Good morning all,
First ride after engine rebuild.
And it looks like I have a base gasket leak.
I know there can be leakage from the exhaust joint, but that looks dry to me
Thoughts / suggestions?!
Thanks,
Mike

What makes you think you have a base gasket leak?

You have not given us much to go on other than you think you have one.

Yes - you are right. Didn’t realise photos weren’t posting.
Just joining a photo sharing site so the problem can be seen :-)

Can you see photos here:

photos.app.goo.gl/FcfC41zzLSKWXa8PA

The cylinder base gasket leaked on my DT2 last year after I removed the jug and put it back on with a new Yamaha brand base gasket, not using Yamabond. This winter I replaced the gasket, again with a Yamaha brand base gasket and this time using Yamabond #4 on both gasket surfaces. After two rides totalling 30 miles I see no evidence of anymore leaking.
The 2-Stroke oil leaking from my base gasket looked like the Yamaha 2S 2-Stroke oil I use, not what appears to be shown running down onto your transmission.

Mine is leaking from the front. Oil is black so post combustion I assume. Will get handy with some talc to try to be sure where it is coming from.
Thanks for the tip about yamabond 4.

I do not think its the base gasket.  I think it is cleaning fluid or oil from the cylinder hold down nuts or studs.

Engine gets hot, trapped oil expands and forces its way out through the gasket.  Seen that loads of times.

I remember in particular, a Volvo D7C that had a head gasket problem in my department.  Oil seeping out from the gasket when the engine got hot. The lad changed the gasket two or three times without result.  In the end I observed him changing the gasket and putting the head on.  He was very liberal with the oil on the bolt threads.  He was dipping the bolts in a jar of oil to speed up the process.
Gasket "leaked".
Told him to change it again, but this time with just a dab of oil on the threads.  No leak.

Well that’s a very interesting comment…. Thank you!
Will give it a clean and do a bit more running about before doing anything drastic then.
Thank you… as I have said before, this is a great site!

I would clean the area and retorque your bolts 

Talc idea is a great one.  I agree looks like "after combustion" oil. 

I had a 175 that had a similar dark black leak...  it turned out to be coming from a pinhole in the exhaust pipe belly seam, oil was actually dripping from above the reed valve and running forward.

If I remember correctly, it stopped itself once the excess oil from assembly burned out of the pipe.