Sanutura Project Mineral Resource Update and Upcoming Exploration Plans

0:08 Well, hello everyone and welcome to Cerama Resources live summit today hosted by 6. We're joined today by Andrew Dining, President and CEO, and Paul Schmidty, VP Corporate Development. Paul's going to walk us through a company presentation, and after we will move on to a live Q&A with both Andrew and Paul. So as a reminder, you can submit your questions at any time on the Q&A panel on the right-hand side of the screen, and we'll try to get to them after the presentation.

0:35 And as always, the summit is being recorded and will be available to watch afterwards on six.com. But without any further ado, I'm gonna hand it over to you, Andrew, to kick things off. Thanks very much, Dasher, and welcome everyone. Yeah, it's great to have everyone along to the summit. And

0:54 we'll be walking you through the resource update that we put out yesterday. We're very, actually quite pleased with the outcome. Obviously, a lot of work has gone into it, a lot of work and trial data. The resource increase primarily comes from the Bondi deposit, which is the deposit we acquired from Moore's Own some time ago. But I would say that the resource we published, the increase is probably gone to the, I guess the higher end of expectations. It's a pretty positive outcome for us and for the project, particularly given the material is all free milling and it's got a pretty solid grade profile. And we think there's still plenty of upside, which Paul will take you through shortly.

1:41 We'll also touch briefly on the exploration picture towards the end of the presentation, but really most of this will focus on the resource update and the existing resource for those of you who aren't familiar with it. We will plan another summit, either later in the year or early next year to look more closely at the regional geology where we work and what our more detail and what our exploration programs are. We think we've still got a fair bit of runway left where we work and we think you know we can grow the project you know substantially from where it is now but I think on that I'll pass over to Paul and let him get into more of the technical details. Thanks, Paul. Thanks, Andrew, and welcome, everyone.

2:30 Hopefully you can see my screen that I've just started to share. As Andrew mentioned, we'll be mainly focusing on the recent resource update. And right at the very end, I'll touch on some exploration plans that we've got, but that'll be largely saved for the next summit. Disclaimer, if you've got time to read it, at your leisure. So just as a recap or as an intro, the area that we're focusing on today is on the left-hand image, the red blocks, we call it the Sanitura project. It's a 1500 square kilometre package of exploration land holdings in the southern Hundo Belt, which is probably the preeminent and most well-endowed belt in Burkina Faso in the southwest.

3:19 There's 2 key components to our project, both complimentary to each other. First of all, is Tancora deposit in the south. And we've had that deposit for some time. And the resource on that is 600,000 ounces of indicated plus 1.9 million ounces of inferred and that's all within a mining shape constrained shell. And then in addition to that, to the north, we've got the Bondi deposit. That's been the subject of this last, this latest resource update. So you're looking at 500,000 ounces there of inferred. And again, that's at the $1,800 pit shell constrained. So we view this as a development project moving forward with a centralised processing facility.

4:09 So naturally those 2 deposits will both come together and be treated through that same facility. So as a total project resource, we're now looking at 600,000 ounces of inferred, sorry indicated, and then another 2.3 million ounces of inferred. And that represents around about a 20% increase over our previous resource, which was in September last year, which just focused on the Tankora deposit. Looking at the Tankora deposit on its own, so it was a new discovery by Surama in 2011. It was actually a soil geochemistry survey which we followed up with reconnaissance drilling. And if you look on the, where the Tangkoro deposit label is, that was largely the epicentre of the first drill campaign. So we've basically grown the resource out from that point going forward.

5:05 We did release some maiden resource in 2013. That was 1.5 million ounces of inferred. And successive exploration programs over that time looked in both the regional areas to look at sort of the eastern corridor, which also had a large soil anomaly over it, but we also focused on the resource corridor, which is that main western trend that you see that's really well drilled there. Last year, we updated the resource and that represented a 65% increase on that 2013 level. And that was the first time we actually had some indicated into the mix. And we ended up with the 0.6 indicator and 1.9 inferred.

5:53 As of today we're basically just bringing that resource forward and incorporating the Bondi into the project now. So there's no actual change to the Tangkoro deposit with this latest release. A little bit about the geology and mineralisation at Tangkoro. It's a remarkably extensive mineral system, mineralised system, so it extends for about 16 kilometres along strike from north to south. That's largely drill-defined fences over 100 to, actually 50 to 150 metre spacing over that entire 16 kilometre length. For those in Toronto, it's probably North York down to Billy Bishop Airport, that kind of distance.

