The TSX in Africa: Opportunities and Communities

0:08 All right, well, hello, everyone, and welcome to the TSX in Africa opportunities and communities panel hosted by 6. I'm very pleased to introduce our esteemed panelists today. We have President, CEO and Director of Nucor Gold, Luke Alexander, Managing Director and CEO of Surama Resources, Andrew Dining, and the President of the Canada Africa Chamber of Business, Gareth Glor, who will be moderating the discussion about how these TSX listed companies contribute economically and socially to their respective communities in Africa. Before we begin, 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 will try to get to them after the discussion. As always, this summit is being recorded and will be available to watch afterwards on SIX.com. But without any further ado, I'm going to hand it over to you, Gareth, to kick it off.

0:56 Well, Dasha, thank you very much. Greetings to all across Canada, the African continent, and indeed the world today. It's my great pleasure as President of the Canada Africa Chamber of Business to first of all thank 6 for this opportunity to be in discussion with 2 incredible leaders in the mining industry, looking at that relationship between the Toronto stock exchange and the incredible impact felt in communities where firms such as those present today are operating across the African continent. Well, Andrew Dinning is, as you know, among those I'm in conversation with today, Andrew's Managing Director and CEO of Surama Resources, but he's also someone with an incredible track record of commitment to the African continent, and he's a board member of the Australia Africa Minerals and Energy Group, which is a peak body that represents Australian companies engaged across the continent in the development of Africa's resources.

1:47 To this discussion, he brings 30 years of experience, notably in markets like the Democratic Republic of the Congo, various West African countries, as well as over in the UK, Russia, and in Australia itself. Luke Alexander, President, CEO, and director at Nucor, has a very specific experience in West Africa, and he's raised billions of dollars in structured deals for major mining companies, all while advising some of the globe's top institutional investment funds. He began his career in banking, and today is at the forefront, particularly in Ghana, of the development of natural resources, with the consequences for communities and empowerment that are so vital to this bottom line perspective that's being offered. And So I want to welcome each one of you. Greetings and thank you for joining us, both from Australia and as well as here in Canada. And if I may, to begin this conversation, we're going to be taking each of you with us through a few themes. One of those being mining as a catalyst for overall economic development. But we're also going to assess the role of mining companies within supply chains in that context of new economies that continue after the life cycle of a mine, environmental best practice, and then finally the importance of Canada through the TSX in mining across the African continent.

3:03 So without further ado, let's get straight into this conversation.

3:07 And I'm going to you, Andrew, for the first question, which is a bit of a macro, broad view question. But we'd love for you to open, you know, given your decades of a long experience in mining across Africa, what are some of the exciting trends you're seeing for the industry right now in terms of the outlook, both for precious metals, but perhaps even for mining overall, be it regulatory, economic forecasts or just the way mining is impacting communities. Andrew, kick us off. Yeah, thanks, Garrett. Look, I think, as you mentioned, I've got many years working in Africa, and a lot of that has been in countries that have had various challenges, whether it's on the geopolitical front or infrastructure front or many other areas. And typically they do fit into the emerging market category. So I think one of the things for me, particularly in recent times, that's, you know, is really helping things a lot is the increased interest in commodities.

4:06 Obviously, we operate in gold. Gold is a critical commodity and it's got its place in society. But I think in a lot of these emerging economies in Africa, it's very important for a building block for the local economy. So when we worked in the Congo, we're in the northeast of the country, which was quite challenged when we went in there. We discovered the Kibale gold mine, which is in production now doing 800,000 ounces a year. So I think if you look at the path that project's taken, it created stability in the area when we started working there. It created an economy and then we built key infrastructure which then opened up the markets for the locals, lowered their cost of living and gave them greater access to market. But I think importantly though, one of the things that Rand Goldcumbe Barrick have done there is they've installed, I think, 100 megawatts of hydro power.

5:02 When you look at lasting legacies of mining, that's a big one. When that mine's finished, you've got a lot of capacity built in the region. So I think when you look at what's happening in Africa now with the increased focus on governance at all levels. You know, we see that as a, you know, TSX listed and for us soon to be ASX listed as well, dual listing as an important, I guess, differentiating factor for us. I think you find most companies, you know, listed on the TSX

5:33 and Western exchanges have an expectation on how they operate. And I think for us that's one of the things we've also seen in recent times is the recognition by investors and institutions the importance of the whole CSR side of things, the importance of governance, the importance of how you interact with the local communities and having a focus on sustainability. I think everyone in the industry understands the importance of that and we've understood it for decades. I think the fact that that's getting recognition wider now is very important. Yeah. Mining can leave a very positive legacy in countries. And I think particularly in developing countries, it's particularly important. Yeah. As I mentioned, our experience in the Congo, but also where we work now in Burkina Faso, you know, it's key for putting in critical infrastructure and providing revenues for the government. So I guess getting back to it, you know, it's recognizing the importance of commodities and where they sit in the world, but also where they sit in the development of these countries.

6:37 And the fact that the mindset in the investment community has shifted forward to things that the industry has known for a long time, and that's working in a sustainable manner for long term outcomes that benefit everybody. Fantastic. And, you know, Luke, Nucor, if we take this to a specific market in the case of Ghana, your leadership has looked at Ghana as a modern mining powerhouse, to use your term, number 1 for gold in Africa, with a government that's committed to enabling mining's growth and thriving that follows. So when policymakers engage with you around what's important to realize some of what we've just heard in the context of what is achievable through

7:20 mining on the continent. What is essential to success in your view? What do you share with policymakers? And perhaps to take it very practically to Ghana, how's the country set those standards that enable investment, production and growth, which are able to deliver the sorts of returns for your shareholders that matter alongside the development of the society at large? Yeah, I think specifically for Ghana and for policy makers and governments across Africa and around the world. I think Andrew touched on a number of good points. These projects ultimately go into often parts of the country that are undeveloped and create infrastructure. I mean, for the country as a whole, obviously it creates jobs, it creates taxes.

