Senala: Oriole’s prime position in a richly endowed mining district

0:11 Hi, everyone. Welcome to another live investment summit with Oriel Resources, hosted by 6. Today we're going to be focusing on Somala and Orioles' prime position in a richly endowed mining district. I'm pleased to introduce our speakers, Tim Livesey, Chief Executive Officer and Claire Bay, VP Exploration and Business Development. The team is going to walk you through a company presentation and then we will be accepting questions. As a reminder, you can submit your questions in the Q&A panel on the right-hand side of your screen. Today's presentation is also available in the handout section if you'd like to download that and follow along. Without further ado, I'm gonna hand it over to Tim to kick things off.

0:54 Thanks very much, Jane. Well, welcome everybody, and Thanks for joining us. For those of you who are new to Oriel, we're an UK AIM-listed junior explorer with a focus in West Africa primarily, Cameroon and Senegal. Between The management and board of Oriel, we have extensive base and precious metals expertise with a real focus on Africa. Collectively, I won't go into how many decades because it'll just embarrass some of the older members of the board. As a company, we have main focus on early-stage exploration in Cameroon.

1:40 That's our main active project for which we've recently raised some money. But we've got a lot of value tied up in other assets and primarily in the Sonala license in Senegal. And here we have Irongold investing in an $8M earning into the project. Senegal is a huge value opportunity for us. And We wanted to just discuss this project in a bit more detail and give you some more information on the Sinaloa license. With me today is Claire Bay, our VP Exploration and Business Development. Claire has been with the company since soon after its inception And she's got a detailed knowledge of the Senegalese geology and the Senado license in particular and also is

2:26 very technically focused on, obviously, being our exploration VP, on the advancement of exploration in both Cameroon and Senegal. She'll be updating you on the geology, prospectivity, and a little bit of the history behind the Senado license. And then we'll wrap up with some comments on where we think the current exploration program is taking us to and future news flow that will hope to come out later this year and into 2021. So without further ado, I'll hand over to Claire. Thanks Tim. Before we move on to the Sinala project, let's take a step back and look at Senegal as a mining jurisdiction and destination.

3:11 Senegal's benefited from 20 years plus of political stability. Not only that, it's got a progressive government that really understands the geological potential of the country and the economic and social benefits that mining can bring. It's got a favorable mining code. It was recently updated in 2016 and some benefits of the update include a generous 10-year term for exploration licences. It's got a transparent progression of exploration licences through to permitting and into mining, and licences are fully transferable should they get to the sales stage. In addition, mining licences can have an unlimited number of renewals until the resource is exhausted. And there's also a significant reduction in the royalty tax for gold if it's been officiated in country.

3:58 On top of all that, Senegal has a very low security risk to other countries in West Africa, compared to other countries in West Africa, for example Burkina Faso. It's also got a competent technical workforce and that includes our very own exploration manager for Cameroon, Abdel Mbodji. He trained in the University of Dakar and was actually project geologist on our Senala Gold project before it was JV'd out to Irongold. As a result of studies by the French Geological Survey, BRGM, initially in 1961 and then a range of studies subsequently, it's been determined that the southeastern corner of the country, at the border with Mali, covers Burumian rocks, and these are known across West Africa to be associated with large-scale orogenic gold deposits.

4:46 And in fact, there have been a number of multi-million ounce discoveries across the district. And more recently, consolidation of companies where assets are more advanced. So let's have a closer look at this. The Burimian greenstone rocks are exposed in the Kedugu-Kinibba Inlaya. This is, as I said, over the southeastern portion of Senegal into Western Mali. These are 2.2 to 2.1 billion year old rocks that have been brought to surface where faulting has effectively created a window through the younger geology to expose paleoproterozoic terrains, which form part of what's known as the West African craton. The geology comprises 4 supergroups, a mix of volcanic sedimentary rocks and granites that reflect a sustained period of tectonic metamorphism and really driving fluid through the crust. And it's these hydrothermal fluids driven through the crust that lead to the formation of the so-called orogenic systems, which is what we're targeting here in Senegal.

