Oriole Resources (LSE:ORR) — Pre-AGM Statement and Q&A

0:01 Good morning, ladies and gentlemen, and welcome to the ORIOLE RESOURCES PLC Pre AGM Statement and Q and your screen. Please simply type in your questions at any time and press send. The company may not be in a position to answer every question 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. These will be available via your Investor Meet company dashboard, and we will notify you by email when these are ready for

0:33 your review. Before we begin, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to independent nonexecutive chair, Aileen Carr. Thank you, Jake, and good morning to you all. I'll now read my statement as released this morning and then hand over to Tim to field any questions. The start of 2022 has been exceptionally busy with solid progress on our projects in Cameroon, confirmation from iron gold of the completion of the first phase of their earning in Senegal, refocusing of the Turkish operations and completion of the annual report, which has enabled the early and successful submission of the 2021 research and development tax claim.

1:22 At Bibemi in Cameroon, we were delighted to report promising results from our third phase of diamond drilling at the Pacasa Zone 1 prospect. This phase delivered mineralized intervals of up to 9.2 meters grading 1.31 grams per tonne of gold and 2.1 meters grading 19.04 grams per tonne of gold, including a bonanza intersection of 1.1 meter grading 36.06 grams per tonne of gold. In addition, the soil sampling results reported earlier in the year confirmed continuity of the system southwards to the Lava West prospect, giving a confirmed strike length of almost 12 kilometers.

2:10 At the central license package also in Cameroon, the team continues to advance its early stage exploration program over this nearly 3,600 square kilometer package of eight contiguous licenses. Building on the 2021 Regional Stream Sediment Program, an extensive program of semi regional soil sampling commenced over the Eastern licenses and initial results have also identified several areas of significant interest. The highest reported result to date of eight thirty eight parts per billion of gold was returned from the Mumbai license within an approximate 11.5 kilometer in situ anomalous gold in soil zone. We are in the initial stages of exploration at the central license package and are delighted that the area is already confirming the promise identified during our prospectivity analysis undertaken in 2019.

3:10 In Senegal, IAMGOLD confirmed that it had completed the required $4,000,000 spend to earn a 51% holding in the company's Sonali license. Iron Gold's fourth year of exploration on the license was completed at the end of Feb twenty twenty two with further excellent results from the Faroe prospect announced earlier this year, including the best interval of five meters grading 12.45 grams per tonne of gold, which included two meters grading 26.61 grams per tonne of gold. We are now moving through the process of formalizing the ownership position and discussing the year five work program with Irongold. Further announcements on each of these topics will follow in due course.

3:59 In Turkey, we have successfully completed the restructuring of the business so that our legacy interests in country are still being actively managed, but at a low cost to the group. The sale of a small antimony royalty in March for $22,000

4:16 and the collection of working capital balances have already generated enough funds to ensure that the Turkish operation will be cash neutral or better for 2022. We're also actively pursuing $1,400,000 of overdue debts. At a corporate level, the team has been hard at work delivering the annual report and submitting tax returns in order to bring in the £403,000 of R and D tax credits as announced last week. This alongside the exploration work is a real team effort and will help drive further work in Cameroon.

4:54 That concludes my statement, and I'll now hand over to Tim to take any questions you may have. Thank you. Eileen, that's great. Thank you very much indeed for that. Ladies and gentlemen, please do continue to submit your questions just by using that Q and A tab that's situated on the right hand corner of your screen. I would just like the team to take a few moments to review those questions submitted already. I would 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. Tim, as you can see, we've received a number of questions that have both come through pre submitted ahead of today's event as well as a number that have come throughout today's presentation itself. Firstly, thanks to all investors for submitting their questions. And Tim, if I could please just hand back to you, just run through that Q and A tab and share the Q and A session, and then I'll pick up from you at the end. Thank you. Thanks very much, Jake, and thanks, Ernie, for the intro.

5:44 We do have some already presubmitted questions, as Jake mentioned. So I will divvy them out to the to the management team and board as we as of as appropriate. The first one possibly one for you, Bob.

6:01 Please, can you explain why the director's salaries have increased? Yeah. Sure. And and thanks for that, Tim. I believe this is a reference to the the totals in the remuneration committee report in the 2021 annual report where the 2021 figure is 395,000 and the 2020 figure was 352,000, which on the face of it looks like an increase. But in actual fact, it's it's all down to the fact. In 2020, we had four directors. In 2021, we we promoted Claire to the board to recognize her contribution to the company. And it's actually just that incremental half year of an extra director, which accounts for the entire difference. And, you know, in terms of individuals, both Tim and I came in on market salaries, probably the low end of market salaries in 2018, and our salaries have not increased at all in that time. The the only movement on them has actually been when we've done salary sacrifices for equity or when we took pay cuts in 2020 to help the company through the pandemic.

