SolGold (Aquis:SOLGL) — Investor Presentation

0:01 Good afternoon, ladies and gentlemen, and welcome to the SOLGOLD PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all of the questions that are submitted today and publish responses where it is appropriate to do so.

0:31 Before we begin, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO, Daryl Casubo. Good afternoon, sir. Thank you, Jake. Hello, everyone, and thank you for joining today's presentation. My name is Doral Kasuba. I'm the CEO and managing director of SOLGOLD. Today with me is Keith Pollocks, our interim CFO, and we also have Faizi Hanano, our head of investor relations. It is our pleasure to be talking to you as we announced that we have entered into a definitive agreement to combine with Cornerstone to consolidate a 100% ownership of the Cascobal project and to advance our position as the leading Ecuadorian copper gold exploration and development company.

1:19 We also wanna talk to you today about funding as we know that this is something that is top of mind. I'll just turn to slide two. As we begin, I'd like to remind, sorry. Just go back on fuzzy. I'd just like to remind everyone that today

1:42 by our disclaimer and cautionary forward looking statements. So please do take a moment to read them. Moving on to slide three. This is a summary of the agreed terms of the transaction. Existing SOLGOLD and Cornerstone shareholders will own 8020% respectively of the combined group. The exchange ratio of 15 SOLGOLD shares for each Cornerstone share is grounded by the relative contribution of each party. The ratio reflects a relatively neutral swap of Cornerstone's direct and indirect 20% interest in Cascabell combined with their exploration concessions for a 20% interest in SOLGOLD.

2:32 We also have the optionality to pay up to 20% of the consideration in cash at SOLGOLD's election based on a five day volume weighted average price closer to closing. The transaction is expected to close around December of this year subject to Cornerstone shareholder approval and customary approvals for a transaction of this nature. Nearly half of the Cornerstone shareholders on a fully diluted basis have already entered into lockups in support of this transaction. There is no SOLGOLD, shareholder vote required, with the consideration shares being issued under existing allotment authority subject to the clearance of a prospectus with the UK Financial Conduct Authority, which is a customary process.

3:24 SOLGOLD's board of directors can comprise up to 10 directors, two of which will be nominated by Cornerstone. We've been in discussion with Cornerstone on this transaction for some time with the view of maximizing value for all of our shareholders with respect to the world class Cascobal project. Bringing Cascobal under one roof simplifies our structure and opens up new avenues to enhance the value proposition for all of our stakeholders. In connection with the announcement of this transaction, we we have launched a strategic review process to evaluate and pursue the best path forward for the combined group. The strategic review underpins our unwavering commitment to maximizing value for all shareholders.

4:16 We will explore various strategic and financing alternatives. The strategic review has already commenced. However, completion of the cornerstone transaction is not contingent on the completion of the strategic review process. We'll just move to the next slide. We firmly believe this is the right transaction at the right time for both sets of shareholders. Cascobell is a tier one asset that will deliver copper when the world needs it most to enable a net zero emissions future. The recently completed pre feasibility study based on the Apollo underground demonstrates robust economics and is a first step towards multi generational production from Cascadel.

5:07 Consolidating 100% of Cascobalt immediately simplifies our structure under the SOLGOLD banner, while making SOLGOLD more attractive to groups interested in getting involved with the Cascobalt story. The new SOLGOLD is well positioned for revaluation and unlocking value for our shareholders. I turn to the next page. On a relative basis, it is clear that we tried at a discount to our peer group. Just getting to average would imply more than a doubling from our current levels. We are very focused on exceeding just the average.

5:48 Even we have a project of the of the tier one nature of Cascadol. We believe the cornerstone transaction along with the strategic review process sets the stage to unlock substantial value for our shareholders. Just moving to slide six. Here we take a deeper look at the potential value of Cascabell based on current copper equivalent resources only. The chart here shows on a per share basis for the combined group, the value of Cascabell alone based on market precedence is significantly higher than our current share price for the entire portfolio of exploration and development assets.

