Meet KUYA: Expanding and Restarting a High-Grade Silver Mine in Peru

0:05 Okay, let's get started. First of all, thank you everyone who's on the webcast today. And before I start, I'll just acknowledge 6, who are organizing the web call. I've been working with them for quite a while and they do a great job and I really, really appreciate the setup for this. And I know they've done these webcasts many times now and so it should be pretty smooth. So we're going to talk about Kuya Silver today. We're a new silver mining company that's about to be listed in the next few weeks. And so our RTO is in progress right now.

0:51 We're at the very later stages of that. So we're basically, you know, as management, we're just, we're getting ready to get the word that we'll start trading. And, you know, that again should happen in the next few weeks next you know 1 to 2 weeks I would hope but we'll see our ticker symbol will be KUYA KUYA and that is that's that's what you need to know for now. So before I go on to the main part of the presentation, I do have a couple of kind of disclosure announcements I want to make. First of all, I know that a number of our management and directors are on the call today. So first of all, thank you.

1:40 And what you know, This is the first time I've done a call like this for KUYA. And so I was a little bit nervous about, you know, the technology and everything and broadcasting this out of my home office. So just to keep everything simple, it's gonna be only me on today, but perhaps in a future call, we'll have more of the management team and we can share the load of answering some of the questions. But today, it's you just have me. Second of all, I would like to just remind people that when we're recording this today on Friday, September 18th, our RTO is not complete yet. So, anything that I talk about in terms of the corporate structure, the share structure, even the management directors, etc., is all pending completion of the RTO.

2:33 So, just to make that clear. And then finally, in terms of some of the numbers I'm going to talk about with respect to the mining operations, we do not have any PEA or feasibility study or anything like that. So any numbers I give you today, these are management forecasts and you know we are professionals but you can, you know, you just have to be aware that they have not been audited by third party in the 43-101 format that you may get with other presentations. So let's move on. Okay, now on to KUYA.

3:24 So to summarize, I kind of think of what we're doing now as reintroducing Kuya. Now I know many of you have not seen a Kuya presentation before, but some of you have. We've been a private company for about 3 years and going public now through the RTO with Miramont.

3:46 Our flagship asset is the Bethany Silver Mine in Peru. We entered into an earn-in arrangement on that about 3 years ago. We will complete the acquisition of the 80% immediately after the RTO is closed.

4:03 One of the advantages to having a recently past producing mine is that you've got access to a lot of really good information that you wouldn't otherwise have in a Greenfields project. So things like mining costs, metallurgy, infrastructure, we have a non-43-101 or historical resource there as well that is based on thousands of samples taken underground. It's good quality data that's been very useful to us when we look at planning the mine going forward. And so that's helped a lot. I think that puts us ahead of the game. There is more work that needs to be done before we get into production, but it's stuff that can happen relatively quickly in the next 12 to 18 months.

4:55 Going forward, as soon as we complete the RTO, we are planning a drill program and we really, we need to do that to upgrade the resource and also help us with the mine planning. And we recently got our EIA approval for the plant in August. So we, The Bethania mine has never had a planted site. It's always been a toll milling operation where they would truck the ore up to 200 kilometers away to have it processed. And so the 2 main optimizations that we wanna implement to create value are the plant and obviously some exploration to really see what's there.

5:41 We completed a 12 million dollar financing in July, June, July and Miramont has some cash as well. So after we pay all our fees, we'll have about 13 million in cash when we list.

6:05 Okay, so the Bethania mine, as I mentioned, was a producing mine up until 2016. It's currently on care and maintenance. We signed that earn-in in late 2017. I won't dwell on the recent past other than to say that we do have a 43-101 technical report on the project. If you'd like to read that, it is on our website and it's available for download, as is our corporate presentation. This year it's been a very busy year, especially the last 3, 4 months for us. So we announced the RTO in June and it, you know, hopefully will be completed this month. We did that fundraising June, July, and we got the EIA approval.