7:05 Thank you, Bob. And just to to answer that, Bob and I were not the only ones to take a pay cut during the pandemic. In fact, the entire team across the board voluntarily reduced the salary during 2020 to ensure that the company was well funded through that time.

7:25 Now on to some perhaps more more relevant points. What do the results at the CLP tell you? Claire, could you fill us in on the central license prospect results, please? Yes. Thanks, Tim. So the CLP or the central license package project, this is the district scale package that we have in Central Cameroon. It's a package of eight licenses, which cover almost 3,600 square kilometers. We've been working there since the licenses were granted a little over a year ago, February 2021. And last year, we undertook regional stream settlement sampling program, which identified gold anomalism in multiple drainage basins. And there was a strong association of those drainage basins, many of those drainage basins, with this structural corridor known as the Chuliri Banyo Shear Zone. The corridor itself is has a strong association with gold mineralization, and it's it's renowned regionally for having controls on gold.

8:28 So we were delighted as a first pass to identify that gold nominalism. But what it enabled us to do was then move to a semi regional soil sampling program, which we kicked off at the end of last year. It was to cover an initial five soil grids. And earlier this year, we reported results from one of those soil grids. It's the first one that we've been referring to as the pilot area, and that was covering some targeted areas within the UNDOM and the UNBEI license. What it's delivered is multiple two to three kilometer striking long anomalies in the license and also an 11 and a half kilometer long anomaly within the license.

9:15 That anomalous zone actually

9:18 ended in grade towards the western margin, and so we've moved towards pushing a a further soil sampling grid just to test that southward southwestward extension. It's early days, but what I can say is that to have identified multiple anomalies from this what is very early stage first pass wide space sampling is very encouraging. Also, the first pilot area has only tested a numb a small number of targets within two licenses of this eight eight license package.

9:59 And so as we start to get more results through, we we expect and hope that we'll be adding to those number of anomalies. The it it really endorses everything that we've done in terms of targeting this area and the prospectivity of the region to identify gold anomalous zones. We'll continue the the four additional grids plus that extensional grid over have now been sampled. So as we start to get those results, as I say, hopefully, we'll we'll get more anomalous regions identified. And we'll continue to to rank and prioritize those targets, but the 11 and a half kilometer zone at Mbe, I think it goes without saying, is a high priority for us. And the teams have already been out undertaking rock chip sampling, line mapping, and we'll just continue to systematically advance the prospects towards eventual drill targeting.

11:01 Thanks, Claire. And I think if anybody is interested to see the just how significant these CLP targets are, just go on to the website and and have a look at some of the images there from both the stream sentiment sampling last year and from the soil sampling, which Claire has has just talked about. Some really stunning imagery there showing these these anomalies.

11:24 Another question. Are we in discussions with any companies to create a strategic partnership to accelerate the exploration and development of the CLP? I'll take this one. You know, we we are constantly, talking to, potential partners. We're constantly talking to our peers in the junior, the mid tier, and the major sector. We do feel that the the central license package in particular and Cameron in general is really is a a new frontier for the company and globally for gold exploration. And so we really don't want to give away the farm too early by by bringing in partners almost too early. However, you know, the door is always open for discussion with with groups. And, obviously,

12:11 the the results any decisions made will be the result of discussion at the board level to ensure that whatever we do decide to do is in the best interest of all shareholders. So that's as far as I would go with with that question. Another question here. What information do you have about the listing of Elephant Oil in North America Will you sell your stake once listed? And this was some previous legacy investment from prior to the current management and board coming in. Bob, perhaps you can speak to that one for us. Yeah. Sure. It's in two parts. Information we have on it is that Elephant we we hold shares in Elephant Oil Limited, which is and the business of that is going to go into Elephant Oil Corp, and we believe float on Nasdaq and hopefully in the not too distant future.