8:05 So for policymakers, all of those things are very important. And when we have discussions with policymakers, those are some of the things that we focus in on. What kind of job creation is this project going to create for the local communities, for the broader country. And then in terms of some of the key aspects in Ghana and other jurisdictions that are important for investors and need to be conveyed to policy makers. Obviously, political security

8:36 is something that's very important. Having a good mining code in place is another thing that's very important. Companies that enter jurisdictions want to be able to know exactly what the rules are so that they can build their projects accordingly and know what the returns will be for stakeholders. I mean, if we look at Ghana specifically, you know, about 90% of revenue comes from, of mining revenue comes from the gold sector. So it's a very important sector. And for mining as a whole, it contributes about 10% of the country's GDP. So it's a very important industry from that perspective. The other aspect I think is security and safety. I mean, I think companies that are entering countries are wanting to make sure that their employees

9:29 and others and contractors are safe within those jurisdictions. And for Ghana specifically, it's got a long history of being a very safe jurisdiction from that perspective. So those would be a few things that I would highlight is obviously taxes, royalties, jobs are very important for the country, but for the country, they've got to outline a very clear path for companies who are operating within the country to be able to execute on those projects. Brilliant, thanks very much, Luke. And, you know, Andrew, perhaps to bring it back to Canada, we see the success here in Ghana that has just been outlined and how you enable development, but Canada and Australia have a lot in common, peer countries, members of the G7.

10:18 But from your perspective, Andrew, how is the role of the Toronto Stock Exchange enabled unlocking billions for investment into African mining? And perhaps if you'd like to speak as to why an Australian firm like yours has chosen the TSX, as have many

10:31 across the world. Yeah, I think, you know, one of the key things with the Canadian market, in particular the Toronto Stock Exchange, and I think Luke, when you look at his CV, can attest to that, is the depth of the capital markets and its appetite for risk. And I think historically, you know, and over the time I've been involved in the industry and raising capital, Canada's always been a very important market. It has a deep understanding of the resources industry. It has the ability to tap into the US capital markets as well, which I think is very important, which many markets don't actually have the opportunity to do. And also I think the governance in Canada and the expectations by Canadian investors and North American investors and also the governing bodies in Canada are very important as well for the companies that sit on that exchange.

11:21 So I think, you know, over the journey, you know, we've raised hundreds of millions of dollars, you know, personally out of the North American markets. You know, and the investors, they're very focused on the outcomes and delivering it in a responsible manner. So I think, being Australian and listed in Canada, we share a lot of values, with both jurisdictions that have a deep understanding of mining and I think in Canada though, the capital pulls deeper. Our listing that we're just doing on the ASX is a secondary listing, but that's really more to do with practicalities of being based in Australia in the last couple of years. So in no way devalues what we think of the North American markets and they are absolutely critical for large scale development globally really in the resources sector due to the depth of the capital pool and the level of understanding that you see in those markets.

12:17 Fantastic. Luke, bringing it back to Nucor, I mean, not only are you on the TSX, but you're also a Canadian company. This is a discussion that's happened at many forums that we've held here in Canada. What do you believe has made Canada such an important player in Africa's economic development through mining? Are there issues of values, best practice, partnership?

12:40 What is it that has given Canada a very widespread respect for its role in African markets through natural resource development? I think Canada has a very long, rich history of mining. Obviously, the country was built on the back of the natural resources sector. That's essentially where a lot of the development happened in Canada was in and around and a lot of the wealth created was in and around the mining sector. And then inevitably that talent over the last, you know, 100 plus years has been exported globally. And as a result, you ended up with a lot of head offices

13:18 in Canada and inevitably, you know, those expertise and individuals are looking for projects and, you know, those projects don't see any boundaries in terms of countries that the management teams and individuals involved are willing to go to. Africa obviously is a continent with rich minerals and as a result, a lot of expertise from Canada have been imported or exported, depending on how you want to look at it into Africa to help build those projects. Interestingly, Ghana has a very rich history of mining in the country. I mean, it's called the Gold Coast. It's got over 1000 years of mining history in gold mining history in country.

14:04 And what we've actually seen operating in country is that Ghana is an exporter of talent across Africa, similar to the way Canada is an exporter of talent around the world. And one of the things we've really benefited from is being able to bring

14:22 a lot of Ghanaians back to Ghana who wanna be working in country, who wanna be close to home, who wanna be involved in a project in country. So, I think those are some of the key things is a long history of mining in Canada has taken groups around the world. And obviously, one of those areas is Africa. Brilliant. I think if I can kind of pick up on that as well, Luke, I think Canada is also very well respected across Africa, particularly in Francophone Africa. Historically, they've had very deep apolitical relationships and we see that operating in Burkina Faso and I'm sure Luke sees that in jurisdictions where he operates.