6:39 Vancouver, it's, I don't know, from Canada Place down to Richmond, the southern limit of Richmond. So it's a remarkably extensive system and it actually expands 1.4 kilometres across the package as well. It's quite a well understood and well behaved system, so we're looking at intrusive dikes within a sedimentary host, sedimentary basin. We've also got as a second type of mineralisation some structurally controlled gold quartz veins. And over time we've developed quite a good handle on the controls of the primary mineralisation but also high-grade zones within the overall load. So it's developing that appreciation of the structural architecture of the system.

7:32 And despite the fact that we've spent quite a lot of time and a lot of drill meters on this, it still has good potential remaining and we're ready to pursue those drill targets. They'll largely come from strike and dip extensions and also upgrading the classification of currently modelled material but currently unclassified material so it doesn't quite make the inferred resource category. So that's pretty much an easy win for us to upgrade that material. We're also looking at structural intersections. We'll touch on that later but where we see where you get the confluence of certain structures you do get a an enrichment zone so they're prime exploration targets. And throughout the system, across the trend in particular, there's many, many drill gaps that exist that we can pursue to look and see what we can find within.

8:32 Looking at the 2021 resource itself, so the central area, this is the 16 kilometre long strike. The central area we term that the and the MC prospects and they host the bulk of the resource. So we've drilled that down to around about 550 metres vertical. It remains open at depth, but when you look at it, the bulk of the ounces, probably about 70% of the ounces at Tancoro are contained within the first 150 metres from surface. So it's still a relatively shallow deposit. Certainly drilling down deep, super deep, is not our focus. We're more focused on open pittable resources. So it's just good to know that the system is open at that depth and there could be future potential down there if we do ever go down there later on.

9:23 The southern areas, as I mentioned before, we kind of started off in the centre of the deposit and have built out from there, So the southern areas are a lot shallower in terms of our modelling. It probably goes down to about 50, maybe 40 to 50 metres vertically. It's more sparsely drilled, so we're still seeing some of the interpretation of mineralisation evolving down that way. But I think pleasingly we're seeing

9:54 multiple different orientations of mineralization appearing. So we've got the traditional steeply dipping dyke type units but we're also seeing flat loads dipping to the east, flat loads dipping to the west as well. And in terms of open pit dynamics, that just adds to the bulk of the payable material in that open pitable zone. So, you know, complexity is actually a good thing for us, so we're very pleased to be seeing that. And some of those alternative orientations through there are actually some of our prime exploration targets going forward. Up to the north, we've got the phantom group of prospects as we term them.

10:39 What we see there is more discrete, steeply dipping units. We haven't come across any flat dipping structures up there just yet. But what we do see up in that part of the system is more of a higher grade sort of constrained type

10:57 mineralization. So still valuable but seems to be a little bit more straightforward than the southern and the central areas. A couple of new emerging prospects way up north and also into the footwall of the system. Emerging targets sparsely drilled. A lot of that's not quite in the mineralised, in the mineral resource category just yet have inferred. It's more of a unclassified nature. So again, we'll look to upgrade that going forward and get it into resource.

11:35 I spoke a little bit before about the high grade zones. This is actually an old slide but it's still relevant. This is in the centre of the zone, so this is the area that we've since drilled down to 550 vertical metres, but these high-grade zones, you do see them at pretty regular repeated intervals along the whole 16-kilometre strike. And they actually are the focal points of the deposit from an economic perspective. So this particular zone, it actually hosts our indicated portion. So the indicated portion of the resource is in the open pitable zone. So it probably goes down to about 100 metres. And what we see, as you can see on those drill intersections there, it's very, very consistent, high grade and repeatable with all down dip and also a long stripe there. So they're the sort of prime exploration targets that we like to see and we'll be pursuing going forward.

