Helium One Global (LSE:HE1) — Annual General Meeting

0:00 Good afternoon, ladies and gentlemen, and welcome to the HELIUM ONE GLOBAL LTD Annual General Meeting. Throughout this recorded meeting, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Please simply type in your questions at any time and press send. The company may not be in a position to answer every question submitted today. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. I'd now like to hand over to Chairman, Ian Stalker. Good afternoon, sir. Good afternoon, and good afternoon to all the ladies and gentlemen online and here at the meeting today, and welcome to our HELIUM ONE Annual General Meeting. My name is Ian Stalker. I'm the nonexecutive chairman of the company, and and I will act as chairman for the purpose of this AGM meeting.

0:46 There is a quorum necessary to constitute this Annual General Meeting, and it is present, and I therefore declare this meeting open. With your permission, I propose that the notice of the annual general meeting and each of the proposed resolutions set out in the note notice are taken to us. Right? If that's okay with you guys, all agreed? Thank you. I'm sure you're as happy as I am. The COVID nineteen restrictions are effectively lifted as we sit here today, and so we welcome the opportunity to meet those of you who have come here personally, both physically to this meeting and welcome the guys who've come along via the video link. Prior to putting the resolutions to the meeting, I would like to draw to your attention that the following proxies have been received by the company in relation to each resolution.

1:33 And I'll just read them out. Resolution one, votes for 23,335,816. Those against zero withheld 62. Resolution two, the same number 23,356,627. Those against, 39,285 withheld 2,000. Resolution three, 23,360,032 against $35.74 withheld 2,000. Resolution four, those $423,360,032 again, those against 35,784, 2,000 withheld. And finally, resolution 5, 23,087,171 for, 307,145 against and withheld 3,500.

2:23 There will be an opportunity from questions from the floor in relation to each resolution, and I'll go through them in the next few minutes. I would be grateful if anyone is asking a question that the shareholder state their names and if a corporate representative, the name of the company they are representing. Resolution one is an ordinary resolution to receive and consider the accounts of the company for the financial period, the 06/30/2021, together with the reports of the directors of the company and the auditor of the company on those accounts. Are there any questions relating to this resolution? There being no further questions, I now propose to put the vote of the meeting to now propose to put to the vote of the meeting the resolution that set out in item one in the notice convening this meeting as an ordinary resolution.

3:13 With those in favor, kindly raise our hands. Those against, it's I can declare for the meeting that everyone in the room here raised their hands. So I declare resolution one carried as an honorary resolution by the requisite majority. Resolution two. Resolution two is an ordinary resolution to reappoint PKF, Littlejohn LLP as auditors of the company to hold office from the conclusion of this meeting until conclusion of the next Annual General Meeting and to authorize the board through the audit committee to fix its remuneration. Are there any questions relating to this resolution? There being no questions, I now propose to put this vote to the meeting as we did before and I set out an item two in the notice convening this meeting as an ordinary resolution.

4:06 All those in favor, kindly raise their hands.

4:11 Those against, again, I can declare that resolution two is carried by a special resolution by the requisite majority. Resolution three, resolution three is an ordinary resolution for which relates to my own reelection as a director of the company. And as such, I will pass these proceedings to Sarah to read this resolution. Thanks, Ian. Resolution three is an ordinary resolution to reelect as a director of of the company, mister Ian Stalker, who retires by rotation in accordance with article 9.6 of the company's articles of association. And being eligible, mister Stalker offers himself for reelection. Are there any questions relating to this resolution? No? There being no questions, then I propose to put to the vote of the meeting the resolution set out as item three in the notice convening this meeting as an ordinary resolution.

5:04 Will those in favor kindly raise their hands? Any against? No. I declare resolution three carried as an ordinary resolution by the requisite majority. And I'll hand back over to Ian for resolution three. Thank you, Sarah. So resolution four is an ordinary resolution to reelect as a director of the company Mr. Robin Virchow, who also retires by rotation in accordance with Article 96 of the company's articles of association and being eligible Mr. Robin Virchow offers himself for reelection. Are there any questions relating to this resolution? There being no questions, I now propose to put to the vote of the meeting the resolution set out as item four in the notice convening this meeting as an ordinary resolution.

5:52 All those in favor, kindly raise our hands. Those against, I declare resolution four as an ordinary resolution passed by the requisite majority. Resolution six. Resolution six is a special resolution to authorize the directors to allot up to 200,000,000 shares in the capital of the company for cash, representing approximately 32.5% of the issued share capital of the company.