15:08 But I also know when we worked in the DRC, being involved with Canada was also helpful on that front as well. So I just kind of wanted to add that point as well. I don't think that can be underestimated. Yeah, I think it's a very good point. I mean, Canada is a bilingual country and as a result, obviously, you know, being able to do business in, you know, both Francophone and Anglophone Africa is key from that perspective. So yeah, it's a very good point Andrew makes. Brilliant. And please do keep those questions coming in. Chris McLean, I note your question there. We'll be coming to that. Andrew, if I could, you know, you mentioned the deep apolitical relationships and Canada and its companies really just getting on with it. But of course, questions do arise around political change as they do everywhere in the world. And so if I may, I'm going to just offer up a statement and ask you to respond if you agree with the comment or not.

16:09 So political power does not always change hands through the ballot box in many markets globally. Yet some argue that just like with democratic political change, continuity for business can proceed as normal, unaffected by a new government's leadership in a given jurisdiction because policy remains by and large the same. What's your experience, given the depth of your knowledge and know-how on the continent. How do you perceive this viewpoint? Yeah, I think that's a fair assessment. I mean, we obviously work in Burkina, we've had a few changes of government, not via the ballot box in recent times, the most recent being January this year.

16:50 Pretty much no 1 missed a beat. The government was changed out, the change enjoyed popular support. So I think when you're seeing those kind of changes like you saw in Burkina Faso, it's different to what you would see 20 or 30 years ago where it was driven by personal greed. These are people that are looking to improve the situation. But typically, In these countries, if you take Burkina Faso as an example, they've got a well-structured mining code. The government is well-structured. What we saw with the change in government earlier on this year, none of the producing companies missed a beat. No ore zones constructing, they didn't miss a beat. New administration has been put in place.

17:39 So we've seen that happen twice now since we've been operating there. We've seen it happening in Mali, Guinea. So it's not uncommon. But I think when you look at the motivations of the people behind the changes, that it's typically, you know, more to do with control on how the company's operated rather than, you know, trying to control the Minutai. So they understand the importance of, you know, resources and mining. And

18:07 I think the fact that ECOWAS haven't sanctioned Burkina Faso says, you know, quite a lot about that change in government earlier on in the year. But I think, you know, typically the structures are in place, the codes are in place, and most of the time when there's a change in government, at worst it might be messy for a week or 2, you're dealing with new administration. But the structures and frameworks are there, new people get installed, they understand the importance of what we do. And really the key challenge for companies like us operating in these kind of places is making sure we remain apolitical, focus on the benefits that we bring to the country and making sure they understand that.

18:55 So that would be our experience over the journey. And it's not like the good old kudos in the 60s, 70s, 80s. These days, it's, I know it seems to be a way to change the government when you have an unhappy population, but yeah,

19:11 that would be my comment on that. Thank you very much, Andrew. Luke, do you want to weigh in on that? Yeah, I think Andrew touches on a number of very good points there. I mean, one thing I'd add is the importance that mining brings for a country in terms of foreign investment and foreign currency. I mean, it's hugely important. I mean, a number of the countries that we're operating in, in terms of, you know, the amount of FDI that that brings into the country is very important for the economy at a whole. And I think, you know, I think that's recognized, you know, with different governments, you know, in these various countries and ultimately don't want to see the mining industry stalled or stopped as a result of any issues there are at the ballot box because of how important it is for foreign investment within those countries.

20:09 Brilliant. Well, thanks very much. I just want to note, we've had several individuals join us since the opening. I'd like to acknowledge Ambassador Paula Caldwell-Sinonge, who is also the former Director General in the Government of Canada for Africa and Vice Chair of the Board of the Canada Africa Chamber of Business. I know she, among many, is very proud of the great work TSX-listed companies have done on the continent. And we're going to get into some of those successes, Luke and Andrew, not to mince words, but incredible successes that you've led. But if I may, just before we move off the subject

20:41 of the TSX and the case for the TSX, which I think has been well made, Chris McLean, also incidentally a director on my board, so clearly they exercise their oversight of me. Chris is asking if either of the companies, of either of you, are looking at listing on African exchanges, if there's a need for that, an opening, your thoughts on that? Maybe let you go, Lloyd. Yeah, I mean, so Ghana has an exchange and it is something that we've looked at historically at potentially listing on. That would obviously give broader access to Ghanaians and others who would like to invest in the company. So that's something that we continually evaluate as

21:28 an option to list on the Ghanaian exchange. We haven't made any final decisions on that front, but it is an option for us. Great. Yeah, I think for us with Burkina, it's not as developed as Ghana, so it's not really something that would sit on our radar. But I think it's jurisdiction dependent and how developed the jurisdiction is. Thanks very much. Luke, if I could come back to you now looking specifically at the gold market and how Nucor in particular is exercising the realization of the opportunities. You've stated that you believe the current gold market momentum is going to continue. And of course, Nucor's made the case for why you have the assets in place to capitalize on your strategy. How are you taking investors with you in delivering economic and social impact for community well-being alongside your crucial fiduciary duty, which is delivering

22:25 returns? Do you see the 2 objectives going together over the medium to long term for success? Could you take us inside the new core Gold philosophy and strategy in this regard? Yeah, so I think fundamentally our view is that the Gold sector is very well positioned to do well over the coming years. I mean, if you look at the commodity sector as a whole, it's off to the strongest start since 1915, I think was the last update I had. So very strong start to the year. And our expectation is that gold will perform as a result of the broader commodity market, but also as a result of inflation and levels that we haven't seen since the 1970s and 80s. And typically that's a very good backdrop for the gold sector. So those would be my high-level comments on why we think gold will perform in the current market.