6:50 So that's all happened. As soon as we complete the RTO, so basically think about October, November, December, last 3 months of the year, we're looking to close that acquisition, looking to do that drill program resource update. We'll award a PEA and probably finish that early 2021. We'll continue to build the management team and we'll figure out how to finance the plant. The plant and the whole expansion project is not expensive. We're estimating about 10 million US for that. So should be, there's a lot of flexibility as to how we finance that going forward, but that will be something that we will do in the next 4 to 6 months. 2021, we're looking at, you know, commissioning the plants towards the end of the year, producing at a very low cost and continuing to explore. There's, you know, beyond what we do in the next 3 months, There's lots of exploration potential in the near mine area that we want to explore and hopefully that'll justify a further expansion of the project later on.

8:02 Here's what our share structure will look like post RTO. It is somewhat complicated because we have, you know, combining the Kuya private company and the consolidation of Miramont. But What we end up with is 32 million shares outstanding. The deal that we did at 165 per share priced in June, those shares are split 1.835 to 1. So effectively that's like a 90 cents per share price back in June. Obviously the market's moved up pretty strongly since then, so we're looking forward to a strong listing when that does occur. But that's our share structure, So that's what to look at when we do see us trading.

8:53 So we really see ourselves as a mining company following in the footsteps of companies like 1st Majestic and Pan American. Pan American actually started with their first mine was in Peru 25 years ago. First Majestic focused on Mexico, but with this similar, finding under capitalized mines and being able to bring public market and institutional capital to them in order to expand and then with a better valuation you can go out and do it again. And, you know, that is a model that has worked and is certainly something that we think can work again. Although I don't think anyone has really tried it lately, but we believe certainly that the market is ready for a new silver mining company.

9:46 And so here's that strategy summarized. So you start either in Peru or Mexico, the number 1 to silver mining countries in the world. And then as I mentioned, bringing additional capital to these capital star projects, You can increase reserves resources, you can expand production and reduce costs. And we're doing all 3 of those things at Bethania. Pretty much every silver mine has byproducts of some shape or form. We have base metals and gold with our project. And these high-grade veins tend to be lower risk, you know, predictable geology, low capex, established mining methods, easier to permit, you know, they're lower footprint projects. So we like that as well.

10:36 Peru is a mining country. You know, it's what I like about it, you know, again, coming from my investment background is that you have the gamut of companies from large to small there. And so, you know, you've got a lot of people who've sort of, you know, paved the path for you. And certainly for what we're doing in our business, we're not looking at necessarily going to any place new or really risky. So we really like Peru. Specifically where we are is in the central Peru area. So the mine is 170 kilometers southeast of Lima as the crow flies.

11:25 It is up in the mountains and you can get there either from driving from Lima or from Huancayo, which is a city of about 500,000 people and it's about 3 hours away from the mine. Here's where we get into some forward-looking management estimates. We believe when we have this plant up and running that we should be able to produce Silver at about $11 per all in sustaining cost. That's on a direct cash cost of $5.50. So it's very low. It would be among the lowest of the Latin American silver producers.

12:12 And how we can do that is, first of all, we have very high grades. Our mine head grade, we're expecting about 15 ounces per ton. And by the way, you can see our historical resource in that 43-101 report I mentioned. We are expecting higher recoveries by having our own plant. When you've got your own plant, that makes a big difference for recoveries because your plant is designed for your ore instead of somebody else's. We have no royalties or streams on the project. And As many of you know, most mines these days have 1 or the other or both. So that increases your all-in cost if you have a royalty, but we don't, so that's good.

12:57 And then our mining is quite close to surface. So it is underground mining, but it's near surface. And so relative to some of those deeper old mines in Mexico, and there's a few in Peru as well, it's very quick to get to the ore face. And that transportation time, in terms of bringing people to the to the ore and bringing ore out of the mine really lowers your costs.

13:29 Even when this mine was was up and running you know before we got involved the cash costs were and the all-in costs were reasonable. We had $16.30 per ounce in 2015, which was the last full year of production.

