Talisker Resources Ltd. (TSX:TSK | OTCQB:TSKFF) Investor Update Webinar

0:17 All right, good afternoon everyone. Thank you for joining us today. We have an update with Tasker Resources CEO Terry Herbert. The company released an operations update earlier this week and sorting test results from Braille this morning. The format of today's question session will be Q&A. We have investor questions ready to go. And if you have additional questions, please enter them into the Q&A box at the bottom of your screen. before we begin, as always, today's session will contain forward-looking statements. You can learn more about those in the presentation on the company's website.

0:50 And welcome Terry. Thank you. Good to see you again. >> Hi Magda. Yeah, it's been a while. I apologize to you and all of our viewers. We've had a very busy last few months. So, good to good to get some of this news out and show all the good work our team's been doing. >> So, we have you here today. We're going to start off with, covering some questions on the year-to- date operations. So, regarding the press release, I think it was Monday this week.

1:16 >> Yep. >> so with over 19,000 tons min, an average grade of 7.99 g per ton of gold, and production of just over 4,800 ounces. How does that performance compare with your internal expectations going into 2026? >> of course, we've got some variation. The the tons total tons of are lower than we expected. simply because the the the development plan was was based on full blast for each round, but we've been doing split blast or reseing where we blast the ore and then we blast the waste. so so the tons are reduced. the ounces are pretty well pretty close to on track for where where we expected to be. our ramp up really with ounce ounce count was to be in the final final quarter. So that really hasn't changed and and and that's really just a reflection of we have to do development to get to the stoopes before we can mine the stoopes. so a lot of this early ore has all been been development or not not stooping all. So from the press release everyone would have seen that the volume of development that we've been doing and the stoopes that are laid out there. a very good image showing the stoopes that we'll be hitting here in in in in final quarter.

2:44 so so relatively on track. the the grade is a little bit higher than we expected. I think we were targeting this year grade average of about 6.3. so that that's a significant increase in that. and and and some of that is a reflection of the change in that mining method. So removing that dilution by by blasting or in waste. if our if we added that that waste that we'd removed back in then we'd probably be right on target with that 6.3. and our our reconciliation's come back very good. That's always a concern in the beginning. Early days because not a lot of volume or not a lot of tonnage and and ounces that have come through.

3:31 but our our reconciliation's been coming back quite good. probably slightly on the positive. so that shows that our our modeling and our block models are are very solid. >> Excellent. Thank you. And looking into future quarters, how can you elaborate a little bit more how investors should think about that 7.99 grand gram per gram per ton grade mine thus far and how do you believe is is that representative of what we would expect as Mustang moves into a more sustained production?

4:05 it's it's a little bit hard to tell Magda at at at this stage u mainly due to the the the nuggy nature of origenic gold deposits. we've you know I think I' I'd be happy to say that we're going to track at 6.3 to 6 and a half. certainly what we've seen in the last few press releases that there are some very big oreshoots some of these oreshoots didn't weigh heavily into our original resource estimate and our block models u simply because of the drill spacing and the and the capping and the cut off. So we we cap everything above 100 g. but when you have a lot of material that's above or close to 100 g and that that changes that capping strategy once we've sampled it. Also the sampling density in our development we're sampling every 2.4 m. So it's very close space sampling. Our our measured and indicated sampling is is at 25 meters. so it's it's really helping us to define this much higher grade. so at this stage I'd be cautiously optimistic that our our grade would would significantly increase. but it it it all depends on mining and and dilution as we're coming out. But yeah, at this stage, yeah, it looks looks very positive.

