Orosur Mining (TSXV:OMI) — Investor Q&A Session

0:00 Good afternoon, and welcome to the OROSUR Mining Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review your questions submitted today and publish your sponsors where it is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to its chairman, Louis Castro. Good afternoon to you. Good afternoon. Good afternoon, everybody, and welcome to our webinar, year end year end webinar. I I'm Louis Castro, executive chairman, and also on the screen in front of you, CEO Brad George.

0:48 Just yesterday, we had our annual general meeting. All of us were glad to say were passed. And in fact, we had most most votes cast for quite some years, certainly since Brad and I joined in 2020. So thank you to all of you who who have voted. This webinar will hold in the usual manner. So Brad will make a presentation, and we will then have a a session on any questions and answers. We did have a shareholder yesterday at the at the AGM, and we answered we've answered quite a few questions then. So I I suspect we may be having a repeat of that. In any event, thanks thanks for attending. It's 2025 has been a transformational year for for the company. Just a year ago, we had we had just acquired the 51% of the ANSA project in Colombia, we which we didn't know. We got that back from.

1:41 And we just commenced drilling Pepas, which is the which is the prospect in in ANSA, which has been catching everybody's everybody's attention. And we did that with a raise of just 800,000 sterling. We'd be careful throughout to make sure that we don't raise more than we need. And with that money, we've been having some very good results coming coming out of Pepas. Those results have been good, and we're now heading for a a maiden resource at Pepas by January. Brad will go into more detail. We've also got the Argentinian project. And in February this year, we we went past the 51% ownership of El Pantano project, which is quite a result. And by the end of the current drilling program, we're gonna be owning almost about a 100% of this. And we we we will get to a 100% probably by March or so this year, which is about a year before we we before it was due.

2:34 Brad and I have been having quite a busy year promoting the company. We've attended quite a few conferences of note where the Beaver Creek Conference and the Zurich Culture. And I think in part as a result of that and also because we've been getting people's attention with the drilling, we we've really transformed the the shareholder list that we have. We we've got the all important retail element, which gives us a lot of liquidity, certainly in London. And we've also got quite a strong institutional shareholder base now, mostly out of Canada, but we do also have institution in Australia and Hong Kong. So overall, it's it's been a successful year from a shareholder front. The balance sheet has been strengthened, obviously, by raising of cash. We raised 20,000,000 Canadian dollars just back in in September. But, also, we've we've released the provisions that we had in in the balance sheet against the Uruguay, which we shut down some years ago and on which we had some provisions against potential creditors. All of that has now been cleaned up, and so we've got a much much healthier balance sheet there as well.

3:30 So the strong balance sheet, cash in hand to fund certainly the 2026 drilling programs, which I think Brad may give you more detail on in a second. We're also gonna have a busy 2026, and so we are we are looking forward to that. Okay, Brad. I'll I'll stop there, and I'll let you go ahead on the presentation. Alright. Thanks, Louis. Yeah. Just to reiterate what what Louis said, we've been both now with the company since 2020. But really, for most of that time, we were something in a in a bit of a holding pattern with the joint venture with Agnico and Newmont. So it it's now been just over a year since we got that project back. And I guess, as Louis said, it's it's really been a year of just trying to get some runs on the board given those previous years of malaise. And I think we've achieved quite a lot. It's it's mostly about Pepe's, but in in in the in in the twelve months the last twelve months, we got the project back. We found an ore body, moved it to a resource, raised a lot of money, and moved other projects to the drilling stage.

4:30 So it's it's been a pretty good year. It's just we've been trying to make up for the last the last couple of years. This presentation is is is largely a slight variant of what Lou and I presented to investors in recently in Zurich and in in Toronto. So with some some recent modifications, There'll be some changes in the New Year. We've got a few number some nice results coming in fairly soon, so we'll make that modifications. Obviously, as we said, the company is very different now. We're quite large. We're substantially over 100,000,000 market cap US, So we're getting out of that micro cap size. And a very nice cash balance, which should on current burn rates fund us for all of next year into 2027. So we removed that overhang of potential of the year, the next capital raising, so we can just crack on work.

5:19 Two projects now, both when say gold and silver, they're precious metals, we use this with a catchall phrase. The Anso project in Colombia and the El Pantano project in Argentina. Obviously, they've Colombia is the older project. We've had that project now for or since 2014 to over ten years. And Argentina now coming up to four years. So these projects were not well, they didn't appear yesterday. These are you know, while we might be in a bit of a gold bull market, most of the good projects that benefit from bull markets have been around for quite some time. So we we benefited from the luck as much design of picking up these projects back in the days when it wasn't popular, when they were cheap, when they were affordable, and we could do good deals.

6:06 And we're now seeing the benefits of that that that longer term decision making a few years ago. The investment thesis, this is also a Raji, so so so I waste up. But, yes, we're we've, you know, we've we've come a long way in twelve months. So there are, you know, as people tell me, two and a half, 3,000 junior miners around the world, which is probably 2,500 too many. I think in the last twelve months, we've moved ourselves out of that pack into the top couple of percent that actually have asset, real assets that actually stand a reasonable chance of being developed. And that and that's those two things are very different. So it's one thing to have an asset. It's another thing to to be able to to make some kind of projections as to when that that might come into production. So we've come from being a, you know, sort of a a cunning plan, and now we're at a point where, you know, we're the brink of having a minimal sort estimate, and we can begin to wrap numbers around projections for production in the near term. So a very nice little asset, very high grade, very lucrative.