12:41 In this particular zone the open pit shells drive down to about 300 meters vertical and there's also underground potential here that those grades do support. In terms of geological controls, I think over time, our knowledge has improved quite a lot. At this point in time we believe these high-grade zones to be the product of, as I mentioned before, the structural architecture of the system. So when you get these slightly different orientation structures intersecting, There's probably been some sort of deformation or movement post the original emplacement of the dikes and you've got these, I guess, breccia zones, dilation zones and multiple over printing of different phases of fluid in terms of grades.

13:35 So you do get these quite high grades in these certain areas. So we've got, yeah, in these areas, both open pit and also underground exploration targets. So this is a plan view looking down on top of the central areas of the resource. So we just went through the prospect and to the south you've got the MC prospect. This is the core of the area And you'll see that you've got the 2 tracks of North North East trending loads. And then in between that 2 tracks, you've got this North North East trending, what we call minor loads, but they're not actually that minor because each one of those those ribbons if you like, the red ribbons there, they probably extend for between 200 to 400,500 metres. So in themselves they are quite significant but when you put it within the overall package we, they're probably minor in relative terms but where you see the confluence of those northeast and those north northeast trending loads, that's where you get some pretty interesting grades, as you can see in the right-hand image.

14:45 The purple grades are the higher grades, so you know plus 5 grand material. Reds around sort of 1.5 to 2.5, that type of thing. So where you do get those intersections, they do give both grade enrichment also, you know, an expansion in the system volume. So grade times volume equals metal, and that's where the concentration ends up being for our open pit dynamics. When we do throw an open pit over that, That's how it looks. So you can see pretty much the whole strike of the mineralisation is encapsulated in the open pit outlines, I guess, or bounds. Just in this central area you're looking at a 4.5 kilometre long by 1.5, sorry, 1 kilometre wide open pit zone. So when you think about that, it's quite an expansive area.

15:40 And look, this is a similar thing going north and south over that entire 16km zone. So once we finish exploration, we start to look at the mining side of things, you'll end up with quite a significant exploitation scenario going forward.

16:02 Moving on to the Bondi deposit. This was a new discovery by Orzone in 2003 and like the Tangkoro deposit, it too was a soil geochemistry discovery, I guess, or anomaly that was followed up by reconnaissance drilling.

16:24 Those exploration programs mainly focused in that well-drilled zone in the centre there, but they also started to look a little bit further afield in terms of the regional type work over successive campaigns. There was a resource released in 2009, and that was the last resource that Auzone released, And that was 300,000 ounces of measured and indicated, plus another 100,000 of inferred. Now, all that was located in that well-drilled central area. After that time, Orezone started to focus on the regional areas and developed a few targets, particularly to the northeast on the boundary of the property.

17:11 But largely, Orezone, I think, had other targets to pursue and other projects at the time. They had Esa Khan and they also had Bomboran Country. So naturally the shift came away from this single property and onto those larger projects. In 2016, we acquired it and that was quite a material acquisition for us. We got a very deep discount to sunk cost, but it's major value accretion to us given our existing holdings just to the south at the time, which obviously included the Tankora deposit.

17:52 And as of yesterday, we released our 1st resource on the area. So now we're looking at a 500,000 ounce resource there, 100 percent inferred. And again, that is largely focused in that well-drilled area. We haven't actually done too much work in the resource area in terms of drilling. We've elected to focus more on a regional sense. So we have done some drilling up in the Northeast there, but the data that goes into the estimate, the resource estimate is largely the same sort of data package that Warzone was working with in sort of 2013.

18:34 Geology wise, a little bit different environment to the Tancora deposit. It's more of a structurally controlled, shear hosted type of mineralization. We're looking at Gold Quartz veins

18:50 within largely an area of lithological contrast between sedimentary rocks and volcanic rocks. To the north east we also get some vein type mineralisation and disseminated style mineralisation within some larger intrusive units which it's a little bit anomalous for the area so that that is a good thing for us. We're always keen to see new styles of mineralisation appearing and it'll be part of the development of our geologic model going forward and hopefully we'll be able to generate some exploration targets out of it. So at this point in time, the resource extends for about 6 kilometres along strike. So it's not quite as long as the Tankori deposit, but still, you know, 6 kilometres is quite a quite an extensive system when you think about it.

