Pinnacle Provides Market Update

0:07 Good afternoon everyone and thank you for joining us today for Pinnacle Silver and Gold's live event. We're joined by their President and CEO Robert Archer. As this is their inaugural event on the 6 platform, Bob will be going through a company presentation, and afterwards we'll be opening it up to questions. If you do have any questions, please do feel free to submit them in the bottom right corner in the chat box there. This event is also being recorded and will be available for viewing shortly afterwards.

0:34 With that said, the floor is yours, Bob. Okay, thanks very much, Kyle, and welcome everyone and thanks for joining us today. So, whoops, let's see, Actually, start on the last slide. That's not a good start. Let me just get right back to the beginning here. My apologies for that. Okay, as Kyle said, this is the inaugural event, So we're bound to get a few little technical hiccups. Okay, so with Pinnacle, we're looking at essentially creating a new Americas focus, Silver Gold Exploration Development Company. I've been working in the Americas pretty much my entire career, which spans over 45 years now.

1:21 And a lot of that in Mexico and Peru. So that's one of the reasons for that focus. And we'll get into a bit more detail on all of that in a moment. So I will be making some forward looking statements and as always, we encourage people to do their own homework. So what we're looking at with Pinnacle is to really focus on district scale discoveries and developments. And we're not just chasing small projects, that type of thing. And we're looking for something quite large. My background, starting with the major companies for 15 years, like Newmont, Placer Dome, et cetera.

2:07 We were trained basically to look for large scale deposits, you know, 3 million ounce plus gold deposits and that type of thing. So all of my training has geared me towards district scale deposits and that's really what we're looking for. And we also recognize of course, that that's what a lot of investors are looking for as well. So a project that we've just announced on Monday, in terms of signing a letter of intent to acquire this project is a high grades gold silver project right in the heart of the Sierra Madre belt of Mexico, which to a lot of people doesn't need much of an introduction, but I'll get into that in a moment. And we also have as part of our portfolio, the Argosy gold mine in the Birch Lake belt of the Red Lake district and immediately adjacent to that is our North Birch project and those 2 projects combined also give us both sort of past production at Argosy with significant depth potential there as well as district scale exploration potential in the North Birch project right next door.

3:23 So I'd like to focus on why we're choosing this route, I guess you could say. You know, this is the business model that we have is 1 that I'm very familiar with, being a co-founder of Great Panther. And it's a business model that is proven to be successful. Other companies, people will be familiar with like First Majestic and Deversilver, in addition to Great Panther. And essentially, you acquire a past producing mine, you bring it back into production fairly quickly, and then you're able to build the company out of cash flow, instead of always going back to the market with more dilutive financings and having to rely on the markets that can be very volatile at places. And we're certainly seen that over the last few years in the junior sector.

4:14 So It's a much better, I think, much less risky approach to building a company. And our focus is always on high-grade underground mines. And that's been my entire career has really been on high-grade underground mines through Canada, US, Mexico, Peru. And these tend to have lower capex requirements to actually build them in the first place. They have a smaller footprint from an environmental standpoint. They're easier and faster to permit. And because of the grades, you have more protection against metal price volatility, which we all know can be quite extreme at times. So, you know, people will have heard the expression, grade is king and grades can act as a great buffer in times of lower metal prices.

5:13 So the concept of fast track to small scale production is something that it's a great way to get going. I recognize that there are some geologists or technical people out there that just like to focus purely on exploration and that's great. If that's the business model. For myself, I've got a fairly broad background that includes production and I'm quite happy to bring these small scale mines on stream. And the advantage of this is that starting with a smaller scale, as I mentioned, the CapEx requirements can be significantly less. And so it allows you to fast track to get to that production initially.