5:57 On top of that, we've got deep seated crustal structures, which have enabled all this fluid flow and the orogenic systems are typically focused on second or even third order structures that are splayers of these main shear zones. The shear zones on this map you can see the Senegal-Mali shear zone which is on the Senegal-Mali border And you've also got the main transcurrent shear zone, which is over to the west around the Sabadala-Masawa Mako trend. As you can see from that map, the region has significant gold endowments and is host to a number of world-class gold deposits. On the Malian side, up in the north, we've got Sadiola, the 7.7 million ounce mine there. You've also got the 13 million ounce Lulogon Koto complex.

6:46 Then further to the southeastern corner we've got B2 Gold's 7.4 million ounce for Kola Mine. Just across the border from that, we go into Iron Gold's 2.5 million ounce Botoko development project. And Further east still, we've got Taranga Gold's 8.7 million ounce Sabadala Masawa complex and also the 1.1 million ounce Mako gold mine. Notably, there's been significant consolidation of these assets, particularly over the last 12 to 14 months. For example, Mako Gold Project was acquired by Resolute from Toro Gold last year for $305M. Masawa was acquired by Taranga Gold from Barrack earlier this year in a deal worth 340 million.

7:34 And as of yesterday, the combined Sabadala-Mosawa complex will now be acquired by Endeavor to create a West Africa focused top 10 gold producer. And here's our license, this red outline here, Sonala. We are effectively surrounded by all of this activity. So moving on to the Sonala project, it's a 472 square kilometer exploration license. The license tenure was recently relinquished and reapplied for in its entirety under the new mining code, which allows for up to 10 years further exploration, subject to the usual program and expenditure commitments. Back in its former guise of Stratix International, the company completed over 30,000 metres of RAB and AC drilling, which identified 5 main geochemical anomalies from north to south.

8:33 Follow up Arsene Diamond drilling then identified Fari in the north and Medina Bafe in the south as being the 2 most prospective geochemical targets within the license. Fari has been identified as a shear zone hosted gold system extending in a northeast direction over a 6.5 kilometre strike and It's also been found to be identified with cross-cutting structures, including a northwest trending brachia zone. Best results to date from that programme include 20 metres at 30 grams a tonne, 60 metres at 2.2 grams a tonne, and 50 metres at 1.75. Over at Medina Bafe, again, it's a Northeast trending structural corridor.

9:24 It extends over 1.2 kilometers strike, 30 to 45 meters wide. Best results there are 9.6 meters at 16 grams per ton. And you'll notice that those 2 southerly prospects, Cerrudia and Medina Bafe, are right next door to IAMGOLD's BOTO licence and BOTO West licence. And in fact, the company signed a joint venture agreement with Iron Gold for exploration at Sonala back in March, 2018. So moving on to that joint venture agreement, Iron Gold is already heavily invested in the region, most notably, as I've just mentioned, for its 2.5 million ounce Boto Gold project.

10:16 So on our license, they're spending $4 million over 4 years to acquire 51%. They can then spend a further $4 million over the subsequent 2 years to get to 70%. They're currently in year 3 of that programme. At Boto, they are working up, pending a decision to go to production. They've already completed a feasibility study in October 2018. That established robust economics, including a 219 net present, million dollar net present value at 6% discount. And you'll notice the low gold price that that was calculated at. So one could assume it would be improved still based on today's gold prices. At the same time, they also received the environmental permit and the mining permit approval was received in January of this year. They're now undertaking $24 million of infrastructure developments work around the mine site pending a development decision.

11:18 On our license, they focused the work programme on Cerrudia and Medina Bafe. Those work programmes progressed well and they have undertaken almost 10,000 metres of drilling at Medina Bafe, less drilling at Cerrudia, but all of that work was really effectively to understand the geochemical footprint of mineralisation at those 2 sites and test the previous work completed by StratEx International. Now in year 3 of the program, IAMGOLD are moving their attention up to the northernmost FARO project prospect, which is where we at Oriel believe their standalone potential.

