Research Talks - Arkle Resources, Anglesey Mining, Austin Metals, URU Metals

Añadido: 2026-06-02

[00:00:09]Well, hello everyone and welcome back to the Research Talks podcast here from Stockbox with Alan Green and Dan Flynn.

[00:00:15]So, how's the week been for you guys?

[00:00:17]From uh I know Alan, you've been away on holiday, so you've been a little bit out of the loop maybe, but I mean from our standpoint, it looks um fairly fairly quiet really. Nothing nothing particularly to report. Dan, do you agree on that?

[00:00:30]>> I agree. Yeah. On the individual company front, it has been a little bit quiet.

[00:00:35]And I wonder if that's because something's brewing in the wider market because I'm seeing a lot of stuff about the potential for a correction with indexes running so high. I don't want to be a pessimist, but it does feel like they're, you know, given given like the amount of money that's going into AI, uh, you're seeing a lot of space stocks just in the US. Absolutely.

[00:00:58]ramp up and um we've obviously got the war as well. I think there could be potential for a correction and and we've seen Bitcoin fall quite a lot in the last few days. Uh gold's has fallen a bit, but it seems to have stemmed a lot of those losses. So, I don't know. It's I think it's uh it's sort of moving forward cautiously at the moment. I'm holding off putting my ISO allowance into the into the market. Um, and I don't usually try and time the market.

[00:01:28]So, um, >> I mean, what will probably happen is it'll keep going up indefinitely. And, >> well, it's it can keep going, can't it?

[00:01:36]Until until it comes back, it will at some point. You never really know. I mean, obviously, of course, we are end of May now, so >> traditionally things do get a little bit quieter. Volumes do tend to dry up. Um, but yeah, all we can do is keep an eye keep an eye on things and and see where they go, right? Um, uh, >> definitely. Yeah, the underlying thesis of the mining and metal space is still very much intact and I think everything we're talking about today is indeed in that space. Um I know we're going to start with Aru. Allan, any comments from you or have you been really just enjoying motorbiking around?

[00:02:07]>> Yeah, frankly, I've just been enjoying motorbiking around Spain. Um no no it has been it has been very quiet and uh and that was because obviously you know the industry we're in I keep uh keep very very close to it sort of while I'm away and uh but it has been quiet and there is a sense yeah go away in May is very much uh in play at the moment but uh uh on the certainly my portfolio the um the the blue chip stocks the big ones and the funds are doing exceptionally well and um when there's a big push forward like this and I saw this over the past two weeks. So, there's going to be a correction at some point, but uh it's just part of the part of the market climbing the so-cal so-called wall of worry. Yeah. You know, >> Yeah.

[00:02:52]>> wall of worry.

[00:02:53]>> Goes forward, comes back a bit, goes further forward, comes back a bit, and on we go.

[00:02:57]>> Exactly. Yeah. Okay. So, Dan, Arco Resources, then I know you've been speaking to the new CEO there, Rory Harding, quite quite a bit. Um, bit of a turnaround story, right? But go on, take us through it.

[00:03:11]>> Yeah, I wanted to take a look at Arle today because it's one of those early expiration stories that started to get a bit of traction, but I think could still have a lot further to go. Uh, I hope so anyway, as I'm a holder. So, the stock is up around 70% year to date, but even after that run, we're still talking about a market cap of only around 11 million pounds. And for that, investors are getting uh two pretty interesting shots on gold. The first is uranium in Namibia and the second is zinc in Ireland. Both are speculative and both still need drilling success. But they could also create meaningful value if the next phase of work delivers. So let's start with Namibia which ARL's main focus now is its Aongo uranium project. So Namibia is one of the world's key uranium jurisdictions with major deposits and mines already in the vicinity of the project. So the location's good, timing's decent as well. As we all know, uranium has become a much more important commodity story over the past few years. As nuclear power comes back into favor, supplies are tight and governments are looking for reliable lowcarbon base load energy.

[00:04:23]So obviously ARO is an early stage uranium explorer rather than a producer.

[00:04:29]So we need to be careful not to jump too far ahead. It's in the right market and what it's done recently is important.

[00:04:36]The company has completed interpretation of its phase one geoysics program across three northern licenses in Namibia and that work has now defined multiple uranium targets. So there's two main target styles. The first is paleo channel hosted uranium which is the same style as large nearby proven deposits like tracopy and morenica. And I'm sorry to anyone listening for butchering the pronunciation there. And the second style is hard rock uranium hosted in a type of formation called ulgs. Um I'm not a geologist but basically speaking that's the same broad family of uranium renerization that underpins major Namibian deposits in the wider Orango uranium province such as Rossing Husab and Atango. So the key point is this.