13:12 Now what we don't know is how many shares we'll get. There's gonna be a share consolidation when the shares in limited goes into court. So so we can't really draw parallels with what we've got on the company's house register with what we'll actually get in. We don't know what price it will go on. We don't know the exact timing of it. And and we don't know if there'll be a shareholder lock in either, which is quite quite normal in an IPO that shareholders would get asked not to sell for a certain period of time. So, you know, we know it's happening. We don't know how much it means to us. I saw a comment from the EDROC RESOURCES a little while back where they talked about many millions of of value. It is probably worth pointing out they have about seven times as many shares in elephant oil that we do.

14:01 But, you know, it it will be a nice boost when it does come through. In terms of where will we sell? I mean, I I mentioned potential for a lock a lock in on existing shareholders. But, fundamentally fundamentally, it's not our business to be a passive investor in a oil and gas stock. So at some point, you know, we'll probably realize, but it probably won't be as imminent as people would think. Thank you, Bob.

14:30 The next question, are we seeing any interest institutional investors? Again, I'll I'll take this, I think. You know, we always engage with interested parties, whether that is private investors, high net worth or family offices or sector specific groups, funds, and institutions that focus on early stage grassroots exploration and development. So we're constantly in discussions with these sort of people as you would expect as a management team.

15:06 Are we seeing interest from them necessarily? Yes. Cameroon is a new story. It's we are unusual in that we are leading the charge in a new a new district, a new frontier for gold exploration. Obviously, people are interested in seeing how we are progressing, and they're interested in seeing what value we're adding to the assets with our exploration and how we're derisking things by moving forward with licensing and, you know, just normal day to day transparent business processes in Cameron. Do we have anybody waiting in the wings to invest huge amounts of money? Well, I wouldn't be able to share that on the q and a session anyway. But, you know, obviously, we we will continue to engage with these these sorts of groups both through the the normal four formats of things like the one to one meetings and also privately through through our contacts.

16:07 Another question on the finance side, probably all for you, Bob. Can we expect another placing and more dilution anytime soon? Yeah. Thanks, Tim. So so on the dilution point, I think I and I think the board see this differently to a lot of people in that, you know, what we're doing is taking capital to build value in Cameroon. We've we've got early stage assets. We need money to build the value in it. So I I don't see it personally as dilution. We're we're adding to the asset base of the company. And I think if we can go to this graph full screen,

16:45 is actually, you know, probably some something our investors are well aware of on the blue line, which is our share price, but maybe not so well aware of on the orange line, which is our market cap. And it it sort of illustrates the building value point quite nicely. In that if I can take drawing on.

17:08 As as you can see, the market cap throughout this period and we did we did a small raise around here at the very start of ORIOLE to get into Cameroon. But the market cap itself was bumping around the sort of, you know, two to three mark all the way through early twenty twenty. And then since then, we've done two large placings. And as you can see, the market cap is actually now pretty stable in the 6 to $78,000,000 mark. I mean, the share price bounces between point three and point five, point six. But the actual value build is is pretty evident in that in the growth of the market cap. So the market understands what we're doing. We're taking capital. We're building value in Cameroon.

17:56 So so on the dilution point, you know, our view is we're we're building value. Another placing mean, the business model of of of of a junior exploration company is to look at what results they've got, work out what they need to do next to add value, raise money, and then go and do the work. So at some point, provided we're having success, which we are, undoubtedly, there'll be a need to execute a new work program.

18:30 Yeah. Thank you, Bob. Yeah. I think that that graph really really does illustrate the the continued value add and the the impact of of the investments that we've been bringing in. Let's go on to what else do we have here? We have a question here regarding IAMGOLE's exploration plans. What are IAMGOLE's exploration plans for the next two years? Do you think they would buy Sonala from ORIOLE? Claire, perhaps you can take the first half of that on the exploration plans, and and I'll pick up on their their expectations beyond that. Thanks. Thanks, Tim. So just to recap on where we are with IronGold, we signed a joint venture or an option agreement with them back in at the end of February twenty eighteen.

19:20 And over the past four years, they've been spending $4,000,000 in order to move towards a 51 percent position in our Sonala license. And earlier this year, they notified us that they'd met that obligation.

19:35 And so we're just completing the background checks and and checking for the expenditure to make sure that it has indeed been triggered. Everything we're seeing so far is is looking good that they have met that commitment. And so we're hoping to be in a position shortly to confirm that 51% interest. Thereafter, IAMGOLD has the right to spend a further $4,000,000 over a subsequent two years. That would take us to the end of February twenty twenty four. We actually met Bob, Tim, and I met with the team in in Dakar earlier this month to run through the next phases of the work program. And we're pleased to see that there's a strong focus in their program on FARA. That's the northernmost prospect in the license and where we believe it's got stand alone potential for resource development, and in fact, where we identified a maiden resource there in the second part of last year.

