Oriole Resources (LSE:ORR) — Corporate Update

0:02 Good afternoon, and welcome to the ORIOLE RESOURCES PLC corporate update investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the q and a tab situated in the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question 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, I'd like to submit the following poll.

0:33 And I'd now like to hand you over to Claire Bay, executive director Bob Smeadon, CFO and Tim Livesley, CEO. Good afternoon, Thanks very much, Alessandra. Good afternoon, everybody. I'll I'll just start us off with a a brief introduction to ORIOLE RESOURCES. We are an aim listed junior exploration company focused primarily in Africa. And just out of interest, this webs this the presentation that we're giving this afternoon or this morning, depending on where you are, is available on our website, And, it's easy to to access it, read it, or download it at your leisure after the, after the presentation. So what do we do? Well, we're we're focused really in, two areas in in West Africa.

1:21 We have a license holding in Senegal, which is currently under an earning agreement by IAMGOLD Corporation of Canada. IAMGOLD, obviously, a a well known and well respected Canadian mining house with operations in West Africa and North Americas. And our other main area of focus is Cameroon. And Cameroon is a is a new jurisdiction for larger scale exploration and mining ventures. It's been a little bit overlooked in the past for various reasons, and we believe Cameroon has the opportunity to be new a new district, a new a new jurisdiction for gold exploration. We have a number of licenses in Cameroon, and we are operating these licenses ourselves.

2:10 Whereas, obviously, in Senegal, we're free carried whilst iron gold does their does their own it. We have two more advanced licenses in the north of the country, and then we have eight a package of eight licenses in the center of the country, which are we we refer to them as our new frontier in the central license package.

2:30 I'll hand over to Bob to talk a little bit about what where where we look for value and sort of the strategy of the company. Hey. Thanks, Tim. So the the slide here is actually pretty important. It's it's an industry standard slide in many ways, And it's it's called the Lassonde curve, and it's a a well well understood, well known sort of life cycle of a project, the value of a project. And and we at ORIOLE concentrate very much on the on the left hand side of of this curve, which is basically going, if you like, from theory to feasibility study, would be our main aim. And the idea is that you really start to see value accelerating, the value of the project accelerating as you start defining resources and moving them through the various technical studies that get it to a point where, you know, you could or somebody could build a mine.

3:28 And that's where that first spike is, that first spike value. And obviously, what we're doing is taking sums of capital to to drive something that will be worth much more than the amounts of money we take. And and the investors often, you know, worry about dilution. But, essentially, what we're doing is a is a cycle of evaluating the data we've got,

3:56 planning the work we need to do, finding the money to do it, and then doing the work. And and each time we do that cycle, we're advancing the projects along that curve. And and our strategy is basically to advance it as quickly as we possibly quickly as we possibly can because that's the most capital efficient way of doing it. The quicker we do it, the less money we spend on the administration and and the general ruling of the company. So very much we're keen to spend money on boots on the ground exploration and defining those resources as quickly as we can. To the extent that the Sonarl resource, which is our most advanced resource, kind of that in our exploration portfolio, we actually spent some money to to define the resource ourselves. I mean, I'm going to the operator, but we we define that resource earlier in the year.

4:49 And Claire will talk to that later on in the presentation.

4:54 Biblumi, we've done three phases of drilling, again, designed to push this asset along as quickly as we can towards resource definition. Three phases drilling in one year and the central licenses, which we only got awarded in February, We've done reconnaissance visit, regional scale, stream segment sampling program, and then well advanced on the soil sampling program. So what so that's what we're doing. We're we're moving everything forward quickly to try and get to those that value inflection point where resources start pushing the value of the projects. Thanks, Bob. And, you know, we we are a pretty well established team when it comes to early stage and project development, project definition, discovery, and development.

5:42 Between us, on this is a a cross section of the board and the executive management.