[00:05:27]Arco isn't now just saying it has ground near ur uranian deposits. It's defined targets that match the two major uranium styles found in this part of Namibia.

[00:05:38]And importantly, it's moving to drilling quicker than originally planned. So, the first program is expected to be around 1,500 meters of RC drilling on the eastern EPL 8995 license where there's a paleo channel target that looks particularly attractive. So that drilling has been accelerated to June or as soon as contractor availability allows. That's the first major catalyst. And what we're looking for there really is uranium in the holes. Sounds obvious, but I think it's important as re as Rory the CEO said when I spoke to him, the company wants to see uranium mineralization through the channel fill enough thickness to matter and enough evidence to justify more extensive drilling. So the holes should be relatively shallow.

[00:06:25]So this first program could give article useful answers fairly quickly. And alongside that, the company's also trenching and sampling a large ULG target on the same license. So that targets around 1 kilometer by 700 m. And the aim there is to strip away the thin surface cover, map the rock, sample it properly, and work out whether it supports the second drill program. And if the results stack up, the plan is to drill around 2,000 mters of RC drilling on that UL ulg target in the third quarter of the year. So already you've got a clear sequence. You got trenching sampling that paleo channel drilling potential ulg drilling and more target generation across the rest of the large license pack. The ones that I've talked about today are just a small portion. So there's a lot of potential here. So that's a lot of news flow for a company this size.

[00:07:18]size. And that's really the investment point. I mean, at 11 million pounds, Arco doesn't need to prove up a giant uranium deposit tomorrow to get people's attention. It just needs to show the targets are real, that uranium is present, and that there's enough scale to keep drilling. And if it does that, the market could really start to treat this as a live discovery story. And then there's Stone Park. This is the part of ARLE that some investors may forget about now the uranium story has taken center stage, but it really still matters. Arle owns just over 20% of the Stone Park zinc project in Ireland.

[00:07:53]Stone Park already has an inferred resource of 5.1 million tons, grading 11.3% combined zinc and lead. It also sits next to Glenor's huge palace green project, which is one of the largest undeveloped zinc lead deposits in the world. The theory here is that Stone Park could be part of the same wider mineralizing system. And Arl's joint vent venture partner, Group 11, is now drilling again to look into that. A rig was mobilized for a fourhole 2,700 meter program and that forms part of a much larger planned Stone Park campaign. So while Arle's main focus is clearly Namibia, Stone Park gives shareholders exposure to a serious zinc exploration story in the background. And again, that's why I think the valuation is interesting because for 11 million, you get near-term uranium drilling in Namibia, all those additional that additional pipeline of uranium targets funded work there and a meaningful carried interest in this big potential at Stone Park. That doesn't mean this is risk-free. It isn't. It's still exploration. But the setup here is much more active than it was before the company made that pivot into uranium, which was earlier this year. I think you know Arco's gone from being a quiet overlooked junior to a company with some some momentum and it's got multiple catalysts and two separate routes to a potential discoverydriven rerate on the way. So that's why I hold a position and I'm looking forward to seeing what the company puts out over the next, you know, the coming couple of months.

[00:09:28]>> What are you most um sort of looking forward to anticipating then? the uh the sort of the stone park angle which I think is more bit more handsoff for them right or the uranium in Namibia.

[00:09:39]>> So stone park could be huge but I think now what I'm because I think the company's putting under Rory the new CEO the company's putting a lot of emphasis on this uranium. So if they can come out the um the gate swinging with that first that first drill program and really hit some decent grades that show that this is worth following up. I think that could be a pretty that could be a big moment for this company that starts to see some real interest being generated particularly given uranium. There aren't that many ways to get exposure to uranium in the U in the UK. I I think if they start to look like they have a really good project on their hands and that's just one part of a much larger license area then yeah the upside here could be pretty uh meaningful. M well yeah of course um Namibia is a good place to find uranium as well as as of course Saskatchewan. I think those are the two almost the two best regions in the in the world to find well for uranium deposits effectively. Um, >> yeah.

[00:10:40]>> So, yeah, they're in the they're in the in the right jurisdiction, but I mean, yeah, so it's it's but it's still very much early stage, right? It's still very much >> pre-discovery.