13:48 That is already lower than some of the public companies out there. And by building the mill, we figure we can save about $5 an ounce, plus or minus to that. And you can see how it's split on this diagram between treatment, refining, savings, processing, and transport. Obviously, we don't have to truck the ore to another mine somewhere else, so that's where the transportation costs basically go to 0. Here's a long section of one of the 6 veins that we have that have had mining activity on them. There's another one more vein that has had some development but no mining yet. And what we have is the veins of the Bethania mine are all more or less parallel to each other, or they kind of sort of branch into each other.

14:42 And so This is actually not one of the bigger veins, but it's a good one just to show you how the mine is set up. We've got levels at every 30 meters. The 670 level, where it says NV670, that actually, in another dimension, that goes right out of the hill so you can actually drive in and out of the mine from that level. And then the 640 level is our lowest level right now. They started working on that and developing that in 2015-16 right before they shut the mine down. So when we start we'll be focused on those 2 levels, 670 and 640, where there's still lots of ore left, and then continue from there. So, this is an even better diagram to show the whole mine area. So this is the permitted mine property and what you can see here is the veins, the existing mine where the dark grey horizontal lines are, that area is mostly mined out. So There's nothing or very little left there.

15:49 Below that would be our historical resource of 8Moz and a little bit along the side here where it's pink. We have very good samples at the very bottom levels of the mine, as you can see, among the highest grades that we've sampled at the mine. We know it goes deeper. I guess the question is how much deeper? We're only 150 meters from the top of this hill down to the very low bottom level of the mine. So some of these mines in places like Peru, Mexico, etc. Can go a kilometer deep. And so there's definitely hundreds of more meters for us to explore at depth.

16:38 And then along strike, we do have this historical working over here called Española Dos. It hasn't been mined recently in the last 20 years or so, but it is the same system, we believe. So, we expect this will connect up as we drill to the east. So, Certainly, we think we can extend the mine life considerably by just drilling out what I call low-hanging fruit exploration. That's the kind of exploration I like, low risk, where you know exactly where you want to drill and you know more or less what results you should be getting. So that's what we'll be doing. We'll start that job in the fall or in the next 3 months, but we would expect to continue that into 2021.

17:33 So we have 1 local, 1 community that we work with there. They're called the Peroche community. And they – the way the communities in Peru work is similar to the Ajido system in Mexico. So they're very ingrained in what we do and everything we plan both on surface and with the mine.

18:03 We're communicating with them. Interestingly, in Peru, your local community actually needs to approve your EIA before you submit it to the government. So we've been working with these guys for the last few years and got the EIA approved with their help. And so it's been a very good relationship thus far. We are, I used to have a separate slide for COVID-19, But now what I'll just say is that, in terms of that explained the Peru reopening plan and stuff like that, that's all more or less happened now. So now the reality there is that, we really have to make sure that whatever's happening with the KUYA or the mining operations is very separate.

18:56 And that's the best way to manage the COVID-19 situation at the moment, testing and distancing. And certainly that's what we're doing. And that's what we'll be continuing to do as we move on over the next few months. Here's our management team. So it's basically, and again, this will be our team once we close the RTO, and it's basically a combination on the corporate side of myself and some of the people from Muromont, so helping on the corporate side, which obviously We've got to expand that side of our company now that we're public. And then our team in Peru is led by Christian Aramayo. He's a senior engineer and has been doing a great job managing things there with permitting and the engineering design for the plant that we've been working on. Then you can see our board there. We've got Quintin Henning, who's coming from Miramont and staying on.

20:03 And it's great to have his his, you know, geological expertise and access to that, as well as our other directors. I won't go into them all, but I think we've got we've got a great board shaping up as well. And that is it. Here is how to contact us on our various social media and our webpage. As I mentioned before on the webpage you can download a corporate presentation and as well as some of the press releases related to the RTO and the 43-101 report. And then with that, I'm going to pause and then I'll start answering some of the Q&A questions, which I know we have.

