin digital asset treasury played out? It appears there was a speculative run on mining firms with such policies, but it's petered out. Asset management will never petered out. Simple as that. So what we have to do is we we you know, we've got a dual strategy of two of the top 10 assets in the world. How you use your balance sheet is the most important thing. I I like this if, you know, imagine own, you know, a huge tower block on Park Avenue, New York. You don't rent it out. That's bad asset management. Our view is if we can manage our assets correctly, it'll never peter out. If you do what some of our competitors done, just buy Bitcoin and do nothing with them, that probably won't work long term. So that's well, that's that one. This one's gonna this one's a relatively easy one. What is the mining experience of Nick Thurlow? None.

38:09 I've been to one mine, but as a banker in Africa, we did a lot of banking in mining. So direct mining experience, no, but that's why we have Carl. He knows he knows everything we need to know, and that can be handled. Carl, 101, and would you look at other metals? No. We're focused on gold. I think we'll leave it at that. I agree with you. I think three more and then we're finished. How can I, as a potential investor, assess the credibility of HAMAK management? Could you update us to any record of shareholder positions with prior firms? Shareholder creation. Well, mostly it's public record. I've I've been involved in many firms. I one of the things I don't if you'd really dig into, you'll find I made 70 movies and one Oscar winner and one Oscar nominee, so that's pretty good. And there's there's many things about us.

38:55 I think what we're trying to do with our board, obviously, Nikola is a has an amazing track record, in the asset management space, and I think that that's the what we do go forward is anyone we add to the board will bring real depth of experience across many sectors. And that's why I think what will set us apart is that we do have a different set of backgrounds. I mean, Carl's a gold miner. I was a banker, and Nicola was an asset manager, and Martin's in the stockbroke industry. We've got doctor Laffer, an economist. We have a crypto specialist. So I think we we're building out a very diverse board. So I think that really gives an indication that we're aware that we need breadth. I'll read this one out. I'm not sure how we're gonna answer it. But what are your views of Michael Saylor's accretive dilution and use of new metrics such as Bitcoin per share in the context of his company's stock performance over the past year?

39:46 I've I've gotta be careful what I answer other people. I think we just wanna do it differently. That's the honest answer. The one thing I've learned in thirty five years of business is nothing stays the same. So you have to adapt to the market conditions you're in. And I think, you know, we are extremely happy with the dual strategy right now. And, honestly, don't spend a lot of time looking too much what other people do, and we're focused on how we're gonna do it. It's just the honest answer. Next one two more, and that's it. Are you thinking big funding, 50,000,000 plus, and not piecemeal? Yes. Those deals are out there. The answer is simply what price? We could have taken very large deals already, but the prices was were And I'd we're not gonna do we're not gonna take bad deals.

40:35 Oh, there are some more. Last one for you, Carl. I know that FAU issued a significant HIMITED oh, you've already covered this. The question was why we why did we not update The UK market when after their announcement on the September 10? Yeah. Well, their announcement, if for those of the try to read it anyway, was 17 pages long, and it was very, very technical and not something we chose to to replicate for HAMAK. We prefer to wait for the assay results to come out. It's as simple as that. I think there'll be a lot more to say once we know what the assay results are. Okay. Last one. I think time's In today's r and s, mentioned several unsolicited approaches and introductions made by key stakeholders. The company has entered into constructive ongoing dialogue with a number of parties with a view to materially accelerating ambitious growth plans of the company.

41:22 Please, could you say more about these approaches and introductions? Honestly, not really. The next time we cannot update people is when you get an r and s. I mean, there is in this I'll just reiterate before. There is billions of dollars out there for funding in the current business space we're in. They're not all created equally. We we're gonna do the right thing for the company. There are there is lots of money out there. And as as Carl alluded to last night, we were meeting with an investor last night, Three different deals on the table, and none of them may happen. They all three may happen. We don't know. So the thing is you've got to the good news is we're not in a I think this is what Carl said about, you know, if you were trying to fund a small mine five years ago, the market had dried up.

42:09 Right now, there is a wall of money out there that you have to be careful about what you take, when you take it, and what price you take it, and the conditions. You know, I've seen CLNs with 10 pages. I've seen CLNs with 50 pages. The 50 page ones are far more complex for the extra 40 pages, so you gotta read it all and make decisions to why that's a good deal or a bad deal. Sometimes it makes it a better deal, but not always. So that's the you know, in short, we are evaluating on a daily basis multiple of deals, multitude of deals, and, you know, we will be updating you as soon as we're we're ready to announce. I think that's I think we've covered a lot there. Carlos, any you anything you wanna just add as a wrap up from your end? No. But I think there are obviously more questions that we can answer in the time allowed. But I think you have a sort of very open policy, Nick, of receiving and responding to shareholder or investor information requests as what you can do in a regulated environment, of course. So, you know, to everyone listening, please feel free to to ping any questions that we didn't answer today, and we'll we'll do our best to to get back to you. Yeah.

43:16 I as I'm scrolling down, there's actually a lot more questions on there, but of them are repetitive, but we will try and get back to everyone. We've got the people's information on who's submitted them. There's some questions on FCA limits and headroom issues and all these other things. But, you know, I think we've covered them mostly, and I think, you know, we've we're well aware of the issues that, you know, we have to deal with moving forward and, you know, how we how we can grow a great company and and build shareholder value. And I think that's really the sort of wrap up from from my end. That's great. Well, thank you very much for updating investors today. Could I please ask investors not to close the session? It should now be redirected to provide your feedback, and all the management team can better understand your views and expectations. Half the management team of HAMAK Gold Limited, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thanks.