19:47 The mineral resource that we've defined is in the centre of the property there, largely in those north-south trending loads. It goes down to about 310 metres vertical dip over that 6km strike. And with swifts of up to about 35 metres in place, it's pretty much vertical, sub-vertical. So you're looking at that 35 metre true width just trending straight down. It does pinch and swell obviously, but that's the maximum. And despite the fact that there's been a lot of drilling within that zone, a lot of it's drilled to 25 by 25 metres, we still feel that there's good exploration potential both within the area of the mineral resource but also in a more regional sense. And some of these targets on this property are actually the priority targets within the whole package. So both at Tankoro and Bondi we've got an abundance of targets we're pretty keen to pursue.

20:54 Zooming in a little bit closer, so we've got the mineralisation, sorry, the mineral resource in the centre of the area. The bulk of the resource sits in the soil and Antilles prospects. We've got some minor contributions heading to the south there at those sort of tails of mineralisation. The Zanawa prospect, that's the intrusive unit that I mentioned. No resources on that, but we have modelled some shapes around that. So that's part of the unclassified inventory that we'd look to put more drilling in and ultimately upgrade. And then in a more peripheral sense, we've also got further targets out that way. Again, model, but not classified. So we'll be pursuing all those targets in the upcoming programs.

21:43 Little bit on the grade, that's the resource model that we've just produced. So at the very north, in the top left-hand side of the image there, you've got some very good grades, good widths, and the resource there is shallow. It's sort of 70 to 100 metres. So it's definitely within open pittable area, but it is open at depth and in certain places it's open along strikes, so that ticks a lot of the boxes in terms of an exploration target for us. In the middle area,

22:15 that's where the bulk of the resource is. In this image, it's a little bit misleading because we've actually got some really good grades in there, but they're obscured by some minor loads that are of lower grades. So you can't quite see the grade definition on this one, but we'll step through that in a later slide. To the south we've got more constrained resources, generally poorly drilled down in that area so a lot of it's unclassified. So again that's part of the material that we'll target in future programs to upgrade that classification so that we can include it in the resource.

22:54 This is a long section of the main loads, so we've actually filtered out all the minor loads of that solo and Antilles prospects. So with the benefit of enhanced modelling, I think compared to the 2009 version, we've been able to bring out some of the high grade shoot

23:15 characteristics in the deposits. So up in the north you can see these very, very high grade and we're looking at plus 5g open pittable material plunging gently to the north. So they are our prime exploration targets in this resource area at Bondi. In the middle of the zone there you've got the 310 metre deep model. Reasonable well drilled at depth but some of it remains unclassified at that point but very well drilled up in the open pit area and again still open, still open at depth. The mineralised unit is still alive and well.

24:00 Towards the south there the grades become a bit more muted, a bit more mottled, but certainly the open pit areas do extend, you know, for that entire length through there. And despite the fact that you've got lower grade or lower tenementisation in that area, the load system is still alive at depth there. So in that particular area you're probably looking at underground targets that we wouldn't necessarily pursue up front, but they still do present some sort of interest going forward.

24:36 These are some plan views just looking at the central zone. So the 310 metre deep zone is basically through the middle of those 2 images. I referred to the minor load packages before. So you've got this basically a vein swarm that extends over that 1,000 metre distance along strike for a 500 metre wide

25:05 package. And although the grades are lower tenor than that central load system there, just the plethora of the individual mineralised units, they're all giving this great additive effect and it's treated as a single unit. They provide really great pit stripping assistance for when you optimize a pit around that. So they actually really do help the pit progress down deep and also along strikes. So moderate grades but still very valuable to us.

25:43 And on the eastern side of things there a lot of those loads are actually unclassified. So they haven't had the drill density and we don't have the data points within them to satisfy our classification criteria. So we still believe that they're as modeled there, but we need to put a few more holes into them to bring them up to that classification and that'll further aid the growth of the resource and also the growth of the economic potential of the picture as well. I spoke a little bit about classification here, you can see that the blue, the dark blue, is unclassified material so that's where areas exist that have lower data density or the estimation dynamics just don't allow us to have a confidence at a certain threshold to include it into inferred.

26:38 So those areas can be upgraded with extra data, so it just remains a function of exploration sequencing. And as you'll see, the open pits there that define the actual resource, in terms of reasonable prospects of eventual economic extraction, to the south there, those pits tap out at that inferred and unclassified boundary. So the pits are at the dark blue data there, the dark blue blocks are actually blind to the pit, the pit can't see them. It's just treated as waste. So once that gets upgraded in classification, it becomes live and then the pits will progress down deeper.