23:21 In terms of investors and how we move the project forward, I mean, fundamentally, our view at Nucor is that the best way to advance a project is to make sure that all stakeholders benefit. And as a result, you know, we are very engaged with the communities that we work in, with the government in Ghana, and ultimately that's the way we think will create the most value for shareholders is when all stakeholders benefit. So some of the things that we do is obviously within the local communities, we work very closely with those communities. We look to hire locally first. We look to get feedback from the government as a whole in terms of how we're advancing our project And that's really the way we feel that we'll create the most value out of the project and will be the most benefit for Ghana as a whole.

24:27 Brilliant. Andrew, I'd like to invite you to weigh in on your overall view on gold in particular, but then I'd like to also speak to your very impressive, if I may say, social investment strategy, where you've centred on the advancement of women and children, specifically on issues of infrastructure, health and education. Could you speak to why you took this particular approach in your social investment strategy and some of the projects you're doing? But do feel free to preface that with any comments you have on the gold market overall, given the space we're in. Yeah, okay. Yeah, I guess I'd, firstly, on the Gold market, I concur. Obviously, we've got loot saying, I've been involved in the Gold industry for 25, 30 years. And it seems as well positioned as it ever has been.

25:15 At the moment, you're seeing a kind of de-linkage between the US dollar and the gold price and see it solidifying. So I think, you know, we're cautiously optimistic on the upward trajectory. But, you know, as it stands now, $1,900 is a very good price for gold.

25:32 You know, It's only a few years ago we were sitting there framing projects at $1,100 an ounce or less. For us, it's a big movement. I think looking forward, you could only see that solidifying further. Moving on to know, approach to CSR, we very much see ourselves as part of the local community, as I think most companies do. We're there, we may have mineral rights, but we're effectively a guess of where we operate. We aim to, I guess a big part of it is managing expectations. You don't want to create expectations that you can't meet and cause disappointment. So there's a fair bit of that.

26:19 But we also, I guess, aim to engage as widely as we can and try to structure things so that as many people benefit from what we do as possible. And as mentioned, we have a focus on women and children. So if you look at a lot of the societies, you know, a lot of the load is carried in that side of things and it can be quite tough. So, you know, we work on local infrastructure where we are with school constructions. We run food programs at the school that's managed by the mothers. We provide the inputs so they allocate food on a needs basis. But we ensure, you know, every child, you know, gets a feed every day when they're at school, and the ones that are very poor get extra to take home.

27:11 We've also seen school enrolments in places more than double, but importantly the female participation rates have gone from 20 or 30 percent up to 50 percent. So we say that is really important. The local school, Noor Karma, that we built and fund, that's graduated its first students a couple of years ago under the national system and now it's an examination centre for the region. So we see those kind of things as you know they're empowering for the local community from a longer-term point of view it builds capacity as well. Most people just want an opportunity to further their own gains. And if you kind of take that back further to when we worked in the DRC, really the 3 things we focused on was infrastructure, health and education.

28:07 And, you know, it would really depend where you were, which of those 3 things took the lead. But, you know, in the Congo we had a clinic there that used to cost us close to 500,000 US a year to run. We ran a lot of HIV education. That part of the Congo had suffered from many years of war. And it's amazing the life skills that people lose. And it was really the women and the children and particularly the girls, adolescent girls, that life was very, very tough. So we built a 20 bed birthing clinic, improved hygiene, improved HIV awareness and many of those kind of things. So it's quite astounding, particularly in a place like that,

28:57 how much of the base has been eroded away by conflict. And part of what we did there was benefiting tens of thousands of people within our reach. But we also created an economy, so it brought stability and peace to the area. We built a 180 kilometre road into Uganda, so that meant people living all along that road could get produce to market and they could get their cost of living down. So they're kind of just simple examples of what you can do as a mining company that's mutually beneficial. We require a road in, but if you think it through properly, you can make sure as many people as possible benefit from that infrastructure. If you kind of roll that forward to where we are in Burkina Faso, that's about capacity building in the local opportunity and giving opportunity while at the same time managing expectations.

29:46 So for us, that's our main focus. And then obviously that kind of works its way up through the strata to the district level and the national level. So we also see an important role of the industry is improving governance in, you know, within governments themselves. It's important that we operate in a responsible manner and that all just lifts the level. So there's many, I guess, different layers to this that you can look at from the basic community level where you operate and benefiting them as broadly as you can. And I think someone sitting in the West may feel it's a small amount, but when you're at the local level, it is a significant amount when your child can learn French instead of the local language. And the fact they have French then presents them with opportunities to work elsewhere that maybe they didn't get before.

30:39 So it's very much looking through what the needs are, working with the communities on what their expectations are and putting that in with a broader, I guess, umbrella of things that you need to do. So that's kind of how we approach it and how we try to benefit people. And by taking that approach as well, it makes it more sustainable. And that's without moving on to when you get a mine built, you're talking significant infrastructure, power infrastructure that stays and things like that. So yeah, it's multiple layers, but I think the thing is having it built into your business on how you operate, into how you think and making sure all employees, regardless of where they sit within the organisation, clearly understand that and the governments and the communities where you operate understand that and importantly, the people that invest in your business understand that as well. And I think, going back to your initial comment, it's one of the things that's good to say these days is the understanding of the importance of these things within the investment community. It's not just a moral obligation, it's also sound business principles.

