Cora Gold Limited (CORA) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to the Cora Gold Limited investor presentation. [Operator Instructions] The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all of the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I would like to submit the following poll. And if you could give out your kind attention, I'm sure the company would be most grateful. And I'd now like to hand you over to CEO, Bob Monro. Good morning, sir.

Brilliant. Thank you very much for the introduction. And thank you, everyone, for joining today. Really looking forward to giving you an update on what Cora has been up to and looking to the future and what we're looking to deliver over the coming years. My name is Bob Monro. I'm the CEO. I've been CEO since January 2020. The last 15 years of my career, I've been basically based in West Africa, focused on gold. So both involved in, I guess, junior private explorers as well as developers and obviously producers as well. So my focus has very much been gold in West Africa over the last 15 years, which tallies well with Cora. So Cora is an AIM-listed gold company. Our focus is very much in Mali, but also in Senegal, so all in West Africa. Our main asset's called Sanankoro, but we also have a number of other assets, both in Southern Mali and also in West Mali. So our focus of today's presentation will be around Sanankoro, our recent study we just published and obviously looking to execute on that project and build it into a mine, but also I'll touch briefly on some of the other exploration assets as well, which show very interesting and exciting potential as well. Just skip forward. So as I mentioned, Sanankoro Gold project is located in Southern Mali down near the border with Guinea. It's around 4 hours south drive of Bamako. Sanankoro is a package of 5 permits, over which we've now got nearly 1 million ounces of gold and resources, 920,000 ounces of gold and resources. Additionally, we've got an exploration target of up to 1.3 million ounces over and above the 920,000 ounces of gold or within 8 kilometers of existing pits. So you've got line of sight to maybe 2 million ounces worth of gold on the project area, which is very exciting. On the back of that -- those discoveries and that growth in resources, we completed feasibility studies over the course of the last year, which we published last week. We are planning to build, I guess, a conventional gravity CIL processing plant at Sanankoro based on open pit, low strip ratio, oxide ore. The significance of this, I'll talk about a lot more later, but essentially, our oxide ore is a free digging material, which doesn't need drill and blasting and doesn't need multiple stages of crushing. So it has significant benefits around your sustaining capital operating costs. The study has very strong economics, high IRR, very quick payback period, 1.2 years on total capital based on the 6.8-year reserve life. As I touched on already, we see a huge amount of exploration potential in the project, and we think the reserve life will grow significantly. But ultimately, at the stage, we've got it to, you still got a strong reserve life there delivering very good free cash flow, off a manageable CapEx in our mind. So for us, it's a great project. It's got low technical risk. It's not quick payback period. It's got free cash flow. So we're really excited to sort of got to where we've got with the project as it stands. I'm really excited about what the future holds for Sanankoro both from an expansion perspective, growing our reserves, but also in terms of delivering and executing on the project. Just diving into a bit of a time line. Over the last 2 years, 3 years, our focus was initially on resource expansion. We've rapidly expanded the resources to where they are now at 920,000 ounces of gold. We drilled around 40,000 meters, sorry, last year on the project, tripling our resources. We, again, drilled further meters this year, expanding it. Our focus was very much on drilling minable ounces. So focusing on nearer surface oxide ounces. I'll talk about it later, but our strip ratio is under 5:1. So we're focusing really on predominantly ounces within 150 meters of surface. We've drilled deeper holes. And clearly, the deposits extend that debt. But we've got about 25 kilometers of really untested mineralized structures of surface on our [ peronea ]. So we've brought 7.5 kilometers into resources. So our focus very much is on these oxide ounces near surface in terms of expanding those in the future. Concurrent with expanding our resources, we were also completed an environmental assessment and impact assessment. We submitted that to the government and received our environmental permit very recently, which is very positive. And obviously, as I said last week, we delivered our feasibility study on the project, which we're very pleased with. We're now going to a stage -- I want to see financing and permitting, getting ready to move into construction and delivery of the project next year. Our strategy as a business has always been to try and move into construction as quickly as possible. Our belief is that from cash flow, you can grow the company. So our focus has been on having a deliverable study that enables us to finance the project and get into positive cash flow as quickly as possible. For a manageable amount of money, we think we can rapidly expand our reserves. In context, we spent about $750,000, adding over 100,000 ounces of indicated material this year. So in terms of the manageable amounts of cash, you can deliver increased reserves, we believe, over time from cash flow. We've also got a very