27:25 You can see in the central zone there, you've got the pit progressing down to probably close to 250 metres vertically. And then right at the very base there, we've actually got some underground shapes thrown around things, around about 10,000 ounces there. So a minor contributor, but it does show that there is genuine underground potential there that meets grade and width and continuity criteria. Looking at a cross-section through the middle part there, I think this is worthy to look at just in isolation. We've got the main central load there and the widths and the tenors of the mineralization are pretty good. You've got 30 to 40 to 50 meters of consistent mineralization over many hundreds of meters there at that type of width. And the grades ranging from 2.5 to 3 to 4 to 5, Again, very, very consistent, very well drilled in that top, say 70 to 80 metres and then a little bit sparser down dip. But the other thing to note on this slide is the presence of the minor loads. They might have short scale along strike, but they seem to be quite continuous down dip. So a lot of those are modelled between 50 and up to 200 metres vertical depth. So, particularly on the west side there, the left-hand side, those moderate grades, they do give quite a good uplift

28:56 for the stripping dynamics of the open pit. As you'll see in the footwall side of things, which is to the right of the image, those minor loads are, there's a big drill shutter there so there's no drilling into them. So they remain open and probably a second tier type target to chase those down a little bit deeper, not too deep, but we'll stick some holes down in there to see what's happening over time. So just to sum up, the new resource total project, 600,000 ounces of Indicoted, That's all sitting in that well drilled high-grade area at, high-competible area at Tankoro.

29:43 In addition to that, another 2.3 million ounces have inferred between the 2 deposits. Tankoro, no change from 2020 resource, 0.6 and 1.9. Bonnie deposit, 9.2 million tonnes at 1.5 for 500,000 ounces all inferred. And I think most importantly, the figures that we need to focus on are the oxide and transition components. So both deposits contributed, we've made that magic million mark for the oxide and transition material. And that's the material that we would notionally use to justify a project development. That's the material that's going to provide the rapid payback in terms of project economics, it's going to require a more modest capital build, CapEx.

30:40 So they're the prime numbers that we're focusing on. And if you include, you know, fresh rock into that from Bondi, you're probably looking at about 1.3 million ounces all up there, a lot of it inferred but again that will naturally move up. One thing we have seen over time is our inferred material behaves very well once we put new data into it and invariably it does basically translate one-to-one to get into indicator with the addition of data. So that's a really good position to be in after this resource update and our exploration plans going forward will be focusing on the the oxide transition plus minus the free milling component.

31:30 Just a little bit on exploration, We'll save all the detail for the next summit, but as I mentioned, it's that prime objective is to increase the transition and free milling resource base so that we can then move that into a study phase. And the strategy for that is quite simple. It's converting unclassified material within the existing open pits to mineral resource category, minimum inferred. We'll also target obvious, I think, high probability strike and depth extensions to loads that we've already modelled. We'll do have a bit of a look at the oblique mineralised structures. So they're those loads coming in or structures coming in at different angles, creating those economic hotspots where you get dilation zones and enrichment zones.

32:26 We've also got quite a lot of reconnaissance drilling in a regional sense that hasn't been followed up just yet. So we've got interesting intersections that do warrant some further work. So that will be probably a tertiary target. And we never forget about greenfields targets. It takes a long time to generate these targets. So the sooner we start, the more rapidly they'll come into scope for, you know, inclusion in an economic study at some stage. Just a couple of sections to look at some of the targets within our prime zones. This is the Tankoro deposit, so you're looking at the and then the next slide will be MC.

33:17 I don't want to spend too much time on this. We've already touched on the, I guess, the grades and the distribution of it and the situation, but just to highlight some of the intersections historically that we've got there, down the bottom there, you know, sort of what do you want to call it, 5 to 30 metres at 5 to 10 grams plus a 42 gram in there. They're the sort of tenors that we do regularly experience in these high-grade zones. Obviously these are the zones that we'd like to find more of throughout that system. So it's about understanding that structural architecture, understanding the, I guess, the deformation events and the wall rock chemistry to try and really glean out these hot spots.

