Oriole Resources (LSE:ORR) — Corporate Update

0:01 Good morning, ladies and gentlemen. Welcome to the ORIOLE RESOURCES Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just please simply type in your questions at any time and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. And as usual, I'm sure the company will be most grateful for your participation.

0:31 I'd now like to hand over to Bob Smeeking, CFO and Tom Lisey, CEO. Good morning. Good morning, and thanks very much, everybody, for for dialing in today. We're going to run through a presentation, an updated presentation on ORIOLE RESOURCES and on the activities we've been carrying out and are planning to carry out in this season. And and then we're gonna go into a q and a session after the presentation. We are Bob and I are gonna run through this together, so feel free to address questions to either of us through the through the question session question section on the website. So the usual disclaimer.

1:22 ORIOLE is obviously an AIM listed explorer. We're focused in West Africa. And we have primarily, our activities are focused in Cameroon where we have a number of licenses for looking for gold. Cameroon is, we believe, a new jurisdiction for gold exploration in this part of the world. And we also have significant license in Senegal, the Sonala license, which is currently under an earning agreement by IAMGOLD, Canadian mining company, who are spending a maximum of $8,000,000 to gain 70% of the Sonala license. So we'll run through initially the activities that that myself and the management team and board have been doing.

2:10 Management team and board, I've been around in the industry since the late eighties, a lot of time in Africa and across mainly base and precious metals commodities. Bob, our CFO, has joined the sector recently with through ORIOLE the last five years. Previously, a lot of experience in AIM quoted companies, IT, and others, and is a chartered accountant with a lot of auditing experience with Pricewaterhouse. Claire Bay is our executive director for exploration business development. Claire has been with the company for over fifteen years from the early days of what was then Stratix International and brings not only a lot of geological expertise, but also a lot of historical knowledge of the assets in the company.

3:00 We have two nonexec directors, Aileen Carr and David Pelham. David has an expansive repertoire of exploration and discovery success in West Africa, principally in gold. And Aileen has an extensive background in the resources sector in West Africa, but on the financial side. Aileen is also a chartered certified accountant. And between the two of them, we have a great support for both the business side and the technical side of of the activities at ORIOLE. We obviously operate in the the sort of the the pointy end of exploration. We're very early stage explorers, and we're we're operating very much out in the communities.

3:47 And as such, we are quite happy and and glad to conform to a number of the sustainable development goals put forward. There are, you know, a large number of dual and goals set out in the mining codes. They're obviously relevant to different stages of exploration. So we have picked a number of these development sustainable development goals that are relevant to our stage of work, and we are recording and working against these. Exploration is very much a people people led program. You have to get on with the communities. You have to get on both at the the local communities, the the provincial level, and the federal level. And none of this is is unusual to us. We are used to working in and alongside the local communities, and we put a lot of effort and a lot of focus on developing relationships with there.

4:38 Our biggest supporters in Cameroon are the local communities and both provincial and national government. They see the value that we bring and the fact that we are we are looking to advance ORIOLE as a responsible member of the exploration and mining community. So on to Cameroon. We have two main areas in Cameroon, and the the more northern area, Bibomim Wapuzi, was was where we first came in on a joint venture with our local partner, BERG three. That was back in 2018. And then subsequent to that, we we looked at the prospectivity of the entire country. And in 2019, we applied for a significant land package in the center of the country, which we refer to as the CLP or the central license package.

5:31 Now all of these licenses were initially applied for as gold licenses. Cameroon has, in the last decade, been opening its doors to investment in the mining sector, and they've been supported in this by a World Bank funded program, which is called PreCASM, which uses a loan from the world or has used a a loan from the World Bank to invest in a countrywide prospectivity analysis and update review and update of the Cameroonian mining codes and laws and also an an update of the licensing system to make it a much more transparent and easily accessible process to apply for and to monitor the application and granting of exploration licenses and mining licenses.

6:24 So we we're sitting here between two main African areas of of gold renowned for gold exploration, basically, on the on the Congo Craton and the West African Craton. And the area of Cameroon is essentially sandwiched between these and has huge prospectivity for gold, but it has been recently until very recently, a very much underexplored jurisdiction. As I said, we we started off in Cameroon in the north of the country. In this little inset box, you can see the the area of the licenses up here in the in the north of the country. This is what we call the the Bibami and Wapoozi licenses.

7:12 And Bibami was initially an exploration discovery from a surface exploration discovery by a company called RESOURCES and JV'd with a local partner, BEIG three, which is a geological services company. Now we came into the license back in 2018. BEIG three was looking for a partner to take the projects forward. RESOURCES had sold the company on the back of some assets in Serbia, and so there was no there was no direct investment going into this area anymore. And we looked at the area, knew there was some potential there, and, really, there was potential for developing orogenic gold systems in these in these long structural corridors.