[00:10:50]>> It is. Yeah. I don't want to um promise too much here because they are just targets that have been identified through >> Yeah.

[00:10:57]>> physics and those you don't know what um not geoysics, but like geophysics exploration. So, you don't really know what's under the ground until you get the drill bit. That's why they call it the truth machine.

[00:11:10]>> It's small and it's is the work's coming. You want to get in these stocks before they start drilling really because then you're you have more leverage to any upside. And that's the case for both of the companies I'm talking about today. They're both approaching drilling. So I just I like these stories. I these small companies that are approaching drilling because they don't all work but if you have enough if you have a lot of them then you know and you're sensible about your positioning it can be a really good way to make a lot of upside and I like the team at Arle and I like the commodity and they've got that stone park exposure as well so I think it offers a lot um of potential for its current market cap >> good excellent well thank you definitely to keep an eye on. So Alan, Angusy, Angusy, um, Angusy mining we've spoken about before, but take us through the latest on Angusy, please.

[00:12:06]>> Mark, there's a there's been a a considerable amount of restructuring in Anglesy over the over the past six months. Uh, which is very encouraging for long-term shareholders because this is very much a long-term company. So currently trading at just over 4p with a market cap of 2.6 million. shares have been as low as TB uh on the as high as 12p. Um but Angie Mining uh is one of the oldest listed companies on AIM. It was first voted in 1984, believe it or not, and is the 100% owner of the Paris Mountain. That's Paris spelled with a Y rather than an I. the Paris Mountain Mine in Wales, which is um has been described as demonstrabably the largest and most advanced copper project in the UK. Now, the the mine is hundreds, if not thousands of years old. Um it uh was the world's largest copper mine in the 17 um in the 1700s. All activity ceased in 1910 and uh it's it's kind of come and gone over the years uh primarily um due to a lot of resistance to uh to to mining and and of course developing the the project further. But um as most people will know, I visited uh Paris Mountain in December 2022 with the then management team and also uh there at the time was the now executive chairman Jim Williams. And uh we were shown samples in the core shed both from the previous uh drilling that had been undertaken and also uh the current campaign where we visited the drill site at the northern copper project. Now there was a there was a a an estimate of 16.1 million tons at 1.9% uh copper equivalent established um some some time back and uh the aim of the additional work was to examine the extensions that had been discovered uh uh two areas called the northern copper zone also the G manual uh the white rock and engine zones to the existing uh uh to to the existing um geological anomalies. Also at the mine there is uh there is a a big mine head a big um a big a big sort of uh uh infrastructure and and a series of uh sheds and also potential places for um other other m mining equipment to be stored. But um there's also the original open cast mine too which is very impressive and uh this has been used for uh as film sets over the years. There was a film Mortal Kombat a few years ago that was filmed at Paris Mountain. So back to December 2022, drilling work was undertaken and um from those those drill holes at the northern copper zone u they they were putting some pretty impressive numbers out of the ground. They estimated the northern copper zone had some 9.4 million tons in inferred at 1.27% copper. So it's it's well understood that there is an awful lot more um to potentially waiting there to be discovered than uh is reflected in any numbers of presence. So of course the drive is to produce an updated PFS uh on the site. But progress has been hampered throughout by uh the debt that's been sitting on the balance sheet. And there's been some4 million pounds worth of debt. And obviously when you had that amount of debt, it's very hard to raise any money. And so up until uh late last year, the company really was more or less on care and maintenance. Um there was however a scheme uh which was pursued by the then chief executive Rob Marsen uh who is still the chief exec and shortly to step down uh a partnership with re-energize to u to produce u uh a a a system to produce electricity uh by uh using the existing shaft to uh to run a a liquid up and down the shaft. um it's pumped up uh overnight and then it's released during the day and the flow of liquid down obviously it generates electricity that's still very much uh um in plan and and will be uh will will be sort of progress forward.

[00:16:51]So the last six months has seen some key milestones. Um Angles's largest shareholder is and the gold minerals 24.4% 4% investor. And on the 11th of December last year, Anna Gold invested a further £350,000 via a warrant exercise priced uh uh at 7.6p.

[00:17:13]Uh on the 25th of February this year, um the company announced that4 million pounds worth of debt had been eliminated in return for the company's holdings in Labrador iron or mines and also Grersburg in Sweden returning to Ena Gold uh which allowed the the board to focus on its remaining key asset which of course is the Paris Mountain project.