34:11 At the MC, just to the south of that, that's probably about a kilometre away, maybe a touch less, you're looking at very, very good growth and widths there, 30 to 40 to 60m at 3 to 6g, 3 to 7g. Across those 2 particular areas, we've got around about 18,000 drill metres of air core RC and diamond drilling proposed in this next drill campaign. The next drill campaign is around about 60,000 metres of combined drilling ready to start next year. I think overall we've got around about 30 or actually more than 30 compelling exploration targets within the main mineralised trends, but also in that regional sense. So ultimately we're looking to find multiple satellite feed deposits, particularly in the regional sense.

35:13 I think the main mineralised trend at both Bondi and Tancora deposits, that will just become 1 large open pit area, so not necessarily satellite feed deposits, but they'll come from those regional areas. I think once it's fully executed, we're probably looking at that 500,000oz add mark, which will bring the total project mineral inventory to well over the 3 million ounces and probably touching close to the 3.5 million ounces. So it's all good. The 60,000 metres is well spent, you know, very focused high probability type drilling. So we're pretty keen to get stuck into it once the new year comes around.

36:10 That's all I've got to say now. So I'll hand back to Andrew and we'll go through some questions that might have come through in the interim. Great, thank you so much Paul. So now we're going to transition to the Q&A section, so if you do have a question feel free to submit them now. We have a few. Paul, why is some of the model of minimization within or adjacent to pit shells unclassified? We go through, I guess, a two-staged system. First of all is the geological classification, where we look at the, I guess, the density of data, the density of drilling.

36:56 We also try and construct variograms with geostatistical, look at geostatistical type relationships. If after all of that, we run the estimate and we feel that it's not a good quality estimate and there's certain indicators within the estimation process that tell us if it's a good quality estimate, If we don't have that level of confidence we'll downgrade the resource and call it uncategorized. On the contrary, if it does meet the threshold then we'll call it either inferred or indicated. So after that we obviously run the pit shells to see if, or to try and capture mineralization within it. And the pit shell will optimize around just the inferred portion in our situation.

37:47 And in doing so, it will invariably expand into areas that do have, you know, contributing unclassified materials. So in terms of the pit optimization, the unclassified material is blind. There's no value ascribed to it, but it still gets captured and we show it as a target within the shell. Thank you. What percentage of the Bondi and wider oxide and transition resource would you expect to convert to inventory? Well, we generally look at 60 to 70% that would make it through into, call it a reserve. You're only allowed to quote reserves once you do a pre-feasibility study, so we're well before that, but we've done quite a lot of internal work and that seems to suggest that that's around that 60% to 70% mark.

38:45 Thank you. So a majority of Orezone's original Bondi resource was M&I. Why is Cerama's resource all inferred? So Orezone did quite a lot of drilling. So There's about 85,000 metres that have been put into that central Bondi deposit on 25 by 25 metre spacing. So that's nominally very well drilled. I think For us, we acquired the deposit in 2016. And again, we reverted to the more regional type exploration and didn't spend too much time within that central zone. So we're yet to have an opportunity, I guess, to venture into that zone and do some verification type drilling as we normally would before we'd call it that higher order classification.

39:46 The permit took quite a while to get renewed. So we acquired it in 2016 and it had since expired. So it was going through a reissue process. So we didn't actually have access to the property to do that verification work. So at this point in time, we haven't done the requisite work that we would like to do in that central zone, so we prefer to call it inferred. Great, thank you. And how do you categorize targets as infill, extensional, and exploration? I guess infill is drilling within existing modelled areas. And as we've talked about, some of those modelled areas are unclassified. So add the data, you hope to upgrade the classification to a minimum inferred.

40:37 That's 1 type of target. Extension is probably extending either a long strike or down dip from the limits of the known modelled mineralisation. An additive, I think that was your last, was that the last category? Exploration? Yeah, that additive is stuff that's yet to be modelled. It doesn't exist as an extension to any known loads. It's sort of out in the middle of nowhere that, you know, it's an isolated type deposit. So they're the 3 key categories that we look at. Got it. Thank you. Bert is asking if you could advise on the status regarding the planned ASX listing.