6:18 The authority confirmed that this resolution will expire at the end of next year's Annual General Meeting. The directors believe it to be in the interest of the company that they should continue to have this authority so that such allotments can take place to finance appropriate business opportunities that may arise. Are there any questions concerning this resolution?

6:42 There have been no further questions. I now propose to put to the vote of the meeting the resolution set out as item six in the notice convening this meeting as a special resolution. All those in favor, kindly raise their hands. Those against, in that case, I declare resolution six, carried as a special resolution by the requisite majority. There being no further business, like this concludes the formal business of the meeting. On behalf of my colleagues and myself, I'd like to thank you all both remotely and here in the meeting all with us very much for your participation in this AGM meeting. We are now moving into the general questions from the shareholders of which we have a list that David is going to work his way through as we go forward. Should we do the q and a after the presentation?

7:34 Sure. Presentation first? No. So we have a sorry to screw up there, but we have a presentation as well that we're gonna show you that shouldn't take too long, and then we'll move on to q and a. Thank you. K. Thanks very much, everybody, and welcome to the Healing One a AGM. This is our first AGM as a listed company, and indeed my first AGM as CEO of Helium ONE. As such, it's a it's a pleasure to be talking to you all. In this AGM, we plan to talk about the project's advances throughout 2021 as well as our planned activities in 2022 and update you on where we currently stand. At this point, HELIUM ONE represents the largest high grade undiscovered HELIUM resource in the world With four and a half thousand square kilometers of licenses of high grade seeps, we've got potential to discover a globally strategic helium resource.

8:34 We are at a advanced stage of exploration with with a significantly derisked space basin. Like, given the derisked nature of of the basin, my personal feeling is that the stock is is is undervalued with several near term catalysts for growth in the next twelve months. We have grown an experienced management team with a track record with a track record of success. We're pushing ahead towards discovery of a strategic low carbon primary helium with with this resource provide security of helium supply over the next century. Now a lot a lot of people here at at the AGM list listening at home are familiar with the helium market, so I'm I'm not going to dwell on this too long.

9:21 However, from my own perspective, my feeling is that market fundamentals have changed significantly over the last few few months, and I'd like to take this opportunity to be able to update people on the significant changes that we have seen. Demand remains robust with key gross key growth areas such as medical, computing, and indeed, high-tech manufacturing. Excuse us as as segue. My my my washing machine broke down two weeks ago. So me and missus Minchin went out to buy a new one, and it was Wi Fi enabled. I don't know why it was Wi Fi enabled, but it but it was. And I've not managed to connect it to my phone yet, but it is a source it's that's another semiconducting chip. That's another set of helium demand. That's that's the that that growing high-tech applications, the zigabits of data that we produce every every year, these are all contributing towards a robust demand, which is exceeding expected news news news news supply.

10:30 We must also look ahead towards positive black swan, the demand catalyst events, such as the successful operation of the Tomahawk fusion reactor at the Jet Laboratory in Oxford in February. The Max Planck Institution Germany estimates the commercialization of fusion power would generate an additional 36,000,000,000 cubic feet of helium demand in first fill requirements alone with additional demand each each year through to top up. That's as that's as well as disrupting existing sub suppliers as hydrocarbon by by byproduct. This if this happens, it shakes a a global world for helium demand where, you know, primary sources such as are going to be required.

11:16 In fact, we're gonna we're gonna need a bigger. Meanwhile, the supply side is looking increasingly grim. Russian invasion of Ukraine has had a devastating effect on medium term supply out out out outlook. At at at Gas World Conference in Houston in December, which Ian and I both attended, it was apparent that industrial majors such as Linde Air Products and L. K. That they're they're they're dependent on the long term supply contracts signed with Gascon on fulfilling their looming supply shortages. With with with with the current conflict raging in The Ukraine, these contracts are now not going to be fulfilled, and that leaves a 2,000,000,000 cubic feet gap in the in the market.

12:04 We we've heard that helium uses in The United States are already being rationed, and we anticipate dramatic helium price rises in the next twelve to twenty four months. Of course, house house price rises in the heated market are not a new phenomenon. Looking back over the last twenty years, we've seen robust long term price growth of 8% CAGR based on sustained demand growth and inflexible byproduct supply. Looking back over the last twelve months, we can see a a decoupling of spot pricing for which I'm using short term pricing from The United States, short term contracts coming into China. We see that from the beginning of twenty twenty, those are decoupled from long term supply contracts coming out of Qatar to reach up to $4,450 per MCF.