[00:17:39]At that stage, Jim Williams uh came in as chairman and has subsequently become executive chairman. And on the 9th of March, the company raised gross funds at 600 of£680,000 at 6P. Um and uh and that was that also at the same time involved the uh appointment of new broker ALBR Capital to uh to to provide the money from from that fund raise. So Jim came in as executive chairman and then this week we uh we had the long awaited appointment of the new uh CEO Andrew Falton who's a chartered mining engineer was uh was appointed um and he's he's got quite a history co-director at capacity minerals uh that's working in Egypt and Jordan he was initially ops manager and then vice president at ICL's Bulby polalite project in um or mine rather in North northeastern England. He's also been a director at UK Coal PLC and worked uh for some 15 years at Anglo American Group. So vastly experienced looking forward to getting his feet under the table. But I think also with Jim Williams experience as well um uh as a as a PLC director of many years, it's we're we're really going to start to see things move now. Um Jim has the full support of Anna Gold of course and uh Brendan Cahill who's also a director on the board. So um they've already started work to progress and and start to get the uh PFS or start to progress towards the updated PFS. Um the initial phase of a drone operated aerero geoysics program has been completed. Um, and the early results from that should suggest that the VMS extensions that uh I mentioned that were being drilled back in 2022 um have been confirmed and they seem they appear to to run further. Um, and they are very much along the lines of the the uh poly polytallic mineralization that's already understood to be in place at Paris Mountain. So, so there's there is also uh the some geospatial analysis being undertaken and that should be completed within the next eight weeks. So, we'll have some news on that. But um in essence now, I think Anglescy presents a a very attractive uh project for u for for for investors into the UK. Obviously, Cobra is now a critical mineral in the UK as are the other metals at what is a poly metallic project. So that could mean that uh we could see Paris Mountain in the not too distant future benefit from uh from some of the u sort of uh nondilutive uh funding that's been provided to projects such as the the lithium project in Cornwall um the uh Cornish lithium um and uh and and I I think if that happens then we're going to see uh Paris Mountain really come to the four because it is it is without doubt the UK's largest uh certainly the largest um Insitu uh copper project. The logistics are very good too. There's u the there's a road route already been agreed to transport the ore to the port of Hollyhead. Uh there's also a jetty been identified at Hollyhead where the loading can take place. So it's it's almost a a plugandplay project uh ready to go. And I think now with the management in place with the with the balance sheet now cleared um and work it work already progressing to take the company to the next stage uh towards uh establishing an upgraded PFS. Uh we're in a very exciting situation.

[00:21:26]>> Good. Okay. Well, thanks Alan. Thanks.

[00:21:28]That's a good comprehensive overview of Anglesy. So thank you for for talking to us about that. So Dan, we're going to go over to a different company now. Austin Metals over in Australia, who I know you spoke to this week. So, this is the first time we're talking about them.

[00:21:41]Tell us what you've learned.

[00:21:42]>> Yeah, so Austin Metals is a pretty simple opportunity to me. It's got a tiny market cap, good address targets to find and drilling about to start. And like I was saying with AR, that's uh that's exactly the kind of setup where small explorers can start to get really interesting. So, clearly this is still pretty speculative. Austin's not a producer, doesn't have a resource at this stage. And the drilling still still needs to prove the story. But with a market cap of only around three million Aussie dollars, it doesn't need to prove everything in one go for the market to pay attention. It just needs to show enough in the first drill program, which I'll get on to to suggest there might be a real gold system here. So the project itself is the Austin gold project in Western Australia's Merkusen Greenstone belt. And that matters because the Merson is it's really a proper gold district. It has a long mining story. Uh his sorry long mining history having yielded around 7 million ounces of gold.

[00:22:39]I think Mike was saying on my interview.

[00:22:42]It's got a big remaining gold endowment and there's a lot of activity around Austin's grounds. Uh the project sits near Romelius resources Q gold project and it borders Caprice resources island gold project which includes the Vadrian's gold system. So the address is good and in exploration as we all know address matters. It doesn't guarantee success but it does mean Austin is looking at the right kind of rocks in a region where gold systems have already been found. So the main focus of the project right now is the northern zone and in particular an area called Brunswick Hill. Austin's done a lot of ground work there. It's used a v variety of techniques such as you know drone imagery, field mapping, magnetic data and analysis of multi-element rock chip geochemistry to define multiple Biff hosted gold targets. Now Biff just means banded iron formation. These are ironrich rocks that can be good hosts for gold in this region, especially when they're cut by the right structures. So it basically goldbearing fluids move through faults and fractures and when those fluids interact with certain rocks you can get gold deposition and that's the model Austin is testing and it's relevant here because the nearby Caprice projects that where they've had success at Vadri um that's changed the way people look at Biff hosted gold potential in this part of the Merkerson it's got a lot of potential so Austin's not saying yet that it has another Vadrian But you know that would be getting ahead of ourselves. But it is using that regional model to sharpen up its own targets and that's exactly what you want to see from a small explorer. So at Brunswick Hill, Austin has now identified five priority target areas along roughly 3 km of prospective Biff trend across the broader northern zone.

