Looking at some highlights, previous years. We have been producing for about 10 years in the Philippines. Last year, free cash, about $115 million. We will probably do about the same this year. Our guidance is 40,000 ounces to 48,000 ounces as the Philippines operations runs down. It peaked at about 84,000 ounces, and this year is our last year of operation in the Philippines. We are going to be at the high end of guidance as we go forward for this year. Looking at the growth strategy, in January 2025, the board made a decision to purchase the Condor Gold operations in Nicaragua. At this stage, they were greenfields. However, they are construction-ready and fully permitted. The operations, we are looking at basically running up to about 145,000 ounces, and we start first gold in December this year. From purchase in January 2025 to fully constructed by December 2026 is where we are at. In the Philippines, as I said, the current operations will run down by the end of the year, probably finish milling January. We finish mining in November, but we do have some very nice tenement holdings there, which are more large copper-gold plays. The Philippines is really turning into a copper project over a number of different tenements, whereas Nicaragua is a straight epithermal gold. If we look at our growth strategy, I took the company over. It was bankrupt in January of 2019. We solved a lot of technical issues in a BIOX operation, so it was a refractory gold plant. They were struggling to get their recoveries up. Basically, by the end of 2019, we had figured out all the technical issues. By mid-2023, we were up to a 90% recovery on gold. But as we ramped up the recoveries, our grades started to drop off. The early start of the mine was about 2 grams. We are mining about a gram at the moment and still producing at around the 85% recovery. As we went forward, as I said, 2025, we bought Condor. We started building, and our share prices reflected the growth strategy that the company has. Just a quick look. We are currently, as I said, listed on AIM. The current market capitalization is just over GBP 500 million. We have got two key investors, both property developers in the U.K., and a number of other investors as well. If we have a look at our flagship operation, which is starting in Nicaragua, we will go through this quickly. Just under 2.3 million ounces at 3.9 grams. There is about 700,000 ounces of that is in the main open pit, underground in two other locations in what we call La India South. And there are two other open-pit mines, Mestiza and Las Americas as well. Las Americas will come into operation 2027. We will start the pre-strip there. And the pre-stripping and ore stockpile has already started in the La India mine. We have currently got about 250,000 tons of ore on stock, and by the time we start up at the end of the year, we will have about 400,000 tons to 500,000 tons of ore on stockpile ready for processing. It is a significant package, and it is a significant epithermal vein system. We hold the region. We have got about 1,200 sq km running for about 50 km, and we are really only just mining a small portion of that. You can see that the three veins I talked about, La India, Americas, and Mestiza are there. As you can see, the number of identified veins around these three is significant. We are talking in the tens to up to 100 different vein systems that we just need time to explore and develop over the time of the project. Internally, we have got a target of 5 million ounces here. As I said, we are currently sitting on abo ut 2.3 million ouncesand we are starting that development process. Condor Gold was a junior explorer. They did not have the money to develop this further than what they did. Over the next few years, we will start that exploration on all of the external veins outside the current mining tenements as we build those as well. So huge prospectivity within the La India itself. We have run our numbers. The original BFS, which was done by Condor, was based on just the open pit because they did not have enough substantive drilling underground to include that in a proven and probable. We ourselves saw the bigger picture. We are fully financed internally. We built a plant instead of an 800,000-ton a year plant. We built 1.4, and then we actually increased that to 1.8. We have got a 1.8 million ton of plant ready for expansion, allowing us to build a bigger footprint in terms of mining in the area versus what was in the BFS at 800,000. Our target right now with the three-mine scenario we have got in the undergrounds, we will be averaging about 145,000 ounces from 2029 on once the underground and the second open pit are up and running. We have got a profile, 2027, 100,000 ounces, 120,000 ounces up to about 145,000 ounces ongoing. That brings our all-in sustaining costs. Our internal BFS, internal numbers, we are running at about GBP 1,200. We have got some analyst reports. They are saying more like $1,500, but it is somewhere in that range long term. The initial high cost is the initial capital for the underground and the other open pits that will be coming online in the first couple of years. We are still building those out, and you can see those in the all-in sustaining costs in the first two years. If we go to the construction, right now all of the main infrastructure is in place. The mills are in place. The CIL tanks are done, the structures around and the decking. We are really at piping and electrics is where we are at for the main processing plant. All the subsidiary infrastructure