13:00 We're hearing now of long term supply contracts to a number of jurisdictions also breaching that $450 per Mcf number. With the shortage of new sources and increasing demand, we're entering a brave new world for helium economics where a new source of high grade helium becomes strategically significant for the security of supply. And that's where HELIUM ONE comes in. Our grade is between fifty and two hundred times higher grade than anything currently in in in production, while our unrisked perspective recoverable helium resource of a 138,000,000,000 cubic feet is enough to provide the entire world for twenty years or a realistic 10 to 15% of global supply for more than a century.

13:53 We are at advanced stage of exploration, having demonstrated a working helium system with subsurface helium on multiple horizons. We're now looking forward to 2022 where we can crystallize this into a discovery. How has a small London based company been able to to secure the jewel in the crown of global helium demand? Our project is based on sound scientific principles, supported by research undertaken by Oxford University and the University of Tuttomorrow. To quote professor John GLOBAL in his recent publication to the Petroleum Geoscience paper, the Tanzanian East African RIFT contains all of the prerequisites for an economic healing province.

14:47 Now the reason why the professor has got such confidence in the system is that he understands the the unique attributes of our non novel source rock. But but the source rock in two and a half billion year old ancient cratonic crust has he's calculated to generate roughly 700,000 cubic feet of helium. What this means is that even if the mechanisms for for for for release, migration, and trapping are proven to be inefficient, Ruk Ruk Ruk Ruk could still provide high helium contact with reservoirs. Now we've already seen this in Thai where helium shows were identified beneath for probably ineffectively sealing information of claystones in the red sandstone and at high levels in the lake beds at only 70 meter depth,

15:47 which really is the key result of our two thousand twenty one hurling campaign. What we demonstrated is that the the helium system postulated by Oxford University and the University of Tuttleham actually works. The first time ever, we have evidence of subsurface helium, not only within our primary target of at the crew level, but at multiple levels from basement all the way up to surface. This is backed up by the recognition of excellent quality reservoir units, good quality ceiling units, especially the top of the crew and the base of lake bed, but also interformational seals throughout the system. These excellent results have provided truth of concept, and that's encouraged our further exploration and drilling act activities with ongoing phase two exploration campaign.

16:45 Our phase two exploration campaign is supported by a growing subsurface database. We've we've developed an integrated the the date date. We've developed an integrated database bringing together different date datasets and subsurface in in in information to support the identification of twenty twenty two drilling targets. This combines information on diffuse helium seeps from surface identified in multispectral satellite spectroscopy, resistance anomalies in the near surface identified from electrical resistivity tomography,

17:22 Detailed two damaged two d seismic, providing information on trapping structures. Developed from a an understanding of the deep sea seated mig migratory path paths and basin structure as as identified by airborne gravity radiometry. This is all tied together with actual lithological data from our chem scan in information. And this combines to form a powerful predictive tool, which our technical team is using in the identification of potential helium accumulations for drill testing. As part of this integrated subsurface date database, and remember that this is part of an holistic part of an holistic analysis, I'm I'm excited to be able to report on progress interpreting additional areas of interest from our phase two two d seismic campaign.

18:22 This survey targeted northern extensions of structural highs

18:26 identified from airborne gravity grade geometry, which we believe are acting as a charge focus for helium migration. The areas marked in stars on the right hand hand hand side, they signify potential closures within our primary target horizons on the base lake bed and the top crew. Importantly, the the the the new areas covered in the phase two two d seismic, they hadn't previously been surveyed. Therefore, any new potential closures are going to be additional to our existing resource and current portfolio of of leads and prospects. So interestingly, work work work work which is already the largest undiscovered healing resource in the world, is still growing.

19:12 And we could tell the Max Planck Institute not not to cancel the fusion research yet.

19:19 As an example of one of the exciting plans plays which we're currently work work working up, I'm drawing you towards this example, which is a a stacked closure in the lake bed from from from from formation. The the analysis of these areas is still ongoing, incorporating results from MSS, ERT, AATG, and and Hemscan. This is an example of of one of these these these areas. It's a it's a potential hanging wall closure, which is adjacent to to Vietnam Bula Fault. It normally gets people sitting forward in their seats. But for now, I can't say much beyond highlighting the well defined potential for stacked play throughout leg bed form formation.