20:53 So thank you. Okay, so I'm just gonna start answering questions. So first of all, thank you for everyone who submitted questions.

21:09 So first question is, what are the risks and benefits of going public versus being private? And how do you avoid the absence of liquidity that often comes from small single asset mining companies? So, first of all, risks and benefits of going public versus being private. It depends a lot on the market. I would have to say, you know, looking back on the last 3 years as being a private company, the access to capital has been, I mean, we've done a lot and I'm very proud of what we've accomplished over the last few years, but it certainly has been very slow and difficult. Going public now is really going to allow us to accelerate our program in terms of getting the mine restarted and the CapEx raised for the plant and all the plans that we've had for the last few years.

22:09 So again, the market's looking good. I can't say that I necessarily planned that exactly. But when 2020 rolled around, we were sort of getting to the point anyway where we needed to, you know, where we needed to make that decision to go public. And so, you know, and I think I was, That's what I was saying to our private shareholders at the time. So we did it. We've caught a nice silver market. We were able to raise more money than I expected back in June and it's still looking good now. So I think in the end it's been a good decision. Elok, I think in terms of risks, it does bring higher cost to the operation in terms of there is more regulatory compliance, etc., related to a listing and more management required. So it does it does increase the overhead somewhat, but but I think that risk is worth it.

23:06 How do we avoid the absence of liquidity?

23:11 Look, I guess I guess that you just we have to build an investor program for the company and deliver on that. And we're aware of that. I think, we've really, we, the management team has really been thinking about that for the last number of months. And I guess I just ask that you trust us and see what happens when we start trading. Really, it's hard to know, but we certainly have the capital available to allocate some of it. We're not going to go crazy, but we'll allocate some of our money to an IRR program so that we do get the story out. It's important to get our story out.

23:58 And that's what generates the trading liquidity. Okay, next question. Understand that Kuya is getting 80% of the project. Who owns the 20%? Good question. So the same family that we're buying, Peruvian family that we're buying the mine from is gonna retain the 20% ownership. It is a participating ownership down to 5%. So as we spend more money on the project, we would dilute them. 5%, it becomes a carried interest. So they would retain that.

24:33 I do see them having a role in our, you know, kind of incorporating them into our team. In particular, Erica Soria is one of the family members who's been involved in what we've been doing down there and will continue to be involved

24:53 in some capacity. So we've got a great relationship there. We wanna continue that. They have, The family has the history with the mine and that's important that we carry that on going forward.

25:10 How much money do we still have to pay to the vendor of the project? It's a combination of money of straight payment and also a work program that we previously committed to. And again, I think we will be able to close that all in 1 fell swoop once the RTO is done. It's going to be around 5 million Canadian dollars or so, or maybe slightly more, but around that ballpark. Okay, next. Move on. What

25:57 is your current understanding of the mine life given $25 silver, what are your margins? So I think I did say in the presentation that we expect or forecast our all in sustaining costs to be around $11. So our margins would be about $14 on that basis per ounce. The current mine life when we start based on the historical resource will be 4 years. And that's what we're starting with. We believe we can grow that to 10 to 12 years just by drilling under that hill that I showed you on the long section in the presentation. But yeah, when we start, or today I should say it's 4 years, by the time we start, won't be until the end of next year. By then I would expect we will have drilled out more resources.

26:42 Okay, let me, all right. Are there any 43-101 economic studies already available? And if not, when would they be completed? So we do have a 43-101 technical report on our website, and you can download that. It is a basic technical report. It describes the project in great detail and it was completed mid to late last year, so it's current up to that point.

27:11 We will be doing, we're planning on doing 2 separate 43-101 reports or studies in the next, in the next, I guess, 3 to 6 months. One will be a resource estimate and resource update. So that will be the first one. And the second one would be a PEA. The PEA will allow us to talk in more detail about our plans with the mine and production levels and all that kind of stuff.