12:05 And here's what we mean by that. Here's what we know so far, sorry, based on the work completed by StratEx. The system is hosted by a Northeast trending shear zone, its orogenic system. The shear zone is cross-cut by a number of different structures, including East Northeast trending structures and this Northwest trending zone of radiation, which seems to tie up with the main zone of or highest grade mineralisation to date. And that's really shown on the interpretive map on the left hand side in pink. And As we can see, that northwest trending structure

12:53 on a map we'll show later, sorry, seems to be within a structural corridor that extends more regionally into some of the surrounding properties, including Chester Resources' Dien Basud project. But all of the drilling that we've completed to date has returned several ore grade intersections from quartz veins and vein breccias, all of which are within 200 metres of surface. And so if we zoom in now to

13:24 the next slide, this is the cross section across that zone and across that high grade portion where we're seeing that northwest control. And this is why we think we've got open pit potential. We've got multiple multi-gram intersections close to surface. Those intersections are across significant widths and we've got mineralisation over zones up to 100 metres wide. We've also got a depth of oxidation up to 80 metres below surface locally. This is good not only for gold recovery in processing because Mother Nature's already broken down all the sulphide material to release the gold. But it also makes the material more friable, which means that there's a lower cost to dig the material out in the first place.

14:09 And touching again on the metallurgical properties, it was interesting to note that Chester Resources last week reported an average gold grade of 96% from a 48-hour direct cyanide leach on their material, confirming that the mineralisation at the Ambersood is non-refractory. We expect to see the same at Farae because it's only 10 to 15 kilometres away, and we believe it may be associated with the same north-west structural corridor.

14:43 But back to the current programme. The initial programme that I and Gold are completing at Farré comprises a 10,000 metre AC drilling programme and this will be to define and confirm areas of anomalism on the project. As at Medina Bafe and Cerrudia, the AC drilling is planned to cover the entire structural zone to ensure that the regolith is fully evaluated and to better define any trends of mineralisation enriched in the subsurface. In particular, they'll be focusing on where structures crosscut this main trend around line 4, which I pointed out as the high grade zone earlier in this middle red anomaly shown on the map, as well as trying to identify any potential connectivity between those 3 main red outlines there.

15:39 IAMGOLD has already completed 1,300 meters of the program. That was before the seasonal rains came in around mid-July. They're restarting the program this month, which is expected to take a further 2 months, and we should then start, be able to see the full results from the program in Q1 next year.

16:02 So just to touch briefly on why they're doing this AC drilling. In this part of the world, there's the development of what's called a regolith profile, which is effectively describing the intense weathering that's occurred as a result of heavy rainfall in this part of the world. At Sonala, this profile can be 10 or even 15 metres deep locally, and it's capped by 1 to 2 metres of a hard iron cemented crust called laterite. What all of this means is that it's very difficult to assess the underlying geology and get a representative sample of the grade by the usual surface methods. And so the AC drilling is really just punching holes through the surface to take a more representative sample to get a clearer picture of the geochemical footprint of the system.

16:58 And so subject to the results of the AC drilling, IAMGOLD will undertake 5000 meters of follow-up Rc drilling to test the key anomalies. And they will also undertake 1000 metres to evaluate the best results from the StratEx programme That's highlighted on the map here around lines 4 on the upper arrow and line 8 on the lower arrow. Again, to understand the structural and geological control of the mineralisation and particularly this influence of the northwest breccia zone. So now that the field season is well underway in West Africa, we can expect healthy news flow from Senegal over the next 6 months.