good exploration pipeline. We've got a number of permits. Some within touching distance of existing operating mines, which gives you good neurology and also, I guess, the secondary strategy around the potential there as well as obviously expanding our existing resources on our main license package at Sanankoro. Dipping into the study in a little bit more detail. In the early years, very good production and free cash flow. First full year production is nearly 85,000 ounces and nearly $72 million of free cash flow, hence, going a very quick payback period on the project. Overall, it's a low strip ratio project under 4:1 -- under 5:1, sorry, strip ratio and obviously, an exit goal of $7,000. Life of mine free cash flow of over $230 million. So we're really pleased where the economics have come to. All those economics are based of off reserves. We additionally did an exercise where we pit optimized our resources using the same parameters as our reserves. And that added an additional 2.5 years of mine life, over 120,000 ounces of gold and $76 million of free cash flow. So that hopefully gives people a taste of what can come in the future with further drilling. So that was just -- that would be -- obviously would need to do further inflow drilling on those resources to bring them into reserves. But ultimately, based on the existing resources, we could optimize them and later the with the economic assets from it. So for us, that would give you line of sight to nearly 10 years of mine life, which is very encouraging. Breaking down what we're looking to deliver year by year. The start-up here includes around 6 months of production based off the model. Then obviously, you've got a further 6 years of mine life. Obviously, the first years are extremely strong, delivering high levels of gold production at a low all-in sustaining cost and very high free cash flow generation. The opportunity is obviously in the later years, improving the reserve plan by expanding existing resources into reserves also looking to convert our exploration target into resources and then reserves as well. No mine is generally mined there. There is no plan for that study beyond probably the first couple of years. There's always further exploration. There's always improvements and optimization is being brought in. So for us, this base case reserve is very good. Obviously, clearly, 50% IRR, very good and quick free cash flow generation. The bottom 2 lines on that table, you can see the impact when you include the pit optimized resources as well. Clearly, it takes a project out to nearly 10 years, obviously increases your life-of-mine free cash flow and obviously shows a much larger and longer mine life project. But I think that's very important for us. I think the reserve case is obviously strong, and we believe it shows a very good -- hopefully, a very good investment opportunity for people to look at. But I think for us, it's also extremely exciting to think of the positive benefits of infill drilling existing resources, so extremely, extremely low risk as well as, obviously, the potential of drilling out an exploration target and looking to bring those ounces as well into reserve studies in the future. Here's a map on the project area. Obviously, the line outlines the permit area. The red blocks are the surface expression of our MRE pits. And then obviously, you can see some of the infrastructure as well that processing plant, solar farm, camp and tailings some of the key infrastructure. Now in the top right, obviously, pointing towards Bamako, which is just 4 hours away. I think one of the bits I've talked about, obviously, the exploration upside, if you can see where Zone B, Zone A, there's sort of gaps between those pits. That's really due to a lack of drilling. So all deposits are open a long strike. So essentially, we haven't closed off any of those deposits. And as I've touched on briefly earlier, we've had -- we've got proven from exploration targets around a little over 30 kilometers of mineralized strike length at surface, and we've only drilled around 7.5 kilometers of that into resources. So clearly, we think those pits will expand over time that will probably hopefully continue to help reduce our strip ratio, which will have a positive improvement on mining costs going forward. But look, it's a straightforward gravity CIL processing plant. Many of them have been built West Africa. We benefit from having high gravity recovery, so 40% gravity recovery, which is another positive for your OpEx. I said we're not trying to do anything new, not trying to do any different to essentially a stock standard to grab TCA our processing plant. The big benefit being the very high proportion of oxide material in our mine plan, meaning that you don't need to drill and blast when you're mining so that reduces your mining costs and also from a pricing perspective, you don't need multiple stages of crushing for this material go straight into your -- yes, give rate processing plant, which is very positive. A slide on the reserves. I think what this shows you clearly is what I've been saying around the oxide material. There's absolutely no fresh material at all in our reserve plan, which we're really pleased with. Ultimately, that has been the plan. We have up to 200 meters in places of oxide material, which is very rare. One of the big benefits of this project on average, we are 150 meters of oxides. So our focus is on mining those out. I think the easiest -- in some ways, the quickest way to add ounces would be to add fresh rock ounces below our existing pits. But ultimately, for me, that will be a more marginal ounce. My focus would