7:08 We own both of our projects or about to own both projects 100%, which I think is very key for us, which is very intentional decision on our part to maximize the equity position. We've got a pretty widely spaced portfolio of assets from near resource to, a bit further away from resource to to large grassroots. So we've got we've got the whole spectrum of relevant things kind of kind of covered. And I think as I said, this year was a consolidation phase. As of as of January, we're now then moving to a a dual program of having having one project moving into the, for want of a better word, the feasibility stage with with other projects in the exploration stage. So we have these two this nicely balanced portfolio of one project being developed, other projects in the exploration side. So good projects in the right location and and the money to work them.

8:03 The the two key projects, obviously, the ANSAR project in in the Mid Calcabal, just west of Medellin, Northern Colombia. It's about 330 kilometers square kilometers of of mostly applications and some granted titles. That actually might change. We we we we're having a sniff. We might get the applications granted. So watch this space. That will give us a lot more land to work. And the El Pantano project, which we've had for for getting on four years, which are the larger project in the South Of Argentina, the the Desiada Massive. So two key projects. The key is is that both of these projects are in the main gold belt in their respective countries. So the Desaiado in Oshawa is the main gold belt and Mid Calcutta in Colombia is the main gold belt. So again, the right projects in the right locations.

8:53 The Ansar project, we've had these projects. We bought this project via a merger with a Canadian company late twenty fourteen. Did very little work on it. It then then became subject to a joint venture with Agnico and Newmont from late twenty eighteen, culminating in us buying the project back at the end of last year. Large on the basis of the PePas prospect, which, you know, to to create Agnico, they discovered but didn't pursue. And that that prospect was really what drove us to to spend it probably a a year longer than we had to trying to get the project back a 100% rather than just diluting them away as we could have done under the JV. So we thought the project getting back into total control for junior with that prospect was absolutely key for us, and we were, you know, luckily proved to be right. So a a large piece of land in the Mid Calico Belt.

9:45 The Mid Calico Belt from Miocene porphyry belt just West of Midian. It runs several 100 kilometers north south. It holds most of the major gold deposits in North Columbia, certainly. North of us is Budidica, which is Zijin gold. It's 10,000,000 ounces, very high grade. And the same as the south is the Guaiba's project being being operated by collective mining, which is market cap now of of well north of a billion dollars. And they're looking at moving to resource next year, and they they scuttle buddies will be plus 10,000,000 ounces again. So we've got the right rocks in the right region. We, at this stage, have three prospects within the project. We think we'll find more, but these are the three sort of prospects that that are forming the attention of our of our work in the last couple of years and for the next next six months at least.

10:35 So the Aptar prospect is historical. It's been drilled, since 2012. It's got a lot of drilling. It's it it needs to run the last mile to move to being a resource. It's very nice, very high grade, similar geology to Pepas, a bit deeper, a bit more complicated geology, but it needs to have a few more drill holes and some understanding, and that could be brought to a resource we think in in early next year. Pepas, of course, is the one that's got the market excited. It was discovered by by AGNICO in 2023. Smaller, but very high grade at surface, and it lends itself to low cost, very low cost development, very low cost, very low cash cost production, a nice small but very high grade, very lucrative project.

11:24 Exactly the right kind of project that a junior a junior mining company wants when the gold price is going nuts. So this this is a project that can make a lot of money very fast. And El Cedro in the south of the project area is is a large porphyry system, showing high grade gold and samples, but as yet undrilled. And, you know, again, we own we own the project a 100%. All of these three prospects are on the one license, and that and that makes things substantially easier from a permitting point of view. Just to show things where where we are geographically, that that city to the east is Medellin, so about 30 kilometers is the Crowfly, so Medellin. So well located main road right near the project, towns, villages, labor forces, power lines. So it's a it's a very well located project. We're not in the middle of the boonies. So everything we need to build a mine is essentially available to us here.

12:16 The the licenses, I guess, key is that those darker brown are the granted titles. The lighter yellow are the applications. Applications, we've held for many years. They're free to hold, which is key. Columbia is quite expensive in terms of land holding costs. And the clock doesn't tick, but we have some indication that we hope in in in coming weeks and months that that some of those might be converted to applicate converted to granted titles in the near term. And that will then allow us to drill. So we we hope that we can double our double our granted titles in the near term and and double our exploration size. Pepas, of course, we we reassumed control end of November, beginning September last year. We had begun to drill actually about a week before the deal was signed.

13:03 We were getting in a in a bit of a hurry. And our first hole PEP 12 was was quite spectacular. Everyone knows the history of this is that Agnico had drilled a couple of holes and got very good results, to be fair. And their first hole PEP one was a 150 meters at three grams from surface. But what Agnico did then was not really well, they did what big companies do, which is different to what a small company does. They need to understand if this was a major company scale project. So rather than doing the work of understanding the orientation of what they found, they moved back, drilled deep holes, missed everything, and they walked away. And we just came back and did things differently as a small company can. So we we we we did some work while understood the the orientation, the depth of strike, the plunge of of the mineralization, discovered that the first few holes had been in the wrong direction.