20:33 I mean, with anomalism extending over more than six kilometers and some of the intercepts that Aileen mentioned earlier, the 35 meters at 3.6 grams a ton, 70 meters at nearly one and a half grams per ton, Far East clearly a strong focus from us for us, and it's really promising that IAMGOLD share that vision and really want to prioritize it in the in the coming program. As I've mentioned, we're yet to formalize their position at the 51% interest. But as soon as that's done, we'll we'll obviously provide a market update, and that will include some visibility on what the work programs will look like going forward. Thanks, Claire.

21:15 Regarding the second half of that question, would they be interested in buying Sonola from us or rather our our position in Sonola? You know, it's always a possibility. I would expect that they would continue to spend their their 4,000,000 for the phase two option, which takes them up to 70% ownership. You know, they're obliged to spend that to to meet that 70% anyway, and it will be sensible and the logical thing to do to progress the exploration themselves, take it to that point, and then make a decision at that point. You know, it it's possible they would make a bid when they reach that point depending on on the wider strategy in in Saudi Arabia and West Africa. Unfortunately, although we have very good relations, a very good connectivity with the team and country, and with the West African management. You know, obviously, we're we're a a junior license holding company.

22:15 We're not privy to strategic discussions by INGOLE's c suite and board.

22:20 So I wouldn't expect to be to be told what their plans are in the future until they get to that the end of our option two period. I guess the bigger question is whether we would whether we would want to sell. You know, we we effectively, at that point, would have three options. We could simply sell our our 30% stake, the strategic CMC joint venture holding 30% stake. We could continue to cofund at the appropriate pro rata rate, any ongoing exploration and development beyond that, or we could decide not to cofund but to keep our position. And we have a backstop 2% NSR royalty on this on this agreement. So, you know, we have options to be either passive or aggressive and stay involved or simply to sell out.

23:15 And, really, that discussion is something that we would only want to have at the end of the 70% option when they've spent another 4,000,000 and continued to hopefully get some some more good results in the far area possibly even test some of the other prospects. You know, Sonara license, we we focused on Farai and previously on Medina Barfic because those are the areas that I'm going explore today. But there are actually five target prospects on the Sonara license. And And so there's a there's a two that that really haven't been touched by on your ads yet. So there's a lot of opportunity still coming along through that. So I guess it's a a wait and see. We we don't expect to get them knocking on our door right now.

24:01 And when they do knock on our door again, we will do whatever's in the best interest of the shareholders of the company at that time. Now on whilst we're on

24:17 Sonala, there's a comment on Senegal here, question on Senegal. Tessa Resources released a positive scoping study at its project close to Farai. What can the company take from these results? I'll probably I'll probably take this question as well. You know, we have very strong links with Chesser, most notably because I I know the exploration VP, though. He's been been a a good friend of mine for the last thirty years or more. And we're we're always very interested to see the progress because, obviously, it is only 10 kilometers from far end. They have had a really good success in developing an initial a maiden resource and building on that resource.

25:02 And now recently, they published effectively a a PEA type study looking at the economics of that of that resource. How does it tie back into us? You know, what can we take from their results at the Armistead? Well, our far right target area is essentially Armistead is an extension of the far area in in all some geological respects, structurally and and geologically. Very similar geology, apparently similar metallurgically as well, although there's more test work needs to be needs to be done on our side for that. It's very heartening to see that they're able to pull together a resource quite quickly once they've gone into a defined resource driven program.

25:49 And we can obviously draw parallels, and and the investors obviously can draw parallels between the value of a of a low cap low CapEx mine development by Chesser and what may come out at at the far right target. So, you know, it they they their deposit could be a proxy for what we have at far right, but simply need to do more work at far rate or other does. And we have had seen some very significant results, which have already been talked about over the last twelve months of program at the various far rate targets far south, south, and north. And, you know, we look forward to to seeing how those those targets develop in the next two years on the iron ore stewardship.