6:32 Cents per pound in the ground of copper is a key metric used by market participants to value copper development assets. On this basis, the value of the current resource of Casca Vault represents multitudes of our current trading levels. At 6 US cents per pound, that would imply an equivalent of approximately 78 p per share for just Cascobalt, which does not reflect any additional drilling on the prospective Cascobel concession. While we are constantly monitoring our share price, our efforts are squarely focused on ultimately maximizing the value of our shares. A majority of our shareholders are significant holders that do not trade SOLGOLD shares on a daily basis. On average over the past year, we have traded approximately 3,000,000 shares daily.

7:22 Relative to our shares outstanding, our trading volumes are relatively low, which is reflecting the volatility of our share price as there are relatively few shares available to trade. With the cornerstone transaction consolidating Cascabell and the strategic review process, we're still on a path towards closing the implied value gap just based on Cascabell alone. Returning to slide seven. The strategic review process has already begun. We're looking at a number of available alternatives, including financing alternatives, including those that do not require the issuance of equity, a spin out of assets other than the Cascobalt project to all shareholders,

8:09 ongoing dialogue with strategic entities that can be sources of funding. Since releasing our prefeasibility study, we've had a significant increase in interest from strategic entities. And there are other numerous alternatives and we're under no pressure to chase suboptimal outcomes.

8:30 Cornerstone and ourselves are working together to enhance value for the combined shareholder group. We're in a stronger position combined to work towards ensuring our shareholders are awarded for their interest in a world class tier one asset. At the appropriate time, we will update the market on the strategic review process. Let me now hand over to Keith to talk a bit about funding.

8:57 Thanks, Daryl, and and thank you everyone for joining the call. I think from the outset,

9:05 from a funding perspective, the merger with Cornerstone simplifies the story and provides greater optionality for SOLGOLD to deliver shareholder value. Cornerstone currently holds 6.8% or a 157,000,000 SOLGOLD shares, and they have already actively engaged with a number of parties to place these shares off market. So subject to an acceptable price, this has the potential to raise over 30,000,000, which would be loaned to SOLGOLD ahead of transaction closing if required. What so whilst the transaction will not be guaranteed and it isn't certainly not factored into the company's short term funding strategy, we are confident that the strategic review can unlock near term financing options that represent premiums to our market value today.

10:07 This transaction also provides SOLGOLD with the uncommon ability to issue equity between signing and closing. As Daryl mentioned, strong interest in SOLGOLD assets remains despite the challenging market dynamics.

10:24 We are also well progressed on the funding options, which we will share with the market as soon as we're able to do so. Daryl, back back to you. Thank you, Keith. Let me move on to our last slide, which really just concludes it. So let me summarize the rationale for the transaction. This combination is compelling on many levels and delivers benefits to both sets of shareholders. With this transaction, we're joining forces to consolidate Cascobal, a tier one asset in Ecuador, which we believe is quickly emerging as the next destination for mining on a globally significant scale.

11:06 We are creating a stronger company with increased optionality on the path forward to ultimately reward shareholders. We have a dominant copper gold exploration development company in Ecuador with our top priority being Cascabell. This merger only takes that forward further forward.

11:26 We'll be carefully evaluating and pursuing strategic alternatives to create value for our shareholders and contribute to the advancement of Ecuador. Our capital markets profile will be enhanced with a simplified structure and aligned with all shareholders focused on maximizing value. And lastly, as Keith pointed out, this transaction has the potential to unlock short term funds through the strategic placement of SOLGOLD shares held by Cornerstone. We're excited today and for what the future holds for SOLGOLD. Notwithstanding the current market volatility, this is the right time and the right transaction bringing together Cascade Belt to chart the future for the company going forward. So let me stop there and, open for questions which Keith, Fazi and I would be very happy to take at this point.

12:17 Daryl, that's great. And Keith as well, thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published Q and A can be accessed via your investor dashboard. Daryl, Keith, as you can see, we have received a number of questions throughout today's presentation. So thank you to all of those on

12:48 the call for taking the time to submit their questions. Farzi, perhaps I could hand back to you just to share the q and a session with the team, and then I'll pick up from you at the end. Thank you. Thank you, Jake, and thank you everyone for for joining us today and for the multiple questions that have been submitted. I'll start with with with these, you know, mostly in chronological order. First one is either an intention of paying the 20% portion of the acquisition in cash, and what does this decision hinge on? And in this context, does management team intend to