31:48 And most guys I know in the industry or people in the industry, you know, they're very focused and very committed to the communities where they work and the countries where they operate. And, you know, I would challenge many people to dispute that, but have an in-depth understanding of what we actually do on a day-to-day basis. Thank you very much. Yeah, Luke. And I think that's a very important point. I think, you know, the reason, you know, back to the earlier questions about why is, you know, Canada so welcomed in Africa and why is there such a big presence of mining companies led by Canadian companies in Africa. I think there's a long history of being very good corporate citizens and obviously a lot of the ESG practices that have been happening over the last 30, 40, 50 years is the reason that Canadian companies are so welcomed in Africa and other parts of the world because there's a recognition of the contribution that's made to the federal government, but then all the way down to the local communities. I mean, a number of the points that Andrew made, I mean, Canadian companies have been doing those things for years.

33:02 In terms of, you know, today, there's obviously a much bigger push for disclosure of ESG and what companies are doing on the ground and in-country. I think these are things that, you know, Canadian companies for the most part have been doing for decades. And I think it's going to put Canadian companies in a very positive light as a result of the requirement to now disclose all of these things that have been happening for years already. And I think that's a really positive thing for the industry as a whole, because the impact is hugely positive in a lot of these communities. And Luke, if I can follow up on some of those comments, you know, if you look at, NuCo obviously has been well received and well regarded as a leader in ESG, and you stated publicly pretty much what you've just summed up now, a strong dedication to the environment, good governance and the community is an integral pillar to building a successful company."

34:07 But why have some companies failed at CSI or been perceived to fail at CSI? If you look at civil society critiques or other non-governmental actors who've been critical, Would you say it's purely a lack of will as some critics have contended? Or is it really just a case of not always adopting best practice or being able to assimilate best practice? So really, and perhaps in answering that, what does Nucor do? Like what are your some of your best practices that have given you a success in CSI, which you'd be willing to share with peers on this webinar today? I think one of the big things for us in Ghana, and we've touched on a little bit, is we don't have any expats in-country working, so everyone who's working on-site, you know, in-country, Argonnean, have deep relationships with the communities that we work in, have very long-term relationships with the government, with, you know, the Minerals Commission, and as a result, truly understand what the needs of the communities are, as well as the needs and wants of the government.

35:16 That then obviously percolates right through the entire company and how we ultimately operate the business in a socially responsible manner. Being, you know, actively involved with the community is crucial So all of the individuals who are, you know, working on a daily basis with the local communities all come from those local communities. And I think that's, again, one of the real benefits that we have in Ghana is it is a very educated country. It's got a rich history of mining, so as a result it's seen the benefits for a number of communities across Ghana and as a result there's a template there that can then be used for us at an exploration stage as we move towards, you know, developing the project and all the steps that have benefited other communities and how we can ultimately do the same thing with our project. So I think having, you know, individuals from the country is probably the most important thing from that perspective.

36:24 Brilliant. And Luke, I'm going to come back to another question on West Africa as a whole that's in the chat from Adama. But, you know, certainly an incredible place. Ghana is a major jurisdiction and played an incredible leadership role, especially on policy, among other things. But, Andrew, you've always flown the flag for Burkina Faso, and it's a country we've been privileged as the Canada-Africa Chamber of Business to profile on many occasions, working directly with Ambassador Fatima Meite, among others, who represents the country in Ottawa. The Canada Africa Chamber of Business is going to feature the country again at PDAC as we will among other countries including Ghana. In your experience, what are some of the most misunderstood or even outright false perceptions that you seek to clarify as a proud investor in Burkina Faso? You've been very public in commending the country and I'd be very keen, as I know others are especially, to get your viewpoint, your on-the-ground experience and reality check on Burkina Faso.

37:24 Yeah, I think Burkina Faso is an interesting jurisdiction and I think, I mean for many number of reasons obviously, but I think one of the important things to do is you really need to understand the, I guess, the geopolitical dynamic within the country. It is a big country and it does share many borders and some of those borders are obviously not that stable. But I think as a jurisdiction from a mining point of view, you're continuing to see every year new mines being built, ore zones obviously in the middle of the build now. Prior to that, West African built Sambrata, that was built on time on budget. Actually, I think it was ahead of schedule and under budget.

38:11 Taranga built Wahignon, which is now owned by Endeavour. So you're seeing every year a large new mine being constructed. So I think as a mining jurisdiction, you know, there's a fairly deep understanding of the industry. It's got a well-structured mining code. And even with the various machinations with the government, you know, things have prevailed through that. So I don't think that can be underestimated and you can tend to get things done in a relatively timely manner. Exploration permits have been a bit challenging, but when you get to the point of, you know, moving towards development, the government is, you know, very much onto that and very supportive. And I think, you know, if you speak to Patrick Downey at Orzone or Richard Hyde at WAF or any of those companies, they'll attest to that.

39:00 In fact, I caught up with Richard Hyde from WAF today and we were talking about various jurisdictions and we're obviously biased, but we do think Burkina as a country is a jurisdiction that you can get things done in mining, you're not having a 2 or 3-year delay on permitting for operations and things like that. They do understand the importance of mining to their economy, but do have some challenges in the north and the east of the country, and that's quite well known, It's no secret. But I think from that side of things, it's very important to understand the granularity of those challenges, but also don't underestimate the setup that the government's got there, the mining code and the roadmaps that are laid out for you from exploration right through to development.

39:55 There's over a dozen operating mines now, so there's good capacity being built within country. So I guess to pick up from Luke's point with Kaurna, you're starting to see good skills developing in country. So as with New Corp, most of our skilled labour locally are nationals and a couple of expats interspersed in there that are really more to do with training. We've built that team over the last 10-years. I think the important takeaways to that jurisdiction is you do have a well-structured mining code, you have a government that understands the importance of the industry, they're accessible, you can generally get things done in a timely manner. It's important that when you run the Royal Railway of the country, you understand the dynamics of it.