26:43 So question here. So we have one just come in from. Tim on the board, are you satisfied that your focus is not overly concentrated on Cameron and Senegal and not starving shareholder value development time across all of the promising projects and interests ORIOLE across our portfolio, I. Missing value accretion opportunities by neglecting our wider opportunities. I'll take this. I think, you know, quite simply, focus is Cameron and Senegal because that's where we have most of our investment and most of our activity. Senegal were free carried. So we're obviously focused on what I'm the older doing there, and I'm overseeing the work that they're doing, auditing it both technically, which Claire and I do, and obviously, financially, which both does, because that's an investment. They they're investing in our license. Cameron is our main push. That's where our teams are on the ground working.

27:41 I'm not quite sure what you referred what you're referring to there by not starving shareholder value development time across all of the promising projects. Our other interests are really just a bunch of legacy assets that were held off from the old Stratex days. We have progressed investment into the Egyptian and Djibouti assets, were previously in the target Stratex. Both of those assets, we own a minority position in, so we have no influence over. Although we are I'm a director on both boards. Both of those projects are being taken forward by private companies, both in Egypt and Djibouti, drilling and exploring and advancing and and hopefully adding value. So as an investor, we are passive investors effectively in those assets.

28:32 As a passive investor, the value of those, hopefully, is increasing. Our other main assets are obviously in the Turkey area. And, again, they are mainly Turkish stuff is is is mainly mainly royalty stuff. I don't know, Bob, whether you wanna add anything on the Turkish assets at all. Yeah. The the I mean, the Turkish stuff is effectively a a lump of legacy assets we we've had in Turkey. The history of the company was it started in Turkey. Did did really well. We've But got a few things left. There was actually quite a lot of value tied up in it. So we we talked earlier, I think Aileen mentioned in her statement, about $1,400,000 that we're pursuing for the courts. We've got about another million dollars worth of of success based and progress based payments due to us on two projects that we've partnered out.

29:21 And then we've got the Moradea royalty system that we that is progressing through its EIA stage. We would hope we would hope it'll get its EIA in this half of the year. And, you know, we constantly look for ways of realizing that it's it's a significant valuable significantly valuable asset. At the moment, I think the the board's view is it's gonna get an uplift in its value as soon as EAA comes, and therefore, we should be patient on the sale of it. We we had an opportunity to engage and and maybe dispose of it at the back end of twenty twenty one. But it it it just seems so close to a significant step up in value that we're we're we're moving forward with it for the next couple of months at least.

30:14 Okay. Thanks very much, Bob. So what else do we have here? So can you comment on the share price movement over the last couple of years? I I'll happily comment on that. Although, if I get it wrong, I'm sure Bob will will jump in. Effectively, share price is doing exactly what we expect it to do given our position on the Lassonde curve. You know, we are we are tracking along. We're we're a company that is focused on identifying and discovering new assets in a new frontier. And until those new assets are are new discoveries are made and mineral resources are attributed to them, we're we we won't get a massive uplift. We we have had a value uplift even so based on our market cap.

31:04 So going back to Bob's graph, you know, the share price is one thing, but actually, the market cap is perhaps a better thing to look at when it looks when you're looking to where we add value and whether we have added value. Cameroon is effectively a new it's a it's a new Gold District. There's no there's no doubt about that. If you look at the images, you know, we have six new golden on those areas, the longest of which is over 11 kilometers, still open ended on an initial sort of something run on two out of the eight licenses in the central license package. Now having been in the industry for, I think this is my thirty third year, that is is quite startling. And I think other people in the industry are seeing that as well, and and Cameron is certainly getting a lot of a lot of interest.

31:54 So that would be my comment on the share price. I I expect that the share price will increase as and when the those assets continue to move forward. But the market cap is tracking with the investment, and, that's the important thing at this point. Let's have a look. While while we're on financials, let's do a stay with Bob. Bob, how many shares how many shares, what percentage does the board hold in the company? Yeah. Sure. So so this this always feels low. 1.36% between the board. Always feels low. We've gotta take it in the context of a company that was that was about twelve years old by the time we we came in.

32:41 So we don't have a founder founder share position. But it's also an exploration company, so we need to raise funds regularly. And whilst the directors contribute to every raise, it's it's unrealistic to expect us to fund a drilling program between us. So, you know, the the share equity shareholding is is not where we'd like it to be perhaps. But when you look at what we've done on, certainly, the salary sacrifice option scheme where the entire board at the time took four months salary sacrifice to get options, when you add them back in to the mix and just include them in the equity, it's about 5%, which is a much more sensible figure. Thank you, Bob.