13:55 We swung the rig around. And ever since, we've been turning out these, you know, really are what can be said to be quite extraordinary results. On on quite a regular basis over the last twelve months, we've produced, the best drill hole in terms of grams times width in the world in that given week. I think we've probably half a dozen times we've come up number one. So it's a pretty extraordinary little project. It's not gonna be huge, but it's got a lot of things going for it that lend themselves to very low cost development, very low cost production, very, very profitable operation. And as I said, for a junior, that's key. This is intermediate sulfidation system above porphyry. It's it's it's hosted in tufts. The the, I guess, the longer term issue is that the the ore body is quite young. It's it's sort of eight, ten million years old.

14:48 The region's still active. The the whole system is still moving and and being faulted. Pepa is a small part of a bigger system that's been faulted and moved laterally and vertically. So what we're finding is, by luck, a little bit at the surface. The question we want to ask is, well, where's where's the rest of it? It's been faulted up post mineralization. So there is more to be found, and that's going to be the one of the key folklore of of of attention next year is to where's the rest of it. We very intentionally, for most of you, see, didn't really look. We said, well, let's just get this to resource, get it get it on the wall, get it in the bag, and then move in the feasibility, and then we can go back and begin to look for more of these things in the area. So we very intently haven't really explored the area in in great detail. Just getting PEPAS done first, and that's largely now now complete.

15:42 The the rationale, I guess, as to why we've pursued near term production is simply a a combination of two things. What it is, where it is, and the gold price. Those three things I I like. It's at it's very unusual. It's at surface, top of a hill, it outcrops. It's thick. This is not a vein. This is a a fifty, sixty, 70 meter wide zone of mineralization, very low strip ratio. There's a power line literally right over the top, and we're two kilometers as the crow flies from the main paved highway. Along the highway, there are other operations and mines that we potentially can examine as a a third party toll trading, opportunity. So it's just a very unusual ore body that you just don't find anymore.

16:29 And rather than examining the the the general plan of drilling for five years and, you know, maybe build a mine in ten years time at a cost of, god knows, a billion dollars. This to us has potential, not locked in stone, to be very near term, a couple of years development, and permitting, very low cost, sell the ore to a third party toll trading, pay the capital back a number of months, and spend ten years making a lot of money. So oversimplifying it, but it's just a very unusual little ore body in precisely the right place at precisely the right time. So our point of view is, well, we simply cannot not pursue this. We may find more, and we certainly hope we will, and that may change the plans.

17:14 But as it stands, this is exactly what a small company wants as its first ore body. It's fast, cheap, makes money, and we can grow from there. The Aptar deposit, which is about 15 kilometers due south on the same license, it says it's been drilled since 2012. The same geology. It's the same mid sulfonation epithermal system, but but underground. It's about a 100 meters, two meters deep. Different host rock with the same the same genetic style. And again, very similar thicknesses and grades, very high grade, very potty, structurally controlled. Pemjool quite substantially. Doesn't have the same amenability to near term production via toll treaty, which we can't get to the main highway without going through a village. So we can't run trucks all day and all night. So this this will be a more traditional, yeah, build a mine, build build a mill five year plan. So, this is probably, as I said, the last mile from resource. The the geological model here is is not quite yet fully defined. We've we've had a bit of a rethink since we're assuming control, and we think there's a bit of bit of a difference different style now or a different different control.

18:28 So once we've got Pepas done in the next couple of weeks, the rig will then shift to other places. We'll go down and drill some holes in Aptar in Q1, Q2 next year, attempt to address the geological model or at least confirm our new concept with a view to then that becoming a resource in in, say, q two next year, and that will give us a second resource. Now I said that that that's a more longer term project area, but that, again, gives us as a company in in eighteen months, we go we get two resources in a very short time time frame. So we're we're quite pleased with that that we can get these things on the board quite quickly. So a good little project, be be bigger than Pepas. And again, probably not going to be it probably would never going to be a Newmont Agnico sized project. Company of that size needs 10,000,000 ounces. But but for us, again, to get our resource inventory on the board so quickly is is quite extraordinary in the short space of time.

19:28 Again, this is just one one example section from from Aptar in the last couple of years. There's some some of the some of the the holes here are, again, very similar to PePa. It's very thick, tens of meters at tens of grams. So not the sort of thing you see on a on a daily basis around around the world. I guess what what we always assumed was what attracted Agnica and Newmont to the project over the last couple of years is the bigger systems. So as said, these guys need need monster projects. The Olsandro Porphyry is about five kilometers south of Aptarp, had been discovered by Anglo American about ten years ago looking for copper. Gold at the time wasn't particularly valuable. They found gold and they walked away. At Deco, Newmont began to do some work here at the end of their tenure over the last couple of years, but that that they never advanced for their political reasons to to to lead the project.

20:19 We've been back. We've mapped. We've sampled. We've defined this lovely porphyry system about 1.5, 1.5 k All the all the lovely porphyry donations that you see in textbooks, but never in the real world, they do exist here. It's a lovely circular ore body a circular system. We've been mapping soil samples over the area. We're finding point 3.5, one gram per ton gold in soils, which is exceptionally high grade for soils. And in the flanking epithermal systems, we're finding up to eight, nine grams in in in these systems. Now what what we want here, of course, is that so it's a porphyries in this in the Mid Caliper Belt. Porphyries are the source of everything. They are the source of metal, source of heat, source of source of fluids. But in and of themselves, they're not always that appealing because they can be below grade.