13:20 finance the execution of the business plan and feasibility study? Yes. So let me just yep. So just the first part of that question, Fazi. So so the 20% up to 20% cash is at SOLGOLD's election, and and we will make that assessment. Keith mentioned that we will progress on a number of funding alternatives, and depending on where we land on that, we'll we'll determine whether we use that 20% option or not. But we do think if we can, it it's good for,

13:54 you know, CONSTAN shareholders, plus it reduces dilution to SOLGOLD shareholders. So, Darryl, if if I could perhaps just add to that. So as you mentioned, the the cash toggle, if you like, provides SOLGOLD with additional optionality in relation to purchase consideration in terms of minimizing the amount of share capital that we may choose to issue. And as Daryl mentioned, it's purely at the company's discretion or at SOLGOLD's discretion.

14:28 Thank you, Keith. Next question is with regards to timing. Why acquire Cornerstone now if they would need to start contributing their share of project cost from the completion of the DFS in in late next year? And following on to this question also regarding what happens to the debt funded portion that Cornerstone has towards towards our core towards SOLGOLD currently.

14:54 Yeah. Sure. So, look, I I think in terms of in terms of timing so, look, the benefit of this deal is a is a few fold. One of those benefits, it gives SOLGOLD shareholders a 100% access, to the economics, of of Cascobalt instead of 85%. And and in terms of timing, as I mentioned, this this transaction combining the one group, simplifying our structure, it opens up alternatives, whether that be financing, bringing strategic entities.

15:27 So I would say given sort of value that it will unlock, the sooner you do a transaction like this, the the better. And I don't I don't think given its copper, given the tier one status of Cascabell, there will be an issue in finding the the funding to support this support this project.

15:48 Keith, do you have any additional comments? Nothing to add. Thanks, Daryl. The next actually, there's a number of questions around about the same, same topic. It's asking whether there have been any discussions prior or after the announcement of the transaction with our two major shareholders, BHP and Newcrest, and if, if, you know, what the feedback has been and if they still intend to be supportive investors. Yeah. Look. I'm not going to talk on behalf of BHP and Newcrest. But but they understand the the transaction. I would like to think that all shareholders would see the value in consolidating ownership of Cascabell in simplifying that structure and how it unlocks value for for all shareholders.

16:43 Give me a moment till I go through. Here's the next question stating that, you know, Cascabello is one of multiple prospects. Are we drilling another properties, and how do we think of the overall value in the medium term? Yeah. Yeah. You're that that's a very good question. So SOLGOLD has 76 concessions in in only in Ecuador, and only one of them is is Cascabelle. And those 76 concessions cover 3,200 square kilometers. So so, you know, we know that given it's on the these concessions are on the Indian copper belt, it supplies 40% of the world's copper production today. You know, probabilities on our far on our side that as we continue to drill, we find other economic deposits.

17:32 But but, obviously, you know, you need to find them. You need to put a resource estimate together, etcetera, in order for them to to be to be valued. When we talk about this proposition today, we're largely focusing on Cascobal given that given that Cornerstone's interest in Cascobal was a 15% current interest.

18:02 With the with the, combination, we're also picking up a number of, we're picking up cornerstones concessions through both Ecuador, including the JV alliance that they have with the state mining company in Armen and also a concession in Chile.

18:22 The next question is with regards to the the right to appoint, to nominate, directors to the board. The question being that, you know, Cornerstone will receive two board seats. But, you know, Cornerstone is consists of a number of investors as well. So question being around who will get these seats, and are there any lead shareholders that might, might be appointed to the board? Yeah. Look. So that's completely at, Cornerstone's, discretion. You know, we have spoken to you know, we did a skills matrix review some time ago. We've shared that, with Cornerstone, and they're taking that into consideration. But the nomination of of directors, those two directors is, is is for them.

19:09 The next question relates to the strategic review. Actually, one of the points on the strategic review. And the question is, at what point does it make sense to split the company into one, a project company and one, a an exploration company?

19:24 Yeah. So that's a question I actually get asked quite a lot from shareholders. And look. So we we need to assess that properly. Right? So one side of the coin is that we don't get a lot of value for our exploration concessions. And if we separated the company into into two, that would be, reflective of that. But I would also say that, you know, a number of parties are interested in us for both. They, you know, they they look at us and they see the value in in Cascabell, but they also see that with their exploration concessions, we represent a a future mining jurisdiction. So if you start to separate them out, you actually start to break up that that value.