27:43 All right, so I've got a question about the RTO structure pricing for the shell dilution, etc. Look, I would suggest, and I should have mentioned this in the presentation actually, in terms of all the stuff about how the deal was structured, and also anything that I said today about our Proforma share structure, management structure, etc. It's actually all in the management information circular that was put out by Miramont. So It's on CDAR and it's a very comprehensive document because it sort of goes through Miramont, Kuya, and then the Proforma company. And so there's, I guess, 3 different sections to it.

28:30 And I would suggest that you look at that and all the details about how the deal was structured are in there. Okay, what is your silver equivalent resource and was the replacement once operating? So Currently, we'd be looking at 8M pure silver, 11.5M on an equivalent basis. I think our replacement and growth potential is extremely good. I'm very, very pumped about it. I certainly think, you know, certainly my target personally would be that we should be able to find 20 to 25 million ounces in the immediate mine area, and then, you know, beyond that will depend on, you know, I guess if we get lucky with any blowout kind of structures near the mine or any regional exploration that we do. But that's certainly the near-term potential here.

29:30 OK. When will the financing shares be free trading? So the shares that were done in the financing from June should be free trading as soon as we're trading. There should not be any hold on those is my understanding. Because they were done in terms of in the private company, in Kuya. So if we had raised money in a public company, there would have been a 4 month hold, but we didn't. So that's why that happens.

30:09 Okay, target listing date. Got a question on that. Very, very, very soon. We've basically completed everything that we can do on our end. The meetings all took place, the shareholder meetings in the last week. So we are just waiting on sort of final approvals and legal closing. So hopefully it's in the next 1 to 2 weeks and yeah, that's what we're looking at. Where do you envision as customer for the eventual product Traffic Glencore Ocean? That's a great question. So first let me elaborate. We're looking to produce 3 concentrates at our mine. A silver lead will be the most valuable product by far.

31:01 Probably about 80% of our revenue will come from that one con. But it is economically worthwhile to produce a zinc-only con and a copper-gold con. We do have copper-gold in the ore, by the way. They've never been paid for it before because they've always been processing at lead zinc mines. So we do have a plan and a circuit to recover some copper and gold from the ore when we build our plant. I think we will be running a process in the next, I guess, not immediately, but before we start production at the end of the next year, We will be running a process in the next, I guess, not immediately, but before we start production at the end of the next year, we will be running a process to see where we can get the best terms. And I think it could certainly go to anyone at this point. We don't have any lockups with any current metals traders or any offtake agreements.

31:56 OK. OK, the geological question here, over what distance is Bethania open in all strength without connecting the structures or what and what is the host rock? So first of all, the host rock is volcanics. So we have steeply dipping veins in volcanics. And just as a side note, some of the other mines nearby, they have mineralization into limestones, which is when you have those flat manto type deposits. We don't have any carbonates or limestones in our, certainly in the immediate mine area. So everything is in volcanics and it tends to be steeply dipping like this up and down.

32:44 So, you know, we don't know for sure how, what the strike length is. We think it's at least 1.5 kilometers in the east to west direction, but certainly there is other kind of smoke in the region. There's nothing that's nearly as advanced as the Bethania mine, but certainly there is other, you know, historical sampling or old workings and stuff in the area that may be related to the Bethania mine as well. So, you know, when we do get more activity going at site, that's something that's a priority for us to do, is to do some regional exploration and get a better understanding of what the potential is. Okay, Why no recent underground drilling would be good to come to market with some recent results?

33:36 We are going to be drilling and that is the plan RTO. Once we do the RTO, the real answer to that question is because we have never had enough money at any given time to do a proper drill program and do everything else that we've needed to do. Drilling can burn a lot of money very quickly and as a private company, we never had millions of dollars sitting on the balance sheet at any given time. So now we do have that, so we can start a drill program and in good faith we can fulfill what we need to do and we don't have to worry about running out of money. So that's the answer to that question. Is there plans to send a deep hole into these open areas or total meters plan?