21:05 What you want normally is the the epithermal is above and beside them. So the the porphyry feed fluids and gold into structures, find attractive hosts, and the grade increases substantially. Bruditica, Guayabalus, these are all epithermal systems adjacent to above porphyry system. So we have a lovely porphyry system. It's very high grade gold in of itself. And flanking it on both sides, east and west, we've got these major epithermal systems, where we are seeing high grades in in rock chips and veins. Never been drilled. So our plan here is is to drill in q one. We've had some some some modifications to our plans here. We had we had assumed that we'd be able to fly an airborne geophysical survey, MAG and rheometric survey in November December to better define these structures.

21:52 We've had some difficulty with contractors. It this is quite rugged terrain. There are no systems available in the country. One group was going to come in and fly, but we had a few contractual squabbles, and we told them to sold off. So we're now looking for alternative alternative mechanism to to to fly the area. If we can't find that, we may just go and drill without geophysics. So again, this is this is not an area where we're unable to find satisfactory suppliers of of all the services we need. So we're still examining being able to fly the geophysics in the region. We flew geophysics at Pepas using a drone, but that's that was a very small area. To use a drone over the bigger area would take months. They're just too slow. So we're still examining that, and we'll we'll reassess in January as to whether we can find an appropriate contractor that we feel comfortable with contractually.

22:41 But the plan still is to drill this in q one, you know, obviously subject to modification with or without geophysics. But to target this concept of demonstrate it's a large porphyry, find some high grade epithermals, and then decide what we do with this. Now this is now we own this project, which is excellent. The challenge for us, however, is that we will have moved Pepas to a resource from from go to work for about 7,000 meters of drilling, which is exceptionally small and very fast. These big porphyry systems, we know from one to the region, might require two, three hundred thousand meters of rig. These things will will will cost $67,000,000 to drill out. So we need to decide once we've done our first phase, is this for us or is this something that might entertain an alternative structure, a JV or a seller or an IPO? So we'll do the first phase.

23:34 We'll prove the concept, and then we'll assess at the end of that project as to what what is the best thing for us and for the shareholders. The timeline's obviously subject to change. So as Louis said, the resource we had hoped to have the resource done by end end of December, but that's ultimately is is in the remit of the the resource consultants. They determine that that timeline. They've been to site. We passed all the QA, QC checks. Everything's fine. We're getting ahead around the geology. That seems to be fine. They did recommend that we drill a few more holes, and that that's that's underway now. And then, of course, the drill rig blew up in in been about a month ago, so that cost us a week. That's then they're going again now. So the current plan is that we will complete the drill out program in the next well, hopefully, this weekend or beginning of next week, it'll be done.

24:25 And we certainly are on track for the the mineral resource in January is still the plan. You know, obviously, subject to whatever, but that that's that's the timeline. And it will be the resource, and it will be a a 41 technical report on the whole project area. The the Canadian exchange requires us to do a new report when you do a mineral resource. So it'll be a new report to to replace the existing term 19 report. So it will cover cover all the data. So that project begins begins or gives us the results in in January. Once that's done, the project can then move into the inverted commas, feasibility process. Now we're not going to, at this stage, do the the usual three or four stages feasibility that a bigger project might might do.

25:11 We do this through the Canadian through the Colombian system first. We do a what's referred to as a PTO, which is sort of a Colombian standard mining plan, and that pulls the trigger on commencing the permitting process. So the resource comes first, and then we can use the resources and design a mine plan, and that begins the process of the permitting and and the work to move that through through through to production. So, all those things begin, but the resource comes first. El Pantano in Argentina, a project that we acquired, as Lou said, about four years ago, absolutely untouched grassroots projects. We we really couldn't find any projects we liked in the region years ago that were available for sale that had been drilled. They all had something wrong with them. So we went back to grassroots.

25:59 Very unusual at the time and still unusual today to have that done. Our criteria were we wanted to be in the right part of the world in in a major gold producing district, and this is. There are there are some huge gold mine stand here run by major companies. And key is as much land as we could get. If you're going to go back to grassroots, you need to have lots of land just to maximize your chances of success. So we had a project at the time was about 600 square kilometers, now about five fifty with reductions. And also, Keyes, it showed it demonstrated on the surface all the key signs that what we know to be the geological controlling structures are in place here. We know the system here are a low sulfonation rift led systems.

26:46 So we know what we want to see on surface, and everything we wanted to see was here. This is all related to the opening Atlantic Ocean in Jurassic times. We want to see the Southeast Northwest rifting systems up through which then come these fluids. So we know what we've been looking for, and we saw it here. We saw a massive epithermal system, all the right surface science, all the right geochemistry, never been touched, never been drilled. So we spent the last three or almost four years just doing the preliminary work, mapping, sampling, ground geophysics, ground mag, some IP, looking exactly what we wanted to see. So, again, a 20 kilometer long southeast to northwest lift up to five kilometers wide. So all the right signs, the challenge being, well, it's so bloody big, where do you start? And that was that was the issue. So we got to the point at the about a month ago or six weeks ago, we began to drill. So we've for the first ever drilling program on this on this project.

27:46 We're planning between three to 4,000 meters of diamond drilling. As I've said in previous webinars, this is very low key, very high risk preliminary drilling. And I've you know, I made the point numerous times, PEPAS is not how exploration normally works. Exploration is not walk up and shoot fish in a barrel. Exploration is normally iffy and dodgy and and and risky and painful and and and it takes a long time, and you eventually hit hit success if you're lucky. So this program for us is well, for me, success would be if we find some SNFs. If we find the right rocks, the right structures, those structures are active or have been active. Fluids have flowed. And if we find some anomalous gold in the right rocks, then I'll be very happy. And then we can sit down and and plan the next phase.