5:48 Notably, our two nonexec directors, our chair, Aileen Carr, who's got extensive experience through West African mine development and financing of of companies there, and David Pelham, who's, again, got extensive experience of gold exploration in West Africa and has actually been on discovery teams for deposits such as the Chirona gold mine in in Ghana, Hummingbird, and is currently also a nonexec director at CORA Gold. Bob and myself have been with the company now for coming up to four years, and Claire's been with the company considerably longer. So we have a a depth of technical expertise supported by some really, really good experience, African focused experience within the the management team and the board,

6:43 certainly the capacity to progress our strategic targets through discovery and on into resource definition and beyond. Yeah. So so ORIOLE been as as Tim referenced, ORIOLE has been in in business since me me and him arrived in 2018, but it's got a history before that going back to 2006. And this is a sort of a pyramid of our projects currently within the ownership of the company. The the greenfield exploration in Cameroon makes it the base of the pyramid, and it's really where we're focused. The Sonalla assets is slightly higher up. Obviously, we've got resource defined, and that's moving through to I'm Gold's earning, having been successfully completed for the first four years. And then at the top of that pyramid, there's assets that we would consider legacy assets that we would consider as as valuable means of maybe raising some money by disposing of them.

7:52 You know, we've we've talked quite a lot about Turkey in the past. The top of that pyramid is the Muradaya 1.2% royalty. This is on a 68,000 ton potential copper mine. I think when we initially converted to royalty, the copper in it, copper in our royalty was worth something like $4,500,000 Copper prices since pretty much doubled. And the projects advanced along. Mooredea, team behind Mooredea very close to submitting an EIA, which we would expect to be successful. It's an awful lot of work during the COVID years to make sure it would be successful this time around, and we look forward to, you know, being able to realize some value out of the day as it moves further down the the path to mine production.

8:48 Thanks, Bob. Obviously, we are although we're a junior company and with limited funds to operate our exploration targets, we are still committed to the the social license to operate as it used to be called, the ESG as it as it is referred to these days, environment social governance. The reality is that a lot of the social license to operate a lot of the things that you do as a junior explorer, you do naturally anyway. This is not something you need to be told to do. I mean, I've been working in Africa, well, globally, but with a a big focus on Africa for the last thirty two, thirty three years. And you very quickly learn that you have to be a decent human being in everything you do.

9:38 So what we've done with regard to ORIOLE's position on on the ESG goals is we've looked at the sustainable development goals that have been outlined by the UN, and we've selected for further focus the ones which are particularly relevant to us as a junior explorer interacting with local communities, with local teams on the ground. And we're making sure that we address the the gathering of supportive data for that so that we can give ourselves something to measure our ourselves and our teams against. But the reality is this is this is day to day bread and butter operational procedures that we would do anyway, and we have been doing throughout our careers.

10:24 So it's nothing new to us. The only new thing is that we're now putting it in a format which is matching and meeting, international reporting guidelines. So on that, I'll hand over to camera to to the Claire to take us through the Cameroon projects and then the Senegalese project. Claire? Thanks, Tim. So as Tim referenced earlier, we look at Cameroon as a new destination for gold exploration. We've been operating there for over three years now. And the reason we were attracted to the area in the first place is is that it's been significantly overlooked by the international investment community. But geologically, it sits between the Congo Craton and the West African Craton in a mobile belt that's got deep tapping structures that if you reconnect Africa and Brazil, they trend all the way through to Brazil and are are known for gold mineralization in South America.

11:27 So we were highly interested in this area. We have thus far got a portfolio now of 10 licenses, and the initial two licenses that Tim referenced before in the north of the country, we've met our own and obligation there and reached a 9% holding in those as well. But we've used the opportunity to advance our land position and really ensure that we have a first mover advantage. The country itself has developed a new mining code as of 2016. That was in association with the geological finished geological survey. And they've also had World Bank funding more than 30,000,000 to undertake a prospectivity analysis called PRACASM, and that was also supported by by BRGM undertaking the the technical work there. It included everything from mapping, stream settlement sampling, thin section analysis, but basically identifying the prospectivity across a range of commodities to really open up to to flag and promote the opportunity within Cameroon to identify various commodities, and and we feel that we're at the forefront of that with respect to gold.