5:37 >> Okay, got it. Thank you. And you note that production has been supplemented by material from legacy mining areas. Can you tell us a little bit about how much of the year production was from legacy areas and how should investors think about that going forward? >> so we haven't really taken any material from legacy areas yet. that'll be extracted here in in final quarter. and much of that's relative to unargeted veins the the M series M1 and M2 veins. and they're they're third order structures. So that they're not things we target. We target second order structures which are a very long strike length. and the second the third order structures the M structures sit in between these. So they develop as an echelon sets. so they're they're oriented to a different area to our drilling. So we don't often hit them in our drilling. but certainly when we're developing we we're developing along the veins. We can hit these as cross structures. historically at Brillon, they've been shorter and fatter and higher grade, but also lower angle, so more challenging to mine than traditional, long hole stooping. so we're continuing on our our long hole longitudinal retreat.

6:57 That's our breadand butter mining method. We develop along the veins at different levels and we sto in between them and back fill. But if we opportunistically come across some of these very high-grade areas, then we will modify the short-term mine plan to extract those areas. So that'll be that'll be what what's happening and it's in the upper levels of the mine. so we're we're coming up into the mountain from surface and some of these sit the 1120 and 11:05 levels and 11:05 and the 1090 levels. So they're up well in the mine, well above where we're currently developing in the new areas from the 1045 lower.

7:39 >> Okay. Thank you, Terry. And I think it was 13 new mineralized headings available in lower Mustang and there are five currently producing. When would should we expect additional headings to come online and what operational hurdles have been cleared recently to support addition? >> Sure. So, really the the bread and butter for underground mining is dependent on on two things that need to be out in front of your development. the first one of those is is your resource conversion. So, that's all the drilling that we're doing. so Kyle, our VP of expiration and his team is well focused on that with three rigs and a fourth rig to come online in a few months. and of course development, both waste development, which is access to new areas. so we've been developing the Brillawn lower sorry lower Mustang ramp. It's currently just past the 10:15 level.

8:36 so we've developed that from the 1060 elevation through 1045 10:30 now 10:15. We'll be continuing down there to the 1,000 level this year and then continuing beyond that. So continuing to ramp that down. and then there's the lateral development. So lateral development sometimes it's in in waist as we get across to the veins with cross cuts and then we develop along the veins themselves. So we like that or magna because it it can pay for itself. It's along the veins so it can be very high grade. but we we need to get all of these things out of the way. So that's been our focus of this year. that's why this year the ratio of development to production we're doing a lot of development with not a lot of production is because we have to get this development done so we can follow this ramp up. So been very heavy this year and we'll be in the first half of next year to support our ramp up to 750 tons per day. so we're developing these working faces. We're extracting from them. in u in a few weeks we'll be starting to stoke between them. But we'll be continuing to develop more levels, more lateral development, more working faces because the number of working faces you have is directly related to the production you can have.

10:01 So we developed across the brill and now towards the end of the year and the first half of next year we'll be doing again that ramping in waste development to get access to multiple levels and development of lateral development lateral work along the veins to support that ramp up through 27 and then into 28. >> Got it. Thank you. And you touched on reconciliation a little bit overall. Are you seeing the dilution mining widths and grades that you expected when you designed the Mustang mind plan?

10:33 >> in this early stage it's been quite variable. in the beginning last year when we first started it was our first attempts in the rocks. we we didn't have a great understanding at the very early stage of deviation with long hole. there, the drills between the levels that we use to blast, our blasting pattern, overbreak, all things that you need to learn. And that's one of the reasons why we started off at a small mining rate.

11:02 so initially we had a lot of overbreak, a lot of dilution, a lot of larger stoopes than than we we we'd planned. And that's all all part of early stage mining. and and why a lot of the early material we had was was significantly lower than the grade we're seeing now. so our our our plan or our mining plan, the design from the engineers is about is 1.8 m and we were seeing sometimes up to up to 2 and 1/2 or 3 m where we'd have block caving and that impacts on the grade. with a lot of work from the team looking at at at resoing and split blast, looking at the blasting pattern and the guys have changed from a a dice five which looks like a five dice into a zipper pattern with with stage blasting and that's had a a very good impact on reducing that. it's it's brought the brought the asbuilt or the final void coming back much closer to our to our design and in some cases significantly less some some cases up to 1.5 m u from design. So that's always good. It is very early days and new areas change but I think the team's really got that under control and and we're starting to see that in the increasing grade as we reduce that dilution.