41:29 I'll jump in on that one, Paul. The ASX listing is moving on. It won't be happening before Christmas. The ASX has really jammed up with new listings. I think the most likely timing to get on the front foot with the ASX listings going to be late January, but given the time you were at, that's not that far away. But our lawyers were advising us not to try and get something done before Christmas, because we were going to run with that prospectus being open for an extended period of time. So that'll be, I think, probably end of January, early Feb next year, we'll run the listing process down here and recapitalise the company and do the 50,000, 60,000 metres of drilling that Paul's been talking about and get things moving forward pretty quickly.

42:30 Great, thank you. Bert is also asking, what is the current status regarding the permitting for the Tancoro deposit? Yeah, the permitting on Tancoro, that's moving along slowly. It's been quite a frustrating process. There's been a number of changes in various government departments. It's not just Surama that's held up. West African and Endeavour are in a similar situation and Barrick. So I guess what you can say is probably as close to getting Tancorra issued as we have been. It's, I'm very low to put a timeframe on it, but we'd like to think by the end of next month that we'll get something in hand that we can advise the market to.

43:19 It's our expectation that the permit will get issued. That's the rhetoric that's been, continue to be delivered by the government, but we're unable to work on the ground until we actually get the permit. But the Minister of Mines, who we're having pretty regular dialogue with on the kind of hurry up and wait process, is, you know, has been, you know, very supportive, but he's got a bit of a machine to work with. So it is moving, albeit very slowly. Thank you. Kent is asking, can you discuss the timing of coming actions such as the PEA, PFS and FS study? Yeah, obviously for us we need to get this drilling done.

44:07 We'll see where the final resource number lands, but we'd like to think we're probably closer to 3.5 million ounces than 3 million ounces, you know, pit constrained. We'd like to get to the point where we could have a good 8 or 9 years just running on oxide material. So I think we need to get that work done first. So given when we can actually start drilling, we'd hope that we'd get a PEA done by the end of next year. Depends if we get the drilling done before the rainy season starts, we'll do a resource update, and then we'll do a PEA after that. A lot of the work has already been done on the PEA side. So we've got a fairly good idea what it looks like, but we really do need to give the project the best shot with respect to the PEA. So we'll hit everything that we can, get it into the resource and then do the PDA after that.

45:04 Great, thank you. Andrew's asking, is the planned drill program fully funded or will you need to raise funds to complete the campaign? Yeah, No, the purpose of the listing in Australia is to load up the balance sheet. So, our aim is to raise adequate funds to cover the drilling plus the technical work that will follow that. So at the moment, it's very much a game of getting all the planning done. So most of the drilling has been planned already. So the numbers Paul's putting up, there's a fair bit of substance behind them. We were going to go through that this evening, but once we put the—started putting it together, we realised there was a little bit too much to put out in addition to the discussion on the resource.

46:00 But yes, post the ASX listings, so we would think we'd have receipt of funds maybe by mid-March if things go to plan. We would drill them, we wouldn't stick any holes in until the cash was in the bank. Right. Kent is also asking, what is your current liquidity position, burn rate and potential fund raises? I think I've partly answered that, but at burn rate at the moment is depending which month it is, it's probably 120 to 150 US per month without kind of any kind of abnormal cost items like tax bills or whatever from the Burkina government. The IPO or the ASX listing will be looking to raise somewhere between 8 and $12 million.

46:51 The ASX, obviously some of the Canadian investors have probably not as close to the ASX as what they are to the TSX. But when we sit in Perth, we look at the action on the ASX and the broker that we've actually engaged is Euros Heartlease. They've raised hundreds of millions this year for mining names. The junior mining sector has a lot of access to capital. Most deals are done in a day. So the guys we're using were behind West African Resources, Predictive Discovery, that's $350 million market cap now, Cardinal, a bunch of other names. So we think raising kind of 8 to 12 million is probably around the right number that lets us get on with business in a fairly constructive manner.

47:46 Great, thank you. Ken is asking, how will the 60,000 metre drilling be split between the 3 projects? Maybe I'll let you get that one, Paul. Yeah, the 60,000 metres that I mentioned, that's large, well, that is just Sanitura project, so I guess the allocation there would be 50 odd into the Tangkoro deposit area and then about 10 up into Bondi. You know, there might be a bit of reallocation there once we dissect fully the latest resource at Bondi and look into that a little bit deeper. We've also got, we haven't mentioned it, but we've also got the Coomandara project, which is in another belt over, geological belt over to the west.