12:45 The Bibimy project is one of the most advanced is the most advanced project, but it's one of the northern projects that Tim referenced earlier. We first signed the agreement in 2018 and subsequently have spent more than $3,000,000 on advancing the asset. To we this project was a formula project of reservoir minerals, and so there have been a certain level of surface exploration that have been completed at that time. However, we've undertaken a substantial trenching program initially to identify the geological and structural controls on the gold mineralization in the area and use that to help design our maiden drilling program, which we completed for 3,000 meters in h one last year.

13:31 That was focused on effectively pilot testing for key zones at surface, Bokassi Zone 1, Bokassi Zone 2, Lauer West, and Lauer East, as shown on the inset map there. And what it told us is that the gold systems that we're seeing at surface, these quartz veins hosting gold, do continue at depth. And to date, we found that the system extends to more than a 100 meters below surface, and the system is 12 kilometers extending along strike. The most laterally continuous zones where we identified at the Cassis zone 1. And so initially, we've targeted our follow-up programs on that zone, Although the other zones are also highly prospective, and we've actually returned visible gold from two of the zone two of the prospects, Lower East and Bokassi Zone two.

14:25 Structurally, they're a little more complex, and so we have taken a little step back there to do a bit more investigative work prior to any further drilling there. But stepping back to the Picasso zone one, some of the results that we've seen to date include wider zones of nine meters at 1.3 grams a ton, six and a half meters at nearly four grams a ton, but also narrower zones of higher grade mineralization. For example, 1.1 meters at 17 grams per ton, point eight meters at 28 grams a ton. And what this is telling us is that we've got great variability within the system, what some people refer to as nugget gold system. And so it would and this is supported by the fact that surface, we were in the north of the system. We were getting rock chip samples returning more than a 100 grams per ton.

15:14 The next step for this program is to build on the diamond drilling. All of the drilling we've done to date has been diamond drilling, more than 6,000 meters of it in total, which has given us great geological and structural information, but it's not created bulk samples that help give us a better handle on that grade variability within the resource model. And so what we would be looking to do as the next step would be to undertake RCES, which will give us greater volume of sample, and we can start trying to flush out the zones of dilation within the system and where we're getting blowouts in grade. The Bokassi Zone 1 so far, as I mentioned, confirmed more than a 100 meters below surface, and this zone here is confirmed that we've got grade continuing over more than a kilometer strike length within that 12 kilometer system.

16:15 And the widths, as I mentioned, we're wanting to see where the volume of the system is. The widest zones of this are up to a 150 meters wide. So really now it's coming down to how does that grade look in its distribution and how frequently can we intersect these higher grade zones within that system to make sure that we're getting that that grade distribution through the crust. Moving on to the southern portion of the license, the Lower West and Lower East targets. As I mentioned earlier, we're taking a step back. It's particularly on the on the Lower East Side and Baekasi Zone Two. It's structurally more complex.

16:54 So we wanted to firstly complete a soil infilled oil sampling program to give us better resolution on the geochemical anomalism. And the results are shown on that left hand map and confirmed at the end of last year that we do have continuity of the system between the Cassy Zone 1 and Lower West. Now there's nearly three kilometers strike length between those two, so it was really encouraging to see that that continues. Albeit, we do have a jog of the system and some rotation of the system.

17:25 But we're also the team is on the ground now undertaking ground mag, geophysics over the prospects. Again, focusing on finding the most dilatational parts of the system where we could potentially identify further drilling targets and really expanding that program outside of the Bokassi Zone One target.

17:48 Now moving to the central license project. It's in Central Cameroon. This substantial package of nearly 3,600 square kilometers was applied for on the back of a prospectivity analysis that we completed internally looking at the best geology alteration structures that would be prospective for hosting orogenic gold systems. We targeted this area specifically because it had the right eight rocks and the right geology, but also this key structure through the east of the package trending northeast, which is the Chelireo Banyo shear zone. It's a major deep deep tapping crustal structure that's a splay of that central Cameroonian shear zone, which, as I mentioned before, if you reconnect the continents, continues all the way into Brazil.