12:34 >> Thank you. And touching on inventory. So you currently have approximately 80 or just over 8,000 tons in inventory. Is that stockpile intentional or as part of the shipping strategy or is it effectively like a processing backp? >> No. No. It's all all part of filling the pipeline. so we we have multiple stock piles in multiple different areas that that basically fill the pipe or fill the flow. So we're always moving material. we're always filling up our or bins at surface and also stockpiles underground.

13:13 material that hasn't been crushed at at our Lilow crossing facility. material that has been crushed that we've got a holding certificate war for and we've been paid for. And once we've been paid for that and it's been signed off, then we start to transport that down to the to the shipping facility. So it's it's always moving between one place and the other. we never want to have a point where where we don't have any ore anywhere. It's it's really important for us to keep that keep that pipeline full of material.

13:48 Okay, thank you. And touching on power. So, you're installing 1.2 megawatts of power with 100% redundancy and the ability to expand to 2.4 megawatts. At what production level do you actually need the entire 2.4 megawatt of capacity? >> Oh, Magda, you're showing me up as a non-engineer. I'd have to ask our engineering team how their design works for that. I I suspect this increase is really to support production ramp up at Brilon West. So my expectation be it'll be it'll be the 750 ton per day level. you know electricity requirements in underground mines it's all about air flow. it's all about exhaust. It's all about the number of diesel pieces of equipment that you have in sight and being able to bring in fresh air and move out fresh air. so it's it's all part of the strategy there. We're developing to a historic raise called the Blackbird rays. that'll bring in air flow directly from surface. and also connecting development down to the 980 level. If anyone's of our listeners have been to the site, that's the u the portal that comes out right at the at the camp. Very strong air flow drawn in from there. So, it's quite an integrated integrated strategy. but I'll I I will ask our senior engineer Hugh Bowden and he'll be able to give an answer for that and I'll answer it in your next next webinar.

15:21 >> I will try and remember that. >> I don't know who asked that question there but it must have been an engineer who sent that one in. >> so switching to Brail Brailer and West you've completed the first two phases of the deep line there and started phase three. When does Braille and West transition from development to contributing mineralization, whether it's development or scoping? >> it'll be late this quarter or early early next quarter. Probably in January, I'd say we'd we we'd start to have material coming out of there.

15:54 assuming our production rates stay the same. So, the the the process from now is continuing to develop the the straight decline that gives us access all along those veins that our listeners can see in in the press release there. we we start a spiral decline, a 4x4 development that takes us down multiple levels. we develop across to the Blackbird rays. I don't know if it's on those images, but that that is a raised to surface that gives us significant air flow. and we we're starting now the the cross cuts that'll develop across the veins and then allow lateral development along those multiple veins. so all of that's underway now. and it'll it'll it'll depend on how all that goes when we starting to extract or but it'll be lateral development ore initially and then once the lateral development's done on multiple levels we'll be looking to stoke between those levels. and at this stage I believe that's scheduled in in the second half of 2027.

17:01 >> Okay. Thank you. And what has the close to 12,000 meters of drilling at Brail Lauren West told you so far? Has anything kind of materally changed from your original interpretation of that area? >> interesting question. we'll be having a a press release coming out here within a few weeks. our previous drilling there hit a lot of high-grade material and it was quite wide wide spacing. So we we cautiously downgraded the grade of the resource there in expectation that we we'd lose some lose some grade when we drill it at at at closer closer spacing. the drilling that's starting to come back starting to indicate we might have been a bit overly cautious there. but it's always better to be overly cautious and then be be able to come back. but all as I can say to the asker of that question, please hang on a couple of weeks. we've got results coming in all the time for Brillon West.