20:11 As Cascabell's taken forward, you're developing relationships with the government, with the communities, you're building capability around the project, etcetera. And that all stands well to advance other projects in your pipeline. So we'll assess this from both perspectives. We'll engage with our shareholders on that, and in due course, you know, share the outcomes of the strategic review.

20:39 The next few questions are all pretty much the same with regards to the the announcement we have made last year on seeking partners, you know, either for earn outs or JVs at some of our exploration properties. So a general question around, you know, what is the progress here? And we have mentioned that there are interested parties.

20:59 Yes. So we do. We have about six interested parties, which we're working through the the concessions with. Some of those concessions, we need to resolve, you know, some challenges around permits. But we are working through that with a number of interested parties, and we'll and we'll continue to do so. Slightly unrelated, but related from several investors is will there be a change to the company name? So so I know that gets brought up a fair bit. You know, we are focused on copper, but we reflect a gold in our in our name. Look. The the priority for us right at the moment is to close the, close this transaction and pursue the the strategic review, but be mindful that the name doesn't reflect, our focus.

21:58 Next question is more related to to funding. You know, the question is, what is the current cash balance of SOLGOLD and the current rate by when do we need to raise funding? Maybe I could I could take this one as we've already published our annual results last last week. You know, our cash balance as of the end of June, which is last reported cash balance is $26,100,000 as stated in our financial results. We have a runway until, through to December, so that should correspond in terms of by when funding should be addressed. Anything to add? Just like what he said. So, obviously, with this transaction, we have an option here for short term funding.

22:44 But there are other options that are very well progressed, we expect to be able to say something further on that shortly.

22:52 Next question is, you know, what would be HP and Newcrest holding in the company be post the transaction, and does this allow them to increase their their shareholding?

23:04 So with issuing, you know, 20% stock a little bit over 20%, then you can see that existing shareholders get diluted by that amount, including BHP and and Newcrest. You know, it's it's up to it's up to BHP and Newcrest whether they buy on market and and that applies to any of our our shareholders. We'll obviously be able to say more about the about what we're doing from a funding perspective shortly. Yeah. I think, Daryl, just to address the question, as a result of this transaction, BHP's and Newcrest's shareholding is diluted by approximately one and a half to 2%.

24:01 And and that that is that is with the cornerstone shares that it holds in SOLGOLD still on hand. So if those shares are are sold,

24:14 yes, it dilutes BHP and Newcrest by roughly one half to 2%, this transaction. And it does not give them the ability to increase their holding through this transaction in any way. Next question, slightly unrelated to the the transaction itself, but but also so relevant, is why the the change in the CFO and what is the time scale for the appointment of a permanent group CFO?

24:48 Yeah. Look. So I won't I can't share too much in that. Obviously, previous CFO left in July. Keith was very kind to to, join us. We've been going through quite an extensive selection process. And, again, we'll be able to say more about that shortly.

25:15 Another question with regards to, to funding, more relating to cash burn. You know, what is the, current monthly cash burn, and do we intend for to further restrain, exploration, capital, in the regional portfolio?

25:33 Did you wanna answer that, Keith? Sure. Look. The the the the rough cash monthly cash burn is about 3 to 3 to 3,500,000, and that's on the basis that we don't reduce exploration activities. Next question is with regards to upcoming catalysts in the near near term and and medium term with regards to both Cascabell and the regional projects. Question is here, are these still progressing, and what can we comment on these? Yeah. So in you know, we presented a number of ideas that increase value of the organization, and they're being progressed.

26:27 In fact, we built out we've been building out our management team, and that has brought fresh thinking and has just added to those ideas. And and we look forward to updating

26:40 market on that as they as they're evaluated. Just give me a moment as I get some more questions being compiled here. There's a few questions that that relate to a a tweet that was made by deputy a mining minister of Ecuador in in the last week. The question is is around with regards to the cask looking at a potential minority sale at the Cascadel level. What is there is there going to be any potential involvement of a Japanese company? So so I mentioned earlier that, you know, parts of the strategic review had already commenced some time ago, And and that includes, you know, bringing in parties that are interested in taking a stake at the asset level, at Cascabell level.