28:38 So and thus far, we've been we we're very happy with what we've seen. That little rock on the left is is what we refer to as coliform banding. This is exactly what you want to see in a low sulfuration system. This is this is this is the juicy stuff. Now the issue we have here is that we have made some modifications to the assay process. We've been very lucky in Colombia with having a gold assay lab in Medellin, which gives us three days turnaround, which is very unusual. Most companies in the market are lucky to get three week turnaround. Doesn't exist in in in in Argentina. We have a we have a an assay lab in a town called Perito Moreno, about six hours drive away, that will do fire assay for gold. And then as I have to go to to Mendoza, which is 2,000 kilometers away for for full assay.

29:26 We had planned to use the fire assay for getting gold and then just do the the bit the longer lab for Pathfinders. But visually, in XRF, we noticed and have taken the view now that there might be some substantial silver credits in this material. Silver is is, again, in this part of the world is is is a big thing. So we've seen some things that would suggest that there might be some some silver issues here. So that's good, but it complicates the assay process. We've we've now sort of rejigged how the assay how the samples move in terms of fire assay and ICPs. So that's added some delays to getting results back because of the having to assay several different times and getting different numbers. So we would expect to get the assays back from these in, you possibly not in London or after Christmas.

30:15 Again, for a good reason because we now think that there's going to be some substantial or can be some substantial silver in here as well as gold. So we don't wanna be issuing issuing two kinds of assay results from from the one rock. We wanna wait till everything's everything's done. So looking very good. So the plan is here, drill until probably middle of February would be the current plan. And then we stop, sit down, have a good think about it, understand what we've got, what we've hit, what it means with a view to moving forward into the into the next draw phase later in later in the year. And the timelines here again are subject to to change, but as I said, we we the team are are there now. Both both projects now will shut down for Christmas break next week, and they'll both restart again probably the end of the first week in January. So everyone's had a very busy year and deserves a break, but we've got some very nice projects on that that are happening. So everyone looking forward to the to the restart in January.

31:15 The well, this is the that's the end of the project. But, again, I guess, what I'd say is that I made the point that we've been in this now for one for basically one year. In the previous four years, we're getting ready for this year, dealing with the joint venture, getting rid of the joint venture, and moving the El Pontana project now to the point of drilling. So in in twelve months and two weeks, we've as I said, we found an ore body, got to the brink of resource, raised a lot of money, and moved our other projects to the point of of drilling and and quite exciting prospects. So for a junior, this is it's been a pretty extraordinary year for by any standards. And we certainly hope next year is going to be as good or better, but, you know, touch wood. Thank you for your time. Thanks, Brad. Good stuff. Have a have a cup of tea, and I'll I'll do the first two or three questions or or a drink.

32:08 And in fact, think we've answered these in the way as you go through. First one is, are we still on track for mineral resource confirmation in January? The answer, Brad's Brad's already addressed that. Yeah. Everything's on track for that sort of timing. So this will be the the resources that we have here in in Pepas is the one we're referring to. There will be a wider report, again, as Brad said, for the the wider area. It needs to be put in context according to Canadian regulation. So there'll be the the resource summary coming out, and then shortly after that, there'll be the the the bigger the bigger report. The next question, please, can you confirm whether you have commenced baseline environmental monitoring at Bepas? And if so, when when has it commenced? Well, again, as Brad alluded to earlier, the way the system works is you prepare a a PTO or work plan effectively. Well, first, the resources based on the resources that prepare the the work plan, which eventually gets you effectively to the to the mine.

33:03 And also important to hear where the access road is gonna be to and from the highway that the Brent referred to. So both the footprint of the mine itself and the access road, both those need to be monitored environmentally, and the baseline study needs to needs to be done. So once the PTO has commenced, we will then be And in fact, we've now been commissioning a couple of groups to to put forward proposals for the environmental. But, sensibly, they can't commence until you have an idea of either footprint and be where the access rate's gonna be. So it'll lag just slightly behind the the production of the PTO. You know, these things will be happening in the next six months or so. And that'll be the start of it and the start of the permitting process, which will be, you know, will be going into into not just '26, but also 2027.

33:52 The next question, which is the traditional one we get, which is that we, management, own very little stock. And they've compared us here within a company called EUA, who were the directors, own 30% of the total share count. Well, as as, again, we've gone through this in the past where management has that sort of, that sort of holding. It's not that they've been buying shares at a rate of knots. It's generally they've started as owners of the company, and they go ahead and floated it, And they floated off whatever it is, 60%, and then retained 30%. So, you know, we're we're unlikely to get to to those sorts of levels. However, things are changing. Brad has now gone through the issue of RSUs where we take part of our remuneration in shares. Brad has now got a 1,500,000 shares, I believe, Brad. It's around that sort of number. 1.6 rings above, almost seven. Yeah. As have other teams of members of the management team. I'm because of the tax situation in The UK, I I need to defer the the the taking of those shares. It will happen. I will take them, but you'll see me catching up in due course. So we we are we are having more skin in the game as it were.

34:58 And in any event, we've always been focused with or without shares. We, you know, we're we're very intent on making a success of this. Brad, this one's probably up to you. What's happened to the latest drilling results? Only five drill results in seven weeks. What happened to the four day turnaround? So I guess Right. So I guess that there's a point that as we get got toward the end of the of the drill out for Pepe, so there's there's several things. So one of the requirements from the resource consultants is to sort of close your body off. So a few of the holes around Pepe that we drilled were dead holes. And they were planned to be, they were just defining the boundaries and the margins, that's fine. Yeah. I don't really wanna waste my time and your time, you know, announcing dead holes.

