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MARK: Okay, great. Now, just if we can, a thought on timescales, eight months have passed since the signing of the
heads of terms agreement with the previous joint venture partner and the RNS stated that time will be of the essence so with the new – with the new joint venture partner, Demir Exports. So what are the likely timescales then Richard, to cement the letter of intent in to a signed joint venture?
RICHARD: Well alreadythis agreement that we have with Demir Export, it’s a much more advanced agreement in itself, a lot of the work that we the other party details various things like the operatorship and the various duties and how we’ll approach these things, all of that is done to a far more advanced extent than was the previous situation. Now, nobody can obviously control the – the effects of Covid, that makes everything much more difficult, much more difficult on the ground –I’m glad to say we’ve been able to keep doing quite a bit despite the circumstances, and all credit to our technical people, but it delays, er, everything. Nonetheless, both Demir Export and ourselves, we are making it a prime priority that we move forward as rapidly as we can, in a measured manner, obviously. We want to get everything right. But I must say I’ve been very impressed so far by the manner in which they proceed forward and certainly we will be moving as quickly we reasonably can and, this is – is excellent really.
MARK: Okay, good. Well thank you very much there, Richard, it’s clear that you are very buoyant about all of this (Richard inaudibly interjects; both chuckle) any final thoughts or words you want to offer to shareholders about this and how you’re moving forward?
RICHARD: This is a very good deal for shareholders, it’s so superior in every way. To us being offered, it’s an excellent deal, it could be transformational for the company, the funds are there, the technical expertise is there, the willingness is there, they’re a very successful company and group indeed, in anything that they do, they’re one of the world’s largest groups and this is a tremendous opportunity to drive forward now with this new district scale – this is a district scale, trend that we have discovered. But it does need the money, it needs the expertise, it needs the willingness, it needs the vision and we’re seeing all these things at Demir export and we look forward very much now. I think it’s going to be an excellent thing for the company, an excellent thing for the shareholders of the company and we’re absolutely delighted and we look forward very much to moving ahead.
MARK: Well, Richard Conroy there, the chairman of Conroy Gold, thank you very much for that update.

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MARK: Joining me on Stockbox today is the chairman of Conroy Gold, Richard Conroy – hello Richard, how are you?
RICHARD: I’m very well thank you, and how are you, Mark?
MARK: Yes, I’m good as well, Richard, it’s good to hear you’re very well, of course there was some news yesterday which I assume you are – you are quite pleased with
RICHARD: Absolutely fantastic news yesterday, it really is absolutely tremendous, such a great offer from them, such a major group, it really is a transformational moment for the company, it’s an excellent offer and we’re delighted to be working with them. It’s bringing in substantial sums of cash so things can proceed at a far greater pace. They have the structure, they have the ability, they have the funding, they have the know-how, so the deal is fantastic, it really puts us on the map, here we have a major partner, with the sort of financial resources which – which are quite enormous, and this is a fortune 500 company that is behind us. This is the Koc family, there actually own Demir Export, the mining company, they own, the family own it themselves, an immensely wealthy family, and for them to take an interest like that is just tremendous. It means the funds, in depth, are there, both to things rapidly, to do them very comprehensively, and to be able to if, for example, the Fosterville comparison turns out to be correct, well, they have the money to develop that sort of major mine. So it’s really tremendous, it’s really what we’ve been looking for, for many years, I – I must say, far greater than out hopes, so it’s fantastic. And we can, under the terms they’re offering us, we can in actual fact hold on to no less than twenty-five per cent of the mine, and they will provide us with the funds, to do so and take then back out of the profits of the mine, so it’s a very, very, very good deal indeed. They came to us and they offered it and make no if or buts about it it's a much better deal and they’ve got on with it, arranging it and so on.it it was a little bit of a difficult situation; people in the market, very understandably, looking for the news that we’d finally signed off with AAZ and we couldn’t say to them look, we’ve been approached by a far bigger player with a far better offer and we can’t say anything about it though until it’s signed! I can understand some people, in the market, being momentarily disappointed but if they look at it and consider it at all they’ll immediately realise it puts us in a totally different bracket – and we look forward very much now to driving ahean now with the clontibret deposit, and it will be quite a big deposit, but also with all the other aspects of the new district scale gold trend that we’ve discovered. It really is absolutely fantastic to have this and of course we had to keep this confidential that we had had this approach,, we couldn’t say anything about it, but obviously as soon as we signed it, we informed the AAZ people that we would, sadly,

"For electric vehicle batteries and energy storage, the EU would need up to 18 times more lithium and five times more cobalt in 2030, and almost 60 times more lithium and 15 times more cobalt in 2050, compared to the current supply to the whole EU economy. If not addressed, this increase in demand may lead to supply issues."

Accordingly, having spent many months searching for the right project, we were delighted to be given the opportunity to play a role in the EV revolution through developing the Zinnwald Lithium Project. This project ticked many boxes for us:

· Compelling market: lithium is an important component of battery chemistry and demand for batteries is anticipated to grow due to factors including a transition to EVs.

· Flexible strategy: opportunity to produce several high-value, battery-grade lithium products including LiF, Li2CO3 and LiOH*H2O.

· Strategic location: situated in Germany, which is host to both a major automotive industry and several major chemical producers.

· World class attributes: a September 2020 Feasibility Study on the Project estimated a pre-tax, NPV of approximately €428 million (discounted at 8%); an Internal Rate of Return of 27.4%; and an average life of mine annual EBITDA of €58.5 million.

· Robust mine plan: a 30-year Feasibility Study mine plan equating to the extraction of less than 50% of the currently identified resource and mining licence in place.

· Available expertise: technical expertise in Germany at the project level consisting of world-leading scientists, engineers and geologists.

Our aim now is to advance the Project to production. Accordingly, key work streams have been planned for 2021 to position Zinnwald Lithium to make the transition from developer to producer. These include engaging with potential off-take partners; advancing discussions with potential financing partners; performing the necessary testwork to assess the commercial viability of producing a broader range of lithium compounds; undertaking front-end engineering design work; finalising the selection of the optimal chemical processing site location and completing the final steps in the permitting process for the construction and operation of the mine. We have already made steps towards achieving several of these targets.

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