18:39 It's we we also have potential for orogenic star sorry, epithermal star mineralization on the of the package, which is more recent cover. So we've got two bites of the cherry effectively. The good thing about this area is that it's it's really accessible. We've got a North South Road, Tarde Road, which is the main highway that goes through Central Cameroon. That passes through the east of our package. We've also got two airports within 20 meters and two hours respectively of our license area, So it's really easy for the teams to get in and out. I'll just draw your attention to the map on the right hand side. This is the output of the percussion study I mentioned earlier, which was that prospectivity analysis.

19:28 These red outlined grids are the mapping grids that they used.

19:33 And it's a little hard to see on the screen, but there's a yellow outline which is showing what they're highlighting as a gold district. And our eight licenses sit within that license package. We can't license any further to the north of that because there's a forest reserve. So effectively, you can deduce that we've we've pretty much tied up that that district, which is a huge endorsement for the work that we've been completing and our targeting rationale in the first place. So we're very pleased with that with that outcome.

20:06 The licenses were granted, in February last year, so we've had them just over a year. And thus far, we focused on the eastern portion of the land package. And as Bob mentioned earlier, we've completed regional scale stream sampling, which identified multiple drainage basins with anomalous gold up to nearly 300 p p b, which is significant in in streams. And on the basis of that work, we ranked the basins and decided which ones we would like to conduct follow-up work with as priority one.

20:38 That was commenced in q four last year as a series of five soil grid areas, including this pilot soil grid on the east of the package. Results from that program are expected before the end of q one, and sampling is continuing as we speak on the other four license areas now. So that's something to look forward to later this quarter. Now moving on to the joint venture project. This is our this has been in the company since around 2013. It's currently JVed out with with IAMGOLD. And last week, we we announced that they had triggered 51% earn in by spending $4,000,000 over initial four year term.

21:32 We're just undertaking the the background checks to make sure that that money has been spent, and then we'll be formalizing that 51% ownership to IAMGOLD. But, ultimately, it's a nearly 500 square kilometer license area within a prolific gold district within Eastern Senegal, within this area known as the Kadigu Knieper Inlayer. We've got multiple major companies as our neighbors, including Irongold itself down at the Bote Mine just to the east of our our license.

22:04 So the first four years, as I mentioned, they've they've met that financial commitment or or what we believe they've met that financial commitment. But the first three years of that was focused on the southernmost prospect, which is one of five that we'd identified previously through surface geochemics geochemistry. And that was really with the on the basis of identifying additional resources that they could put through into the Bote mine facility project development project next door. However, the last year of the ORREN has been focused on the Faroe prospect, which is in the North around 40 kilometers to the north, and that's where we believe that there has standalone mine potential.

22:52 And this is why the Faroe prospect has three key target areas extending over six kilometer strike length. The most advanced of these is the Far East South target in the center, and it's where we'd completed the majority of our drilling prior to IONGOLD's involvement, and that includes intersections of 20 meters at 30 grams a ton, 60 meters at 2.2 grams per ton. IONGOLD initially completed two further diamond intersections just really to truth check those results. And I'm pleased to say that they delivered intersections of 70 meters at 1.46 grams per ton. Thereafter, they completed an RC drilling campaign of 5,000 meters, and that was really focused on extensional drilling at Far East North where we'd previously had three fence lines of RC drilling.

23:42 And also at Far East South, which is a haven't been drill tested previously. It was a surface anomaly that looked highly prospective, but it hadn't been tested at depth. And arguably, that's delivered even better intersections, including 35 meters at 3.6 grams per ton. So, really, that's looking to shape up to be quite significant. I mean, these really are world class intersections that we're seeing here. So the reason we believe it's got standalone potential is is highlighted by this cross section here through the Far East South target. Really, it's showing that we've got a depth of oxidation of 80 meters, which means it's available for open pitting at low processing costs because mother nature's already effectively broken down quite a lot of the the sulfide material that's that's quite difficult in processing and harder to make to get the gold out.

24:38 But also we've got circulation and and supergene enrichment at the surface, which is meaning that we've got gold distributed in wide intervals, which again means that when you come to open pit mine, you're you're having less waste material and more mineralized material. And as Bob alluded to earlier, we completed our own jock calculation estimate independently of iron gold, and that delivered a 155,000 ounces grading 1.26 grams per ton. As you can see, that falls within two pits over 950 meter strike length. But what's important to highlight here is that this is based on exploration drilling, not resource drilling.