[00:24:35]It's mapped more than 12 km of prospective Biff outcrop and only part of that has been properly tested before.

[00:24:42]I mean to me one of the more interesting points here is that previous drilling may have not tested the best positions at all. Simply put um Austin thinks earlier drilling may have tested the upper part of the system and missed the more prospective fifth position in the foot wall. So the upcoming drilling in that sense is not just random. It's designed to test a better geological model with better structural interpretation, geochemistry and therefore targeting. So that makes the next phase important. Austin's secured a drilling contractor and a 4,000 meter RC program is expected to start in June.

[00:25:18]The initial focus will be the Biff hosted gold targets at Brunswick Hill and another area called Mount Sandy.

[00:25:26]Then uh two more areas called Teds and Shadow Shadow may follow subject to approvals and the readiness of final targets at Mount Sandy. Previous drilling has already outlined around 250 m of continuous gold mineralization associated with quartz sulfide baning.

[00:25:45]So there is more than one target in play here. But for me I mean it seems clear that Brunswick Hill is the main one to watch.

[00:25:54]And with regard to what success would look like I think simp quite simply we're looking as always for width grade and continuity here. A single narrow hit would be great and that can get people excited for a day or so. But what investors really want to see is evidence of a system and see gold across multiple drill fences, decent widths, decent grades and some sign that mineralization can continue along strike along strike or at depth. So if Austin can show that then this becomes a much more interesting story. The company importantly has also strengthened its team ahead of drilling. It's uh appointed Jeff Willitz as exploration manager and he brings more than 20 years of experience in the Australian resources sector including the Western Australian goldfields and the Merkusen where Austin is focused. It's also important appointed Gary Harvey as a non-exec director. He has around 30 years of Australian mining industry experience in gold, copper, nickel exploration and he's currently connected to Caprice resources as a principal consulting principal geologist. So he knows the area and I think both of these are key because Austin's at the stage where execution is everything. You, you know, you need the right targets, you need the drilling done properly, and you need the results interpreted well. To do that, you need the right people to oversee things. So putting it all together, uh, Austin Metals is a tiny gold explorer with a project in the right district. It's next to active and successful neighbors. It's got newly defined targets and drilling is about to begin. So it's a great setup. like ARLE it's uh speculative you know the drill bit may not deliver and even if there is gold there's going to be likely more work to develop it uh into a proper discovery but that is the nature of early stage exploration the opportunity is getting exposure before the market knows whether the targets work and at around a 3 million market cap and that's Aussie dollars not GBP the valuation leaves plenty of room for a reate if drilling starts to validate the model so Yeah, I'd be looking out for rig mobilization in June, first drilling at both Brunswick Hill and Mount Sandy.

[00:28:01]Then assays, which you'd expect, I don't know, like a month or so after drilling is completed. If those results show the right combination of width, grade, and continuity like I was talking about, then Austin could start to look very different from a valuation perspective very quickly. So, I haven't taken a position yet, but it's on my watch list.

[00:28:20]And um yeah, you know, funds allowing. I I think this is one that I want to take a punt on.

[00:28:28]>> Well, I don't think you say that lightly, Dan, either, do you? So, that's that's good.

[00:28:33]>> No, no. I um it was a good interview with um >> Okay.

[00:28:38]>> MD Mike Moore. Urge people to watch that if you're interested in what I was talking about. Um, I'm also going to write about the company in the newsletter this week, uh, covering kind of the same points I was there. But he's I I like I was saying with Arco, I like these, uh, pre-drill stories where it's high risk, but you know, drilling's on the way. You know, you're going to get answers in one way, one form or another soon, don't you? So, it's >> Mike Moore. I know Mike Moore from um, >> he works um, I think he's FDR as well.

[00:29:10]>> Oh, yes, he is. This is FDR, of course.

[00:29:13]Yeah, >> that's all.