is all in place, and as I said, the mine is already up and running with about 250,000 on stock. This is a really good photo looking at the project. It is basically a very, very simple circuit. It is a low sulfur epithermal gold. Recovery is running at about 92%. It is a SAG to ball to CIL, so very simple elution circuit into a gold room. One of the more simple circuits you will find. And set up to do 1.8 million tons a year with the current mine plan running 1.4. So expansion is already built into this plant for a larger footprint. We look at the operations. We ourselves are doing the mining of all the bulk earthworks. We have a small contractor who is going to do small equipment around the vein system. The strip ratio here in the open pit is about 13:1. It's about, as I said, 700,000 ounces, 800,000 ounces currently in the open pit as it stands today. We've got two 6020 CAT excavators and 15 777s on site as we speak. Over the last year, as we've worked on these projects, we've been looking further afield to see what else is available for us in country to grow this business as we speak. We worked with the government for about a year to increase our land package. We went from about 550 sq km to about 1,200 sq km. La Grecia is one of the key targets we've picked up. It is actually a very historical mine. If you look at some of the numbers, it was actually mined between the 1800s and the 1900s. One of the oldest gold mines in the region. Significant high grades. I'm going to say about 100 rock chips on sample. On surface, the average grade is 18 grams in those chip samples off surface. The vein system here is extensive. What we see is there's a main vein and we've got some numbers there where we hit the main vein, and we actually found a 2-meter void where the old mine was. We've got the vein both sides of what was a high grade in the middle, and both sides, it's going over an ounce. We can see that there's definitely something here. It was mined for a reason. Q1 next year, we'll be starting up a very strong exploration program in this area. We're doing a lot of sampling on surface, a lot of mapping right now, building out our knowledge of the area of this. It's about 1.2 km long. It's basically a hill. We'll be looking to start exploring that hill with further drilling within Q1 next year. What we're looking for though here is we're looking for that high grade. We're running an average grade through the plant of 4 grams, but if we can start bringing in some of this material at very low volumes, then that 145 does start moving towards that 200,000 ounces a year, and that's what we're really targeting to do as we move forward, bringing all these high-grade zones we can see around this project back into the plant, like a spoke and hub situation. Philippines exploration. As I said, we really got two businesses. We've got a copper business we're looking to build out in the Philippines, and we've got a gold business in Central America. The copper's business in the Philippines. Runruno Mine, you'll see it here. It's where the star is. We look further north, we've got the other red and blue star. They're both the Abra and the Batong Buhay projects, which are both in our portfolio as we speak. They're about 30 km apart. They're significant in terms of world scale for what we see on surface. These are some of the results in the Batong Buhay project. These drill holes, by the way, are 30 years old. The gold numbers aren't really specific here because they're actually mining epithermal veins here at half an ounce, all the small-scale miners. What we see is significant copper numbers. Every drill hole that was drilled here started in ore and ended in ore from surface. There's only 20 holes or just over 20 holes. The two drilling locations are over a km apart. We do know there's an old underground workings there, that that ore runs right the way through that area. What we're looking to do here sometime, hopefully early next year, once we get all the local community approvals up and running, we'll start the drilling program here and expand this resource. This is right beside a small company called Celsius. Celsius Resources is in Australia. They own the edge of this ore body. This is the core of the ore body. They own the edge. They've drilled it out. The edge of the ore body, which is about 300 meters wide. This is about 1 km. They've currently come up with about 380 million tons in their part that they've drilled. Drilling this out, we know that there's a significant upside for what we see on the surface. With those holes, the grade's going to be very good. That's currently where the drill holes are, and as you can see, there's a big gap in between where they've drilled currently. The Abra project, very interesting. We've had this in our portfolio for a while. Again, Philippines, the regulatory regime there is very slow in moving forward, so we're currently working with communities to get the approvals to finalize drilling. We have done surface mapping here. Manikbel's a project I like the most here. Just to give timeframe, I'm doing really well. Manikbel is 2.5 km by 1.5 km at surface. The core of that's about 1.5 km by 700 meters. The geochem went 3,000 PPM, 0.3% in geochem. Every stream we've sampled, every rock is porphyry copper. Average grade's between 0.5% and 3%. This has got a vein system through it. The vein system is all copper, and some of the grades in the veins are going up to 16%. There's one drill hole in this, which was drilled over 30 years ago. It's 120 meters deep. The average grade