This is a leak on the engine... there is a little splattering on the engine mount arm and gearchange cables from it as well.
New cylinder. Doesn't seem to be a leak dribbling for elsewhere... carb box is nice and dry, cylinder head is nice and dry.
Is this normal blow-out around the flange threads or where the flange meets the exhaust pipe (can't tell which but my vote is coming down from the cylinder from the way it looks rather than up from the pipe)
Thanks!