6:02 But really, it's just a means to an end. You know, so, you know, people shouldn't look at this and say, oh, well, you know, the project's small, it's only such and such. You know, we started with the Topia mine, which is only 15 kilometers from El Potrero. And that was a relatively small-scale mine at the time, about 200 tons per day. But from there, we went on to acquire another mine at Guanajuato, which is a world-class deposit. We made an additional discovery there and basically grew the company over the course of 13 years to the point where we started with 2 guys and an idea effectively and grew the company to the point where we had 3 operating mines in Mexico, 1,200 employees, and up to a $600 million market cap.

6:58 So, it's a great way to do this relatively quickly and do it, you know, sort of step by step, rather than going all out and to try to take 15 years to permit a large mine. And doing it that way allows you to conduct the brownfields exploration that you need to expand the resource base to actually show the project to its full potential. And as I say, always focused on district-scale discoveries throughout the whole period. So just before getting into a lot of details on the project, just run through our board and management because

7:42 that's a key to the success of any company, of course. As I mentioned, I've got over 45 years experience, a lot of that in Latin America, the co founder of Great Panther, which at the time was Great Panther silver. And we took that from concept to a mid tier precious metals producer with $600 million dollar market cap. That was within 7 years that we did that. And I am a geologist by training and as I say, I still like to get out there boots on the ground. Ron Schmitz is our chair of the audit committee, strong financial background as our CFO, Dave Cross. And Colin Jones is a globally respected geologist originally from New Zealand, now works for a group out of Perth, Australia.

8:42 But one of Colin's sort of claim to fame, you might say, is that if people remember the BriEx scandal of the late 90s, Colin was actually working for Freeport McMorrin at the time and Colin was the lead geologist, the lead investigator that uncovered BriEx as a scam. He was the one that blew the lid off that. He was actually waiting in the Jakarta airport for that ill-fated helicopter to arrive with Guzman on board, which of course, he decided, or maybe not decided, but he got off in transit and never actually arrived. But so that's the level of expertise that Colin has.

9:34 And as I say, he's respected globally for his work. And Dave Solari, similarly, metallurgical engineer has his own consulting practice in Toronto and he's actually working on 2 mines in Mexico at the moment. And so in terms of building mines, putting them into production, Dave has a lot of expertise in doing that. So it's a great team to work with. And we certainly have the depth to move forward with the Alpaturo project. Shares issued about just under 61 million and some warrants and options out there. So fully diluted at 78.

10:23 Stock's been halted at 4 cents. It will remain halted until we get TSX approval or TSX-V approval for this transaction. And it's quite tightly held, insiders on about 18%. If you add up all the, you know, friends and associates and so on, then which in itself is about 30%. So it takes us to about 50% with with the remainder in the retail market. So coming to the project now, called El Potrero, You can see where it's located in the Sierra Madre trend in Mexico. It's a great spot to be. Lots of very well-known world-class deposits along this trend, owned by a lot of different public companies.

11:18 You can see Guanasavie that's owned by Endeavor Silver, Pitoria that was owned, in fact, I think it was the first mine that First Majestic had as they built the same business model as well. Platosa is Exelon and so on down through the trend. Penasquito just off to the right, largest gold mine in Mexico owned by Newmont. So this is a terrific trend here to be on. And the Petruro project itself was producing for a couple of years in 89 and 90. And the owner is a mining contractor, and he actually built the plant that's on the project to put that into production at the time. But I'll get into a little bit more detail on that in a moment.

12:15 So as you can see, it's one of the most prolific gold silver producing regions in the world and very well known. There have been movies made from it and so on. I'm sure everyone's aware that Mexico is the largest silver producer in the world as well. So just a little bit more detail, you can see where the project's located here. I mentioned the Topia mine, which was the first one we acquired with Great Panther in 2004. And Tawahwato mine is owned by Luca Mining. Topia is now owned by Guanajuato Silver. San Geronimo is privately owned, actually by the same fellow that we're acquiring the Alpachurro project from.