was 1.2% from surface with an intersection of 10 meters at 4.5% copper. This is a significant copper project, and we're really looking forward to starting drilling that sometime in 2027. I think we'll be drilling in Batong Buhay first, but Manikbel is definitely a priority target. What we're looking to do is build out a copper complex here. Same port, same logistics system, and that is forward-thinking. We're talking five-10 years. We've got a lot of drilling in between, but we're very much looking forward to putting this on the map over that time. The other two projects we've identified up there, again, they're a lot further out, but Marcopper started drilling in Bolinao. There's a non-JORC compliant resource there of 50 million tons of 0.5% copper, and that drilling was a long time ago as well. Really, that's our business. Just to give you an idea who we are, our ESG, we have won the Presidential Mineral Industry Environmental Award in the Philippines for four years running. Only company to do that. Presidential Mineral Industry Environmental Award is specifically focused on environment and communities. We've been nominated by the Philippines government to represent them in the ASEAN Mineral Awards. We've come second and third in both of the ASEAN Mineral Awards we've been nominated for. We have the credentials to do this in developing countries. This is our target market, which is why Central America works so well for us. I'm 17 years in South America. The team in Central, in Nicaragua right now, all worked for me in Colombia, in Dominican Republic, and other places that I've worked. So we've got a team with credibility, and they're doing a great job putting that plant together for first gold in December. So that's Metals Exploration. Are there any questions? We do have some time for some questions if there's any questions in the. Yep, we've got one right in front. Thank you for your presentation. Nicaragua hopefully will undergoing political change, which will be positive for you in terms of be able to raise capital. Are there any negatives right now for being in Nicaragua because of the politics? Yeah, it's a question we get a lot. For us, stability is key, and the current government, as long as it's stable, we've worked very well with them. We've built strong relations with them. We see them stable for at least the medium term, if not the long term, and that's a very good thing for us. They need foreign direct investment. They need the credibility that foreign direct investment brings, and we're the first major foreign investor for 15, 20 years. B2Gold. You've got Equinox there now who took over from Colibri. You've got Mineros and you've got Mako, a smaller group. They've been there a long time. They've been able to get their gold in and out of the country. Money's not a problem. There's never been a hold up with the government, and the government, this is their biggest export and their biggest income. As long as the government remains stable, which I do believe it will, then we've got a very bright future for at least five to 10 years. You never can say with complete certainty in any developing countries what's going to happen. I'm from Colombia. We went from Uribe to Santos to Petro, and you saw where the industry went. Here, these guys have been in charge for 20 years. If they remain in charge, we've got a very good, strong relationship, and that relationship will be ongoing. We're quite comfortable with working with the Nicaraguan government. What do I like about Nicaragua? I like the fact that the bureaucracy is not layered. You've got basically two levels of bureaucracy. You go, you talk to the minister, the minister says yes or no, or he has to go up the chain, one step up the chain. They say yes or no. The next day it happens. It's great. You don't get that in many countries, especially the Philippines. We're six years waiting to drill one hole in the Philippines. Within two weeks of getting the second tenements, we're up drilling in Nicaragua. That's the difference. The difference, it mightn't be as stable, but the difference is it's very quick-moving and is fast-moving, which assists a small company like us to move forward. Darren, maybe just a quick one from me. In terms of you're going to be operating in Nicaragua, you've got Philippines as well. How do you deal with the time differences and just being spread out like that? Yeah. A lot of jet lag. No, the team, as I said, in Nicaragua are very competent. They've all worked for me before. I trust them completely. We do have a couple of meetings, and we try and find time zones because we've also got London in the picture where Max, our VP biz dev sits. We do work through those time zones. I catch them in the morning, it's their afternoon. We're normally talking with Nicaragua between 6:00 and 8:00 in the morning. I've then got the Philippines between 8:00 and 11:00, and then I've got London between 3:00 and 6:00 at night. Yeah, we do have to work through all that stuff, and there's a lot of time on planes. But it works. We get it there. Good stuff. I think building the business, not just in Nicaragua, but in Central America, is key for us. We've shown we can do it. A lot of the new governments in Central America, El Salvador, even Costa Rica, are now opening it back up to mining. We're a first mover in the region, and if we can get our footprint to grow in that region, then we're going to build a bigger business, and that's what we're looking to do. Excellent. That's it for the time, but thank you so much.
Loading workspace