20:06 I'd also like to point out the surface helium anomaly identified on on MSS, which which sits directly at top of the potential closure. This is positive from an exploration perspective, but also it demonstrates to us in the technical team the strength of the integrated subsurface approach which we're taking, bringing multiple datasets to be used in identification of new prospectivity, which brings me to talk about the team. Drilling is an expensive operation. Cost effective exploration requires a broad team of highly skilled industry specialists. And I'm pleased to say that in the last twelve months, we've grown our technical subsurface and operational capacity operationally through targeted hiring of the best people in the in the industry.

21:00 We're talking about proven gas hunters with with a track record of success in developing and delivering safe and successful exploration camp campaigns. Don't have time to toot everybody's trumpet, but given the excellent work being undertaken on prospect generation, I'd like to talk briefly about our technical team, which is headed by our principal geologist, Lauren Lauren Blaise, who's got extensive knowledge of the East African Rifle Valley. She's supported by the deep experience we have at we've we've added to the team as consultant chief, Mark Beeson, who's got over forty years of geophysical experience, and and Owen Hughes with thirty five years experience as as an operations geologist. On the operational team, we've we've appointed a new COO with forty years of experience and a dedicated drill engineer who spent twenty years working in the field and now lectures on the subject of the University of Portsmouth.

21:54 We've we've also expanded our Tanzanian footprint with with a CFO and a CSO based in Dar Es Salaam. All these highly experienced industry leaders are incentivized not with sexy salary pack packages, but with an options pack package, but then ensures management team are aligned with investors. However, options alone can't explain the success that we've had in bringing industry leaders together to work on our project, Nor is it the compelling subsurface date database of support of leading academic institutions or or the challenge of working on an aggressive exploration program with with with within a new and dynamic field. What makes HELIUM ONE stand out and is a key differentiator within the industry is that we are able to produce carbon neutral helium helium.

22:41 While 1,000 liters of helium from the Qatar North Field, which is enough to fill fill one single MRI scanner, requires a production of two and a half million liters of hydrocarbon. HELIUM ONE's project at Wukwa hosts helium without any associated greenhouse gases. This means that HELIUM ONE represents an opportunity to develop a sustainable source, primary helium to feed high-tech industry and to facilitate to facilitate the transition to a green economy. Our commitment to sustainable development goes beyond a zero carbon pledge. We're also looking to play an active part in fostering long term development within the communities that we are working with. The scale of the HELIUM ONE project allows us to develop multigenerational opportunities in education and employment with long term commitment to support growth and deliver lasting benefits to the Rukwa, Ayase, and Ballangida regions for decades to to come.

23:43 And in event of discovery, the opportunity to deliver these well results is obtainable. Our simple bimodal gas offers ease of processing that reduces plant CapEx with high grade feed and high value end for our per product, reduce requirement for wellhead and distribution infrastructure. According to a high level scoping study, which we did before we listed, we would be able to construct a module plant to produce 350,000 MCF a year. That's one ISO truck a day for roughly $50,000,000. Our our OpEx would be in the range of 15 to $20 per Mcf, whilst sales price would be over $350 per Mcf.

24:30 This points to a low cost, high margin operation, which would be ideally suited for debt finance with less than one year payback on construction CapEx. It's also highly scalable, allowing the operation to self finance phase two and phase two product phase two and phase three production modules to bring production to a billion cubic billion cubic feet feet a year and position HELIUM ONE as a significant market player with capacity to control production and helium pricing for the next century. The logistics to deliver the operation is similarly simple. We would truck product a 130 kilometers along existing grapple roads to the town of of Moab on the Tanzam High Highway.

25:19 Tanzam Highway is a the paved high highway connecting Lusaka, the capital of Zambia, to the port of Dar Es Salaam. I've spent a lot of time driving along this road, and I can confirm it's maintained to a very high standard. From the port of Dia Sulla Sotolam, helium can be shipped in conventional shipping containers to key growth markets, Europe, India, China, and the Far East. Given the low volume and high value of the product we are moving, this is the easiest logistical route of any project that I've seen or I've been involved with in Africa. And to top it off, we're receiving exceptional levels of support from the government into Tanzania, which under the leadership of president Hamir Hassan is fast growing into the most investable business orientated jurisdiction on the continent.

26:12 The opportunity that the HELIUM ONE's prod project represents is well understood. I'll determine stated when the president cited helium as a key commodity to empower growth in the mining sector during her term in in in in in office. I actually can't think of many jurisdictions around the world where the president has even mentioned Helium Helium during her inauguration address, and let let let alone mention this as a key growth target. So, you know, that demonstrates, one, how forward facing the administration is in embracing these new opportunities, but also the broad support that our operation is receiving from the highest level levels, and indeed every level of government that we can consult with. And, really, that's where we are, this AGM.