7:59 And here at on the Bibami license, we identified four specific areas, Bokassi Zone 1, Bokassi Zone 2, Lower West, and Lower East. And these areas were initially, we carried out a series of sampling programs, soil sampling, rock chip sampling, and we then honed in and carried out some prospect drilling on them starting in March 2021. We put a number of holes across the license, 54 in total on those four prospects, but the majority of the holes were put into the Bokassi Zone 1 area.

8:46 And, really, the the Bokassi Zone 1 block here showed us the initially showed us the highest value samples in trenching and and rock chipping and also continuity in the in the vein sets that we'd identified in the trenching. So we we started a drill program here and really confirmed some nice high grade intervals. We had a good success in in identifying some some narrow but but, you know, multigram areas of mineralization. And this led us to believe there was potential in the area, but we struggled initially with understanding how we were going to get something that was going to give us the volume needed for designing and building an open pit operation.

9:42 And, really, that work came to a four following a detailed structure and analysis of the area. This is zone one in zoom in, and you can see that the the strike of the body is around about 1,200 kilometers on strike along Trent. And with the all of these outcrops on surface, we've identified that with trenching and sampling on surface. And we put a neat a series of different holes in the colored boxes here just simply indicate the phase of the holes. We, you know, we drilled the we did four phases of drilling at the one from prospect through to the eventual resource delivery. And the structural interpretation was enabled because we carried out diamond drilling here with with downhole oriented course. So we were able to understand that not only there was a was there a dominant north northeast southwest trend carrying the the mineralization in this direction, there was also a series of phases of of compression and and ex compression and relaxation perpendicular to this, which had led to the development of some sub horizontal vein systems. And we were able to drill those just before the the dry season came to an end this year, and we intersected what for us was our best target to date with regards to width,

11:14 which was a vertical hole grading 4.27 grams over just under 15 meters, 14.8 meters. So if we look at that in section, the the larger image on the left shows some of the historical angle drilling that we did in the first phases during 2021. And, also, the zoom in box that shows this vertical hole where we start to see the influence of the sub horizontal vein sets carrying widths higher widths of mineralization. And this comes together to give us what we believe is a a potentially mineable target reaching from surface down to where we stand today with a with a model an inferred resource model that takes us down to 260 meters below surface.

12:06 And this model was developed using an 1,800 ounce gold resource shell and cutoff of point three grams gold as a as a base cutoff and a top cut of 20 grams a ton. And the top cut is really an important thing for people to understand because of the spectacularly high grades we've got in this area. We we've maxed out at a 135 grams a ton in a rock chip sample in this area just to the north here. Because of these high grades, there is always the the concern from a resource modeler that if you include all of the higher grade numbers in, you may be including nugget gold, which could overemphasize the resource. So to bring in a degree of statistical accuracy and conservatism, you apply a cut, and any sample that is above that cut is not included in the resource calculation.

13:01 So the announcement on Monday this week, 305,000 ounces at 2.19 grams a ton does not include any assay results above 20 grams a ton in that announcement. And here you can see in the image a the geological models, the block models, and two pit shells. The larger pit shell in the in the southern end here and oops. Sorry. Wrong wrong drawing tool there. The larger pit shell here in the southern end and then a smaller pit shell just up to the north. Now when you're looking at this and and in context to the zone one, but also in in context to the neighboring resources, What's important to note is that in between these pit shells, there is still mineralization.

13:53 And that mineralization has the potential to come into the resource subject to a limited amount of infill drilling to to improve the confidence in the in the model in those areas. So although we have announced a 305,000 ounce inferred resource right now, there is also capacity in this model at the capacity zone one for an additional one and a half million tons to two two point two million tons of what we call exploration target, which is a lower classification. So that would give somewhere in the range of 50 to a 150,000 ounces of gold additional just on this initial model. And, of course, interesting to note that this model is open ended along the strike to the north. We have not closed off the mineralization in this direction as yet, and it's also open ended at depth.

14:48 So a significant you you see here again on this image on the right, the two pit shells. This is a slightly oblique angle to give you sort of more of a three-dimensional view of the of the prospect. And you can see how there's potential to join these two systems up with some infill drilling in some of these areas between where there's been, to date, insufficient drilling to to extend the the existing resource model. Now, again, if we look at the from a from a surface point of view, from a surface prospectivity point of view, we've got this this oops. Sorry. Do that differently. We've got this area Lower West down here, which is an offset of the Picasso zone one system.