[00:29:16]>> Good. Okay. Well, thank you for highlighting that to us, Dan. Yeah, >> no problem.

[00:29:21]>> Thank you. Okay. Well, let's finish off, Alan. You are you Metals.

[00:29:25]>> You're U Metals. Uh we've covered the company a few times on the research talks, of course. Uh Dan, you covered it a few weeks back, but uh yeah, there's some interesting developments um uh with the company over the past few weeks, and I think they warrant um a closer look.

[00:29:43]So, you are you of course are the owner of the Zeb Nickel um uh project which is based in the Limpobo province in South Africa. It's in the northeast of South Africa close to the platinum mining town of Mocha Pain. Um, and they it's it's cited within the Bushville complex where there are a series of mines. It's a very fertile area for mining. Um, but uh it's cited between two giant projects.

[00:30:15]Firstly, the Ivanho Plat project and secondly the Mogulina mine which is owned by Valtier. Um now the the the project has a number of geological anomalies which uh which have been noted uh previously and in fact um a a preliminary economic assessment was undertaken in 2012 which uh indicated resources of some one and a half billion tons. This was a nonjork u um estimate by the way at 0.225% 225% nickel. So um some drilled drilling was undertaken at that point. Uh uh eight holes are drilled over 3,200 m and this identified multiple intersections of high-grade min mineralization and a total strike zone of around 5 kilometers uh containing mineralization. Um so so it's it's it's already established that this is a huge project with huge potential. Um and of course the I think the intriguing thing about UU uh is that it's uh as being cited between these two giants. It's quite likely that if the project is developed to a certain point then one of these two giants may come in and make a bid for the company. U is currently trading at just over 6p. Uh that gives it a market cap of 6 and a half million pounds. Sterling shares will trade as high as 13p on the air and as low as 2 and a half p. But um I I think at the 6 and a half million market cap that's a derisory figure for what is potentially in the ground and there have been a number of surveys undertaken this year um largely off the back of uh a publication in February this year which was a peer group publication uh or a publication that appeared in the Geological Society of America's Journal of Geology. Um this uh this uh article provided third party support um and some new techn technological insights into processes that promote promote sulfide saturation and in particular nickel sulfide mineralization um in the in the district. The article concluded um uh or the article conclusions very much uh dovetailed into the existing interpretation of some earlier airborne and ground survey data sets that have been obtained by URU. And of course all this took place after the company raised uh raised a substantial amount of money uh late last year. Um it raised 1.1 million at 7P. Um and we've also seen some uh seen some institutional interest in the company too which uh obviously indicates that uh that there's some real potential there. But it's it's work and and publications like this that really I I think put um put flesh on the bones of what's potentially under the ground. So uh in April the company announced um uh a groundb a groundbased gravity survey had been completed uh and this provided enhanced resolution of the existing airborne data sets. Um and of course it further helped to define drill targets into what is a semi- massive nickel sulfide a series of semi- massive nickel sulfide bodies again over that uh strike area of five five kilometers that I mentioned from the 2012 data. Um the survey also confirmed the presence of coincidental conductive and dense uh targets. Um and the responses at targets one and two which have have been identified as drone targets were particularly compelling. So again the surveys are all going to uh confirm and and very much on the back of the findings in that uh peer group publication uh that they're going to sort of further confirm and delineate where these targets should be. Most recently um in a week or so ago the company announced groundbased low frequency uh domain electromagnetic survey FDAM uh had been completed. The this again further defined conductive and dense anomaly targets and those drill targets at targets one and two uh improved understanding and continuity of prospective mineraliz uh given the company uh some very clear drill targets to to go after. So um the the next uh step of course is to put a drill team in there and the drill machine as you said Dan the truth machine to go down into the ground and I think if those results bear out what seems to be there then I think we're in for a very exciting period and all of a sudden this six half million pound valuation for UIU is going to look very cheap indeed but of course that's going to come during the summer and we expect more more news from that in the coming weeks 10 months.

[00:35:22]>> Okay. Excellent. Well, thank you both very much for your time. Uh let's see what next week brings. See if we have super hot weather. See what the markets bring. But we're very firmly into June.

[00:35:31]So um yeah, we'll have to see how it goes. It could be um could be flatlining for a bit, but we'll keep an eye on it and we'll see what's going on. Um so unless anyone has any exciting plans to tell us about, we'll we can chat next week. Not >> really. Uh just a quiet weekend, I think, guys. But uh thank you both.

[00:35:48]>> Okay, >> cheers guys.

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