35:44 So the four days is there, and and we try to to to announce results every sort of four, five, six holes, and that that vary depending upon materiality. Obviously, if we get a couple of holes, they're absolutely gangbusters and we put them out. If the holes that were drilled for geotechnical reasons that are just drilled for for rocks and faults, then that's not so material. So the question the context of what those holes are for, And when you're doing a resource, you're gonna have holes that are defined that are there to get grade, and they can have holes outside that are just there to define rocks and boundaries and and other things. So that's part of the resource process. So you have you have you have fun times, you have rather boring just times just to to find the margins.

36:30 That that won't that will still that that won't change. As I said, the drilling at Pepas will probably complete for the resource drill out in in next week, and then the resource the rig goes back beginning next year. And where it goes is still being debated. It's probably gonna stay around Pepas and begin the to look at Pepas surrounds. We've been doing some mapping, so and even some some trenching of late. We've we've finally been allowed to do some trenching in the area, so we're looking at some dual targeting now in in in January. We are thinking of a second rig in in in in and so, but the second rig requires, targets. And that's a question of adding of adding Aptar and adding El Cedro to Tepepe. So that's a question of moving that forward. And the same question at at El El Pontano. I did say fast turnaround down there, and and we and and it it but it's a question of the silver.

37:23 Now the beauty of of of Pepas is that it's just gold. And when you're drilling for resource, you're just filling in the gaps. So you don't really need the other elements, the the path final elements that might come from the ICP process, which requires weeks of work. So the was was great for Pepe's, not so African El Pontana, which we want the silver, obviously. And because we're exploration, we want the other things that that might give us vectors for immunization, the arsenic and the mercury and the and the base metals. So it's a more complicated process. But, we're we're still a lot quicker than most companies. It's just a question of, well, you know, we we we will announce holes on the basis of materiality, and that changes from from batch to batch.

38:11 Good stuff. Thanks, Brad. The next one is a geological question. Although it says, how does the answer to geology compared to collective mining? I don't know how much information we have about the the geology. Yeah. They they collective mining put out that they did a talk for the first time in at a conference in Perth a couple of weeks ago when we I I got a call got a copy of of the paper. Look, it's it's in the same it's it's all part of the same family. So it's a you know, said there's there's a porphyry system as a source as as always is. And then above it and beside it, you can have a a thousand different varieties of epithermal systems and breaches and all kinds of things going on. So Pepas and Aptar are probably higher level. They're above the porphyry system and off to the side. So there, we're looking at the, you know, the fluid entering attractive host rock. In the case of Pepe, it's a tough. In the case of that tower, it's more a mudstone.

39:06 It's been solidified, made brittle, pretreated, and and made into a host. One of the key points, I guess, is that if you look at the the Guaya Barlas project, all of this, there's a couple of centers in the region. In an area, they're only about a 150 meters across, but they go down a kilometer. So if you look at the history of the Guaya Barlas project, is that they poked around for a while and didn't have much fun and then found something and then the other drill deep. And then that's when things got interesting. So that's it just shows the depth extent of these things. So I yeah. I think we're in the same we're in same rocks. It's just a question of every every every situation has can have a different a different a different style at at the micro scale.

39:53 So we haven't drilled it. We haven't even begun to look deep. So the same rocks, the same plumbing systems. Yeah. We're in the same district, the same thing. We could have anything there. But I'm not saying we've got a we've got a Guatemala, but we haven't looked yet, but certainly the same rocks. Thanks, Brad. The next one I can handle, how long before Pebbos goes into production? Well, this ties into the the comments I made earlier in relation to the environmental baseline study. First, we do the the the work plan. And the work plan, that's gonna be commissioned for the next month or so. So that'll start January, February. At that point, the environmental baseline will be commissioned, which will then start probably three to four months after that. It's all year for the environment baseline up to a year.

40:38 So, you know, these things will take, we would have thought, a year and a half to two years. That's as that's what we're anticipating. Maybe quicker like that, maybe maybe slower depending also on, obviously, the the politics. There's probably gonna be a change in government. Well, let's see what happens come next May, June. That might influence us how quickly these things are these things can take off. The advantage that we have, as Brad said, is that this is a it may be small, but it's it's a very high grade project. And so it will fall within the the small scale mining provisions in in the Colombian regimen, which means that it's it's it's it's gonna be seen more favorably than perhaps, you know, large open pit mines, which which can which can be difficult to permit. So we got the advantage of that. We got the PTO starting up in the next month or two once we have the resource numbers, and the environmental will start thereafter.

41:29 But that's a sort of general timing that that we're looking at. Next Next question goes to, has there been any preliminary communications with any toll miners in the area in respect of plan for Pepas? And then is there a possibility of a bulk sample from Pepas, which may be obtained before full permit approval? I'll I'll do the first half. So in terms of communications, one of the tasks that we've got out for the people who are commissioning who are gonna prepare the work plan is to go out and survey and sample and talk with the three or four miners in the area that that control. We know that we know they they they got capacity, and one in particular, we know very well, and they're they're all they're definitely looking for feed and everyone one where we could talk to. So we know it's possible as to which option's gonna be best. There'll be a number of factors on that, including the the the grade that we're moving to them, the makeup of of our ore compared to to theirs, and and other factors like that.