27:01 We are and remain a globally strategic resource in a significantly deep space Bay Basin with an experienced management team who are very, very incapable to deliver discovery and develop a high margin operation that feeds digital revolution and is a part of the transition to a green economy. We're advancing towards a discovery and already moving down this road to in what is going to be a very exciting 2022 season. Thank you all for your time, and looking forward to q and a. That's great. David Ian, thank you very much indeed for your presentation. David, if I may, I'll bring back up your camera as requested. And of course, ladies and gentlemen, thank you for submitting your questions ahead of today's event, which the company now have. But please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. I'll just invite the company to take a few moments to review those questions submitted. Just to remind you that there'll be a recording of this presentation along with a copy of the slides and the published Q and A available via your Investor Meet company dashboard.

28:06 Ian, David, if I may hand back to you, if I could ask you to obviously address any of the questions and if you do receive any from the room, if I could ask you just to repeat the questions for the benefit of those online. Thank you very much indeed. Okay. So how do you want to do this q and a? Do you want to Nick, do you want to ask questions? Or yeah. Sure I've got the right ones in order here. So we is it these ones? Yeah. So the first question we've been asked is what is your cash position, and when will you need to do further fundraise? Okay. So let me repeat that for the benefit of everyone here and online. The question that was asked is what is your cash position, and when will you need to do a further fundraise? David?

28:53 Well, as of the thirty first of of December, our cash position was $9,670,000. Now we are an exploration company, and at some point, exploration companies do need to raise further funds so they can continue their exploration activities. What we've identified through the two d seismic work, which I've shown on that presentation, is that we've got more targets than we've got capital to explore. So any capital raise, which we do do, will be used in value accretive activities. However, we also got plenty of money in the in the bank, and we don't need to raise immediately at at this stage. You know, we we we we have runway.

29:44 So we're in an opportunity where we can look at all options available to us and in a time and order that minimizes dilution to our share shareholders. We will be able to execute fund raises as required and as necessary to return value back to shareholders. Thank you, David. And I I would just add that we have with us sitting up here beside David and I, Sarah, who is an an excellent further support in the team and is working with David in managing this particular aspect because there's a lot of options out there that guys are looking at, and we will make sure we choose the one that's preferential for us. Okay. The next question, David. Does HELIUM ONE have in place a drilling contractor with a rig, and when does the company plan to commence its drilling program in this upcoming season?

30:29 Yeah. So as you know, Ian, rig selection is a balance of suitability, availability, and cost. At the moment, the big market is very competitive. That's being driven by the recent increases in in the oil and gas prices. In fact, we've been speaking to we're we're two companies we're speaking to earlier in in the year in East Africa region. We're in discussion with to share mode mode mobilization cost. Both have delayed their plans until 2023 due to low rig availability. However, Helium ONE have casted broad net in our rig search, and and we're in advanced discussion with a global rig provider to secure a containerized rig solution for the 2022 drilling campaign.

31:15 The containerized rig has overdraw works and the capacity of a conventional rig. So it's not a small rig. It just breaks down into smaller component parts for for mobilization. But what what the the benefits of it breaking down into standardized so containers is that it enables the rig to be moved on normal container ships, normal trucks, it's it's etcetera. This makes the make that we're targeting ideal for operations onshore in Africa. Our principal drilling engineer is on the plane at at the moment flying out to Houston to inspect the target rig, and we're positive about our prospects to be able to secure a rig for drilling this year. And I think, David, that's the key comment, the last one, that we're working ourselves off to make sure we're getting a rig if we can. If, you know, there are challenges, but if we can get it because we wanna be drilling this year.

32:11 Absolutely. It's a it's a competitive mark market that we are we have cast on that wide, and we are in a leading position. Next question is, are there any specific plans regarding shallow drilling? Are there gonna be any? And if yes, when, where, and how many? Well, as you know, our ERT survey is still running in the field at the the moment. We would need to integrate that data into our subsurface database to draw out the targets. However, I would say exploring shallow helium gas, potential shallow helium gas accumulations is certainly something that the company wants to do, and we're actively looking at how best to do this.

