Splatter from exhaust

On startup sooty condensation shoots out of from the front part of both silencers onto the swingarm as per photo. Corroded exhaust?

It’s unlikely to be as a result of corrosion in the exhaust (although they do rot from the inside out quite well).

From my experience, when the exhaust rots, it’s the collector that rusts into holes; mine rotted at the muffler spigots on the collector.

The deposits in your photo look to be too black for rust. It’s probably soot as you describe.

Are you running too rich? Are you burning oil? Both of these can result in a sooty exhaust.

What happens if you start it without choke when the engine’s up to temperature?

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Only happens on cold startup which I suspect is the usual condensation with soot. Does run a little rich which I am adjusting via mixture screws and if this does not lean it out then check the float levels.
Is there a drain hole in the silencer at this point to allow condensation to drain?

Stock pipes do have a drain hole at the base of the silencer.