really be focusing along strike, focusing on nearer surface oxide ounces. We believe those will be higher-margin ounces, lower technical risks and maintaining a strip ratio, protecting you from potentially inflationary impacts in many ways by keeping a low strip ratio and lower mining and operating costs. Again, the drilling we did this year was really focused on infill drilling. So as adding indicated ounces as well as last year, our focus was not just about getting the largest possible MRE, the largest possible resource. It was about getting a resource that actually we could convert to reserve and build a mine around. So from a marketing perspective, you can argue we should have disposed all on just maximizing our inferred ounces to get the biggest possible resource number. Have we done that? I'm sure we wouldn't have much larger -- a much larger inferred deposit. But our focus has been about delivering a mine. It's been about executing on construction and then getting into cash flow. So we very much have that focus where we've been drilling. And that has resulted in us obviously having a very high proportion of indicated ounces within our MRE. 2/3 are indicated, 1/3 inferred. And obviously, that's what that's predicated on. But I think clearly -- very recently, we just updated our exploration target. And clearly, those ounces will come in time. You've got up to 1.3 million ounces of exploration potential -- target potential over and above our MRE. So we're looking forward to drilling those out in the future. And obviously, hopefully, our resources will expand significantly. So this slide shows you a little bit more around the type of ore we have and one of the benefits, I think, in the London market, the majority of projects are really fresh rock projects. You probably have to look to the TSX to see more of a comparator. In the bottom of your slide, you can see a good quarter of Robex resources. So it's listed in Canada. They have what we perceived in London as a relatively low grade project below a gram a tonne and delivering 50,000 ounces a year of gold production, but it delivers very strong free cash flow. I guess their market cap has moved on the back of that to show because they delivered strong dividends over the last number of years as well. So I think it's a different style of project potentially people used to seeing in London. The map we showed -- the picture shown at Siguiri has obviously been a very successful mine. You can see the deep weathering profile and ultimately maintaining a low strip ratio with good free digging material enables low operating costs. And this image, hopefully will sort of further bring that to light. So this is a series of core trades from one of our holes at Sanankoro. And you can see the core, so essentially the drill material down to nearly 100 meters. And you can see that the material is still this is whether oxide material. So that's completely free digging down to those depths. So hopefully that's a visual illustration of the benefits of the material that we have of that oxide material at Sanankoro. And that's typical of holes right across the deposits. In the north of Selin the oxide zones are slightly shallower, sort of 120 meters or so, but then as you get south into Zone B and C, you've got, in some areas, up to 200 meters of the oxide material. So very, very deep relative to other projects. A bit more about financing and the project. Our major shareholders are a family called the Quirk family. And Lionhead Capital is a group linked to the Quirk family as an investment group based out of South Africa. We've announced previously that we had a $25 million funding agreement with Lionhead equity-based agreement, half equity, half equity convertible alongside publishing our study last Monday. We also said that we were in negotiation of that term sheet and looking at negotiating -- looking at discussions of it, moving up to $30 million of funding. Obviously, our project CapEx is $90 million. Traditionally, you would finance these projects with a blend of equity and debt. We also said that we were in discussions with a number of lending groups as well. So I've obviously been through this process before in West Africa in terms of financing a project and getting it built. We're very pleased with the quick payback period on the project. Clearly, it's had very strong support from a number of shareholders over the last few years. And clearly, the fact that we're engaging with them around the term sheet and expanding the time sheet is very positive for the project. So I guess, pretty well as much as I can say on that at this stage, but I guess watch this space in terms of updates on that. But clearly, we're very focused on executing this project. We're very focused on getting into construction next year on this project and obviously working as quickly as possible towards being able to deliver that. I'm now going to jump into a series of other slides. Some of them are more details around the project, around the study and other backgrounds on the projects as well as some exploration as well. As I mentioned at the start, obviously, an AIM-listed company. For us, it's been a very supportive and strong shareholder register backed by essentially the Quirk family as well as Lord Farmer, who is a Co-Founder of financing institution as well, which is very positive. We're always looking to expand the register, always happy to engage with him and chat on what he's interested in looking to buy shares or interested in the company. So we're always happy to engage with shareholders in the future. I think from a purely share price performance, I think it's clear that