15:34 And then we've got the Picasso zone two just to the east, and we've also got lower east just below that. Again, these two systems associated with a another parallel trend that goes up in parallel to the the the Cassis on one trend and the offset lower west trend. So a lot of potential in this area to add additional resources from these other three prospects. And I'll draw your attention to the scale bar on this map on the left. We are looking here at four prospects within a couple of kilometers of each other. And if you if you think about that from a how does this turn into a mine, you're looking at a block of, you know, of resources where you could potentially have a central processing facility somewhere in the middle here, and you could ship in your your ore from these other areas should they be should they prove to be economic into the central processing facility. And that's those are small, you know, maximum two kilometers struckable distance between these things. So very much an opportunity here at Bibami based on the initial on one resource, an opportunity to to develop multiple pits around the central processing facility with the opportunity to take the current resource of

17:06 300,000 ounces, 305,000 ounces, and push that up significantly to something that suddenly becomes an exciting mineable standalone target. Now that's Bibami. That's our most advanced project, but Bibami is really a microcosm of the opportunity in Cameroon. As I mentioned earlier, we we focused on doing a a countrywide prospectivity analysis back in 2019. And at that stage, we identified eight licenses in the center of the country. Again, the image on the left here shows you the location of the licenses in the center of Cameroon. And we initially applied for eight licenses, which were granted back in in February last year. And these eight licenses, we call the central license package.

17:59 Now subsequent to that, we've added another two licenses over in the East, and I'll come on to those in a minute. Now why did we pick this area? We we looked at Cameroon as a geological target as a new frontier, and we applied well tested prospecting techniques that are common across most of the major and junior companies across the world looking for gold. And we identified a a structurally complex area which had the right types of host rocks, the right types of alteration, the right temperature of mineral of of metamorphism and evidence mineralization. And that brought us to this area, and we were we were pleased when we came in that none of this area had been licensed. There were no ex existing licenses for gold in this block.

18:49 There was a little bit about artisanal activity, but nobody had applied for gold licenses in this area before. And I mentioned precastem before, this World Bank funded study. So two years after we made the application for this block, precastem started publishing their own data. Now this is data collected by BRGM, the French Geological Survey, who have extensive experience in West Africa.

19:14 And they published the map that's shown down at the bottom here, this this large image in December last year. And within this map, they showed a a yellow outline, which I'm tracing now. And this yellow outline defines what BRGM considered to be the most prospective large area for gold exploration in Cameroon based on the the the $30,000,000 program funded by the World Bank. So if you consider that that this is where that work says you should be looking for gold if you want gold in Cameroon, And then you look at where our license package from 2019 sits, you'll find that it immediately overlaps that area.

20:02 This is not a coincidence. You know, obviously, our geological techniques and our geological interrogation of the data brought us to this area. It's exactly the same techniques that BRGM subsequently brought brought them into the area as well. But it's a good it's a good confidence builder for us that we've picked the right area to be to be operating. And we call this a new frontier because here we're looking at initially three and a half thousand square kilometers. Now with the new license applications, over 4,000 square kilometers of licenses under our control in this area. And the image on the right here is is just a schematic overlaying our license package as an example on an existing gold endowed district, this one being the KK in Lyre in Senegal.

20:55 And the various dots on here are existing mining operations and develop deposits and resources. And it's really to give an idea to to the to the to the viewer that the license package we have in Cameroon has the potential not to host a single deposit, but to host multiple multimillion ounce deposits. It's it's we believe this is and has the potential to be a new frontier for gold exploration in in Africa. And Cameroon is certainly delivering on everything we've we were hoping to find so far. So if we look at the central license project in a little bit more detail, we've done quite a lot of work in the Eastern five licenses. These were the we were on the ground there within days of them being granted last year, and we carried out some stream sediment sampling analyses and followed that up with some soil sampling.

21:53 You'll see this is quite a busy image. There's a lot of lines on it that's basically indicating the structural complexity of the area. But, essentially, there is an area of a corridor of gold mineralization that runs in this direction. It's about 15 to 20 kilometers wide, and across our licenses, it runs in the in the range of 70 to 80 kilometers long. And it's these corridors of mineralization that are very interesting for for groups like us looking to find new mineral deposits. Now we we look in a bit more detail at those five Eastern licenses, and you can see that there are a number of areas of of anomalous soils.

22:38 And I'll I'll just, you know, point out a large area up here in a bay and then a number of anomalies down here and then through this area in the center and then, you know, sporadic anomalies in these other areas here. Now with the context of this exploration corridor in mind, and just remembering that we we're looking at a corridor of of gold mineralization running up like this with associated structures, What we see is we see areas at Lycoten Bay, which is the zoom in map here on the right, where we've got over 12 kilometers of anomalous gold in soils. And we also see areas running perpendicular to the that structural corridor. Now what does this tell us? It tells us that we have a large area, a large footprint with multiple sources multiple areas showing sources of gold mineralization or anomalous of mineralization.