25:26 And highlighted within this box here shows the potential for the exploration target here, which is still JORC compliant. It's effectively showing that these drill lines here are still mineralized. We can see the grade continuing along strike, but ultimately, the sample spacing the the fence line spacing is too wide for it to fall into the the JORC compliant categories at the moment.

25:52 But what we expect is that once iron gold start to infill those lines, we'll not only see an improvement in the confidence levels from inferred into the indicated and measured categories. We'll also start to see some of that

26:08 exploration target tonnage start to be delivering into into that model as well. And, of course, this doesn't take into account anything that's been identified at far in north or far in far south. So there really is significant potential to enhance the resource here. And the table at the bottom is just highlighting what I said earlier. We've got a deep oxidation profile here, and that's just showing that the bulk of the resource defined to date is falling within that oxide category.

26:38 Just focusing again on Far East South. This was just a a zoom in of some of those grades that we've they've delivered through the recent drilling. It is located 800 meters to the South, the Far East Southern Far East South mineral resource estimate. And so all three systems, the recent drilling has identified is open to the Northeast. There's potential to extend all of these systems and potentially we we do expect them to be multiple pits along the strike ultimately, but there there may be connectivity of those depending on the grade distribution along the strike. And I think sorry, Claire. Just before you move off that slide, I think one of the things that's important to note, the the recent drilling at Far East, Far South

27:25 has given us targets outside of the surface envelope of mineralization. Now this really goes to what Claire was saying about multiple pits. You know, we we expect this type of system to have a series of plunging ore shoots, and this drilling in the in the Far Right Far South target explains exactly that there's there's an ore shoot which isn't coming to surface at that area. Therefore, it's likely that the there's a plunge direction there that we're not seeing in the surface expression, but we are intersecting with the underground drilling. So as Claire says, this this far a project area over six kilometers has got massive potential for multiple pits. And, you know, we liken it to something like the Turano type deposit in in Ghana.

28:16 Yeah. Absolutely. And we're free carried on it. So any success that IAMGOLE are seeing from the exploration campaigns, we obviously share with our investors and will benefit from the upside ultimately. And then just gonna hand back to Bob to discuss our various investments within the group. Yeah. I mean, we actually touched upon these earlier in the in the deck. You know, the only new information on there, I guess, is that, you know, we're we're pretty much the first exploration company in The UK to do take advantage of the r and d tax credit scheme. But I might I might take this chance to answer one of the incoming questions that's come in around Muradella, Caraj, and Hasan Chalebi.

29:02 So let's start with Hasan Chelebi, which is probably the simplest situation. Hasan Chelebi is a asset in Turkey. It's been partnered out. The partner drilling quite extensively. There's a $500,000 success fee payable to us once they get through EIA stage and, you know, a 100,000 ounce resource, which we're pretty comfort we're pretty comfortable they'll get to the resource figure. We've seen the drilling results, but the EIA stage will take some time. Courage, as people who followed us will know, the the success based fee was actually triggered back in 2019, and we received 75,000 of it.

29:50 And we've been suing the partner ever since, pretty much trying to find make them pay through the cards. Now this actually moved on really successfully from a legal process point of view during 2021 and to the extent that we've got the cards to to go into injunction and and and actually did a raid on their offices. So, you know, we had our lawyers in in garage's office in under duty offices. But being an exploration company, there's not an awful lot there to take. We're still pushing ahead with the case. We're we're now trying to attach that case to the parent company who would have something we could get hold of. But, you know, I think ultimately, we'll reach a settlement with.

30:41 You know, the courts keep finding in our favor. You know, they've accepted the success based fees payable. Of course, they've paid some of it. It's it's as clear as as the case as you could imagine. Ultimately, it will come down to, you know, if doing a deal or accepting some sort of payment plan with them or a court case in two years' time when they'll pay us the fee plus interest plus penalty plus costs. So pretty comfortable on. At Merida, you know, we we speak frequently with a host of royalty companies. You know, just lately, we've eased off a little bit because Mordet is actually so close to getting through EIA, which is a a key stage in the in the path to actually becoming a mine.