the funded projects, which are executing on constructing and delivering a project generally performed very well in the market. What we're trying to deliver at Sanankoro has been done before. We're not -- we're in a jurisdiction that has got multiple operating commercial gold mines. So your access to good infrastructure and good people and executing on a project has many similarities to other projects should lower the technical risk. So for me, the location of the project and the start of the project is very positive in terms of lowering execution risk, finding available groups to help support us in that execution is very positive. And clearly, for me, if we -- as we complete the financing of the project, I think clearly, as you move through construction and as you get closer to that $70 million of free cash flow in the first year of production, I think hopefully, our share price will also perform more positively on the back of that. So background of our assets are, and this might be a bit back to front. But ultimately, our focus has been on the study. But just to reset the scene, our main project is Sanankoro. On the right-hand map, I guess, due South of Bamako, we've additionally got a group of permits, which go around the Yanfolila Gold Mine in Southern Mali. They offer obviously good neurologist that mine. We've got drill gold discoveries within 8 kilometers at processing plant. I think not only do we have the potential, hopefully, for stand-alone discoveries on those projects. Clearly, if you make a discovery, which might otherwise have been seen as slightly smaller. If you're very close to an existing operating gold mine, it gives you greater flexibility and great optionality in terms of creating value on those permits. We've also got permits in West Mali on the border with Senegal, Madina Fulbe, Satifara Sud. I mean this is the one of the most prolific gold belts across Africa, if not globally, but in the last 20 years. As you can see, you're in the midst of multiple other operating mines there. So there's a huge amount of exciting potential in those permits, but they're at an earlier stage. Detailed CapEx breakdown on the project, including sustaining capital and closure costs at the end. I maybe won't dwell in too much detail on every single number, again, if someone wants to get in touch after this and get into sort of line-by-line or items, obviously happy to do that and happy to engage more. But ultimately, happy with the CapEx build up. We spent over a year on the study work on so happy with the results of the study. Again, for disclosure, I probably won't go through every single area, but this is a stock standard, West African gold process flow sheet based on a gravity and CIL circuit. One benefit is at the front end, you don't have the traditional sort of 3 stages of crushing you might see with a fresh rock mine. We have some mobile crushing which comes in to deal with transitional material in year 2, year 3. But ultimately, this is a straightforward ground TCA processing plant with benefits of being outside focused. Background on the MRE, a bit more background pit by pit. Again, as you can see, the focus has been on getting ounces into the indicated categorization that's been very much our focus with a view to the feasibility study and making sure the feasibility study can deliver a strong reserve case. Clearly, there's a huge amount of expansion potential, both from converting and third to indicated, but also from the exploration target as well. Again, this table is clearly also showing the significance of the oxide and transitional zones and the significance of the fact that that's where most of our gold is. As you can see, very small amounts of fresh rock. We have drilled deeper holes. We drilled the holes well in excess of 200 meters in some projects. So the fresh rock does expand -- does extend, sorry, at depth below our transitional zones. So that's certainly an area we could look to expand in the future. But I feel given we've only drilled out as it says 7.5 kilometers of 33 kilometers of linear strike life extension, I believe, the lower -- on the lower cost discovery ounce but also a lower operating cost account for extraction is to continue surface -- is to continue to drill out the surface expression of the deposits and focus on that top 150 meters, maintaining as low a strip ratio as possible, insulating you from, I guess, higher technical risk, potentially higher operating cost impacts as in a variable fuel price environment. So for us, that is very much the focus. Again, just a map on the exploration target. I think the piece I want to pull out and this is all of this exploration target of up to 1.3 million ounces is all within 8 kilometers of the existing deposits. So very near to our existing deposits and obviously would give it clearly trackable into the Sanankoro processing plant. So obviously, looking forward to getting to return in the future and looking to expand that and bring it to the mine life at the moment, 6.8 years of reserve life, an another 2.5 years already of pit optimized and further taking nearly 10 years. I think clearly, there's this line of sight to getting to the mid-teens and beyond from, obviously, known gold discoveries on the Perma area. So for me, that's an extremely exciting future step for the company. And that hopefully, some of you've seen before, highlighting some of our drills I say over the last 2 years, we had absolutely stand out holes with big wide intercepts of high grade at Sanankoro. So which has obviously enabled us to expand our resources and obviously deliver our maiden reserves. Starting across section at Sanankoro. You've