13:00 And Cienega is a 4,000 ton per day mine owned by Fresnillo and one of the largest underground gold silver mines in Mexico. So, you know, we're in a great address here surrounded by producing mines. It's a very, very well mineralized area. And we're pretty much right on the trend. And so it's, it's a great spot to be in. And because of that, we can fly into Topia. And there's an airstrip there. And we can stay there. It's only 15 kilometers straight line to Potrero, 29 kilometers on the road. So the property is road accessible and the power line within 4 kilometers.

13:46 So our intention is to extend that power line down onto the project and to be able to run the plant using grid power as opposed to diesel. So just to show you a bit more detail on the breakdown of the project. You can see that the large colored blocks on the right-hand side of the screen here, these are the individual claim blocks making up the property. And the veins run in a sort of a Northwest, southeast trend such that we have about 4 kilometers of strike length of mineralized veins on the property, but there's been no drilling on it. So it's completely open as far as building a new resource on that.

14:32 Over to the southwest, this yellow block down here is called Maria Fernanda dos and that is a separate claim block and a different district, a different area if you like. The road from Topia, which is down to the bottom left here, actually passes right through this property and then bends around to the right to get into the main blocks. And so then the power line follows the road. So it's great in terms of infrastructure, but there's been very little work done there. But as we drove through it and took some samples and so on, there's a very extensive alteration system at work there. And it's highly prospective for a large discovery there so it's early stage but you know we'll get going on that at some point next year but the main focus initially will be on this block over to the right.

15:36 So this is just a couple of shots from the old historic workings that can be easily rehabilitated. You can see the ground conditions are good. We can just walk right in. And, you know, they did mine this out, going back to, as I say, 1989, 1990. At that time, since there was no drilling, all of the work that they did was really just based on underground sampling and the production that they had. And so they do have, at that time, they developed a resource of about 45,500 tons. But you can see the grade is very, very good. 8 grams gold, 186 grams silver equates to about 10.2 grams of gold equivalent or 869 silver equivalent.

16:26 And again, it's all just based on underground sampling. The plant itself, as I mentioned, basic infrastructure is good, but it hasn't been operated for 35 years. So, you know, it will need a new crusher that you can see here. The ball mills themselves may be okay, but it will need new electrical panels, new liners and balls and that sort of thing. So, you know, our ability to upgrade this and clean it up and get it back up and running, it's something that we can get going on very, very quickly and inexpensively. And it should probably only take about $2 million to get this back up and running, maybe about 2 years or so, including permitting.

17:13 So that's what we're looking at before we can sort of pull the trigger and get it back operating again. But once we're at that point, we'll have earned 50% interest and entitled to 50% of the proceeds of the profits and then use that money to continue to develop the project because this is, even though it's only 100 tons per day right now, it's completely scalable and we'll start drilling next year. So we'll be developing a new resource through that entire time, even as we're refurbishing the plant. And so, we'll be drilling off a new resource along that 4 kilometer strike length and the underground mines stretch out over about 500 meters right now.

18:01 So we know it's well mineralized over at least a 500 meter strike length. And so we'll start drilling on that. But expanding this all the while. So it's the sort of thing that you can run both in tandem and advance the project very quickly. This is just a longitudinal section through the area. You can see it's, you know, the topographic relief is quite high, but you're at about 1400 meter, 1500 meter elevation between the plant and the mines. But a little blow up of the mines here just to give some idea of the sort of minimal development that really had been done just in that two-year period. But we've walked into these mines, we've taken some samples in there, and this is where we'll start drilling.

18:55 But as I say, this is about 500 meters along strike length here, but we've got about 4 kilometers to explore.

19:06 So, on the basis of the actual acquisition, as I mentioned, we can earn up to 100% interest in the project, subject to 2% NSR at the end, but we will earn 50% immediately on commencing production. And then from there, we can actually use the proceeds of production to make additional payments to the vendor, as well as paying for drilling and upgrading and so on, such that we can then take it from 50 to 70, and then to 90%. And then once we're at the 90% level, the vendor will have the option of converting that last 10% to a 10% NSR, which would give us 100% of the project at that point.