31:32 You know, once they get EIA done and dusted, they're probably, you know, eighteen months from being a producing mine. And so getting past that process inherently increases the risk, therefore, increases the value of our royalty. So, you know, we we will keep engaging with the royalty companies. But, you know, to be honest, quite a conservative lot and and and don't are really keen on nonproducing assets. But, you know, we we keep pushing it, and we will eventually, I believe, find a a solution on Moradea. And if not, as I as I mentioned earlier, you know, initially, this is 4,500,000 royalties over a twelve year mine life. And since then the copper price has doubled.

32:17 So, you know, in some ways, would be as the finance guy, would be lovely to have an income stream like that. But as an exploration guy, don't have the money to put into the ground in Cameroon where we believe the opportunity is much bigger. And I I think before you move on from that, Bob, one of the things to to note is, you know, we've been there's a lot of things like this we've been running in the background, and, you know, it's not been relevant for us to to put this into any press releases or anything like that. But we've been very, very active in the back background, particularly Bob on the Turkish stuff. But importantly, at the same time, the Turkish team that's been doing this for us have we've been renting them out up until just recently as a consultancy group, and they've actually been covering their costs.

33:05 So we're we're we're progressing. We have progressed all of these various items basically, at zero cost to the investor. And, again, it's just one of the many ways that that the the management team have been really focused on controlling spend so that we can maximize the investment in the ground in exploring and do and and advancing our own targets and not being wasteful of of the the monies that we do raise. You go? Okay. The pay comparison. We we we start putting this pay comparison in, you know, just just to, I guess, show that, you know, we're all always conscious of the share price, always conscious of of what we believe to be an undervalued market cap. And and the pay comparison, you know, kind of draws that out, particularly if you if you go sort of to the middle of it and look at ASX traded and CSX traded companies, we don't have any resources, don't have a huge amount of projects, and we've got, you know, market caps well in excess of hours.

34:19 And then I guess the other point to note on this is a point I alluded to earlier. You go down to the likes of CORE, GOLE, and CHESTER who've pushed ahead aggressively with dual programs to define resources, and they've got triple the market cap. You know, less less complicated businesses, you know, less legacy assets, but triple the market cap. And that's very much, you know, the the theme we like to pursue. We want to get resources onto the balance sheet and into the share price. And I guess it's back to Tim. Thanks, Bob. Yeah. So, really, just to to wrap up before we go on to the q and a, what are we doing? Well, we're doing good quality exploration.

35:07 We've got some fantastic projects, particularly the advanced projects in Sonoma, which we think have got huge value potential in an existing highly endowed area, but also in Cameroon, which is a new frontier. I mean, this is the the targeting steps that we've taken here are sort of industry wide standard targeting steps, and they've really been validated. Our position has been validated by the fact that the pre Kasim program, this this prospectivity program, has identified the exact area of our central license package as the most prospective area for gold exploration in Cameroon. You know, we we really are carrying out quality exploration. We are engaged as a stakeholder should be, as a responsible exploration mining company should be in in the communities and in the areas and the countries in which we're operating.

36:01 We have some more advanced assets, as Bob's spoken to, and those give us opportunities for future routes to value, which will help reduce the amount of money we need to raise to continue exploration and ultimately add value back to the shareholder. And, you know, we're a very skilled and experienced team driving this forward. So, you know, we we honestly feel that we are a good proposition and that the the the takeoff sort of the the the runway is is well has been well built and well prepared, and now we're just ready for the ready for the takeoff. So maybe now is a good time to go over to to some q and a. Have If maybe if I could just jump in there.

36:50 Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated in the top right hand corner of your screen. But just while the company take a few moments to review those questions submitted today, I'd I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. We did have a number of pre submitted questions ahead of today's event, Tim has kindly responded to those. And they'll be published along with the responses to the live questions after today's presentation. As you can see, we've also received a number of questions throughout today's presentation, and thank you to all the investors for submitting their questions. Could I ask you to read out the questions and give responses where appropriate to do so, and then I'll pick up from you at the end. Thank you. Alessandra. Yeah. So there's a couple of questions that have come in regarding IAMGOLD.