27:44 There's been a number of visits to Cascabell, of which one was one was tweeted. But, yeah, this is one of the options that we're that we're looking at. And, look, this is this is organizations that could take a strategic interest at the asset level. We've had an off taker come and visit the site as well. You know, every time interested parties visit the site, they get to see, you know, how tangible the planning is, how realistic it is, the relationship we have with the the community. And we also where they're interested, you know, introduce them to the government so they can see firsthand sort of support that we enjoy from the government.

28:29 So so what was tweeted was just just one example of what's going on at the moment. Thank you, Daryl. Next question is, are we planning on spinning out any of the assets? And if so, do we have a timeline? Yeah. Look. So that is definitely part of the strategic review as I as I alluded to. Not putting a a timeline, on it, but this is something that we want to, you know, progress relatively quickly. Again, we think that consolidating, you know, into one organization, increasing our portfolio with the combined interest of the two organizations, it does give us more options. And and one of those options is, yeah, looking at spinning out some of our our assets.

29:21 Next question is, you know, what is the company and the board doing to address the, SOLGOLD share price weakness? Yeah. So this is a good example of that. Right? So so, you know, we're not exactly pleased with the share, you know, the share price performance. You know, market conditions are quite terrible. Also, you know, we're very aware that there's this funding overhang. So very keen to to address that in the in the short term. But, look, this transaction is all about, you know, resetting the organization, looking at what our strategic options are, and putting us on a different trajectory. That's why we're so excited to announce it and why we spent quite a number of months getting to this point.

30:15 Next question, maybe I could take that, is is there a designated, date for Cornerstone investors, to hold shares to qualify for the SOLGOLD 15 for one exchange ratio. This is should be a question directed at Cornerstone. They intend on releasing a circular and hosting an EGM to for vote later in q four you so can get more information on deadlines from from Cornerstone management. Next question. A little bit unrelated, but something that we've published earlier this year. She's several question on that is, what is the latest with regards to the misappropriation of funds that we announced with market in May? Yeah. Did did you wanna talk to that, Keith?

31:05 Sure. I can talk to that. So that misappropriation has been fully investigated by independent third parties through various through several forensic investigations. And the count has taken steps to address the governance concerns around that, of course, and is looking at, you know, considering what follow-up action can be taken. But through the through the course of the audit and having a new auditor, you know, those those reports were fully investigated and the corrective actions that we said we were gonna take were were were were monitored and, you know, substantiated as to as to whether that was the case.

31:59 Sorry, Fazy. Did I answer the question? Could you just to make sure? Yeah. I I believe you did. You know, the question was, you know, well, there are multiple questions actually on this, you know, asking on the the latest with regards to to the the actual misappropriation of funds. Actually, a follow on of, you know, what what is the the progress in terms of retrieving any of the fund that were misappropriated? So in terms of the progress, we are pushing recourse, but I can't specifically comment on the on the progress of that. Thank you, Keith. Next question is with regards to the CASKIBEL studies. Any updates we can provide and and color on on the progress and and release of of the studies as well as with regards to the $1,800,000,000 of upside that that had been guided previously.

32:59 Yes. This is where I referred to a little earlier, Fazi. So there's a number of ideas improvement ideas that go on top of the PFS that we presented back in in April. They're they're being progressed. And as I mentioned earlier, you know, we've with the new management team coming on board that have actually, you know, built and ran copper mines, that brought additional ideas to the mix. Next question, actually quite a valid question. You know, what is plan b if Cornerstone shareholders don't approve the deal? Before turning that on, onto you, Daryl, you know, just a quick reminder that, we've received 47% on a diluted basis of support, you know, from existing Cornerstone shareholders, and the the shareholder vote requires two thirds of of approval rate.

33:58 Yeah. Plus, you know, we have unanimous support from both boards for this deal. If you think about it look. If it didn't go through, then obviously, you know, we we stay as separate entities. But I'd like to think that given, you know, the the support we already have, given the unanimous board support, I think that's highly unlikely. I think the other point here is I just let me finish the last point. And if you look at Cornerstone shareholders, they believe in the Cascobal project. They're familiar with the Cascobal project. This way, they get, you know, access, if you like, to a 100% of the project going forward.