18:08 certainly looks very good. particularly the the 55 hanging wall vein. it's it's showing very consistent thickness, very consistent continuity. the 55 vein as well. and in some places the the 100 or the 101 vein. what we certainly see over there there's a lot more coarser gold. so we see a lot more visible gold. I know I know we're seeing a lot in in where we're developing in in Mustang, but on general we're seeing a lot more over there. So that that's quite encouraging as well.

18:44 >> Thank you. And touching on the sorting program, I believe the TOMRA XRT sorter is expected in Q4. when should investors expect that facility to begin processing material? >> so it'll be broken down into a couple of stages. what we're focused on at the moment is having the crushing circuit screening circuit in an operational so that can help us to reduce costs on our our mineral processing. and then the second part of that is the installation of the O sortter. it's has been delayed a bit in the shipments. We're in a bit of a chaotic world when it comes to to to shipment. we're we're expecting it well the the crushing circuit screening circuit that's all in storage at Liowit. So that's all arrived. some of the delays the solder will be be in and installed but it's the electrical management system. So that's basically a big black box that manages the flow and turns on and off in the right sequence all of the conveyors crushing plant and and all sort. so anyone who's tried to buy a phone or a computer of late, you'll notice there's a a big AI thing going on with microprocessors and and we're not immune to that as well. So there's been a bit of delay. So it looked like we'll have that operational here in in first quarter as opposed to fourth quarter this year. So we we will be suffering a bit of delay. there's not much we can we can do about it. It's a it's a global phenomenon that's occurring. but very important that these systems have a good command and control system that that runs everything in the right order. our plan is to start testing on the OS order. Not long after that, we have a significant amount of material that's subeconomic ore, so waste material that that has gold in it.

20:54 we've been stockpiling that underground in our stoopes and in our void areas. we'll be looking to extract that and looking to upgrade that to a to an economic or base. That'll be our first task. and they will be looking to transition across to run of mine material in in second quarter of next year. and just to be clear with everybody, we we we're not running all of our material through the or sortter. if if we're mining material that's 18 or 20 gram per ton, then it's a direct ship. We'll just be shipping that straight away. We get good payable.

21:35 there won't be a lot of waste material involved in that. so it's it's selective what we use. It's more material that would go on the waste pile because it's below our our trucking cutoff. And Ocean Partners have given us a a bottom threshold. It's to push that material up into the seven or eight gram material and and remove the waste. So a lot of development or will particularly be be going in. And if we've got STO or where we've got a narrow vein relative to our STOP design, we'll be certainly running that material through. So at this stage, it's it's it's quite selective as we implement that system.

22:16 >> Thank you. And touching on the results announced today, they show that roughly 60% of the material is rejected while retaining around 85% of the gold and roughly doubling the grade. How does that change the economics of the direct shipping model? Like how much more material are you able to ship? >> so we're our amount of material shipping will sort of stay the same. We we can shift up to a maximum of 1500 tons. it's more the total contained goal that that we're trying to focus on.

22:48 and that's why we've been focused here on on smaller tons but higher grade tons. So higher value higher value tonnage. And that's really the big push with the all sortter is to reduce the waste material. And anyone who saw our the Monday press release would would see a good representative example of of the veins. Our veins are around about 90 cm wide. But in our development in particular, we're developing up to 3 and 1/2 mters. in our stoopes again, the veins are around 80 90 cm, but our stoopes can be up to 1.8 or 2 mters wide. so we're incorporating lowgrade material that dilutes that high-grade core. So really what the focus of our our split blasting has been and what the focus of the or sord orderer is is to remove that lowgrade material that ordinarily we we wouldn't truck. So the other 15 or 20% of material that we're extracting out is below what our economic threshold would be. So, it's sort of around a gram, gram and a half.