17:45 First off, of course, we'll have the results of the 10,000 metre AC drilling programme. We also hope to have some sort of news from IAMGOLD regards to their continuing infrastructure development and also the development decision of whether to go to production and mine building at Boto, hopefully next year. We'll also have the commencement of the RC drilling programme and subsequent results on the best anomalism from the AC drilling and also diamond drilling results as well. We should expect that in late

18:21 Q1 to early Q2, which will also round up nicely the third year of investment by Ion Gold, which should see them spend in total a further 1 million US dollars And hopefully their commitment to progress into year 4 of the exploration period. So on that, I'll hand back to Tim to discuss why Sonala is important to Oriel. Thanks very much, Claire. Well, I hope you're all a little bit more up to speed on the opportunities that exist for Oriel at St Arnold and understand a little bit more about the geology of the area and also why we believe it truly is a highly endowed area. We've got a significant land position here in the middle of the KK and we've secured a 10-year tenure on that licence, as Claire mentioned, we relinquished and reapplied So we have good security on the ground that we have in hand.

19:20 We're surrounded by multi-million ounce deposits. It truly is a very highly endowed part of the globe. And Our license itself, our Sonata license, is contiguous with our partners, Irongold down in the south, where they obviously have their Boto Mine Development Project. As Claire mentioned, Boto's permitted. Irongold are spending $24M this year on infrastructure engineering works and long lead studies. Before you build a mine, you have to put in place things like environmental permitting, environmental monitoring systems and so on and maintain those through multiple seasons and also access tailings infrastructure, access roads, this sort of thing. So there's a significant commitment there already ahead of the final investment decision.

20:13 In addition, excuse me, To the potential in the south of the Sonala licence, we obviously have Faray. As you'll have gathered from Claire's presentation, we really believe Faray has the potential to be a standalone, open pitable resource. We've got over 6km of striking Gold mineralisation with 3 previously identified and drilled zones of mineralisation with significant ore grade intercepts over ore grade widths, mineable widths. Although the work that was done at Farae was back in 2014 and 2015, and this iron gold program is now kicking that off again, The results that we see there, again, as Claire indicated, are very similar to the recent results coming out of De Ambersood.

21:07 We do believe that this is a northwest-southeast trending Gold Corridor with De Ambersood on the one side and Faray on the other side. They're about 10-11km apart and the mineralisation styles and the metallurgy appears to be similar in both areas. As far as news flow, Claire alluded to the drill programmes coming up. This is the 10,000m Aircore, the 5,000m RC, the 1,000m Diamond. We should be getting feedback from our partners on those through the first half of next year. And also, we expect to hear a decision on Boto sometime soon. We don't know when, we're not privy to anything that's not in the market already. That's a very separate thing to our JV.

21:54 But obviously, the spin out, spin off from that would be a potential value add both at Cerulea and Medina Barfa. So we are fully funded. The entire license is fully funded through to 2024, at least, with the $8 million earning from Iron Gold. And we really believe this provides a very firm foundation for the company valuation.

22:22 It underpins the base valuation and offers the potential for significant share price growth as and when we see results coming out of Farae and some decision being made in the south of the license. We also have 2 other prospects within the Sonala license that we haven't touched on today that also showed golden normalism in the past. Remember, this is a 472 square kilometer license with a 10-year tenure. So it's significantly larger than some of the smaller licenses around us, where junior companies have seen stellar growth of market cap based on a handful of intercepts, very similar to the stuff that we are already getting at FARA. So with that, I will, I'll close off and hand back to Jane.

23:11 We do have a Q&A session and obviously if you have anything, you can send them in through the system.

23:20 Thank you, Jane. Well, thank you very much, Tim and Claire, for going through the presentation with us. We did have quite a few questions come in, so let's get right to it. Our first question is from Neil. Neil is asking, in recent presentations, Oriel has suggested that the new management team may have structured a joint venture with IAMGOLD in a different way. Could you elaborate a little bit what could have been done differently? Certainly, I mean, hindsight is a wonderful thing. And it could be that had we been in the seat back in 2017, when this was being negotiated, we might have ended up with exactly the same deal because that was what was happening at the time.