40:46 Businesses are getting things done and they're getting things done in a timely manner, which I think, you know, is kind of testament to it as a mining jurisdiction, you know, without taking away the challenges that you see in the north. Yeah, certainly very impressive when looking at the the net results. Thank you so much, Andrew. Luke, there's a question to the region of West Africa and Adama Sidibe asks, is it because of the safety, I presume safety of investment and safety overall, Is it those aspects of Ghana that have lent itself to Newport's focus being solely on Ghana, or does the strategy you outlined lend itself to the exploration of gold in other West African jurisdictions? Yeah, We've got a district-scale exploration project in Ghana, the Enchi project.

41:35 Our real focus is exploring on that project and continuing to move it forward with economic studies. We don't want to get distracted with other projects in West Africa on the exploration side. We've got a huge amount of exploration work to do on our project and, you know, great neighbors along trend from us. So our view is we can build this to a 3 to 5 million ounce resource. So it remains the focus for us. And yes, we're very fortunate to have been able to secure a project in Ghana, because it is a very politically safe jurisdiction, as well as from a security perspective, it's, it's a very safe jurisdiction. And, you know, those are a couple of the key reasons why we focused in on Ghana, as well as it's got great infrastructure. I mean, that's another thing that obviously we've, Andrew and I have touched on is, one of the things that mining brings to a country is strong infrastructure and as a result, you know, we've got lots of very good infrastructure to leverage off at our project. So There's many factors for why we've focused in on Ghana, but those would be a few of the key reasons.

42:54 Brilliant. And Luke, I just want to keep you on the question of Ghana because you're a Canadian firm, Canadian listed, and yet your description of the operational realities on the ground is it's very much a Ghanaian company, the management, the people, the rising leadership. And certainly one of the things I most enjoy about my role, having just come back from the continent for the past 3 weeks, is this energetic, youthful, dynamic population that's really willing and keen and ready to continue realizing the enormous growth prospects that the African continent holds as a whole. So within your firm, and this is really a question around leadership, what's the sort of advice or lessons that you give aspiring CEOs who are looking to lead companies operating in Ghana, companies like your own? Are they global lessons of leadership that transcend jurisdiction?

43:41 And what is specific to Ghana that really can allow the next generation of CEOs to take the lead and build great companies, really modelled in large part on what NewCore's achieved? I think first and foremost, and we've touched on it, is there's a very skilled labour pool in Ghana who are very eager to see projects move forward. I mean, the mining industry provides very good jobs, so they're very sought after. There's a lot of support from the government for the mining industry. I mean, you've got multiple mining universities that have been built in Ghana. You've also got tax incentives to be hiring new grads in Ghana, as well as the Chamber of Commerce, backed by the government, has declared that they want to have Ghana as a mining hub for a lot of West Africa. And this is something that we've been able to really benefit from at Nucor.

44:44 Again, Ghana exports mining talent across West Africa and across the globe for that matter. And as well as because of the political security and safety that Ghana provides, you've also got it acting as a hub for a lot of West Africa, for a number of mining services companies. So those are all things that I'd say for, you know, anyone looking at Ghana or an aspiring CEO, as you put it, is make sure you leverage off of all of the key elements that Ghana has to offer. And then, you know, continue to, you know, leverage all of that expertise in country. So those would be a few of the things that I would say would be worthwhile focusing in on.

45:34 Brilliant. Thank you very much, Luke. And Andrew, if I may, you know, sometimes these discussions can be quite technical. And apart from specific questions, you know, I've tried to keep it focused as well on the qualitative aspects. But so if I may, your track record is as many have described phenomenal, but I wanna get into some of the underlying aspects of what you've seen and what you've witnessed over the last 3 decades. So for context, of course, in the industry, you're well known for the development of the company's Moto Gold project, Kibale Gold. It was 2 million, you took it to 22 million of ounces, over 22 million ounces of gold, going from exploration to pre-development. And then you had a $600 million takeover by Rangold Resources and Anglo Gold Ashanti in October of 2009. So taking all of that into account, Andrew, apart from the return for investors, can you describe with some of your first-hand experience any sort of anecdotal cases or things that really stand out for you on what the massive economic and social impact of these business successes has had on specific communities. And no need to confine it just to where you're operating now, because I think that really lends itself as we come toward the end of the program to the very theme of TSX and communities and the end results of the billions in investment and the technical expertise, what it really means for people. So I'm gonna hand over to you to share perhaps any personal experiences in that regard.

47:00 Yeah, Okay, thanks Gareth. I guess I'll probably start with MOTO and focus on that because that was a very important project at the time. So when that project was put together originally, they were still disarming rebels. My first trip in there, there was a big disarmament locally where we were. We had to fly everything in, the fuel went up through Sudan and came down to the project. So over time, though, we developed the infrastructure there and, as mentioned before, we built local infrastructure to, you know, help with the local community. We started building capacity back within the, you know, local workforce. So there was some remnants, some memory from, you know, the pre-war period that we could pick up on and develop that. So a lot of the guys we had in there were really developing local talent pool for us going forward.