33:28 Oh, we've got a clarification from Ketan K. Apologies if I'm pronouncing that incorrectly. To clarify what I mean, ORIOLE has retraced almost all its share price gains since last year's policy development. Just thinking management's focus on wider portfolio may add to the story as people seem to have lost interest in it over the past six months. Well, I I'm glad to say that none of us here in management and and the board have lost interest in in it. Cameron is getting more and more and more interesting. There was a spike in the share price at the beginning of twenty twenty one based on no news at all, And we we were obliged by the AIM regulatory markets to put out a a speed speed warning on that, put a notification that the the price rise was not linked to anything. That's just typical movement along in this end of the market for, you know, early stage explorers in the Lassonde curve in that part of the Lassonde curve.

34:28 You know, investors, I I perhaps you have lost interest in the past six months on the assets, but trust me, Senegal, if you look at the results again that have come out over the last six months from the Senegalese drilling at Farai, spectacular, wide, good grading intersects, exactly what you expect to find when you're looking for an open pit mineable resource. And similarly in Cameroon, fantastic results in a brand new gold district. Remember that the central license package, 3,600 square kilometers, very, very few junior companies or companies our size have a light have a continuous license package that large. The results that we're seeing there are truly are spectacular. It is a brand new gold district.

35:15 And, just to to, sort of strengthen the argument there, this is an area of Cameron that had never had a gold explore exploration license issued previously. So that really speaks to the technical capacity and success of our geological team, both in country, in Senegal and and here in The UK. So we think it's massively exciting. And I'm I'm sorry that you have lost interest in the story, but I would encourage you to perhaps go back, revisit the website, revisit some of those images, and listen in to some of the more specific presentations we've done on those on on the Cameroon central license package. It really is a truly exciting place to be right now.

36:02 Some more questions coming in there. There's a couple of there's there's a little bit of overlap through some of these here, so I'll just try not to be too repetitive. We have is there a need to raise monies? Well, you know, as Bob has already covered that, you know, we we look to realize value from our legacy assets where we can. Where we can't do that, we obviously look to raise money. That is the model of a junior explorer, and that's one that we've we've subscribed to all along.

36:49 Please, could you give us an update on Sonoma? I think that's been covered already, Mark. So, again, these questions will be will be put out to we'll be able to put written answers to some of these if we can't answer them today. Can you please outline your exploration plans for Cameroon in 2022 and how you intend to fund them? For the exploration funds, I'm sure, Claire, you can talk to that. How we intend to fund them, I think we'll we'll leave that for now because, obviously, we don't want to dive divulge you all of our secrets to the market. But, Claire, perhaps you can talk to the exploration part. Yeah. Absolutely. I I won't go over again the central licenses.

37:35 Needless to say, we've we've completed the the source sampling program, and I've already discussed that we're doing rock chip sampling and and mapping and working towards dual target definition of the anomalous zone. But refocusing on the Cassy zone one, where we've completed most of our drilling at the Bibami project, We've already pulled together a follow-up diamond drilling program, and that will be commencing shortly. That's the area where we've already identified significant intersections, including 6.5 meters at nearly four grams a ton, 9.2 meters at 1.3 grams a ton. So this is a a a key follow-up target for us.

38:21 The program itself is going to focus strongly on testing the extensional sub horizontal veins that we see in the trenching and we've also seen in the core because we think that they've got a strong role in where that localization of the gold is occurring and giving us the increased and enhanced volumes of gold and and the wider intersections. So we'll be focusing on that. We're also going to be undertaking some PQ holes. And PQ is basically a wider diameter hole focusing on getting increased volumes of sample. And what that will do is enable us to get a better representivity of the get grade distribution within our model.

39:12 So the capital t drilling team will be mobilizing later this month to site, and so we'll provide a market update on on the full program that we've got planned for there in due course. And we've also recently completed a ground magnetics program over the entire license. What were the key? I should take a step back. Not on the entire license, on the key four prospects that we've identified within the license to date. And so that should aid with our targeting at the three other prospects, the zone two, the Lower West, and the Lower East prospects, and really help us zone in on those more dilational parts of the system where we feel there might be great opportunity for hosting enhanced volumes of gold.

39:59 You want to did you want to take the other part of that? Well, I mean, just to say really that, you know, obviously, closing in on on the start of the rainy season in Cameroon, so we're wishing to get a bit more work done. Traditionally, we've always taken the time in the summer to to get together as a as a board and get get some more geological input to talk about what we've learned in the in the previous dry season. And the you know, at that point, I refer back to the business model, which is, you know, look at the results we've got, work out a sensible plan, raise some money, and go and execute the plan. So, you know, we've we've we will always be running that that program. You know, we need to see see the results in in the whole. You know, we haven't really got the geomag results back in in in in much format yet.