42:29 So we will get to know which is the best option to take on toll mining, whether we need to beneficiate anything at the mine head before we shift it anywhere. So there's quite a lot of planning to do, quite a lot of to look at, but we do believe that that that toll mining is a is a very strong probability here. Brad, sorry, on the so that's it on on on on Yeah. On the Colombia just doesn't have a Brazil, for example, does have a facility where you can trial mine at a small scale, but big enough to actually make it worthwhile doing profitability. Doesn't exist in in Colombia. There are different levels of of mining, small, medium, large cap. But bulk samples are going to be required as part of the metallurgical process, particularly ore sorting process.

43:16 But they're not gonna make a lot of money out of that. But there's no there is sadly no shortcut that you can just start to sneak in and start mining a few truckloads and and pay the bill. You've you've got to do things by the book in Colombia. And even if we if you didn't have to, we do it anyway because there's no there's no prizes for for getting caught doing things behind the scenes. You need to do things quite transparently. So but there'll be we've sent off the PQ hole. So PQ is a much bigger diameter hole that's in the laboratory now in Canada. And that we we had been told the network might not go on until in into January. But they seem we want to clear the decks before Christmas, and they're they're pretty advanced now. We're getting all the methodology numbers in as as we speak. So might not get it all done for Christmas, but we seem to be getting most of it done. So we'll have full network done by, hopefully, by the end of the year, which will feed into the resource process, which which is quite key.

44:12 And that, to this stage, seems to be looking just on the on the back of it. As expected, the numbers look fine. I mean, it's there's not there's nothing that we've seen in the ore that would suggest a problem. Nothing in there that's deleterious. There's nothing that would suggest it's it's factory. Nothing suggests it's it's hard. It's just it looks like fairly bogged down stuff, but you have to confirm that. So that's going to be fine. Couple of question there about silver. What are the handheld XRF numbers? Well, I can't can't say that. Handheld XRFs are dangerous bloody things. Jewel just waving them around, zapping shiny bits of rock is is exciting, but I won't talk to the market about that because it's it's it's it doesn't make a lot of sense. It's I mean, ultimately, when you start seeing things, we we had one example this year where we saw visible gold in the core Peppers.

45:02 That's horrible. I mean, I hate visible gold because yeah. Okay. It's nice to look at, but it means your assays are going to be completely meaningless. It just if if a little speck falls into the pot by accident, you get crazy numbers. So it just it does make things very difficult in terms of getting a number that makes sense as a sample rather than as something to talk to the market about. So silver, yeah, yeah, we are seeing silver in the core, but that's not something that means it's going to be an assay. When you see a little vein or or or a spec, and you didn't go and zap it, that's not a representative sample. It's just something that says, okay. There's silver here. This needs to be now examined in in assay lab where you take a meter core, crush it up, mix up an assay that.

45:52 That number is meaningful. Zapping a shiny spec is not meaningful. Genius do it, and they love it, but that's not a number that you're ever gonna use for any other than, you know, raising money or taking the share price going. So, yes, there's silver in the core, as it was always going to be. We we didn't quite expect that we'd see, you know, maybe what what we saw. So we've modified the assay process. So I would expect the assays from silver will start to come in. Again. It's a bad time of the year that the labs are also closing down. So we're giving them a of a bit of push, but if we don't get them before Christmas, it will be in the New Year. So I I do apologize for that, but it's just a question of of these things coming out exactly the wrong time of the year. Good stuff. Thanks, Brad. And the expected turnaround time, talked about that. I just I just mentioned it. So, yeah, after We have we have adjusted the process now. So the first batch are being redone to to do this.

46:47 The batches from now on in will be faster because we've we've made some adjustments to how thing to have the samples move. The issue with Argentina is that it's a long way to the big lab. It's, you know, it's 2,000 kilometers rather than two hours. You know, it's two days drive rather than two hours drive. So we have to sort of figure out the movement of trucks and logistics and how things work because it's just not as not as easy to just pop over to MEDIEN with a truck and then have it back by lunchtime. It's a, you know, it it it's a weak turnaround. Okay. Okay. And actually, we need one more question, which I'm not sure why we can't answer specifically, but are we still expecting a 350,000 ounce resource of purpose? It's it's look. You'll have to we're we're a few weeks away, but not we're not much longer. Yeah. I I never I never said we would. I mean, I've I've as I I think I said we we put ourselves in it, put out in our head. We want we we wanted a resource or we would like to get a resource that could feed a 30,000 ounce y operation for ten years.

47:44 So we can do the numbers throughout that analysis. We're sort of kind of my my target because I like ten years. So to me, it it was more than ten years rather rather than ounces because you need ten years in order to just you have the first year getting it all going and the last year closing it down. You wanna have a nice chunk in the middle to make a lot of money. When you have less than ten years, the markets as well, you know, it's it's a bit of flash in the pan. So look, I don't know. I mean, we've made the point and there's a a question about, well, when the resource is due. It's not our decision to make. The resource is an external thing done by external consultants. We have our own view. We have our own model, and we've we're talking to them, but they go away and do their numbers, and they tell us when it's done and what it is.