got ore from Surface Australian to ore, which is positive, basically vertical ore body, open pit mining, low-technical risk. The image in the bottom left sort of shows the surface expression of the deposit where it gets narrower and where it pinches out is basically a lack of drilling, not because we've drilled out and sterilized it. So again, actually is obviously the expansion potential. ESG obviously, extremely important these days. Look, I know well, I spent 2.5 years living and working on the ground on a project, I guess, nearly 15 years ago now. So I guess, ultimately, stakeholder engagement and the social license to operate is integral to all these projects. You can never take any host communities or host countries for granted and it's extremely important, and integral that we operate the best practice and deliver from that. So I was very pleased we appointed a full-time ESG manager over the last year as well as to add to our ESG adviser and other teams. I'm very pleased our ESIA, our Environmental Social Impact Assessment was done to World Bank IFC standards. And we received our environmental permit very quickly, Quicker than I was expecting. So it means, it's really positive. The project has been seen in that light. I think today our engaging with local communities and both on the, I guess, sort of county both in the regional and national level has been very positive. So there seems great support for the project and we're in a proven gold producing jurisdiction with mines -- multiple mines and other gold projects and reasonably near to us. Back on the team, briefly, a very strong team with good relevant West African gold experience, which is great. Have helped us deliver very successfully over the last few years. Obviously, we're looking to expand the team and looking to grow the team as we move into construction. But as a basis point, I'm very pleased with the guys we've got on board. And again, in terms of our non-execs and ESG advisers as well, got a very good blend of both technical operational experience as well as financing and geological. So we've got a broad breadth of experience across the board within the advisory teams, so very pleased with the plan there. So that really concludes my slides. I think there are probably quite a lot of questions which will probably mop up anything I haven't said. So I guess, looking forward to taking any questions really so that concludes my presentation.

That's great. And if I may just jump back and bring back up your camera, and thank you very much indeed for your presentation this morning. [Operator Instructions] But just while Bert takes a few moments to review those questions that were submitted already. I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your Investor dashboard. But we did receive a number of pre-submitted questions ahead of today's event. And as you can see in the Q&A tab there, we have also received a number of questions throughout your presentation this morning itself. So thank you to everyone on the call for taking the time to submit their questions. And Bert, if I could just hand back to you to run through the Q&A tab to respond to those questions where it's appropriate to do so. And I'll pick up from you at the end.

Sure. Thanks, Jake. Great. Thanks, guys. There are quite a few questions being submitted. So I'll just do my best to scroll room and answer them and like to get back to you. So first question, there's 6.8 years reserve life, the big exploration target. Does this mean we can expect the life of mine to increase further? Yes, absolutely. Obviously, there's no guarantees in geology or in resource expansion. But clearly, to date, we've had very good expansion of our resources when we step down and drill further. As I mentioned in the presentation, our exploration target is based off drill data. So essentially gold fields who are previous area of the project, they kind of drill the whole Perma area 600-meter line spacing. So you have got drilled gold discoveries on that sort of a grid, which enables you to give, hopefully, a more accurate exploration target than companies might have if they were doing it off the base of sort of grab samples or trenching their surface. So yes, we think there's great exploration upside, and we believe that will significantly expand the mine life in the future. So Sanankoro is a priority, but how do you see the regional exploration work fitting in alongside this? So we've announced some regional exploration work in the last 2 months or so. So we still always have bits on the ground doing work at an earlier stage. So we've made some new gold discoveries -- pre-drilling gold discoveries from various surface work. So keep taking over clearly when your focus is on building your gold mine, your available funds for doing significant regional exploration is probably more limited. But in terms of a strategy, we certainly feel there's a lot of organic growth potential from our existing permit package so I certainly think it's something which, as a board, we'll be looking to invest money into when you have significant free cash flow generation for Sanankoro because I think certainly getting a second project up and running would be a further way to derisk the company and expand our potential. What are our key bits of news to look forward to? But obviously, we've just delivered the study, which has been -- what we've been focusing on in terms of strategy and delivery over the last year or more. As I showed in the time line, our focus now is on completing financing and permitting. Obviously, we've got active discussions going on with Lionhead and with various lending banks to