37:37 So the first question, IAMGOLD have committed to the next spend of $4,000,000 in two years to own 70% of BOTO. That spending takes us to 2024. At that point, what is the best way for ORIOLE realize value from the JV project? So this is obviously a Sonala license. It's actually a a commitment to invest $4,000,000 in in exploration on the entire license. And at the end of that, IAMGOLE reaches their maximum position. They've got the potential to get to 70%, leaving the strategic CMC joint venture, which is our vehicle, with the remaining 30%. Now what what is the route to value at the end of that? Well, obviously, if if the if the prospects on the Sonata license do continue to give us the sort of results which Claire's already spoken to, you know, multiple tens of meters at multiple grams, then it's likely that we'll be able to extend the maiden resource that we've already published on on the Faroe prospect and possibly some other new resources to add to that to take us to some stand alone mining operations or possibly in the South at Cerudia and and Medina Barfay to take us to some satellite pits that could could feed into the Bolto project.

39:04 Now, obviously, this is all contingent on IAMGOLD developing Bolto, but in both cases, there's a there's a significant chance that these will be massively valuable assets. At the 70% earning point, the terms of the joint venture agreement are that we then have the opportunity to contribute pro rata to to any development that goes forward, or we have the opportunity to just simply dilute down to a a royalty position. Now that royalty position is 2%, I believe, Claire. Correct me if I'm wrong, which is a significant royalty position on on a gold prospect in in West Africa. So, really, that choice, we don't need to make right now. We've got two years while they continue to explore, and then we we see what to do there. There is obviously a third choice, which is to sell ours our 30% remaining stake to a third party.

39:56 So we have three different options to value there. And if you if you consider the area and the prospectivity of that area, you know, there there's a high highly high chance that something interesting will come out of the Sonarlo license, which we will realize value from in some way. As I said, we don't need to make those decisions right now. The other question on IAMGOLE specifically, IAMGOLE has been have been under pressure from activist investor RCF. That's resource capital funds, large multi billion sector specific mining fund, which has led to RCF getting independent directors onto the IAMGOLE board. Have ORIOL met with IAMGOLD recently? Have we seen the RCF board changes affect any of the plans with regard to ORIOLE, BOTO, or the FARA JV project?

40:47 Obviously, we we know IAMGOLD. We meet with them on a regular basis, but primarily on a technical position. We are we are a small junior company with a joint venture license that IAMGOLD are earning in on. I wouldn't expect to meet with the board and discuss I am gold's key strategic decisions and and directions for the company. So, no, we haven't discussed with them what the impact of this will be. But, obviously, we we are very happy that I'm Golden RCF have come to a compromised position on the on the makeup of the board and the management search for the new CEO. And we support I'm Golden in the steps going forward, and, obviously, we support RCF in in the investment in IAMGOLD. So with regard to expected changes to to our project, we don't expect there to be any impact to the project at all. We are an early stage exploration asset for IAMGOLD, and so it'll pretty much be business as usual, we expect.

41:49 We do have around this time of the year, we normally have a planning session with IAMGOLD to review the work proposal for the next twelve months, the the work plan and the budget and the the spend commitments. And, you know, we've got that being pulled together right now. Bob and Claire and myself will be meeting with the senior team in charge of the West African assets in the coming months. So coming couple of months. So, you know, we're we're quite comfort confident that there's really no no negative impact here. And, obviously, if there's a realignment of IAMGOLE's board for the benefit of all shareholders, then we would hope to to benefit from that as well. Another question that's come in here.

42:34 Do ORIOLE intend to form a strategic alliance with a minor for the Central Cameroon licenses? You know, our our development plan we were a prospect generator, so we identify target areas that have been overlooked or underexplored in our opinion, and we get into those areas. We try and make new discoveries and move those discoveries along the the the resource pipeline. And this is exactly the plan for Central Cameroon. We've been there for twelve months, and we've already massively improved and derisked that target area for potentially multiple projects to be developed in that in that footprint, that that three and a half thousand square kilometer footprint. When it comes to funding those, obviously, the the more advanced that we can take those targets ourselves with investors' money, the more value we add to our share price for any future deals.