23:40 And

23:41 bearing in mind what we had up at Bibami, which was to some degree similar to to what we see here at Hidden Bay, although the Bibami trend was was confined to a much tighter structure. Here, we see the possibility for a much wider and more developed system of mineralization. And so these Eastern licenses, these five Eastern licenses in the central license package, very, very much an exciting place to be a new frontier for gold exploration in in Cameroon.

24:16 We do have other opportunities in Cameroon, and notably, we carried out a degree of multi element analyses, including some work with an XRF machine. And during that program, we identified the potential for lithium, you know, as a as another commodity. We you don't just test for a single single analysis for a single material when you're doing these sampling programs. You test for a broad spectrum, and you see what else might be out there. And it was interesting to identify a lithium potential. This is not our core focus, but, obviously, anything like this that adds potential value to the company either through investment of our own or bringing in a partnership on it, obviously, is is good news for the investors.

25:02 So we've applied for extensional an additional license here, the Gambuku license, which covers a large area of lithium potential to the Southeast, and we have the existing lithium potential within the Indom license in the center there. So good news, you know, additional things to look at in the central license package aside from gold.

25:23 Now that's Cameroon, and that's where we've been personally being active, and that's why I've spent such a long time talking about Cameroon. We do have some what we call the legacy assets, and the most significant of these from the the previous incarnation of the company is a joint venture program we have on the Sonala license in Eastern Senegal in the KK Inlier. And here, you can see that outline I showed before. This is the KK Inlier, and you can see a number of sizable deposits and sizable companies operating in the area. Barrick, IAMGOLD, b two gold, Robeks, Endeavor. You know, this is resolute mining. This is a significant area for gold mineralization and gold mining in Senegal.

26:13 And the license that we have here, the the Sonata license sits just off the North South trend of the Senegal shears Senegal Mali shear zone. And it's an area which has been worked on significantly over the last few years and was back in 2018 just before Bob and I joined the company. This was put out into an earning license under IAMGOLD essentially because they had an interest in the Boto license down here in the South, and there was potential for the Sonara license to host mineralization that could bolster and support the Boto project, which is a standalone project in its own right.

27:00 So there are five target areas, five prospect areas in Sonala. And despite some initial work at Medina Barfay close to Boto,

27:10 The most interesting results have really come out of the more recent work up in the north of the Faroe prospect. So IronGold is spending $8,000,000 on this license in total. They've already reached the 51% commitment. They have another year and a half to to go to reach a 70% commitment and around about another two and a half million dollars to spend to get to that point. So if we look at far in a bit more detail, again, very very similar in a way to to what we see at Bimini and Cameroon, a structural trend with a number of potential a number of potential open pits along that. We have anomalism at far in North, far East south, and far a far south. And these images are available on the website if you wanna look in a bit more detail at those grades and intersection results from the drill programs.

28:00 But importantly, if you look at these blocks of drilling, Fari Far South had not been drilled before last year and by iron gold, they they had some really interesting intersections in there, notably, you know, close to close to 35 meters at 3.61 with a with a higher grade core, 18 meters at 6.6 6.46. Far East South has a number of decent intersections. Again, multiple meters, tens meters, tens, 20 meters, 59 meters at 2.2, significant mineralized intersect. And then far in north, although the intersections were the wider intersections were slightly lower grade, 34 meters at point eight, they did have some higher grade sections in the, you know, 11 at 1.22.

28:47 So this is showing that the potential along this trend at FARA is for, again, a stand alone mining operation with multiple targets, multiple pits feeding a central processing plant. Now we did our own in house, sorry, independently run, but in house managed resource estimate on the Far A area, including mainly on the Far A South target. And we came up with an exploration compliant a jock exploration target of around about 200,300 ounces, one ninety to 280,000 ounce range. But, again, as with Bibami, massive upside to increase this because it's basically restricted only by drill density. So the the potential for this to be significantly larger deposit here at far a south and also by additional pits at far south and north to bring this into a new mining area. Now subsequent to that work and you can see here resuming on far south and on south, and the the you can see the pit shells from that model outlined here at far far south far south rather. And you can see that far south and the extension to the North, not included at all in that resource.

30:01 So significant amount of work has been done and to deliver these initial maiden resource, but a lot of opportunity here still to go. Now the more recent work by IAMGOLD has been looking to extend the footprint of mineralization outside of that trend, remembering that we are we are very closely nabored on the East by and the North by Chester Resources, by Barrick Gold, so on with other deposits around. So there is potential from these auger programs to identify additional targets, which has been the program just prior to the to the wet season. And that program has indeed delivered some higher grade AUGA results in the in the immediate area, sort of a long strike here. You can see the original far a trend, and you can start to see targets coming out parallel, sub parallel targets to these in the context of the other neighboring deposits in this area. So a lot of excitement at Sunala.