23:55 So, we'll be stockpiling that material back underground when we've got a mill. We'll be looking to blend and augment that. So, it's it's not going to waste. We're not losing that gold. it'll it'll go into an underground inventory that we can later extract and and process. but at this stage of our our mining strategy, particularly the DSO strategy, it the impact for us is is big if we can remove that. and it has a direct view or or direct impact on our trucking and shipping economics. So, it's almost equivalent. the material we remove, we don't have to pay trucking on it. We put that money back in our pocket and and still get almost the same amount of gold.

24:37 >> Okay. Thank you. And you achieved gold recoveries above 95% when laser sorting was added, but ultimately decided to go with the X-ray XRT only circuit. Can you walk us through that trade-off? >> >> Yeah. So, our early work was done, looking at the laser and at at at this stage of our, of our our ramp up and our our our capital, we we're looking to minimize whatever the upfront costs are. So, we're always looking at tradeoffs. How much money do we want to spend and what's the money we we we get back out of it. so we're fortunate here to be able to work with the University of Saskatchewan and Tomra directly on their run of mine facility that they have there and and do a a lot of testing and and look at at different scenarios, which one's first, which one's second, which one's best as a primary sortter, which one's best as a as a as a scavenging sortter. so the the final work final outcome was that even though eventually we'll look to have a dual a dual scanner system the best bang for our buck with just one system is actually the the XRT system. So that's what we're looking at now. We we we've engineered the facility that we can incorporate a laser sorder later on particularly when when we have our own mill in several years time so we can we can squeeze the most out of out of our war body.

26:16 >> Thank you. And can you speak to how we should think about the impact of diesel prices on on operations? >> Sure. Look, it's a a significant increase for us all across the industry. you know, we're not 100% diesel generated. So, we we're connected to grid power. So, we we augment our our current electricity with diesel. We use it as fail safe backover backups. we we we're transporting our material. in our in our transport contract, it's still below what our our penalty trigger is. so things maintain the rate they're at, then it's it's okay, but it certainly adds to in cost, inflationary cost. the the same as a mining mining upcycle does. you know, it adds more cost to people, more cost to equipment, more delays to equipment, which costs money. so all of this sort of factors into mining inflation. I'm I'm hopeful the geopolitical issues can get sorted out and and we can see prices track back to where they were end of last year or or early in January. but yeah, really it it it has it it has an effect as it as it would have to everybody and that's pretty well directly related to the increase in price.

27:44 And Terry, you touched on the mill in your previous answer. Can you speak to the possible timing for the mill? >> so I can I can tell you what my timing is, which is is sort of seeing the mill coming in throughout the the course of of of of 29 and be operational in 29 or or 30. I'm I'm not the guy who's who's designing that. that that's in our project geologist hand. So that is subject to change on on availability of equipment, availability of everything else, permitting timelines. but at this stage that that's sort of what I'm thinking around then.

28:25 >> Okay. Thank you. And switching to permitting, do you have a current estimate for receiving the 750 ton per day permit amendment? >> Yes. early in January is is the the guidance we've been we've been given. whether that holds true or not, I don't know. We we'll see. But certainly on the timeline that the that the government has has given to us and it's seems to be progressing without too many issues at this stage. So I think that's still a solid solid estimate.

29:00 >> All right. Thank you. And touching on exploration, looking at the results from September 9th on a 79 meter strike length of high-grade mineralization along the BK vein, what do these results suggest about the continuity of overall mineralization at Mustang? do these affect your near-term mine plans? Was this in resource, out of resource? Kind of can give us a bit of context. >> Yeah, look, just to be clear to everyone, these weren't exploration results. These are actual underground development production results. so they're sampling across every face every 2.4 m along strike. and that that added up to I think it was 64 g average across there. So we we will admit we were a bit surprised with that. we we have an indication that these these high-grade shoots can come back like this. This is what Brillon is well known for historically. we certainly see a lot of visible gold when the when the pro when the production geologists are sampling. So a lot of visible gold. So that generally indicates this is going to be 20 g plus material. but but certainly that that was a pretty beautiful looking shoot to come out and the long strike continue continuity is what's very encouraging and the intra level so in between the levels to be able to follow follow this material down. so it bodess very well for the stoping. So we'll sto between these and the previous cuts on the on the 1040 and the 1030. We're developing now down to the 1015 and we're expecting that these all shoots will continue down plunge. the plunge of these historically has been 500 m up to 1,500 m. So very continuous down plunge. So, we're we're quietly confident that these these high-grade shoots will continue and we'll just keep developing down and mining them.