34:28 So right now we're planning a 5,000 meter drill program for the remainder of 2020 and then we will reassess 2021 based on the results of that. I don't think we'll do any wild deep holes this fall. Well, I shouldn't say fall because it's not fall in Peru, but in this last quarter of the year, we're really looking for low risk, just near the existing workings, extending it a little bit, and we want to understand what we're going to be mining in the first few years as a first step. And then next year, I think you'll see us get a lot more aggressive with the exploration and really drill deeper and along strike.

35:20 Okay, this is great. What will happen to overhead costs once the RTO is completed? So that's a good question that actually is to some degree answered in the management information circular when we file that. And also we will have a listing statement out as well when we do the RTO. And so there will be some information about the corporate overheads in those documents. First of all, we did factor in some of that is certainly into our all in sustaining cost. But yeah, so in our management information circular listing statement, we're budgeting right now 1.2 million a year in overhead and corporate costs. That's what it is. So it's broken down into various management salaries and listing IR legal costs, et cetera.

36:27 And that's kind of what it is. I mean, for a real company that wants to be a real business, I think it's difficult to do it for much less than that. As a newly listed company, who would you say the companies that you would compare yourself to? That's a good question. So, you know, there's not a lot of companies out there that are really truly comparable to us. You sort of, you've got some real grassrootsy exploration companies out there that are focusing on silver, some of which have some very big valuations, $100 million plus in a lot of cases now.

37:15 In terms of where we're a near-term producer, I guess the other near-term producer that's out there, you know, it would be Alexco in Canada. MAG is a near-term producer, although they've got a minority interest in a project with Fresneo, but it is going into production shortly. So those are the other kind of near-term producers out there. And Once we do get into production, which we're aiming to be commissioning by the end of next year, and so production, full production 2022, then our peers would be the other silver producers that I had on that chart earlier.

38:06 Okay, what is management's current view of dividends at some point? So that's a good question that lets me talk a little bit about the strategy as well first, because they're intertwined. We expect to be a growth company for the next few years, at least. And so I would say that our profits from the mine are going to largely be reinvested into growing in Peru and then possibly if we find something else, another mining project somewhere. Again, remember that in the beginning of the presentation I talked about 1st Majestic and Pan American and those guys started with 1 mind like us and have become successful multi-mind companies.

38:58 So certainly we really would look at doing that. Now I mean if if we get into a situation and I could see this if the silver price really goes up a lot where we're you know where our cash flow is just more than we can we can really spend wisely in terms of our corporate growth, then I think I would be definitely open to dividends. But it's not something I'm expecting in the next few years. Okay, I got a question about the share structure. Did 1.85 to 1 mean the previous 100 shares becomes 185 shares? So that's yes for KUYA only. So the KUYA shares when we were private were split 1.835 to 1 actually, not 1.85, 1.835, so a little less than that.

39:56 What permits are still required, if any? We still need construction permits. That would be the main permits for the plant. And so what we have to do for that is we have to finish detailed engineering designs and submit them in a format that is acceptable to the government so they make sure that everything is going to be built safely and to their specifications, to their standards. So that's the last permit. It certainly in my mind, the environmental permit, the EIA is the most difficult one to get. And so that's been a big accomplishment to get that. But by all means, we do need the construction approval as well. Are there other acquisitions out there similar to the current project?

40:49 You know, my belief is the answer is yes. And I think, you know, you really need to have a, you really need to have a roll up your sleeves kind of corporate development program to find these opportunities. You know, they're not going to walk in the door from bankers. So it is something that we want to look more at in the future. Honestly, this year and in particular since really April, we started talking about the RTO and really getting serious about it. That has been my focus, or my 100% focus has been on the RTO. So I'm looking forward to, you know, in another maybe month or 2, we definitely want to get things, you know, kind of settled and going smoothly with CUIA and the operations in Peru.