31:04 We are ultimately, we dilute to a 30% position. We have a backstop royalty, so there is value in this asset for us. But as I mentioned at the beginning, this is not under our management control. We're free carried on it at this stage. Iron Gold carrying out the exploration. So, you know, the the field season this year, what are we doing? We we did a small raise just recently, a couple of months ago, really to confirm that we were funded through to the end of the dry season. And that gives us the ability to impact and to progress activities both at the Bibimy license in northern in in North Cameroon and on the central license package.

31:49 And both programs are really focused around low cost, high impact exploration

31:56 to deliver much more detail on accurate drill targeting for extensional work at Bibami and for discovery drilling at the central license package. In addition to that, a little bit of work on the lithium potential because, obviously, there's value tied into that as well. So mapping, rock chip sampling, infill soil sampling, and some geophysics. We we initiated you our own managed geophysics programs last year with interpretation of that data by a very reputable group in based out in Australia. So in a nutshell, what is it that that ORIOLE is doing and what what have we done and what do we continue to do? We we have a very large and very high quality portfolio of early stage projects.

32:50 We can progress those very quickly through the value chain. Bibamy is a great example of that. Less than twenty months from start of drilling to delivery of the this initial resource. We operate in a very appropriate manner. We're all experienced explorationists. We've all spent a long time in these sort of areas, and we understand what's required to continue and to support our activities and the activities of the exploration and mining world in general. We look at various opportunities both to internally fund programs, look at alternative when when opportunities arise such as the lithium, ways of bringing in additional value to the to the projects and the company. And we have a very strong and experienced technical and financial and business capable team. We've all operated from early stage right through to development, and we have a very strong base of support for the for the projects in place.

33:51 And at that, I will wrap up the presentation and hand over to Mark for the Q and A session. That's great, Tim. Thank you very much indeed for updating investors this morning. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. We just want the company to take a few moments to review those questions submitted already. Just like to remind you that recording of this presentation along with a copy of the slides and the published Q and A will be accessible via your Investor Meet company dashboard. Tim, Bob, we did receive a number of questions ahead of today's event, and you've also received a number of questions throughout your presentation this morning. So thank you to everybody for your engagement. But perhaps if I may just start off the Q and A with some of these pre submitted questions. And I think one of these actually ties in with one from Sam who talks about bit of me and the your thoughts around its potential.

34:39 But how big do you think the resource is at bit of me, and and do you think it has the potential to become Cameroon's first gold mine? So the the the size potential of Bimini, we think, is quite significant. You know, we we have to be we we are very cognizant of the fact that the the initial mineralization identified there was associated with these very tight vein sets. So high grade, but quite narrow, which is makes it a challenge for volume. But the discovery of the of the perpendicular sub horizontal vein sets, which is a much more disseminated style of mineralization, gives us the opportunity for developing volume. And, you know, the resource that we've just published was carried out that modeling was carried out by an independent group, a very well respected consultancy.

35:26 And so we we see that as a sort of a truth check on on our you know, we're we're we are geologists. We're we're obviously very keen to to see projects in the best light, but to have a group come in independently and review your work and and deliver the resources is really the appropriate way to do it. And they came in and and backed up exactly what we were thinking in this area. The fact that because he's on one is still open ended at depth and a long strike to the Northeast, the fact that there's the potential to extend that area by because he's on two, lower east and lower west by finding additional ounces in those three prospects. That certainly means that the the opportunity exists for a multi pit standalone mining operation.

36:14 Now, typically, in West Africa, people use, you know, magic numbers. There there's usually a ceiling. A million ounces is a is a target that everybody aims for, this sort of thing. But the reality is you've got to look at the grade and the the processing costs of of your material to really dictate what makes a project viable. And here, we're looking at 2.19, you know, 2.2 grams a ton. That's significantly higher than a lot of open pit operations in West Africa currently. So the grade of this system is quite high, and it's it's not inconceivable to look at this footprint of four prospects and say, well, if we can get perhaps 500,600,000 ounces into measured and indicated at one, then we'd only need a couple of 100,000 ounces in the other deposits to start getting towards or above a million ounce target.