40:49 So we've got lots to look at as we get into the, certainly, wet wet season. Thanks very much. I think just just to to add perhaps, you know, one thing that we have done quite diligently in the last four years is really focus on essentially ring fencing monies that we do raise to maximize the spend in very simple boots on the ground exploration. You know, we we've not only carried out massive cost reductions on on g and a and management of the company, Diversification, we've we've cut back on our on our, areas that weren't really bringing in value, and we've realized value from assets wherever possible. So we've put a lot of fiscal control in and and thank many thanks to to Bob and to Claire for for pushing through on a lot of those, those topics as well as the the obviously, you know, bringing in money from things like the research and development tax credits, £403,000 this year, for for 2021 from that and about £300,000 in the years proceeding. So, you know, we are we are very disciplined in spending the money that we do raise or we do we do realize from assets in the right way, boots on the ground exploration, and that really advancing. And that summer wet season is really a key to that, the ability to bring the team together and put together a plan, a work plan, a schedule, and then a budget to that.

42:19 And then it's a matter of looking at at the the bank accounts and and seeing whether we need topping up and and what what needs to be done to do that. So so that's that's where we're up to right now. So more questions coming in. One here from David m. Very few deposits eventually become mines, and those that do tend to be higher grade shallow deposits with simple geology, good access, and low CapEx requirements. Although at an early stage, how did ORIOLE's deposits fare on those points? I think, you know, we are aiming for originical systems here. The geology is reasonably simple, though the structural controls on it can be complex, and we are really focused on getting the right amount of data to be able to interpret the structures.

43:08 Good access. Well, the central licenses, the the eastern five licenses have the main North South Highway through Cameroon goes right through the middle. The 11 kilometer anomaly that that Claire mentioned at Embed, I think on on, Claire's recent visit to site, it it was you know, you could see the outcrop from the road. It's very, very close. And that's a toll road through the middle. Infrastructure's pretty good in that part of Cameron because there's a lot of agriculture to the north and and sustainable forestry as well. So access is is pretty good. Similarly, in Senegal, that area of Sonola and areas east is is a well developed gold mining area, so there's a lot of infrastructure in that area. All of our assets in West Africa are gold focused. We are looking at initially, particularly things like far rate, really lending itself to shallow oxide open pit bull with deeper, higher grade tail type deposits, very typical of of that part of the world. So, you know, they do stack up. Yes. The the odds are against discoveries going to mines. That is that is the risk at this end of the business, but also the reward at this end of the business.

44:22 You know, the junior sector is is renowned for spectacular type discoveries and developments. And one way to try to reduce the risk and maximize the opportunity there is to have good, stable, large land holdings in very prospective ground. And the Sonoma license in Senegal is clearly that. It's an extremely prospective area great geology structure alteration. And similarly, our central license package and the bitumen targets in in Cameroon. Great geology, ticking all the boxes for ORIOLE RESOURCES, RESOURCES, and brand new licenses that issued last year. So we think we're in a very good position to maximize our chance of success, and that's what we are doing. That's what our our you know, the the goal of any junior explorer is to maximize your chance of success, and and we've taken all the steps that we can to do that. So I hope that answers your question, David.

45:25 I'm just looking through. There was a question on Timber I think we could probably take. Sorry, Bob. I didn't see that. Oh, yes. There we go. Nathan p. Can you please elaborate on the sale of stock in Timber Gold, which had been held by the company for a number of years? The sale was presumably off market, but to who? The proceeds were around 50,000, but eighteen months later, Tenmol shares surged having announced the deal with that. The ORIOL stake would have been worth over 1,000,000. Former director of Stratix joined the board of Tenbo. So the question is, was the company approached to acquire the stock? ORIOLE RESOURCES lost 900,000. I don't know who lost it, but okay.

46:10 Bob, one for you. Yeah. Sure. So so, no, we we weren't approached. This was, you know, as wished by most of our investors. This was the sale of a legacy asset at the start of twenty twenty. We actually started unwinding the position at the end of twenty nineteen. And and it was all completed in about January 2020, which was kind of before anybody had heard of COVID. All, you know, all our shareholders wanted to sell legacy assets. We sold a legacy asset. And and it's, you know, it's easy to say Barrick have have now jumped in eighteen months later, which would have taken an awful lot of foresight. But in the two years prior to this, Timberwood had effectively been flatlining and had been trying to talk Barrick into a deal throughout that period. And we know that because, you know, we ourselves talked to Barrick about it to see if they'd be interested in it, and they weren't. So so why are they interested now? Well, I I would I would guess because COVID came along, economies crashed, gold price went up.