24:09 It would be nice to have an ability to progress some of the targets ourselves rather than waiting for Irongold. Obviously, they are a larger company, they have a different agenda to the development in this area than we do as a junior. As a junior, it all revolves around news flow, so potentially we would do things slightly differently on the pace and the targeting of some of the drilling. But realistically, we have a 10-year tenure on this license, which we secured last year. And so the pace that Iron Gold is moving forward, although it may be a little bit frustrating for some of our shareholders at times, realistically, we have security on the license. So, it allows us to focus on our other assets in Cameroon where we are active ourselves.

25:01 And it just sits along in the background with the exploration ongoing. And one of the reasons why we refer to this as being foundation value for the company, the value in the Sonala license is not going to go away. We're not losing the license, it's not got a short license term on it. It's not as if we're not spending money on it. There's $8 million going into it with Ironfield. So, yes, with hindsight, it would be lovely to have more control. But the reality is that it was a very good deal at the time. An $8 million investment back in 2017, early 2018 was a good thing, and bringing a big partner in at a time when the company needed it. So I don't want to criticise the previous management. Obviously, if we have the ability to do things differently, we might do, but we are where we are and we're quite happy with our partnership with IAMGOLD. We're quite happy with the status and stability of the license and the ongoing exploration.

26:01 Great. Thank you for that, Tim. Speaking of IAMGOLD, Michael would like to know what would you do with promising targets that might be too small to be of interest to IAMGOLD?

26:14 Well, within the, I assume he means within the Sonala license, at this stage, we would, if Iron Gold identified something that was not of interest to them, then obviously that would be a discussion point between us and Iron Gold as to how best to get the value back from it. The Iron Gold earning is at a license level. So ultimately, the management at Iron Gold should be looking to maximize the value out of the license. And whether that's for somebody else to take certain prospects forward or not, that is a discussion point to be had in the future. And also the technicalities of how to do that, because of course we have to do everything compliant with the Senegalese mining law.

27:07 Right. Now, in terms of the Bolton mine development, do you have any insight into the date for that decision?

27:16 Million dollar question, or multi-million dollar question. I'm afraid not. And if I did have insight into it and told you, I'd probably be locked up for inside the trade, no doubt. No, you know, the joint venture agreement we have with Irongold is focused on Sonala. We don't have and we don't expect to have any insight, any internal insight into the strategic decision-making within Irongold for the Baltimore Mine Development Project, although it will obviously have a massive impact on us, positive impact when it goes ahead. Irongold had previously stated that they would reach a decision around mid-year and in mid-year they did reconfirm their commitment to early infrastructure engineering expenditure, which we take as a very positive sign.

28:08 Obviously, $24M of engineering infrastructure spend is significant. But Irongold will have their own strategic decision point and timings and exactly how they're going to develop it. They have a great many assets in this area and at the exploration and development stage. So I have no doubt that the board and management of Irongold are

28:36 really sort of going through a very deep process on how best to get the value back out of these assets in Senegal and Mali. Our next question is from Robert. Robert's asking, what is the case to invest in Oreo now versus waiting for Iron Gold's decision? Well, if you wait for Iron Gold's decision, you'll have missed the boat because as soon as the decision is made public, we expect a significant re-rate. Similarly, results coming out of Farae.

29:13 The process is Irongold carry out the work, they do their QAQC checks on the data they produce, they then are obliged to share that data with us and when we receive it and we do our own QAQC, we are then obliged to make that public to the market. Now the timing of that can spell from a few days to a couple of weeks to go through that process but ultimately, when the results come out, if we see similar results to the drilling we've already seen at Farae, and remember some of those multi, you know, tens of meters of grading or intercepts. As soon as that comes out and we make it public, we would expect the market to react positively to it. So, you know, the opportunity from an investor's point of view, we believe, is to come in now and support us and grow with us,

30:07 rather than coming in when we're halfway up the growth curve already, and you've missed the opportunity. Great, thank you very much, Tim. I do see some questions here that might be for Claire. Perhaps we could answer them for everybody in the audience. Andrew would like to know, Claire, are airborne geophysics planned as part of the future work programme? Airborne geophysics has actually already been completed as part of the Stratex work, along with other geophysical studies including IP more locally over Farae, so no, it's not planned. And then Michael was also asking, would deoxidized material at Farae be free digging or would it need blasting?