37:14 And all of a sudden, that that becomes something that's potentially viable for a stand alone mine. Now you you mentioned Cameroon and this being the first job resource in Cameroon, the first mine in Cameroon. One of the questions we are often asked by, shall we call them, larger companies looking at Cameron is where's the endowment? You know, we like to go into areas where there's lots of existing endowment. Well, there is none in Cameron because nobody's explored it before. And and this is where the opportunity lies. And if you look at it from that standpoint to to be the first mover in with such a large footprint portfolio in a in an area where every single exploration program we've done in the last four years has delivered success.

37:59 Pretty soon, realize that that we've massively derisked Cameroon, not only our own individual licenses, but as an investment destination, Cameroon is derisked. And so can Bibami be the first mine in Cameron? Quite possibly, the first hard rock gold mine in Cameron. But we are you know, we're a few steps away from that yet. Can the central licenses be a new frontier with multiple targets? Absolutely. That's great. Thanks ever so much, Tim. Just turning on to the to the next question and kinda putting you on the spot here, but here we go. What do you see as the biggest driver for shareholder value? Cameroon or Senegal? I I would say, without a doubt, Cameroon.

38:44 You know, Senegal is it's a great license. It's in a effectively Brownfields area surrounded by existing endowment, we have the potential to own a maximum of 30% of that. Cameroon, we have 90% of all our licenses. We've got full tenure on them. Central license package was only granted last February last year, so there's a long tenure still out outstanding on that. And the central license package alone could be another Senegal KKN type footprint. So not just a single license, but, you know, we now have 10 licenses there over 4,000 square kilometers. We could potentially have, you know, five, six, eight mining operations there in the over the space of the next five to fifteen years.

39:34 So I I think Cameroon definitely is is where we will see the the steepest increase in value to the company. Senegal is it's a great asset. We're in a minority position on it, and it bring values brings value to us and will bring value to us in the future, but the significant area really is Cameron. That's great. Thank you. Let's turn to the next question around lithium, which has been identified in the CLP. Will this become a distraction for you and the company? Absolutely not. You know, lithium is is obviously the hot commodity at the moment. Anything with lithium in the title seems to have investors throwing money at it irrespective of of whether it's brines or or hard rock spodumene or whatever the the sort of potential of it is.

40:22 We we came across this during our multi element analysis. We, you know, we were currently loaned us use of the XRF in country, and we were able to do a some significant XRF analyses as well. And we identified potential for lithium. Now with that in mind, we will be foolish not to follow that potential in lithium because, you know, it it's a hot commodity at the moment. But we are not lithium experts by any means. And so we are in the position at the moment where we can try to do some initial work to understand the opportunity for lithium. If that opportunity exists, then we would hope that as we are opening the door for gold exploration in Cameroon, we would also be opening the door for lithium exploration in Cameroon, and we would be looking to getting support on that from companies with much more expertise in exploring and developing lithium assets.

41:18 But, ultimately, we own the asset. So, obviously, there's some value to come from it should the should the early indications lead to anything. That's great. Thank you. Next couple of questions around funding, I guess, and and share price. So the the first one reads as follows. The company raised 600,000 in October. What work is planned with these funds? The the work program is quite quite simple. You know, we are we're progressing BIVAMI and the central license package. We're progressing the targets there to a point where we can mobilize a drilling company to come in and carry out a a series of of target holes up at Bibomie to extend and just develop the resource and down in the central license package to identify opportunities that we're seeing on surface with with with, you know, drilling below. It it was quite a limited maybe I'll pass over to Bob. It was it was a smallish raise, but, you know, more than sufficient for the work plan for this season.

42:25 But, Bob, I don't know whether you wanna comment about this the scale of the raise and and where we sit with our finances. Yeah. Sure. Thanks, Tim. Yeah. As as Tim mentioned, it's it's it's it's an active work program, but it's actually fairly cheap to execute and push all of these projects along, meet our ministry commitments and advance towards a sensible drill program So this time next year, I guess, would be the intention. There is you know, we're we're actively engaged in asset realization. We we you know, it's on my desk every week. You know, as simple things as as chasing up where elephant oil have got to on their planned IPO, which seems to have dragged out for the entire year.

43:15 But still looks likely to happen at some point. Research and development will also come into it. We've raised nearly, 1,000,000 from our research and development tax claims, which which basically have increased year on year on year as the development spend rose since the 2021 drill program gave us high development spend and gave us a big $400,000 in tax credit. We don't have the number for 2022 yet. It'll be driven by the extent of of work we've done in the calendar year 2022. But there will be a claim, there will be cash coming in. So, you know, those two avenues, asset realization and r and d, are very much going to be pursued aggressively throughout the early part of 2023.