31:03 >> Thank you. And moving to the PA, can you clarify when the release is expected and does it assume 500 tons per day as the base case? and what would be the timeline to that rate? >> so we're we're hoping next week. we we're we're pretty close with it. the the the the team's been very focused and our external QPS SGS has been dedicating a lot of time to it. so currently we're hopeful that it'll be throughout the course of next week.

31:38 the expected range of of base case production well the base case is probably going to be 2,500 tons per day with a range potentially up to 3,000. So, that'll get finalized here in the next day or two, but that's that's certainly the scale and scope of the project that we're looking at. >> Okay. >> And it'll it'll include four to five mining areas. Mustang itself, Brilon West, Mustang West, and the Olympus areas.

32:13 >> Okay, you beat me to the next question. So, it it was how should investors think about that? Would it be one or multiple? So this is like a multiple mining center. >> Yes. Yes. And that's >> you know really we've got to develop multiple mines and or multiple mining centers to extract that volume of ore. you know I think this will be based on probably 60% of our current resource base with a mine life of I think the guys are looking at between 10 and 15 years at at at this stage. So, quite robust, but a lot of upside, a lot of growth, of course, straight out outside of this, but, yeah, certainly building into a big project.

32:57 >> Okay, got it. And would this incorporate a trucking and third party processing model or the mill that we just >> I I believe there'll be one or two years under our current trucking scenario and then it's a transition to a full mill build. Okay, thank you. And touching on the ramp up, so you're currently re averaging roughly 79 tons per day year to date. What specific milestones get you to 500 and by when? yeah, you you touched on the PA part, so I won't ask that, but how do you go from 79 to 500?

33:36 >> Sure. So, it's all all about our development profile and that's that's what the team's been focused on here for the last 3 or 4 months and will be focused on developing down to the thousand and down below the thousand level. So, following the orshoots and veins that we're currently mining development across there to Brillon West. So, we've got the decline finished on time and now we we we're starting to do the auxiliary development there and the ventilation development. we're looking to have a lot of that waste work done here by the end of this year.

34:14 and then as the new permit comes in that'll coincide with the start of production initially from lateral waste material and then stooping there into the middle of the year. Second half of the year I think we'll the target is to get to about 500 tons per day and then increase that up to 750 as we get into 2028. But it's all it's all about the development. So getting that development done out in front so we can extract the stoopes.

34:41 >> Okay. Thank you. I'm not sure if you'll be able to answer this question, but I will ask it. At 250 250 tons a day, PA base case and direct shipping capped at 1500 tons per shipment by Ocean Partners. what would be the rough gold annual production range? And what would be the ASIC the PA assumes? Oh, I' I'd be just making it up now because I haven't seen the final economics on the PA. I hope we'll have that in in a day or two. we we we won't be trucking large large tonnage. we'll we'll only truck a maximum of of 750 tons per day. We we really had that 1,500 in case there was challenges with the mill or the market wasn't good. but certainly at this stage I think we're quite committed to to working towards building our our own mill.

35:44 so maybe in the next webinar I can answer that or it'll be as part of the PA. So that'll answer that question. what was the other component of that Magna? Sorry. >> let's go back. what would be the ASIC cost per ounce and annual gold production in ounces? >> Yeah. Yeah. So, I think the annual gold we're probably looking at a at a 15 well 150,000 ounces probably around that level. I think the the average across the the PA.