30:56 Tough question. I think other than the lateritic cover, the first 30 to 40 meters might well be available for free digging, less blasting required. But as we start to get into the more intermediate and then into sulphide mineralisation, that will, it's much more competent rock there. But certainly in the more

31:23 sapleritic material, it should be free digging. Thanks Claire. So we do have Bob Smeaton, Chief Financial Officer for Oriel on the line with us. Bob, could you talk a little bit about how much cash Oriel is currently holding and how long it would take or it would last at the current burn rate? Yeah sure, I mean we obviously just completed a 1.8 million pound fundraiser and we had some funds already. So the idea is that we'll get as well into 2021. It's a little bit disingenuous to talk about the burn rate. The burn rate on G&A is as low as we can get it, effectively after a year and a half of pretty heavy cost cutting and looking at all the costs. But the idea of the fund raise is to spend the money on exploration.

32:24 So a big chunk of the 1.8 million raised is e-marked for the Cameroon drilling program. And some of the amounts are there to support things like the JV partnership in Senegal to look after their interests on the Sonala license. And Bob, I know that you also recently did a raise, So is any of that currently planned towards Senegal or are you doing any new developments? Could you speak a little bit about that? Yeah, as I just said, most of it is earmarked for the drilling program in Cameroon. We have an administrative burden in Senegal to look after our interests there and we earmarked some of the funds, a small amount, for any interesting opportunities that come up. We're continually being presented with opportunities to get involved in projects that may be of interest to the company. And if we believe we can add value and give increased shareholder value, then we would use some of that money to do that. But largely speaking, it's for Cameroon.

33:35 Excellent. And speaking of Cameroon, Tim, when's next time you're gonna be in Cameroon? Well, if Air France behave themselves, Monday. The airlines have been shut down obviously through COVID as the world knows. Air France have resumed flights to Cameroon. There's not many carriers that are covering that area now and thankfully I do have a work permit, a residence permit that's been updated on my behalf by a partner in Cameroon. So I am able to avail myself of the flight. So I'm going out on Monday, we're mobilising drill rig and team into Cameroon.

34:21 I'll be meeting with the project manager, the drill manager from Capital Drilling next week, and also with a partner, meeting, hopefully meeting with the ministry as well and trying to do our bit to progress

34:38 the early stages of the exploration at Bibimi and Mwupuzi. We do have a team on the ground already, Abdul Mbodji, our West African manager is there and they've been carrying out mapping and some reconnaissance sampling and targeting, target identification for the part of the DRUG program for the last, well over the last month. We already have samples going in, ROC chip samples going in from those programs. So we have been active, obviously, I'm looking forward to spending a couple of weeks out there and getting boots on the ground and being able to progress the, most notably the mobilization, the drug program, and get some holes into some of these fantastic surface targets that we've identified.

35:27 Perfect, thanks Tim. And now since today we are focusing on Sonala, can you speak a little bit about the overall value of the Sonala license for Oriel? Who'd like to take that? Yeah, I can take that. I mean, if we look at, the closest direct comparison would be to identify a similar junior with a similar license in a similar jurisdiction. Now, the obvious one, which you would refer to in this case, and we've referred to it in the presentation, is the Australian listed group, Chesa Resources. Chesa have a single license with the Dianba-Sud target on it.