44:09 That's great. Thank you very much indeed. I might try and combine a couple of the questions, a question from Nicholas that was submitted at the beginning of the presentation along with the following one, which reads as follows, the company has raised increasingly low prices, which has been painful in the current market. I get the only way to progress exploration projects is to spend money. But is ORIOLE looking at a future sale or a JV with either a bit of me or the CLP to help with funding this work? Look. Our model is to progress exploration in a greenfields environment, grassroots greenfields environment to make discoveries and to progress those discoveries as high along and as far along the value chain as we possibly can, adding value to our share price and adding value to to our investors all the way along.

45:01 Now at some point, the question comes, okay. Well, what are you gonna do with those licenses? Are you gonna JVD them out? Are you gonna sell them? Are you gonna build your own minds? And at this stage, I would say that, you know, we've always kept an open mind to what the end game could be, and it changes based on global economics, on on, you know, the various vagaries of of the market. But we certainly have had and continue to have ongoing discussions with interested parties. We're often approached by groups that that show interest in what we're doing in Cameroon. The main thing we're doing right now, though, is derisking the country and derisking the assets. And at the appropriate time, you know, we may reach a point where somebody comes and and makes an offer that is too good to refuse, in which case, we'll consider it. But, you know, we don't we don't have we we we're conscious of doing as much as we can ourselves to maximize that value. If we if we sell off the assets too soon, then, basically, we're giving away the farm and and the last four years of of work dedicated work by the team and also the last four years of spend won't won't be rewarded. So it it's a balance really between what we do and when we do it.

46:22 That's great. Thank you. A couple more pre submitted questions, then I'll turn to some of the questions coming in from investors. So please do continue just to submit your questions using that q and a tab on the right hand side of your screen. Let's try this one then, Tim. Will the company be looking to sell their or any of the Turkish assets? Bob, I'll probably throw this one over to you. You've been you've been deeply involved with the Turkish stuff recently. Yeah. I mean, we we've made no secret of the fact that we would like to divest the the Turkish assets and and realize them and spend the money in Cameroon. It's been a a long and frustrating process. I did notice there was another question submitted today about what's the latest on the court case in in Turkey. And we actually had a a small update on the court case against earlier in the week.

47:14 Purely a continuation of the case, the the court has now appointed experts to determine the amount of the debt, which in all honesty is not under any doubt whatsoever, but it's part of the process. It's just a long drawn out process. We we look we've looked at a number of ways of trying to move that forward, and are still considering them and and any other options. I think it's the the most likely would be MORDEA to move more quickly. As as as we've said many times, submitted its EIA at the start of the year. It's been through the process. It's at the real tail end of it.

47:59 The the company themselves seem pretty confident they're gonna get it to the extent that they've they've opened up a website recruiting employees for the the development phase. You know, we're pretty confident where they will will go. We talk regularly to royalty companies about it. And I think I think, you know, the those people are are all at the same stage of, you know, let let's get the EIA out of the way. It'll you know, it's a significant uptick in value for us, but a significant derisking for them. So we sit and wait for the EIA to come, and then there'll be active marketing of it. That's great. Thank you. And then Julian, I hope that addresses your questions, as Bob said, about the Turkish court case.

48:50 Let's move on to the final pre submitted question. Have there been any updates on the EIA approval for Murat Dara? Yes. I think I actually just covered that in the last answer. They're working through the process. It seems very close. As I said, they're actively recruiting for the next stage. So we would hope some really positive news coming out of that quite shortly. That's great. Thank you. Turning to the next question from Jordan. Thank you, Jordan. How long do you think it would take to get it out the ground? I assume they're talking about Bivamy. You know, typical construction, mine construction for small operations, you're looking at sort of eighteen to twenty four months typically depending on what processing you're putting in place.

49:42 The advantage here is the mineralization starts on surface, so there's the strip ratio is gonna be very low, and you're immediately accessing the ore. But there's a few steps to do before then. You know? And it's it is important for investors to understand the the exploration process. And there's, you know, there's a lot more infill drilling required to take the existing resource from an inferred to a a measured and indicated. There's additional economic work, metallurgical work to be done, mine design to be done. And, obviously, we need to to add additional ounces to get this to a stage where the the value is gonna be recouped and that the returns on investment are gonna be justified. So it it's a little bit how long is a piece of string. I know I know gold projects which have gone into production within two years. I know gold projects that have sat for decades for various reasons, political security.

50:38 You know, I I I would like to think that Cameroon is a is a is a great place. I'd certainly be far happier investing in developing a mining in Cameroon than perhaps in some parts of Burkina Faso right now, possibly Mali. So I think I think, you know, it can be done quickly. It comes down to the interest of the parties involved, their ability to finance and and push forward, and, you know, what how the how the ORRbody lends itself to to development. But certainly, you know, Bibami outcropping on surface as we see in the central license package as well. You know, these systems are outcropping on surface. They've they've would appear to be very amenable to directly accessing ore from the early stages of of mining. There's no big pre strip required or anything like that. So so quite a quick quick process once a decision to to build has been made.