48:00 And the key things, a couple of key things we did there, we never gave anything away for nothing. We thought that was pretty important. So one of the things to do apart from expectation management is setting minimum standards, minimum expectations. Just because you're operating in a challenging jurisdiction doesn't mean you lower your standards. Your aim is to get everybody up to a higher level. And so there was quite a lot of focus on that. And then I guess over time as we kind of developed the infrastructure where we were. As I mentioned, we built a clinic and then we built a birthing clinic. We had an entomologist there for 6 months as well doing malaria vector studies, so that was really important for understanding which mosquitoes carried malaria, what time of day they were out, what their life cycle looked like. So, we'd have teams out catching mosquitoes at night, which might seem quite strange for a wannabe mining company, but there are all kinds of things that you do but given the the havoc that malaria wreaks in some of these communities it's very important to understand that.

49:10 We had our own doctor and he ran a lot of HIV awareness on market days. We did see a lot of society, you know, their basic skills degraded. So you know, even working at that basic level was very important for impact. So and even, I don't think anyone that's kind of worked in, you know, these kind of places will understand the lack of understanding or the myths around things like HIV and other diseases. So, educating people on that, we were always amazed at the attendance. You get 700 people on market day, coming to hear the doctor talk about that kind of side of thing. So we did a lot of work like that that has intangible benefits, likewise better understanding the local variants of malaria and how best to manage that.

50:04 Because a lot of that you can help just by how you structure things for drainage and getting rid of water and it's not just fogging and stuff like that. Then kind of rolling forward, we built the road through into Uganda. And what that did was obviously made access for us far easier, but also it lowered the cost of inputs for people where we lived. So rice, basic staple came in from Uganda. They used to either come in on old highlights or push bikes, so it lowered their cost of living and at the same time it gave them a mechanism to get their products to market, whereas before they didn't have that. So, you know, I kind of often used to think when we flew in there, the zone of impact for where we operated was probably 100 kilometre radius.

50:58 You know, it created an economy, so it gave people a reason to be. So before we were there, people were just trying to survive. Because we had a large local workforce, we were putting money into the economy, and that created stability, which then in turn created prosperity. So, you know, one of our biggest challenges was actually paying the workforce, because we used to pay 0.5 Congolese francs, 0.5 US dollars. You know, the simple things like that you don't think about. And so We'd have to have a money plane that flew in sacks of cash to pay people. There's many of those kinds of things. I know Rangold took it up way up another level after us because they took it from pre-development into development and really built on that. But we see ourselves as setting a solid foundation in that area. And I guess that's what we take into where we work in Burkina Faso, it's the same principles. It's not as degraded obviously as the DRC was where we worked.

52:05 But, you know, it's still very poor. It's a lot of, you know, basic subsistence farming. So for us, it's about capacity building where we operate, you know, and focusing on the people that, you know, where we can have the biggest impact, which I mentioned earlier, you know, which is really education and health and fixing roads, which really, you know, helps everybody help themselves, which is really what we want to be about, is, you know, set the standards and enabling people and empowering people to improve their lot in life. It's not our job to provide people with goods, it's our job to provide people with means to get their own goods. So that's kind of some of the basic principles that we sit on and a few examples of some of the things that we did.

52:50 But, you know, having worked in the jurisdictions where I have, we have seen, you know, very tangible benefits of the development that we've done. And it's long lasting. So once you put in infrastructure, if it's built properly, then it can tend to prevail for some time post that. Brilliant, Andrew, and certainly very inspiring. And if I may offer one comment, which I hear after every single success story, it's at the root as partnerships, a partnership of equals. As you said, you're guests in the country and on the African continent. As a good guest, you're treated and you're honored. The relationship with communities and people is vibrant, is dynamic, and I think it's very special, if I may infer that, just from the way you've described the experiences you've had. And that is a far cry from a sort of top-down, perhaps even attempt to be benevolent. It really is an economic and social partnership of equals.

53:48 And that's very, very powerful. Luke, I'd love to have you weigh in on this, but if I may, I just want to go to 1 question directed to Andrew from the audience. Adama asked the question, is Serama Resources intending to work again in Mali, Andrew? No, not at this point. And probably similar to the reasons Luke had said for focusing where they are. We were operating in Mali and Liberia, but at the end of the day, we just didn't have the capacity to, you know, work in 3 jurisdictions. We had to focus on, you know, where our best ground holding was. So obviously, you know, Burkina's geologically is a great jurisdiction and where our main project is, we have a great land holding. So our focus will be in that area. If we did something in Mali, it would be opportunistic, but it's not on the radar now.

54:40 Got it. And Luke, I wanted to invite you to weigh in on some of the just the personal experiences you've had as we wrap up this session. But I wanted to throw in a question as well, if I may, and it's, you know, where there are companies that make mistakes, where there isn't true local partnership, is this something you think has happened just in Africa? Or have you seen these sorts of common mistakes, not just characterizing the continent, but easily happening in a place like Canada or Australia as well? And I ask that in the context of, you know, when we look at Africa within a specific lens, are some of the challenges there or mistakes specific to Africa? Or are these really just mistakes and shortcomings that happen across the industry? And so I just wanted to kind of ask that question because you have a depth of experience beyond only the continent, but feel free to weigh in on any of these aspects we've touched on. I apologize for throwing a lot in there, Luke. No, that's fine. Your questions have been great, Gareth.

55:36 I'd say, I mean, the, you know, issues happen globally. I mean, nothing specific to any continent or country. I think inevitably it becomes the mindset of the management team who's operating the project and whether they take a partnership approach or whether they take a more authoritative type approach. I think as Andrew made a comment earlier is ultimately we're guests in these communities that we're operating in, and as a result, ultimately, you know, need to make sure that we work very closely with those communities and the government, you know, as a whole. I think one of the things in Ghana and many other parts of the world is, the government is actively involved in the projects from a licensing perspective.