36:19 They've done a great job in working up some drill targets there and a great job of drilling them out and testing them. The reality is that their results are extremely similar to the drill results that we got in 2014-2015 at Farae. Now, Sonala is a significantly larger licence holding than the one which hosts the De Amber Sud. We have multiple targets on it. We have 2 target bodies in the south that could be satellite feed for the Bolton Mine development project, which is permitted and ready to go and ostensibly on the path to development already. We have a massive partner, Iron Gold, pumping money into exploration in this. So just on a direct comparison, I'd say, you know, we should be trading at least around that level. Now, they're currently over $100M.

37:14 We're trading at about £5.5M to £6M. So we believe we're significantly undervalued just simply on the Sonala license and the prospectivity and endowment that that area has alone. That doesn't include Cameroon, where we have the 2 discovery licenses, Bibb and Me and Wapusi, where we'll be drilling this year, and the 8-licence, 3,500 square kilometre package of new areas which we're targeting, which are under application and which I'll be following up on next week. That's one of the most, for a junior our size, it's a significant landholding. The potential of Cameroon as a new frontier is becoming well understood by some of the mid-tiers and majors.

38:06 And I think we'll see benefit from that, we'll see uplift from that as our own drilling program progresses in Cameroon. And then on top of that, we have various investment pots and outstanding monies owed to us, primarily from our royalty packages in Turkey and also investments in assets in East Africa, in Egypt and Djibouti. So, we have a much broader bag of assets, which are not costing us money, significant money at all to manage. They have longevity, they're in great jurisdictions, they have great opportunity for growth on top of Sonawa. So again, referencing back to Chesire, it's remarkable that we are trading at such a small market cap.

39:01 But that's the opportunity. It's the opportunity that everybody saw when we did the recent raise, 1.8, just over 1.8 million pounds raised in a very short time period and an immediate increase in value above the raised price on that. We believe the value is there. We believe we offer a great value proposition. We're a very focused, technically capable and competent and experienced team. And competent and experienced team. And we have the additional value that we get from people like Bob who's come into the industry a couple of years ago from other AIM industries, AIM sectors, and already returned over £300,000 worth of research and development credit, tax credits from the government into the company.

40:00 So, we've been able to cut the costs, our GNA is low, our prospectivity opportunities in our own projects are high, we have a portfolio of investments, and we have a time goal as a JV partner in Senegal. You know, I'm quite frankly staggered that we're still trading so low, but this is the opportunity for people to get in. And I would love to take our shareholders into the dizzy heights of a much higher share price and market cap than we currently sit. Thanks, Tim. Here's a question from Adam, perhaps for Bob. Are there any other plan raises through dilution of the share price prior to the expected R&S in Q1?

40:51 Well, as we just said, I mean, we raised 1.8 million very recently. It's projected to get us all the way through into about half of 2021 and fund the drilling program in Cameroon, so you know very very unlikely I would say. Excellent, thanks Bob. A lot of things to look forward to. So I do believe those are all the questions that we have today. If we did not get to your question, if you just think of a new question, please make sure to stick around after we close the webinar. We do have a short survey where you have the opportunity to leave your contact details and the Oriel resources team would be happy to follow up with you directly and answer any questions that you may have. Thank you very much, Tim, Claire, for taking us through the presentation and of course to Bob as well for answering all the questions that we submitted here today.

41:52 If you want more information, remember the handout section, there is a presentation from today that you can download and of course you can always visit the Oriel website at www.orielresources.com. Now I'd like to hand it back over to Tim for the final word. Thanks very much, Jane. And thanks everybody for attending. We've, you know, this is the 2nd or 3rd update we've done through the platform, through 6, and we believe it offers a great opportunity for investors to see what we're doing and to get up to speed with us and to interact with the team in the limited way that we're allowed to under the COVID restrictions. So I look forward to updating you all in the future on perhaps on Cameroon and in the new year, maybe another corporate update.

42:46 So watch out, make sure you subscribe for updates and watch out in your email inbox. And thanks again to Claire and Bob for joining me on the call and to Claire for giving us that technical presentation on the opportunity we have in Senegal. Thank you. All right, until next time, everyone. Bye-bye. Bye-bye.