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Gold price ever recorded. Likewise, near all time high antimony prices ever recorded. So I'm excited to share our recent vision, our recent corporate strategy and an update on our financial status. I encourage you to understand the caveats around any forward looking statements that I make in today's talk. Who are we and who are we mandalay resources? We've been around since 2009, but with a changing story, we're a producer, not a developer, were diversified in metal, including a critical mineral which I'll speak to. We are diversified in the sense that we are multi asset. We're in safe tier one jurisdictions. We've had a change in executive leadership focused around growth. We've consistently replaced our resources since the company has been around at a cost. That's about 1 to 2% of the spot gold price. We have strong free cash flow, roughly approximately $5 million every month. Everything I refer to is in us dollars and we have no debt. So we have a clear, simple vision to be a key player in the junior gold consolidation attempt to become a mid-tier gold producer. And as we grow into that. Our growth strategy is really focused on three pillars. Continuing to focus on operations that we have organic exploration growth at those operations and looking at Ideal M and a combination opportunities. Talking about the team on the right side there, I have a picture. our chief operating officer and VP of exploration in business evaluations. There's strong institutional knowledge. These three individuals have been with the company for about 15 years close to since its inception. On the left side is the new executive team. I came here 16 months ago. Really has a combined 80 year growth, leadership history and by growth, I mean examples of being with companies in the past that have grown significantly. Hashim Ahmed our CFO he was the Jaguar from 2015 for about seven years which saw the share price triple over that duration and he was recently involved in the nova royalty to matala royalty transaction. Scott Trebilcock. One of the best in the business on corporate development was involved with the 2018 zijin 1.9 billion takeover of Nevsun and resources and myself going back even to 2007 with the emperor minds, intrepid minds merger being involved with great growth, experience of wheat and precious metals, being involved with Scott and the Nevsun and zijin takeover. And likewise my involvement with detour gold leading up to the Kirkland Lake $4.9 billion takeover again, a recap of our operations. We are a multi asset producer split roughly between Australia and Sweden. And by split, I mean, roughly 50,000 ounces at each for a combined 100,000 ounces of gold equivalent production. Our current margins at $1000 an ounce being our average cost is about 13, 1400 Asic. So that's a range of 39 to 44% margin at today's gold prices. And we're in prolific belts as you can see. And the two maps on the left, we're really in the shadow of giants. At the map on the top Australia, we're about 30 kilometers away from mcnichols Foster mine part of that Bendigo Ballarat Belt that's produced over 50 million ounces and essentially was built the city of Melbourne. And on the bottom left, we're at what we call Bjork or mine there about 11 kilometers away from Eden, a large polymetallic producer, 11 kilometers from their concentrator in the original bleeding area. Our exploration property is actually right adjacent to the bleeding exploration property. Looking at our capital structure in the last six months, our share price has run up about 100 and 25%. As the story is both being better understood as we execute on our guidance and do what we say we're going to do. And coupled with the metal price run in both gold and Antimony analyst PN A, you, you can, you can read those. It probably has run now from about 0.3 to 0.6 with the share price run up our market cap at 313 million Canadian about 230 million us. But 23% of our market cap is in cash. And that's again with no debt enterprise value about 100 and 86 million us. Even our other multiple, you can look at our price for cash flow multiples run about just north of two when the average for the junior producers is about seven and we have extremely supportive shareholders. As noted on the bottom left. I guess this slide sums it up in terms of our current situation. As of the end of August, we have $53 million in cash zero, drawn on debt. We've, we've, we've paid all the debt off. So we have a $35 million revolver with Scotia that's fully undrawn. We've generated $200 million in operating cash flow in the last three years. And in the first half of this year, our operating cash flow has been 54 million. Looking at our I talked about resource and reserve growth and replacement. a change that we've implemented now. Versus in the past, we've closely doubled our historical exploration span between 12 to 15 million us at both operations. About 3 million Bjork doll, about 10 million, 9 to 10 million at coster field in Australia. We've, for the most part, replaced whatever we produced again. We've done that all at a finding cost. You look at that $15.42 at New York, Doncaster Feld. So that's 1 to 2% of today's spot price. So very efficient, effective, cheap resource replacement. My life has been 2 to 5 years varied for the last 15 years at Coster Field and 8 to 9 years varied for the last 10 years since we went into Bjorkdal in Sweden. It's a quick snapshot of our coster field mine. Again, I I split these roughly 5050 in terms of ounce production, probably more like 3070 in terms of revenue and free cash flow production or generation. We have over a 50% margin at coster field. Our operating cash flow can range anywhere this year from 60 to $70 million at an ASIC that is between 11 to $1300 just briefly about antimony. I know it's become quite topical. It's a significantly added bonus for us. We produce a gold antimony concentrate goes to various smelters. They, they may produce trioxide or sodium antimony that's not really relevant to us what's critical to us. As you may be aware, the critical mineral minerals institute recently identified their 14 most elusive critical minerals. So a subset of the critical minerals of which antimony is one, there's been a significant tightening of supply out of China. We are not only a producer of antimony, we are the largest producer of antimony in the western world. And that is a by-product for us. It's used as a in flame retardants. traditionally over half of it for flame retardants, high end flame retardants also in lead acid batteries. But it's got an increasing use in solar panels to remove the in the photovoltaic cells and solar panels to remove the air bubbles trapped in the glass of which China uses a lot. And coupled with their diminishing antimony reserves, 85% of all the antimony produced in Russia, Tajikistan and China. And we are the significant producer in the western world. Prices run from about $11,000 a ton, approaching $26,000 per ton. Now, this is a section view