41:40 But yeah, I would like to look at other things, and I'd like to be able to look at those with my team going forward. What would annual production be? If I didn't mention it in the presentation, I apologize. So at our historical – the historical head grade has been about 15 ounces per tonne silver, which is what we expect to be the case going forward. And at that rate, we would produce about 2 million ounces of pure silver a year, 2.8 million equivalent. When do you hope to produce the 1st silver dore bar either from tool milling or your own mill? So actually we won't produce a silver dore bar, at least from Bethania.

42:28 We will be producing a very valuable rich silver lead concentrate. But to answer your question of when, if all goes well with permitting, financing, and weather, those are really the 3 factors that could affect our timing over the next year. We could be commissioning as early as the end of 2021 and have some product at that point. What happens to Miramont warrant holders? You keep your warrants. The Miramont shares are being rolled back 10 for 1, so the warrant strike price will be 10 times what it used to be. But the warrants, you still have them until they expire.

43:22 What are your expectations on building the life of the mine and do you anticipate the costs staying the same or rising? Okay, so 2 separate questions there. My expectations on building the life of mine, look, our target, I guess, in the next 12 to 18 months for our exploration program would be to get the mine life to 10 to 12 years. 20 to 25 million ounces would be the target. That's what we think we can achieve, you know, drilling under the hill where I showed you before. That's what we're working on. Now if we do get to that level, I would say we would strongly favor expanding the mine.

44:10 I don't think we really would benefit a lot from having a 10-year mine life at 2 million ounces a year. I think we'd be better to expand the mine at that point. And that would be a good problem to have. Anticipate costs staying the same or rising? I mean, I guess as you go deeper in a mine, unless your grade goes up, you're going to gradually get more expensive. It's not a year-over-year thing. Your costs will slowly creep up. We do have the whole other side of the hill, so if we can come in and perhaps turn, let's say, Espanola Dos, if you remember our long section, into an adit that's accessing the mine from the eastern side, that could actually allow us to do shallow production for longer.

45:01 So with that, we may be able to keep our costs lower for longer, but in general, as you go deeper, it doesn't matter what mine you're at, your costs will tend to very slowly creep up year over year. Please talk a bit about price management strategies. I guess for that person who asked that question, maybe elaborate on that because I'm not sure. I'm not sure about that one. Okay, let's go to what does Miramont shares contribute other than the listing and how many Miramont shares will be coming out after the 10-for-1 rollback?

45:51 I think that was in the presentation earlier, but it works out to about 5.5 million shares from the former Miramont. And the really contributing cash, that was – when we started this process with Miramont, they had more than $2 million of cash on the balance sheet and we thought that would be, you know, a significant portion of our balance sheet going forward post RTO. You know, as we continued with Miramont, the market got better and we were able to raise, you know, more money and, you know, frankly, that's been a bit of a game changer for us. Because had we done the deal without the fundraising that we did in June, July, we'd be still on that slower pace that we were when we were private.

46:53 But so certainly the combination of announcing that we were going public seemed to make a big difference for people who are watching Kuya, all of a sudden said, yes, we're willing to invest now. And then we were able to, you know, the cash was important, but less important now because the market's gotten a lot better in the last 3, 4 months. Okay, so I guess I'm being asked about price management and hedging. So look, I think that's something that we will be looking at closer to the start of production.

47:46 Right now, I think we need to just monitor the markets, start talking to some of the potential buyers of our concentrate, and see where the market's at. So I think that's a process that we're, it's early days for us right now, but I do expect that we will know a lot more. We, at the end of the day, from a corporate perspective, really wanna maximize the value from silver. We see ourselves as a silver producer so if we can maximize the value from silver and you know if that means hedging some of the base metals we may do that but yeah that's going to be an ongoing discussion and we just we have to see how the markets evolve over the next 12 months.