34:43 So so we are the natural parties to to to merge. Sorry, Keith. You were going to say something? Yes. I was just gonna say, Daryl, we have the customarily deal protection provisions in in the agreement as well. Yeah. Next question related to governance. Will the company stick by its commitment to put all directors out for election at the upcoming AGM? Yes. That's right. So every time we've publicly presented, we've we've reiterated that commitment. Next question is more related to to Ecuador. And question is, is Cascabelle affected by the recent talks between the Ecuadorian government and indigenous peoples regarding ancestral lands?

35:38 So the government released a few weeks ago basically saying Cascabelle and some other projects would not be impacted by this. If you look at the discussions going on with the indigenous group, it's really around, you know, indigenous participation, such broader consultation, and also protecting special special areas. If you look at Cascabelle, you know, we don't have indigenous tribes on that around that mine site, and it's not in a protected or a special special area. Here's a more a broader question. You know, SOLGOLD has missed, several deadlines self imposed deadlines over the years.

36:26 Why should investors have confidence in upcoming deadlines being being met? Yeah. It's it's a fair point. So I guess we did say back in December that we would deliver the pre feasibility study in in q two of this year, and we delivered it at the start of q two. So we do take these, you know, commitments seriously. There's always times where things are a little bit out of your out of your control. But when we make commitments, we make sure that we've thought it through, we've we've planned them so that we can we can deliver on them, particularly for the for the matters that are in our control. Next question is with regards to the funding option as a result of the transaction.

37:19 Does does the placing need to be to a strategic investor, and are there any contractually commitments towards this or soliciting bids that have been coming in for the stake? Did you wanna talk to that, Keith? Yes. Can sorry, Fauzi. I got a bit distracted. Repeat the question, please. Yeah. No problem. So the question is, does the placing of the the share that CORSON holds in SOLGOLD need to be to a strategic investor? And, you know, are we already or or so sitting bids already being placed or their contractual commitment towards this? So it doesn't necessarily need to be placed with a strategic investor.

38:09 It's open to all investors. There is no there are no firm arrangements in place at the moment. But as I mentioned earlier, Cornerstone are already speaking to a number of parties in relation to placing those shares off market. Question with regards that's, you know, quite similar to one that we've answered before, but a little different is what was the catalyst for SOLGOLD and Cornerstone to work work out the the deal in in recent months? You know, who took the initiative? Look. I I would say to be honest, I would say both parties always saw that, you know, that we're more valuable combined than than apart.

38:58 Since joining the the organization, I remember, you know, first talking to to Cornerstone and they saw that and we saw that on our side. So it's really just working through what an arrangement would look like that was good for both both shareholders. And and I think today is, is reflective of of achieving exactly that. A broader question, we're not sure how how we can answer this. We'll do our best, is, you know, when do you expect a rerating as described in the slides to to happen? Is it post feasibility, development, production? Yeah. Look. That that is a hard question to answer. I wish I wish I knew. What we can do is focus on increasing the value of the organization. So, obviously, you know, merging and simplifying our structure, doing the strategic review, really assessing all of our options.

40:02 They're the things that we can control that make us more valuable, and I'm sure that is is that is understood and digested by the market. It'll get reflected in our in our share price. I think And and of course, and, of course, they're all continuing to develop it and derisk, the Cascabell project and exploration activities. Yeah. For sure. For sure. Question I can take here is more general. You know, what percent of shares are held by individual investors? You know, currently, our our register would indicate that there is close to 20% held by individual investors. Question on on exploration. You know, what's the latest on Porvenir and other priority concessions?

40:56 Yeah. So as soon as we've secured funding, we have four key targets in you know, outside of Cascabell that we want to ramp up exploration. Porvenir is one of them. So we've obviously drilled out Porvenir for an MRE, but we believe in that concession, there's other interesting anomalies that we want to to drill out. Generally, what we see happening in our concessions is that we end up with a hub and spoke model. So for example, we've got the Apollah underground that is the hub. It'll it'll have support infrastructure, the processing infrastructure, and then we'll have satellite mines such as Tandemo that that support that hub. We suspect the same thing will happen at Pulvenir.