48:37 That's interesting, but it's very early stage. We would probably throw a few holes into that. That's not to say that we want to divert focus away from Sanitura. That needs to be the flagship project going forward. But you know, there's also targets that do warrant some drilling into that. So that would be in addition to the 60. We're not talking much into that. It's probably a couple of thousand metres of air core and maybe a few RC holes. The 3 projects I think that you're referring to there, The third one is the Karen Casso project. We're a minority holder of that project within DEVA.

49:25 That's sandwiched in just to the east, sorry, to the west of Sanitura. We don't actually contribute at this point in time to any funding into that one. So that's largely an Endeavour-controlled project. We hold about 18 per cent at present. Great, thank you. And he's asking how long would it take to complete, if you have an idea? That's the drilling or the, I'm looking at another question here, the PEA, is it? No, still Ken's question about the drilling, splitting into 3 projects and how long would it take to complete? Oh, sorry. Yeah, depending on when we get going, it would probably drift into, so in Burkina Faso, you've got a rainy season, which is basically in the middle of the year. So you generally have to down tools in June and then recommence in late November, maybe mid to late November.

50:30 So, depending on when we get going, I think we'll definitely drift into the 3rd and 4th quarter on that, but the bulk of the drilling will be done in that first 6 month period. Obviously funding dependent, once we list on the ASX, that's when we'll have access to that funding for that drilling. So you could probably say we'd get going in that probably early March type timeframe. Great, thank you. Yeah, just to jump in there, I think the other thing with the drilling, a lot of that's going to be fairly shallow. So a fair portion will be air core and then the rest mostly RC. So that drilling is relatively inexpensive, but I think more importantly, it's quick. So with an air core rig, we can get through 300 metres a day and ask the rig 100. So we should be able to kind of rip through it fairly quick and then just be whether we can keep the labs up and keep the logistics up to it as well.

51:37 Great, thank you. And our last question here before we have to wrap up, Ken's asking ideally what amount of resources will the PEA be done? Do you want to answer that or me, Paul? I think it's large, it's probably a bit of an unknown, that one. We've obviously got these high priority targets to pursue as part of this 60,000 metre campaign, you know, there could be new targets thrown up within that, which might require us to follow up sort of immediately because it might have a material impact on the outcome of the PEA. So I guess at this point in time we'd envisage doing the 60,000 and then commencing the PEA.

52:30 The resources that you'd be looking at there would be in that order of, you know, 3 to 3.5 million ounces. But we obviously reserve the right to, you know, keep going on the exploration phase if some, you know, super interesting stuff does appear. Absolutely. All right, well, thank you so much for taking us through the presentation and the Q&A. And thank you to everyone who joined us today and asked all these great questions. If you do think of another question following the summit, we're gonna send out a short survey so you can leave your contact information in the Cerama resources team. We'll be happy to follow up with you directly. Before we close out, I'm going to pass it over to Andrew or Paul for the final word. Okay, yeah, thanks Dash.

53:16 Yeah, just thanks everybody for staying on the call. Hopefully the comms worked. I know mine were a little bit dodgy, but I think Paul's, you know, again, a good rundown of the work that's been done. It positions the project, you know, very well for us going forward and with the upcoming exploration season and what we looked at for targets, I think by the time we do get to a PEA point, we'll have a pretty solid looking project. We'll have a big oxide and free milling resource base. So our target is to get the first kind of 8 plus years, through on oxides and very high return material. So really the name of the game for the upcoming exploration is just to kind of flesh that out.

54:05 The resource at Bondi probably, you know, that went better than we probably anticipated. And I think when we look at the unclassified material there and at Tangkoro, I think once we convert that, you know, that'll get us that 3 million ounce target. And so I don't think, you know, looking at 3.5 million ounces to put a pin in it is not too much of a stretch. Obviously the drills will answer that question, But yeah, we're very happy where we're at. We look forward to getting the listing done in Australia and really that's hopefully not too far away. Christmas is coming on us pretty quickly this year. So I think that's kind of pretty much it, but we look forward to the next summit where we'll run through a bit on the geology and I think a bit more detail on our exploration, our targeting and where we're going to work and show everybody where the answers are going to come from.