19:56 But, you know, it's all staged. It's, you know, spread out over a number of years. And so it's not like we're having to run out and raise 7 and a half million dollars at a price of 4 cents or something like that. It's very, very manageable. So we'll start with an initial payment of $50,000 on signing the definitive agreement. Then the next payment isn't due for another 8 months for $200,000. And then a year after signing the definitive agreement, $750,000 and so on. So it's staged that way and it makes it much, much more manageable. So that's essentially the new Mexican project.

20:45 I'll just touch briefly on the Red Lake projects.

20:50 And there's more information on the main presentation which people can download from the website. But in essence, we're in the Birch Lake Belt that's just to the east of the main Red Lake Belt in Ontario. And you can see we're very close to the Springpole deposit that's being developed by First Mining Gold. And we're only about 10 to 12 kilometers away. So it's very, very close. Spring pool, as a lot of people will know, is pretty close to 5 million ounces of gold. And It's in development, not in production yet. Having said that, it's the largest Gold deposit known in the Birch Lake belt, but Argosy is actually the largest past producing mine in the belt. That's largely due to a lack of exploration in the Northern part of the belt. You know, Red Lake belt itself has been much more heavily explored because there's good road access into it and lakes and so on. Whereas, you know, Birch Lake didn't have the same access.

22:05 So just a couple of, just a shot of the 2 projects here and how they're almost touching, they're almost contiguous.

22:14 And So we tend to think of them collectively. If you go in to work on these, we can work both of them at the same time, even though they're also slightly different geological models. Just a couple of old shots, historic shots of when the mine was in production in the past. So this was in production 1931 to 1952. At that time, they produced just over 100,000 ounces of gold. Again, high grade, almost 13 grams per ton. And see the old name of New Range is on here, have to fix that. But we do own 100% of this and

22:58 it's a patented claims. So we really don't have to do very much other than just pay the standard taxes annually. There's only been 72 holes drilled on this, very little done at that time when it was in production. There was very little drilling done in those days. And they were basically just following the vein as well. But, and there hasn't been any drilling done since 2004. So it's the sort of thing where we can go back in and start to drill this off fairly easily. And the work that has been done in the past, and I'm very familiar with this because I was actually CEO of the company that had this in the past. So I was overseeing this drill program at that time.

23:47 But there were only 4 veins that were actually mined in the past when it was in production, and they were only mined down to a level of about 270 meters below surface. Whereas in this part of the world, as if anyone's familiar with mining in Ontario and the Canadian Shield in general, these things can extend downwards for thousands of metres. So, you know, the greatest dimension on these types of deposits is vertical. So, we've already drilled a number of holes below the old workings and you can see here these white horizontal lines represent the old mine workings.

24:37 And so you can see this is the lowest level that they mined down previously, but you can also see some of the holes that have been drilled that show that these veins continue to depth. And mineralization is continuing, the grade's continuing. In some places, the grade's higher, the veins are wider. But there's also a lot more than just 4 veins. We've discovered multiple veins in this area. So it really does have a lot of potential to expand a resource that, there is no compliant resource on this yet, but something that we'll be looking at doing down the road. And I'll just point out that on this link here, if anyone goes to the presentation

25:26 from the website, you can click on this link for the leapfrog model and it'll take you to a YouTube video model that spins us around basically in 3 dimensions and can give you a better sense of what this looks like. I won't run through this, it's a big table of numbers, but you can see just sort of scanning down this column here, the extent of the grades here, you know, looking at, you know, 28 grams, 15 grams, you know, going down 31 grams, 32, 73, 52. You know, this is a very high grade mine. As I mentioned, the average grade, production grade, was 12.7 back in the time that it was in production. So, and a lot of these intercepts are below the old mine workings.