41:48 Got another question which is asking, are there any standstills in place? I'm guessing you're probably referring to standstills that were in place previously. So BHB did have standstill under its shareholder agreement that expired in October 2020. There are no other standstills in place on on shares of SOLGOLD. Give me a moment to compile last few questions. This one, I think, relates back to your your answer now on on Porvenir. What other concessions are being considered for for development?

42:48 Yeah. So in terms of, exploration targets, so we've got, you know, Rio Marilla. We've got Halipurtos. We've got Shakal. So we've got, and we've got 76 concessions, but there is five in particular we're keen on, you know, ramping up drilling on as we secure the next round of funding. Another question that's that's coming here relates more back to the Franco Nevada royalty that we have in place since May 2020. And the question is, you know, are alternative funding options such as dreams or royalties also potentially under consideration?

43:39 Yeah. Faz, I'd say, like, everything is is on the table, And we're assessing everything, particularly in these, you know, market circumstances. Everything's on the table as we assess what's best for our our total shareholder set. And I believe it's just one one last here to see what else has been already answered. Some more coming in. And this relates more with regards to funding slash the strategic review. What are the company's preferred way forward? Your status quo, sale partial sale of Cascabell to use funds for to explore other regionals.

44:33 It's more more general with regards to company strategy. Yeah. So this is really the subject of the strategic review. Right? So now that we're combining into one organization that frees up options, it makes us more attractive, you know, from a a financing perspective, from a strategic partner perspective. So that's why we're doing a strategic review now, which will assess the sorts of options that you're talking about, Fazi. For us, our focus was was to close this transaction, which would enable us to do things more readily that we wouldn't be able to do pre this transaction while we're, you know, had this complicating structure in place where Cascabell was was split.

45:21 Question on what's the value of total historic expenditure incurred at Cascabell. You know, this we can pull out from our annual results. You know, total spending in in Ecuador is to the tune of about $350,000,000. That's within our our annual results. There are several questions, just more of a repeat of a question that's been asked previously. Question more around timing and delivery of upcoming catalysts at Cascabel and and Porvenir. Yeah. So, again, same thing. We're assessing those different options. We mentioned earlier on Porvenir.

46:07 The PA is is well underway. We've engaged in three on that, and and we'll release results of that as as the work's completed. Next question. Going forward, our asset sales preferred or joint ventures, you know, I could probably answer that. You know, this is all part of the strategic review. And as that that progresses, then the company will be updating the market with with progress and decisions. When did the the company do any drilling last? We are currently drilling at at the Moran target that's within the the Cascabell concession, and this lies, you know, about a kilometer or so to the north of of Alpala.

47:06 Here's a general question. What what would be the overriding message to long term, shareholders? You look. I think, so you should be excited. Right? So, again, because we're we're simplifying the organization, it opens up options. It makes us more attractive. Should be excited because we're doing the strategic review. Since being in the role, a lot of the questions that have been asked by shareholders are questions that we're answering as part of this strategic review. And and the merged company really sets the scene for us to to do that. I think the other thing too is, you know, the the current market conditions are pretty tough, particularly on juniors, not producing juniors.

48:04 But what drives our value in the medium term isn't the dynamics of the market today. What drives it is the structural deficit that's going to bite in the next few years. And secondly, the the pipeline of projects of the scale of is very big. So projects like Cascabell will be in increasing demand as that structural copper deficit hits in a few years time really starts to to bite, as the world wants to transition faster to a net zero emissions future. That that is what will drive, you know, SOLGOLD's value combined with the strategic review in the in the medium term.

49:01 Daryl, Keith, Faz, if I may just jump back in there. Thank you very much indeed for addressing all of those questions that came in this afternoon. And, course, if there are any further questions that do make their way through, we'll make these available to you immediately after the presentation has ended for you to review and then add any additional responses where it's appropriate to do so. Daryl, perhaps before redirecting those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Yeah. Sure. No worries. Look. Thank you, again everyone for making the time. Like I said, we're very excited about today's announcement and what the future holds for SOLGOLD. This is the right time and the right transaction, bringing together Cascabell to chart the future for the company, your company going forward. So again, thank you for your time, and look forward to engaging with many of you, as we go forward.

49:55 Thank you. Daryl, that's great. And Keith and Fazy as well. Thank you very much indeed for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of SOLGOLD PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all. Thank