32:56 The the balance is ensuring that the shallow drilling campaign remains cost effective. Now we're going to achieve that by sharing costs wherever possible with other exploration activities, which are ongoing in the field at at that time. We're looking at how to best integrate and how to best fit any hollow drilling campaign into our 2022 campaign. As this happens, we'll keep marketing for informed, obviously. And if I may, David, let me just add that the the growth in our team and the quality of the team members enables us to be much more professional when it comes to the selection of targets Yes. Going forward. And so I personally have got a great deal of confidence about that added value that's been brought by the team. Whether it's shallow or deeper targets, I think we will do the right thing for the company.

33:46 Absolutely. Next question. In the event of a successful find, how quickly would you plan to carry out a new volumetric analysis to increase resources and reserve estimates? And also, just realistically, once a suitable gas reserve has been identified, how long would it take to generate a return from this discovery? Yeah. Sure. Okay. In the event of a successful camp camp campaign, we'd be looking to update our CSR our CPR, sorry, as as as as quickly as possible. Exploration well drilling using a eight and a half inch open hole diameter, which is what we're planning for deep wells in 2022, That could be completed as a a production well. You you're using seven inch suspended lining.

34:34 What that means is that we're able to return to the well to complete production testing, which can then feed into our reserve estimate and give good quality with with reserves as well as, obviously, being a production well in the future so that we can fast track ourselves into into development once we've made the discovery. We've done all the engineering works, then and then necessary for us to secure our mining license. So in terms of production, we're targeting 2024 for us Helium, which is coincidentally in the year of peak supply shortage according to our in house model. So it's going to be a very opportune time to bring new supply to Helium market.

35:24 Yep. And if this drama continues in Ukraine, the challenge that Russia faces, and therefore the helium supply faces that you touched on earlier is significantly going to impact on that shortage and the volume of the helium product going forward. So it's certainly with that in mind that we intend to move as quickly as we can possibly move professionally and correctly in the field. Helium is a global market, and Russia had planned to provide 25% of global supply by 2030. That's now off off off the desk, and that's left a very large gap in commodity where the demand is growing exponentially and where there are no new sources of supply. And a lot of industrial majors are going to be getting very concerned about where their new supply is going to come from heading out to 2030 and beyond.

36:11 Just before I ask this next question, I did notice in the presentation, David, you said that the board of directors had a hundred and fifty hundred and forty years of experience. Yeah. And I think you're half I think of that. Yeah. So when I ask this question, just bear that in mind if you would, please. Does any of the board members actively visit shareholder discussion boards, e g Telegram and LSE? So first of all, let me just explain to Ian that the Internet the Internet is a place you can go to to see what people are talking about. Waiting for the post. No. Not really. My my my feeling my my focus is that if you did if you deliver the project and the market looks after itself so the best value use of management time is to deliver the rig, to deliver a portfolio of drilling targets, and allow the the telegram and the chat groups to to manage themselves.

37:08 Alright. And then the last question I have in front of me at the moment, I think, a good one as well. With HELIUM ONE owning a 100% of the Roop Club Basin, would it not be in the best interest of the company to potentially farm out via a joint venture a percentage of the assets to free carry in the drills and possibly production scenario? It's a it's a good question. I mean, we we touched upon this with the first question where we said we're looking at numerous ways of of securing the finance. We're we're open to a number of different funding scenarios, including but not limited to farm in debt, equity, off off take agreements, or any other mechanisms. I mean, as a board, we're looking to provide the best solution for existing share share shareholders to minimize dilution, but also to maximize the upside in the event of a discovery.

38:03 So we're open to a number of routes to secure the development finance, but while making sure that we don't give too much away at the front at the front end. David, that's the questions I've got here. I'd just like to add just to your commentary there that with yourself and the board, we really believe we've got a great project in our hands here, one that we're desperately keen to follow-up on in this year's of of 2022 going into 2023. We really think it's a great target. It's got huge potential. And with the wind behind our backs in the Helium marketplace, we should really get down and get this thing explored as professional as we can going forward. Yeah. Absolutely. Absolutely. So that's all the questions I have to the administrator.

38:50 That's great. Thank you very much indeed. What if there are no further questions? And, of course, David, in for any other questions that have come through or do come through in the meantime, we'll make those available to you as well afterwards. If there are no further questions, I'll look to close this session, if that's okay with you both. Yes. Thank you very much, Mark. Sorry. I've seen other questions have come through, but we will have a look at we'll have a look at being able to answer those after this event. That's great. Thank you very much indeed. Could I please ask those attendees online not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the board can better understand your views and expectations? This will only take a few moments to complete, but I'm sure will be greatly valued by the board and the company. On behalf of the board of HELIUM ONE GLOBAL, we'd like to thank you for attending today's annual general meeting. Good afternoon to you all.