26:17 You'll recall that those went down to 270 meters. So you can see some of these are quite a bit deeper than that. So we do know that the mineralization continues to depth. So, again, this is kind of going back to our basic model, the basic premise of taking an old mine where we know there's mineralization, high-grade mineralization, underground mine, and sort of bring it back to life, extend the mineralization, prove up a new resource and build some value on this. And it would take a little longer to get a mine permitted in Ontario than it would in Mexico, but nonetheless, the potential is there. Right next door to this is our North Birch Project.

27:02 And these maps just represent the magnetic pattern of the entire belt here. You can see underlying the Birch Lake belt. And the important thing here is just to see the pattern because these orange and gray areas and reds represent the higher magnetic rocks. And you can just see how things are twisted and folded around. And that's really what's important in this. In the blow up here, you can see how tightly folded around these rocks are here. And these represent rocks called iron formations. And they make very, very good hosts for gold mineralization. And this is a geologic model that I spend a lot of time working on.

27:48 I developed with my team the geologic model for the Musselwhite mine in Ontario, which Newmont is mining now, and that's well over 7 million ounces of past production and resources.

28:04 The largest of this type of mine is the Homestake Mine in South Dakota, which was over 40 million ounces. So, you know, these can be significant in size. So that's really the target model that we're using for this project. And so when we went in a little bit more detail, I did some more detailed work and some basic geological research and so on. There's gold in this area here, there's gold in this area here, but this particular horizon that we've focused on has never seen any exploration in the past. There's a little bit of gold in the iron formation here where it outcrops, but the structure that's along here doesn't come to surface. It's not exposed.

28:52 It's covered in shallow overburden. And so that's likely one of the reasons why it's never really been explored. But we know there's gold in the area. And you can see the Argosy mine is just down here to the lower right. And then of course, the Springpole mine is just another 10 kilometers to the Southeast as well. So we went in in 2022, This was the focus of our drill program. And again, this is just a different view. This is what's called a LIDAR survey, which sees through the overburden, allows you to look at the rock surface. And it doesn't give you any information on the rock type, but it looks more at structure and different structural domains. And you can see a very sharp break, a very sharp divide along this black dashed line here between the relief on the lower left versus what's on the upper right. And that suggests that there's a very strong structure coming through here, which is a great target for gold exploration.

29:57 And so, sorry, We did drill a couple of holes in this area and got some very strong structure and a bit of gold mineralization as well. So we were only able to drill a couple of holes on that, But we got some great indicators and we'd like to get back working on that as well, because we have 8 kilometers of strike length along this structure.

30:25 And so there's lots of room for new discoveries along this structure. So just in summary, in terms of the work that we're looking at and the upcoming catalyst, news flow, that sort of thing in Mexico, we'll be signing the definitive agreement probably in a couple of months filing the technical report, which will be available for people to download and look at. We'll be getting back in there to map and sample the underground workings and then rehabilitating those underground workings as well as refurbishing the plant, starting to work with getting new permits in place. And some of those permits will include, excuse me, diamond drilling. So it should be diamond drilling by, I would say, maybe Q3 of next year, or sooner if we can.

31:24 And then continue to build a resource from that point forward. In Ontario, I hope to be back in to Argosy and North Birch by next spring. We'd like to fly a LIDAR survey on Argosy, given how successful that was at North Birch and commence another diamond drilling program on the down dip extension of the veins at Argosy, as well as some follow-up diamond drilling on those iron formation targets at North Birch as well. So all in all, there should be lots of news flow over the course of the next 6 months to a year. And we're really excited to get going with all of this. I think it's a great opportunity to build a, basically build a new company and what I hope to be a very strong market going forward.

32:15 So with that, thanks very much for your attention and I'll turn it back to Kyle and any Q&A. Excellent, thank you, Robert, for that thorough presentation. For anyone that came in a little late, We are taking questions, so please feel free to submit them in the chat at any point.