51:33 That's great. Thank you. Two final questions, really. I mean, they're both around the same theme. One's from Julian c, the other's from Julian a. So thank you to you both. But perhaps if I just choose one to read. But given the progress you have made in Cameroon, have you had any approaches to farm into any of these licenses? If you are planning to reach out to potential farming partners, you know, if you could expand really around the any potential for JV, I guess. Yeah. Look. We we we constantly speak with groups who are interested in in looking at opportunities to to come in and and, you know, develop their own positions in places like Cameroon. We have had discussions with a number of larger groups who have shown a great deal of interest in Cameron.

52:22 For for the very large companies, it it all comes down to you know, they have a global focus, and it comes down to a matter of a risk rating. And that risk rating is based a lot on the development stage of the asset. So, typically, larger companies will come in at a later stage when the assets are more developed and there's more confidence in the resources. So you've got you've got job resources published, for example. And they'll typically pay more because they're coming in at a later stage. Smaller companies, mid tiers and juniors will like to do deals earlier on, and they will like to to do deals for paper or do deals at a much lower price because they're they're coming in at a much higher risk stage of the of the process. Everything we do increases the value of the asset by decreasing the risk. And so if you come in early, you you it's cheaper. If you come in late, it's more expensive.

53:22 And, yes, we've we've spoken to groups across the the the spectrum, I suppose you'd say. And to be quite honest, some of the early groups the groups looking to come in at a very early stage don't seem to be bringing any anything that we can't do ourselves. Certainly, technically, we have great cap great capacity within the team. And, ultimately, it comes down to funding. And, you know, small groups may come in and offer to to earn in on a project. But if their if their spendability and spend commitment is no more impactful than what we can do ourselves, then it's really not adding value. Later stage, you know, the larger companies of this world, the mid tiers and the majors who are who have a focus in Africa and have a focus in gold, Certainly, we have several connections there where we've been updating them on a regular basis over the last couple of years.

54:17 And, you know, every step we take in advancing these assets brings more interest from them. And as I say, right, the the the premise here is that Cameroon is a new frontier for exploration. It's brand new. Nobody's been here before. And that can be very attractive to a large company, particularly when if they are interested in coming in, if they see the potential as we do, then they can see the opportunity here is to do a single deal with a single company and to tie up all of the best ground in one agreement, you know, basically a strategic alliance for for the the main area. And if you look at go back to that image on on the map, you know, the area that we chose has been based on how a limited amount of work done was was vindicated by the $30,000,000 World Bank program's work, which which said if you want to find gold in Cameroon, this is where you go.

55:14 And that happens to be exactly where we are. So, you know, we are very confident that that that we have gained attention from these groups, and we're very confident that, you know, their their excitement level is rising as is ours with Cameron as a as an investment destination. Well, that's great, Tim. And once again, thank you for everybody for your questions this morning. And, Tim and Bob, thank you very much indeed. You've answered everything that we have from investors. So I'm going to redirect investors to give you feedback shortly, Tim, which I know is particularly important to you and to the company. But I wondered before doing so, if I may, just ask you just for a few closing comments, and then I'll send investors for their feedback. Sure. Thanks, Mark. Well, thanks everybody for for listening in. And, you know, you can access the team through the through our website. We do have a an info channel that that gets an email out directly to us. So if you have any specific questions that we're able to answer, please do feel free to to access us through that.

56:15 I think the key thing is that what are what are we doing? What's our our ethos? We are an early stage explorer. We are doing the the grassroots, new frontiers work, which large companies used to do themselves but moved away from twenty years ago. They moved to the to the more advanced derisked end of the market, and they left the early stage stuff to groups like us. And we have a very skilled team, and I think anybody who looks in detail at what we've done in Cameroon will recognize that we've not only identified a new potential area, we've progressed it very successfully in a very short space of time in a very economical manner, and at the same time, addressing all of the required commitments to to local engagement and an ESG that's that's essential part of the business.

57:09 And and, really, it's a great opportunity. We are, as I'm sure every CEO will tell you, we're massively undervalued. We're a great opportunity for investors, and we hope that we will continue to get the support that we've had from our investor base and that the successes we've had and published most recently with this this maiden resource can be shared with with all our investors over the coming years. That's great. Tim, Bob, thank you once again for updating investors this morning. And can I please ask investors on the call not to close this session? We're now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This might take a few moments to complete, but I'm sure we'll be greatly valued by the company. On behalf of the management team of ORIOLE RESOURCES PLC, I'd like to thank you for attending today's presentation.

57:58 Good morning to you all.