48:39 Okay, I've got a question here. Are there any travel restrictions on North American traveling to Traveling management getting into Peru, which still has major COVID restrictions, and does this hold anything up? So you are right, it is very difficult to travel anywhere right now from North America, from Canada, and Peru is pretty much closed right now. I know they are trying to open to foreign travel, but I think, you know, the COVID situation in Peru is still pretty dire, so I don't think there will be a lot of travel happening for the next few months. Fortunately, we've got a really strong team in Peru, and we don't need to be flying in expats into Peru in order to get stuff done.

49:37 Between the mining community there, whether they're Peruvian or expat in Peru, it's pretty good. And so we, at the moment, have everyone we need in country to fulfill the plans for the next, you know, 3 to 6 plus months. And so it's just, it's not really a significant problem for us in Peru, frankly, that things are closed. I really honestly wish I could be down there and be there more often. It sucks that I can't go down there and see my team and be on site and all this kind of stuff, but it's what we have to deal with right now. Okay, are drill permits needed across the project, or does the EIA take care of that?

50:26 Actually, the mining permits cover the drilling. So as long as we're drilling on the mine property, which is what we will be doing for the foreseeable future, we don't need any other permits. We do have to obviously report what we're doing. But yeah, there's no additional permits required for that. Are there difficulties procuring rigs in your location now that we're in a bull market? That's an interesting question, and you may be interested by the answer, because the feedback I'm getting is that it is not difficult at all. There's a lot of idle drilling capacity at the moment and it's probably because of COVID-19. Maybe some of the domestic companies have pulled back on their exploration.

51:12 They're focusing just on their mining activities. But yeah, we're going out getting bids for our drill program right now and we're overwhelmed with how many different opportunities there are or companies out there that have idle rigs for us. I don't imagine that will stay the same, for these things never do, but at the moment it looks like that won't be a problem for us. Okay, I've got a question about the target listing price range, but I'll just say I honestly don't know.

52:01 We have seen the silver price go up. When we last raised the money and priced our deal in June, the silver price was 17, $18, And now it's been 26, 27 for, you know, for most of the past few weeks. So that's obviously positive. And you've seen that in the in the in the silver companies that are already trading, you've seen them go up a lot in the last few months. On top of that, We got our EIA approval, which I think is a big de-risking factor that I would hope the market appreciates. So I think I'm optimistic that our pricing will be very strong when we do trade, but I won't give you a target price. Give you a target price. Okay, any other questions for me?

53:04 Let me see, I've got any ability to expand landholdings in the area. Yeah, I mean, we've already got some, we already have more land in the area and definitely we're, you know, we'd like to continue to pick up more land if we can. I didn't talk about it much in the presentation because frankly, we've got a lot to do on the immediate mine area, and I believe that will keep us busy for some some time but yes we do think we do like the region that we're in and and you know it makes sense to to to explore more there we have picked up we've got about 1750 hectares in total in the in the Bethania region so so we will we will start stepping out and looking for similar showings and opportunities in the future.

54:05 Do we have options of hiring Canadians for your manpower requirements in Peru? Honestly, if you're in Peru, it doesn't matter what nationality you are, but it's difficult to move in and out of the country right now because of COVID. So that's the reality is we're going to be largely a Peruvian run, possibly 100% Peruvian operation down there. OTC listing question, good question. So, Miramont did have an OTC listing, So we are looking, we're going to look to reactivate that as quickly as we can.

54:53 And so we're just speaking to them right now about how to do that. So yes, I would expect that very, very soon. How many drill holes expected in the 5,000 meters? We're still planning the program right now, but off the top of my head I'm gonna say somewhere in the neighborhood of of of 20 20 to 25 and yeah okay I had someone who's requested a comparison to Defiant Silver. I don't know anything about them. I'm sorry, so I won't be able to talk about them.

55:46 And that is, maybe that's it. So okay, so look, thank you for everyone who's on the call. Really appreciate it, really enjoy doing stuff like this and speaking to investors. So if you do have any further questions, you can jump on our website and contact us. Everyone have a great weekend and I hope to speak to you soon.