32:36 Okay, so I enjoyed the presentation. Now you shared your history of bringing 3 mines into production. So are you mine builders as well as geologists? Like what is it that your team excels in exactly?

32:51 Yeah, I guess you could say mind builder, company builder, in that sense. That you know, I'm really an exploration geologist going back to my early training at university and first 15 years with the majors. But even during that time, I worked on 3 different feasibility studies for Placer Dome and Naranda. And those are on major mines, like Musselwhite and the Dome Mine in Timmins and so on. So I had a very good technical base on the mining side of things, and I know what it takes to build the mine. So, when we go out exploring for things, it's not just a matter of, oh, gee, we found some gold.

33:45 Let's see what we can do with it. We know what it takes to build a mine. And certainly, Dave Solari, one of our directors, knows that as well. So It's something that, yeah, I guess, you know, we've just kind of gone that way through our careers. And so knowing how to put that together and bring value for shareholders, because I think when you go that route, it lowers the risk quite substantially. If you can get into production,

34:23 it lowers the risk, but also increases the value. Because with Great Panther, for example, After 13 years of running the company, building it from concept to producer, we still only had 165 million shares on issue. And that's why we were able to trade up to 5 bucks at one point from starting out at 35. So it was a very good return on investment for shareholders. So it was great value. Thank you for that, Bob. So El Potrero, The owner of the property actually was participating or built a mine and this was 35 years ago was operating. Is this all correct? So, that's correct. Yeah. Why would he consider selling the project and never try and get it up and running after all of these years? Of these years?

35:17 So he sort of ran afoul of the government on a tax issue at one point around 1990 and the government actually embargoed the plant for a period of time until he was able to resolve all of that. And so, you know, that got resolved in 2015. So it took him 25 years to get everything back. And so it's really only been since then, but he just didn't have the money to put into this to get it back going himself. There was that little lot that mine, one of the mines on the map that I mentioned earlier on the San Geronimo, that's close by.

36:04 He owns that and he operates that and that's 150 tons per day. And so, in addition to running that one, he just didn't have the capacity to bring another one on stream. So he was looking for a partner and a lot of companies want to just come in and kind of go it alone and maybe spend 5 years building a resource and trying to see what they can find. And then because they think that there might be a lot more there and they can justify a 500 ton plant and that may well be the case. But it's a different business model where you're just going in and that's all you're doing is drilling and building a resource. Whereas our model is let's get into production, even if it is only 100 tons a day.

36:56 And because at that level, if you can do it quickly, then you can start to generate the cash flow and then build the company out of cash flow. And it may well still get to 500 tons per day, but we won't have to be diluting shareholders all the while to get to that point. So it's a different model, and I think that's what he was looking for. He was looking for someone he could effectively partner with to put it back into production because he's a mining engineer himself, you know, and a mining contractor. And so that's really what he was focused on, is getting into production and sharing in the profits, of course, I mean, we'll split 50-50 initially. And so he'll probably make more money from the production side of things over the course of those years than he will from the property payments. And that way he'll be able to participate in the value of the property as it grows.

37:58 That's interesting. So Mexico has been in the political spotlight for the last couple of years. What made you decide to acquire an asset in Mexico and is now the right time? Yeah, I mean, the, well, to answer your last question first, I think now's a great time, you know, partly because of some of the hesitation, you might say, in terms of companies getting involved and doing things. I recognize that the recent administration, they've just had elections and it's the same party that's in power, but they have changed presidents because they can only serve 1 term, 1 six-year term in Mexico. And the previous fellow, AMLO, was very much a populist politician.

38:50 And he tended to be full of bluster and operating on an emotional level and saying things without knowing what he was talking about or why or what the impact would be or you know that kind of thing. Whereas you know and he talked about banning open pit mining in Mexico and he wasn't a fan of Mexico, sorry a fan of mining in general. But you know his successor is, I think, much more pragmatic, and if I can say, smarter. And she, I think, will listen to her advisors, and she has appointed some very strong people in her cabinet.