43:36 So whilst it would be very a very sort of a simple step to try and bring an investor in a large mining company in today to take over that that package, The reality is that that really would not give value back to the shareholders to the same extent that advancing that package further ourselves would would do. You can imagine if if we were able to do some move fur further forward than simply stream sampling and soil sampling and maybe get some drilling in there, get some definition of of what these systems look like at depth, what the continuity looks like, how many of the systems there are. You know, we've got a 70 kilometer stretch of the Cholera Banyo shear zone our ground in the East.

44:21 50 kilometers of that is showing an optimism for gold. And then we've got further targets on splays off that shear zone and and within that shear corridor, that sort of 20 to 25 kilometer shear wide shear corridor. So we've got significant potential value here, and, obviously, we would love to advance that as far as we can on our own. We can operate fast. We can operate cheaply. And as as Bob and Claire have alluded to, we we we like to put as much money into the ground as we can. So, hopefully, we can when we do get a route to value, obviously, talking to to potential major investors is one of those routes to value. Another route to value is to advance those further and further down the line ourselves. Bob and Claire, don't know if there's any other questions in there that you've that you've seen on there. There was one which kind of follows on from what you've discussed, which is just now, which was what are the near term catalysts we should be looking for?

45:20 And oh, I'm sorry. That's another one coming. And what is the strategy to realize value? Will you sell out fully or retain a carry? And I think that kind of depends on what the opportunity is and what the what the value to ORIOL shareholders is at that time. Yeah. I think, you know, as as a project generator, you know, the best thing we need to do is is remain flexible and understand our options on any asset or in any, you know, way of moving the business forward. So, you know, if if we got a good offer for our share of Sonata now, we'd, you know, we would obviously have to think long and hard about it in the interest of shareholders, what we could do with that money to advance the company and the value to shareholders.

46:10 But equally, we've had options open on all of these things. It it all comes down to the value of the offer against the perceived value and the current value to the shareholders. Well, I think we're we're probably reaching the end. I'll just take I'll take one last one last question. Let's just have a look through here. Yeah. One question on on cash. Sorry if I missed it, but are we okay for cash for the immediate future? Bob, I'll throw this over to you as the CFO. You you take one last question. I mean, you know, we're we're not a million miles from publishing our December 21 financial statements. So, you know, questions on cash are probably best left till that that audited number comes out.

47:14 So, you know, we're okay for cash at the for the immediate future. Of course, we are. But, you you know, the results are coming out very shortly, so I can't really comment on it beyond that. And, you know, we are an exploration company. Our model is to raise money and spend it in advancing projects and repeat that cycle to the point that the projects show significant value gain, and we think we're at that point with several of our targets. So, yeah, I I think we're we are I think we would all consider ourselves to be good stewards of the the investors' dollar, especially as we are all holders of the shares ourselves, and we all we all do invest when we when we have the opportunity to and when we're not closed out.

48:07 So I think, you know, we we are an interesting proposition for potential investors. I would like to think that we have an advantage over a lot of juniors and that we have a significant landholding in Cameroon for grassroots early stage, you know, three and a half thousand kilometers, contiguous licenses, 90% ownership multiple targets on them in a brand new mining jurisdiction or brand new potential mining district, I would think that we would offer some really good upside potential for people. And we have the the the inherent value of our legacy assets at Sunala, where I am gold are spending the money, and we're free carried in advancing those targets, and where we have these legacy assets in Turkey and other investments in in East Africa. So I think we'll wrap up there and, you know, refer you back to back to the website for for future information.

49:06 Tim, Bob, Claire, thank you for updating investors today. Could I please ask investors not to close the session as you'll now be automatically automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete. However, it will be greatly valued by the company. On behalf of the management team of ORIOLE RESOURCES PLC, we'd like to thank you for attending today's session, and good afternoon.