48:32 Now I would expect to get some concepts of what of their models in immediately in January, and we'll have a discussion, and we may kick and scream and squeal, or we may be very happy. I don't know. But, you know, we have a sense of what of what what we think it's going to be as a ballpark. The exact number, you know, we don't know. I mean, the the I get the point I've made, probably, several times before is that what at what point does it become an economic ore body that that warrants development? And that question is largely one of what does it cost to build? Because the more it cost to build, the more you gotta find to pay for that, have something left over to make money out of. So we can look at something which is very cheap to build by being by virtue of being small at service power line near main road, you know, yada yada, then the size hurdle comes down.

49:28 So we're not spending the first five years just paying back the capital cost. We can pay the capital cost back in five weeks. So that means that a very small thing can make a lot of money very this is the way things work in in Australia just by virtue of fact that you'll never you'll never gain to be more than a 100 miles away from some old mill. So it's a very different way of doing things. And if you're working in the middle of the Amazon jungle a thousand miles from anywhere, where you've gotta reinvent the wheel, then you need big things. But because we're on the main road near everything, we are well, and I am personally comfortable. Louis will disagree with me because I always talk out of school that we are beyond the threshold now. This this works. Now we're just saying how they're gonna work. Yeah. Part of that that's part of the resource and the PTO process.

50:15 No. I agree. And look, there's been two or three, two or three analysts who also looked at this. They've had a look at the size of the ore body, taking a view on the the grades, and then, you know, produce the the road the road models. And that those are those are around for for for for if you wanna review. The next one, I think it's the last one. Sounds like you might have made a discovery already. I wouldn't I wouldn't Let let me comment. Yeah. Exactly. Let me have a go first, and, Brett, and then you can follow-up. I think we're both of the like minded. We do severe at times, but, yeah, look. It's it's early door. It's early stage. We believe we've hit a mining mineral system. The difficulty here is you don't quite know what depth you gotta go to, as Brad as Brad has always reminded me. It's also quite an extensive bit of ground. It's 20 kilometers. So there's still there's still lots more to there's still more more to look at. The drilling we're doing is more to get an idea of the rocks and and, you know, where we where we're able to trap things.

51:07 So it's probably from my my point of view, it's too early to call it a discovery. But, you know, it's it's probably well, it is good news from a point of view of having found a mineral system. That's a fundamental point. But to go for a discovery is probably too strong. Yeah. Now look look, I'm very happy that we've had some success. It's that we have found a mineral system. That meaning that is a a package of rocks with all the right structures, a source of fluid, a source of heat, a source of metals, and a trap. So we found a mineral system. And that's actually pretty unusual to to walk up to a project that's never been drilled and the first few holes snag a mineral system is, again, pretty exceptional and testament to the to the to the, you know, to the to the targeting of our geos who chose the project there and did all the work. So I'm very happy with that, Is that, yes, there is there is a low sulfonation mineral system here.

51:59 And those and that picture of that core, the colorful and banding is that is just the base needs. Discovery, no. Now it now it goes to discovery means economics. So you take a middle system, and you're right. Well, where do we find bits that are big enough, wide enough, high enough grade to make economic sense? And that's a different question. And as always said, it's it's big. So what we need to now find is, okay, where are the parts of that system where it's thicker and higher grade? So we have the plumbing. We have the source with the fluids. That's all there. Now where are the spots where it blows out into chunks that make economic sense, both vertically and naturally. That's the next phase. This was just assist a drill program to say yes or no. Is there a system? I think the answer now is, well, yes.

52:47 And next phase would be, okay. Well, what do we learn from that? What can this drilling tell us that can provide us with guidance as to where we can now go to find the parts the parts, if they exist, that are economic. So that's the next phase. So discovery, no. Immuno system, yes. So we've we've done the hard bit. Well, now we've got the other hard bit. That's a patient bit. Yeah. Exactly. Still to come. Fantastic. Yeah. Louis, Brad, you have addressed all those questions for investors So thank you very much indeed. But, Louis, before we direct investors to provide you with their feedback, which is which is particularly important to the company, could I please just ask you for a few closing comments? Well, look, yes. As usual, again, well, thank you to IMC for setting these up. We We found these to be very useful for ways of communicating with shareholders, and we do get some good feedback on this. So so please do give do give us more feedback.

53:42 Brad and I are are always available for discussions. You know, we we we're increasing the the share price, but also increasing the the nature of the number of shareholders that we've got, which is which is always good news. We're gonna have an interesting year coming up. This last year to mine, but has been one where we've raised funds. We've got the word out there amongst investors. I think the work we're gonna do in '26 is gonna be something which is maybe of of just as much, if not more interest to the industry. Some of the drilling that we're gonna be doing in and on one or two of these prospects in in answer are gonna be something which piques the interest of of other players. So it's gonna be an interesting it's gonna be an interesting twelve months. We're certainly gonna do as much as we can to to to promote the company, promoting on on on good results and good work. And as Brad says, we're very cognizant that we've got a bloody good team, not just in Colombia, but also in Argentina, And that's absolutely fundamental to the company, and that will continue. We got a very loyal we have a very flat structure. We have a very loyal group of people working working with us, and we're we're grateful to them for that.

54:47 Anyway, that's it for me and Brad for this year. All it just goes to say is Merry Christmas, and I hope everybody has a a peaceful and a peaceful and restful break. We're gonna try and take a few days off, but the phone is never off. So thank you again. And as I say, we'll speak to you shortly in the New Year, I'm sure. Thanks again. Fantastic, Louis, Brad. Thank you once again for updating investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback and also that the Board can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of OROSUR MINING, we would like to thank you for attending today's presentation, and good afternoon to you all. Thank you.