look to finance it, obviously, complete the permitting on the project before we can move into construction. As part of construction, I guess, it's broken down into 3 phases, I suppose you've got your front-end engineering and design and start should take 2 to 3 months. Then you've got somewhere between 12 and 15 months of construction and then you've got 3 months of commissioning. You should have it pouring gold within the month to 6 weeks of the commissioning phase of the project. So that's ultimately our time line from here till then. Clearly, I can't give you an exact time line on the financing completion and kick off from that perspective. And obviously, we've got multiple discussions going on and obviously looking to as quickly as we can. A question about the solar, benefits of the solar. I think, yes, look, for me, it was very important. We incorporated solar into the project. Clearly, Mali is a very new country to have a solar farm there but as I stated at the moment, we'll have both the diesel hybrid solar power option significantly reduces our carbon footprint, but also actually offers a lower cost operating based off today's fuel prices. I think clearly, energy is a big factor and is on a lot of people's lips at the moment. I think solar will obviously protect us from potential future increases in energy prices as well. So I think for me, it's very important as it gives us security of power. It also reduces the impact of any inflationary pressure from heightening diesel prices. I've got a couple of questions around sort of politics and security from a couple of people just looking at it here. So just to try and answer the questions together more broadly. Mali is obviously a massive country. North to South, you're talking kind of the length of Europe. Clearly, the Sahel region post the fall of Gaddafi without getting into too much of a sort of history lecture. There has been -- there was a destabilization in that area. So that has impacted, I guess, the northern half of Mali, where there has historically been the UN presence there is now, obviously, Russian security has been brought in to provide security in the north of Mali. For me, I've been traveling now -- I've been 4x, 5x this year, twice in the last 6 weeks. On the ground, if I may feel the security perspective has changed. Being in Bamako and then all the gold projects and journey in the South and the West from a security perspective, there hasn't been a loss there, gold production in the last 30 years, very political or security incident and Mali has -- the Mali's gold and mining sector has not been impacted by security or politics, which I think is the important thing to state. Clearly, there is a higher risk of operating in Mali or in West Africa and potentially in some other regions of the world. But on the account of that, obviously, that's just a huge geological potential of bearing the ability to make virgin discoveries and expand projects. I mean, the likes of the B2Gold with that Fekola project or the operational success of an endeavor mining, which has got multiple lines across [indiscernible], West Africa. And I think it's all about never taking security for granted. Obviously, it's on every -- what we can call it agenda point right at the top to be discussed as a business and making sure we're aware of the situation and making sure we're operating in the correct way to take into light. But yes, sometimes it doesn't always read that pretty, but I think you need to take the context of the scale of Mali. It's an absolutely enormous country and the instances are generally isolated to the very north of the country and in the southern part of the country where we are operating, which is over 1,200 kilometers away. You're bringing in a very safe environment, which hasn't been impacted by any significant instances of late. A couple of questions around the financing, both, I guess, the timing on it and also, I suppose, executing on it. Obviously, at the moment, I've got to be careful at how much I said or don't say as I said -- as we said in the press release last week, we're currently in discussions with potential lending banks. And also, we're obviously in discussions with the Lionhead group around their financing terms here, which is an equity-based term sheet. I mean, traditionally, projects are financed at a 70-30 or 65-35 debt and equity. In West Africa, I think you can look at a number of other projects in West Africa, which have carried out successful financings with West African and Frankfurt-based banks generally speaking, they are reasonably vanilla debt packages without significant sort of, I guess, kickers on that side, whether it's sort of streams or hedges or anything like that. Look, it's been very -- we've got a very supportive share ratio, which has been very positive for the company. I think both the Quirk family and also and then through the LIE group as well offering us term-sheets is a huge positive for the company. Many companies they published a feasibility study and that's starting -- staring around, looking to get the first lead order into a fund raise. So the fact that we've got a very supportive register with the term sheet we signed last year. is extremely positive for us. As a reference to our market cap, I think clearly, the whole sector has weakened this year. Unfortunately, our market caps have reduced, which is frustrating for us. And obviously, look, I think, clearly, projects which get financed, generally speaking, from a share price perspective, they performed very well through the period of construction up into cash flows as you derisk the project as you get placed to positive cash