47:09 Barrick all of a sudden see the value in this license not too far from them. But prior to that, they hadn't really seen a a great deal of urgency to move on. So, you know, should should we have held on? Well, Hang Seng's a wonderful, wonderful thing, but we would have had to foresee COVID, economic destruction, gold price rise, and Barrick getting back involved. So And the change in political situation in Tanzania as it was. And the change in political yeah. Exactly. We've took a lot war in Ukraine as well. So, you know, shareholders want us to sell legacy assets, and and then, you know, that's what happens. You know, we we can hold and hold and hold, but, you know, don't you you can't be judged on hindsight.

47:55 Yeah. Your comment on foresight, I think you don't need foresight. You need a crystal ball be able to to predict that. But yeah. No. I think that's that's a very clear answer, Bob. Thanks very much. Commenting, would would be good to see more director buying at such depressed levels. Well, chair, Aileen came in. By the way, welcome to your first Thank you. Few minutes. You know, Aileen brought in as she came in. What I think a lot of people forget is that the the board of directors and management are in a position to have knowledge, and often that means we are locked out.

48:44 We operate what they call close periods. We don't always buy when we want to. We have, as Bob mentioned earlier on, whenever there has been a placing, we have the whole always joined in those placings and those raising. So buying on the open market would be great personally if we have the opportunity to do so, but buying and backing even when we do raises is perhaps more valuable. I don't know whether you wanna expand on that at all. No. No. You know, I would totally agree. You know, we we have bought shares in the market, but effectively, you know, we we get a bigger impact by putting shares into a placing. You know, it it helps it helps with the process, and it's money straight to the company that we can go and use for exploration purposes.

49:37 Okay. Well, I I think we're probably getting quite close to time here, 11:50. So I think we'll Jake, we'll probably wrap up here, but I believe there is an opportunity for questions still to be Absolutely, sir. That's great. Thank you very much indeed for taking the time to address all of those questions that have come in from investors. Of course, like you said, we will make these available to you immediately after the presentation has ended. And ladies and gentlemen, we'll publish all those responses where it's appropriate to do so on the investment company platform. We will notify by email when these are ready for your review. Tim, perhaps for redirecting investors to provide you their feedback, which I know is particularly important to yourself and the company. If I could please ask you just for a few closing comments, that'd be great. Certainly. Certainly. Well, first of all, thanks for everybody who's who's lasted this one through the presentation and q and a session.

50:27 You know, we, as a as a management team and board, are very, very pleased with where ORIOLE got to in the last four years. We really believe we have some great opportunities opening up for us in Cameroon. We have a very stable legacy of value across everything from our Turkish royalties through, obviously, the the significant potential value in in Senegal and the Sonar license and various other investments. But importantly, our our main sort of value that we believe is is in our team. We've we've got a very, very successful exploration management team, which has really pulled together through the last couple of years of of the pandemic when work was halted due to lack of ability to travel through, international borders, you know, all the all the associated struggles around, financing and funding exploration through that time.

51:24 And we've really seen the entire team, that's everybody in across the across the ORIOL team, really pull the socks up and and get focused on it. And and the results are clear. You know, the central licenses, Cameroon is a new frontier, potentially new gold mining district, really shine out. We are pleased to be continuing to explore that and pleased to be continuing to hopefully advance both for ourselves and also for Cameron, you know, a new country, new a new area for gold exploration in in Africa. So thank you again to everybody for submitting your questions and for listening in. And, you know, we do have our AGM next week for on the twenty sixth, I believe it is, Bob, which is why we we did this q and a session today. So, hopefully, all the votes will be in support the board of management's next steps in in ongoing development of the company. Thank you.

52:28 Tim, that's great. Aileen, Claire, Bob, Tim, Dave, thank you very much indeed for taking the time to update investors this morning. Could Could I please ask investors not to close this session? This will now be automatically redirected for the opportunity to provide your feedback in order the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure it be greatly valued by the company. On behalf of the management team at ORIOLE RESOURCES PLC, we'd like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all. Thank you. Thanks.