39:36 And I think she'll also listen to the industry a lot more than AMLO did. And so, I'm optimistic that the attitude in Mexico will change. I think most of us in the industry that have been working there, and I've been working in Mexico on and off since 1996, so almost 30 years. So I'm very comfortable working in Mexico and have a strong network there. But I think people that have been working there that long recognize that the mining industry and the support for the mining industry through the government and various regulatory bodies there, it does need improving.

40:24 I mean, there are things that could be done better from their standpoint. And I think most of us are perfectly willing to sit down and help them to change things for the better. And rather than what AMLO did was basically just come in and decimate every department that had anything to do with mining. So that you might only have 1 or 2 people sitting in an office trying to look after an entire state and everything that goes on. And it's just impossible. You know, So that's just not the way to approach it. It doesn't accomplish anything really. So we're quite happy to work with them. And when I was working there in the past with Great Panther, I was part of the mining task force of the Mexican Canadian Chamber of Commerce.

41:21 And we're quite actively involved with government relations and that sort of thing. So, you know, I intend to get involved again at that level and try to improve the situation in Mexico rather than just kind of throw up our hands and say, oh no, we don't want to go there. Because there are problems everywhere in the world. It's almost any jurisdiction you look at, there are gonna be issues, whether it's Canada or the US or Mexico or wherever. Sorry, mining task force? I've never heard of this before. I'm sure others haven't either. Do you mind sharing? I said, no, not at all. As I say, it's part of the Mexican Canadian Chamber of Commerce. So they cover, you know, all different industries and just try to promote relationships between government and industries, and organizing events and trying to keep an open dialogue and that sort of thing.

42:21 And the mining task force is something that was set up as part of that group that is specific to the mining industry and it allows a good interchange of views and dialogue between the industry and people in government. We would routinely have meetings either in Mexico City or at the PDAC in Toronto, for example. You know, they would have a meeting there every year and, you know, facilitate a good strong open dialogue between the regulatory authorities and the mining industry. And it was a really good way to just keep things moving forward, you know, and because the best way to do that is with open communications.

43:16 Certainly. Interesting. So obviously this LOI is a big deal. How long can we expect to hold on Pinnacle? So this LOI falls under what The exchange calls a fundamental acquisition and as such, it's a fairly material acquisition for a company the size of Pinnacle. So they want an opportunity to review the technical report that we have to put together and title opinions on the concessions to make sure that the owner does in fact own the claims and so on. As well as we have to complete the financing and of course get the definitive agreement ready for signing.

44:04 So all of these things which are all running in parallel. And so it's probably gonna take about 6 weeks roughly, 6 to maybe 8 weeks to get all that done and approved. And so that's sort of the sort of timeframe that we're looking at. And then the halt would come off once the exchange has given their final approval. But none of those things is insurmountable. It's all fairly standard. The technical report will be fairly basic because there is no resource on it. There hasn't been any significant work done on the property in the past. We really don't have any production records, even going back to the time it was in production. No drilling.

44:56 It'll be fairly straightforward to get all of that done. Excellent. Well, Bob, that's it for the questions for today. Do you have any closing remarks? And I should note for anyone that came in late, this is being recorded, so it will be available on YouTube shortly afterwards. So just keep that in mind. But If you have any closing remarks, it was a great presentation, Robert. Thanks, Kyle. I guess one thing I would mention, because the stock is halted, obviously people can't participate in the market at the moment. But as mentioned, we are doing a financing right now. So if there's anyone out there that is an accredited investor and would care to participate in the financing, there are really no restrictions in terms of size.

45:44 So it's a great opportunity for people to get in on the ground floor and join us on this journey. And so just I'd say reach out to the company or to me directly and we'll take it from there. There. ♪