flow for us. Our strategy has always been based about delivering on the project and about building and executing and getting into production. So I think if we can get this financing away, I think, hopefully, from a shareholder's perspective, that will be very positive for the share price. Excuse me, I got to read all of the questions and also who asked them. So give me a second as I keep scrolling down. So lots of question about capital, I say there's another company who aren't for sale and how can people be confident about Cora won't do the same? I think it's clear from the support of our major shareholders, the term sheet we've had, I think the way that we've delivered the study, the wording we've committed to saying around the delivery of the study in terms of ongoing discussions around the term sheet completion with Lionhead as well as with [indiscernible] -- our focus has always been about delivering this project. I was obviously brought in, in January 2020 having had worked previously with the company, which has gone through development and into production. So clearly, I was brought in to help try and take Cora through to the next stage and obviously leverage off from my experience with the previous company I was with. So yes, clearly, that's been our focus. That's been our strategy. The way we've delivered the project and the study in a way is all about execution. So yes, you've got it from me, our plan certainly isn't to sell, our plan is to build this project and to deliver that free cash flow for shareholders. So I was asking a question about essentially sterilization. Has the plant camps, solar farm and tailings are being drilled sufficiently to ensure it does not contain potentially economic mineralization? It's a great question. I guess the geologist hates spending money on sterilization drilling, but it is extremely important. So yes, we have sterilized the tailing. We've done sterilizing across both the tailings area. The camp -- I mean camps are ultimately a small footprint and also the solar farm area. So generally speaking, you would have seen from those maps, the infrastructure for the mine is generally to the East of the existing ore bodies. So our view is that generally the mineralized potential is obviously North South on the existing structures North, South to the West slightly. So yes, I know we have done stabilization drilling as part of the drilling budget last year. We drilled out quite a few thousand meters of sterilization drilling, so to make sure we don't fall into that trap. Question around my reference to gravity gold recovery. Yes. So I suppose, what's the benefit of gravity gold? So essentially by the gravity gold recovery enables you to have what, I guess, the gravity circuit, i.e., we can recover a portion of our gold through a gravity circuit, which essentially the benefit is a lower operating cost because you aren't having to put all of the gold through your full processing plant. So essentially, you're diverting the gold, which could be recovered by gravity and it goes through the gravity circuit as it plays through the full circuit. So essentially, it's -- the benefit is that you're -- it's helping to lower your operating cost because you're lowering your reagent usage, you're essentially bypassing part of the gold plant. So the benefit is around lowering your operating costs. So that's 1 of the advantages of -- that's the advantages of the gravity gold recovery and the benefits that you try and bring in. That's probably the questions. I just want to scroll up, double check if I haven't missed any I've tried to sort of a couple of quite a few overlapping questions. So I just want to make sure I sort of cover those off. I think I've covered off all those questions, to be honest. Jake I'm answering my other questions. I think the remaining questions there. I think I've answered them all. So I suppose if anyone's got any, obviously they would pop up now I could answer, but I think I'll cover everything on.

That's great. indeed for being so generous of your time then addressing all of those questions that came in from investors this morning. And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended for you to review, to then add any additional responses, of course, where it's appropriate to do so. But perhaps before redirecting those on the call to provide you their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments to wrap up with, that would be great.

Sure. Thanks. I mean firstly, thank you, everyone, for joining. It's been a real pleasure to be able to present Cora. It's a really exciting time for the company. We're really pleased with the progress we've made over the last year, and we're really excited to what the next year brings. So thank you all for taking the time to listen to us. Hopefully, it's an interesting story. I appreciate -- it's only so much you can say online and virtually so always happy to take phone calls, e-mails, have further discussions take at the bottom of the slide, hope you can see, obviously, contact e-mails, phone numbers as well as the social media as well on the website. So please do get in touch. We're always keen to engage with shareholders and potential shareholders. But first and foremost, thank you for joining. Thank you for taking the time to listen to the story and I hope you liked what you heard. Thank you.

That's great. And thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. It's going to take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Cora Gold Limited, we would like to thank you for attending this morning's presentation. That now concludes today's session. So good morning to you all.