56:34 But when you talk about partnerships, in Ghana there's a 10% free carried interest on any project in Ghana, as well as there's royalties that the government will receive from mining projects in-country. So that inherently creates a partnership between the government and the company and Nucor operating in Ghana. The government, the communities want to see these projects succeed because it's obviously very important for jobs, it's important for taxes, and as a result, you know, there's an inherent partnership already in place for us in country. And I think you've seen the success of the mining industry in Ghana.

57:23 Another thing that we've seen set up in Ghana recently is a mining minerals investment fund. And the Ghanaian government allocated $200 million to that fund. They've recently made a $20 million investment in Asante Gold, which is developing the Bibiani mine, which sits about 100 kilometers to the north of us on the same Safwi-Bibiani belt. And that's just another thing that I think speaks to Ghana as a jurisdiction that really wants to promote and build the mining industry as a whole. The fact that they're actually now starting to make, pardon me, direct investments in companies is again a further kind of a way of helping advance projects in country for the benefit of Ghanaians as a whole.

58:14 Absolutely brilliant. We've got just 2 minutes left and Luke and Andrew, thank you so much for an incredible insight that each of you offered, a whole variety of insights. And this really does preface an event that the Canada-Africa Chamber of Business hosts and 6, We're very proud of 6 as well as a sponsor and partner of the Canada Africa Chamber of Business. But during the upcoming PDAC, we have the largest Africa focused mining event. So assuming both companies will be represented there, we'd be honored to have you with us as guests. And indeed, anybody on this webinar today, I've just put my details in the chat. Do feel free to reach out and join us as we gather with leaders, industry pioneers, trailblazers, and continue these sorts of important conversations. But what better a foundation than the insights that each of you have offered. Luke Alexander, Andrew Dunning, an absolute pleasure.

59:05 And if I may, feel free to wrap up with just closing comments of 30 seconds to a minute each, perhaps with a view to the future and really any key takeaway message you'd like to leave with the audience today? And if I may, Andrew, I'll hand over to you for any final comments and then Luke. Yeah, thanks, Gareth. Yeah, I guess firstly, thanks to 6 for giving us this opportunity and also yourself, Gareth, for hosting it and the insightful questions. Yeah, I mean, I think the key takeaway should be for people listening, particularly people that aren't involved intimately in the industry, is that a majority of the people that operate in industry are very focused on doing the right thing by the community and the countries where they operate. I don't think you need to generate a $200,000 CSR report to prove your credentials. I think most people prove that on the ground every day of the week. And I don't think people should underestimate that. You do get the odd outlier that kind of ruins it for everyone but I think you get that right across society and I think people shouldn't focus on the outliers and they should focus on the good that companies that operate in a responsible and sustainable way, and what they're doing and the benefits that they bring.

1:00:24 And I guess importantly, you know, without mining, the world doesn't really have a great future. And I think people need to be mindful of that. And really, the responsibility of mining companies is to operate in a manner that's responsible and sustainable. And I guess, work together with everyone to the benefit of moving everything forward. You know, we're really seeing that, the importance of that now with the changing of the structure of the global economy when it comes to energy and that doesn't happen without mining. So it's very much integrated into everything in society And I think it's important that people actually understand that and that most people that work within the business are genuinely trying to do the right thing and balance the need of all stakeholders from people that put up the risk capital through to the people that host where you operate.

1:01:18 So that's probably really my takeaway. Brilliant, thank you so much, Andrew. And to close us off, Luke, final words from yourself. Yeah, I think just to follow on Andrew's comment and a bit of the theme of this, I mean, I think the reason Cerama and Nucor and other Canadian companies have been so welcomed in Burkina Faso and Ghana and other parts of the world is because the communities and governments that we operate in see the benefit of mining and see the real impact that it can have on those communities. Infrastructure is something we talked a lot about. I mean, the infrastructure that mining brings to ultimately benefit the entire community and country is huge. The foreign direct investment that mining brings to countries where you wouldn't see investment otherwise is a huge benefit to those countries. So I think mining is welcomed.

1:02:11 I think the CSR reports and new standards of reporting that are starting to come, I think are going to ultimately shine a very positive light on the mining industry. It's something that's been happening for decades. And the reason that Canadian and other companies are so welcomed is because of all those things. And to put those into reports, I think will be a real positive. And for Ghana specifically, I mean, I think the last thing I'd say is you currently got 4 of the top 10 largest gold producers operating in country. So I think that speaks for itself in terms of what a politically safe jurisdiction it is, as well as what a secure jurisdiction it is, as well as, you know, what a good government Ghana is to work with from a mining perspective to have 4 of those top 10 largest gold producers there.

1:03:05 Absolutely brilliant. Thank you so much, Luke. A perfect way to end it off. And I think if I can summarise any sentiments I'm picking up from the audience, the private chats, the public chats, Indeed, a big thank you for the leadership of each of you in setting the standards and a template for success in the industry. And I certainly know it's no understatement to say many people are very proud of what your respective companies have done and what each of you have done to make that happen. Thank you once again and to everyone in the audience who's joined us, thank you so much for being with us and a special shout out of course to the team at 6 who've made this happen, who've been able to create an environment for this incredible programming. It's been my pleasure and my honor to participate and to moderate this conversation today. A wonderful evening or rest of the morning, wherever you may be, or afternoon across the world. Thank you so much and good day to you.

1:03:55 ♪