of what we call the central corridor at Coster Field. I encourage you of interest of a press release we put out at the beginning of last week, which just adds to our thesis and historical fact of replacing resources and reserves. We've had some exceptional hits again. We're mostly excited on the right side of that graph. Number one, you'll see ye deposit where we have been mining as we're moving into the shepherd. So we've had some excellent hits. There are both gold and antimony, but also to the left side where you see the numbers three. that's what we call the Cuffley Deeps in Cuffley North. We're very excited about Cuffley Deeps, Cuffley North and Sub KC and continued expansion in our coster field, as we focus on mine life replacement there and high margin going to Bjorkdal again, these numbers speak for themselves. It's about a 45,000 ounce. It's been pretty consistent, 45,000 ounce a year, producer of gold. and our ASIC cost there, that's a margin probably of about 25% with an Asic between 1690 1850. This is a massive system over 3000 veins in this particular system. As we look here at the section view that blue unit there you see going on an oblique angle is a marble unit. This system we believe will go on significantly. It's a lower grade system above the marble unit is massive mining bulk mining at slightly lower grades and below the marble unit are the higher grade sections of what we call the aurora zone, sorry called the Eastern Extension Zone. That number one and the north zone further down. So we have the luxury once we set up our development to focus on the grades that are higher, to feed our mall. We do have a large stockpile from the previous open pit, but we use that as a backup only to top up when we don't supply completely from the underground. So again, in summary, I, I just want to share our situation as mandalay resources. We are a diversified producer, so we're not a developer. We don't have a risk of capital blowout. We have no significant growth capital ahead of us. We recently got a Tails dam permit coster field. That'll give us another seven years. We're multi asset, multi metal tier one jurisdictions, no sovereign risk. 10 to 15 year history of cheap resource and reserve replacement, no encumbrances. We have no royalties, we have no streams. We have no debt. We've been executing on our strategy as we pursue our vision to become a mid tier gold producer, over 50 million in cash and growing approximately 5 million a month we've made this year so far, 25% of my own market cap as I shared is in cash. And with a proven new executive team to complement the existing institutional executive team that has a record of growth. We hope that you will join us in this journey going forward. Thank you very much. Thanks Fraser. Any questions from the floor? Got one out there. Ok. Thanks for the presentation. Could you just speak to the antimony? Are you fully exposed at spot or are you into like long term delivery contracts on that metal? No, we, we, we're essentially fully exposed to spot. And we never lock in for more than a year with any of our offtake contracts at either Sweden or Australia as pertains to the Antimony questions. So, we're fully exposed there and not capital on with respect to Antimony. Questions. You mentioned you, you don't have any sort of upcoming major growth capital. Did you have growth options in the pipeline? You know, up upcoming projects that excite the team? We have exploration growth. II I didn't show the slides on our regional exploration. The two slides I showed were just our near mine contiguous ones. But within Bjork Dahl, we're part of a large MA V MS system similar to what believed in this mining. So we have three exciting projects there. Exploration projects, Store Eden, nor Barrit and Tarsus. And likewise, in Australia, we also have we believe we can replicate the central corridor and what we call the true Blue Corridor in the Browns Corridor. So again, that's exploration spend that 9 to 10 million us, we spend a year there 30 to 35% of that we dedicate to that regional exploration. You quickly mentioned sensible M and A might be on the cards is that you're a Canadian based company with the operations Australia Sweden. Is there a combination that maybe sort of pieces this all together, possibly you know, with, with someone else or, or what might you be thinking of? Yeah, certainly I'm, I'm limited in what I can say. But the reality is we look at relative valuations size and scale matter in this industry. And to be able to do a combination with someone else with a likewise shared vision and strategy right now, you might argue we're somewhat jurisdiction, agnostic with Australia and Sweden. But I think on a non dilute of, let's call it at market combination that might determine the center of gravity subsequent to that as we see this as multiple successive steps. Anything else from the floor? Just a question for you, as you mentioned, you know, company is, is sort of cheap on, on certain metrics. What do you think brings that share price to life? Is it just business as usual, keep that strong margin and, and keep the sites running or? Well, business as usual is certainly great to generate cash. But I don't think that fundamentally changes the story. It's a fantastic platform from which to build. But I think that ability to do at market combinations to increase in size and scale, give us the ability to index list, increase our trading liquidity as we have a very supportive shareholders. But it's a somewhat tight registry and they're keen on that growth strategy as well. So I think successive steps as we move to that mid tier junior gold producer ranks, that's what will change the story. What's great about us is that we have no encumbrances and we're very happy with the platform we have from which to build and do that. Anything from the floor. OK. I I, the last question for you on the antimony piece, it's you know, perhaps a, a smaller side of business, but it, it's increasingly interesting for, for us in the market. How have you found sort of that investor education side of it and, and explaining to people, you know, that the critical minerals benefit is, is the interest for that on the rise? Is that a question that comes up in your meetings now? Yes. Yeah. No, there are a lot of questions about that and maybe, you know, to my fault, I'm a bit more conservative and not promotional. So it's a fantastic extra benefit to us. We don't play it up. It's, it's one slide on our deck, not six slidess. It may be somewhat ironic that we are the only ones in the western world that produce antimony or significant and are permitted to do so in the state of Victoria. But look it, it we produce on average 2500 tons. It's a bit lower as we get deep in your body now. But you can do the math and multiply 26,000 by that with, with going rates and it's certainly an added bonus to our, our revenue that we are excited about Yes, absolutely. last questions. No. Ok. I think we'll cool it there. Thanks very much for your time Fraser. Thank you, Alex J.