36:18 >> All right. Got it. Thank you. And can you speak to how sustainable the current operation is in terms of cash flows? To what extent is Braille self-funding currently? Is it like operations only, operations plus capex? >> oh so the the answer to that and look anybody can welcome to have a look at our financials it's all pretty clear there relative to mining we we would be cash flow positive. So allins relative to mining what our expenditure is on is is capital work. So it's all the work we have to do to support the ramp up over over the next few years. So if we if we factor that all in then we are in a in a in a cash burn scenario where we're developing all of our development for that ramp up in into production. the expectation here is it'll be second half of next year that we arrive at a at a at a at a strong cash flow positive position and a lot of that's driven by the fact that we finished that development and now we're mining those areas.

37:25 >> Okay. Thank you. And all all really part and parcel with with ramp up and and mine growth. >> Okay, got it. And Terry, can you remind us of the cash position as of your latest filing and the liquidity sources available? >> yes, I'll I'll I'll lead anybody to our our last audited financial statements that that came out the second half of the quarter. And I I can give you, you know, I think we we we've sort of around got the 40 million cash in the bank at at this stage. Yeah.

38:00 But I' I'd prefer to direct everybody to our audited financial statements. That's that's much better. >> Got it. Thank you. And I don't see any further questions. Can you kind of remind us of the catalyst investors should watch for headed into the rest of this year? Oh, really the most or the strongest one coming out is is is our PA coming out here within in within the next couple of weeks. and that's really looking at okay what is what can this project be?

38:31 What's it going to grow into? following on from that of course is our our permit amendment for 750 ton per day. we're also working on the baseline work for our large scale permit amendment. So that's that'll be defined by the the PA and what the mine plan is. But at this stage it's it's it's looking at mill and full processing facility tailings waste and and sort of in that 2 and a half to 3,000 ton per day range is is is what we're expecting. so so they're the two big major catalysts coming out. u interesting work here coming into the fourth quarter is is the increase or ramp up of our production as we start to extract these stoopes. So moving away from gold production from lateral development into gold production from the actual stoopes. So we're pretty excited about that. I think that's pretty clear in the operational update on on figure three defines where where those stoopes are coming out.

39:43 and then of course continuing to develop these down to the areas where we're currently developing. So below the 1060 1045 1030 1015 1,000 level elevation and below. and then bit longer term is our first or extraction out of Brillon West. That that's pretty exciting seeing that coming out and of course that will be prefaced by our high-grade drilling results and they'll be coming out periodically as we drill out Brilon West.

40:18 >> Thank you. one more question just came in. Any focus on Lagner and Spencer's Bridge? Oh, look, I'd love to have the money and and the time and the people to bring all of those forward, but at at at this stage, we're just really focused on Brillon. we see the whole Brillon camp now, 40 km strike length, you know, 24,000 hectares as our our main focus. it's it would just be too challenging and I wouldn't want to direct my team's focus over into those other two assets. I I believe they're great assets. you know, I believe we've done great work there. I' I'd love to be able to put some drill holes into the Spencers Bridge area, the Nova Cyclone, discovery there. but we we'll just have to see the strain on the team and and and how our capital position is before we make those decisions.

41:14 >> Okay, got it. Thank you, Terry. Was there anything else you wanted to cover today we did not get to? no Magna, I think you've had some had some great great questions. Everybody's on obviously thinking about the press releases and reading them in detail. So very very happy to hear that. and look, a big congratulations to our our team who've been executing very well. always the startup of a mine and ramp ups are challenging times. we've we we've got some other challenging things here with geopolitical scenarios and AI booms. but the team's doing very well working through these. as everyone would have seen, we we we've got a lot of capital work going on. We're upgrading the camp here to be able to bring in more people. larger kitchen, a larger dry. So all of that's 42728 and on. so building the platform for growth as we go forward as a company.

42:14 >> Right. Well, thank you so much Terry for answering all these questions. If anybody has any additional questions, please email info@adcap.ca. And thank you so much for joining us. Have a great afternoon everyone.