Q2 2024 Thor Explorations Ltd Earnings Call
to get to do so.
Following Paul.
I like to hand, you over to CEO shaken loose and good afternoon to yourself.
Operator: Good afternoon, Sir. Good afternoon.
Theo Sheggin Lawson: Before we begin, I'd like to look at the following poll and I'd like to hand you over to Theo, Sheggin Lawson.
Theo Sheggin Lawson: Good afternoon, Mr Sir. Good afternoon.
shaken loose: Good afternoon.
Speaker: I'm pleased to be here to report on our Q2 performance and H1 performance and provide our outlook for the remainder of the year and also talk about current operational activities with exploration in Nigeria and the advancing of our beta project in Senegal.
Theo Sheggin Lawson: I'm pleased to be here to report on our Q2 performance and H1 performance and provide our outlook for the remainder of the year and also to talk about current operational activities with exploration in Nigeria and the advancing of our beta project in Sanago.
shaken loose: I'm pleased to be here to report on our Q2 performance.
Speaker Change: And H, one performance and provide our outlook for the remainder of the year and also talk about our current operational activities with exploration in Nigeria, and the advancing of our teacher project in Senegal.
shaken loose: Yeah.
Speaker: So, there's a disclaimer. There will be forward-looking statements in this presentation. So, I always give an introduction of who we are in an overview with Thor Explorations, where West African-focused gold producer with an exploration portfolio in Nigeria and in Senegal. Our flagship project is the Segurola Gold Project, which underpins our value and generates our cash flow. Last year was our second calendar year of production, where we produced around about 85,000 ounces. This year we have a production guidance which has been reduced to 90,000 ounces, and we believe we are on track to deliver that. Our resource in Nigeria is based on our DFS, which had delineated a reserve of 518,000 ounces of gold grading at 4.2 rounds per tonne.
Theo Sheggin Lawson: So there's a disclaimer, there will be forward-looking statements in this presentation. So I always give an introduction of who we are and overview with Thor Explorations, where West Africa-focused gold producer with an exploration portfolio in Nigeria and in Sanago. Our flagship project is the Segalover gold project which underpins our value and generates our cash flow. Last year was our second calendar year of production, where we produced around about 85,000 ounces. This year we have a production guidance which has been reduced to 90,000 ounces and we believe we are on track to deliver that.
shaken loose: So there's a disclaimer there will be forward looking statements in this presentation.
shaken loose: Yeah.
shaken loose: Okay.
shaken loose: So I always give an introduction of who we are in our view with Thor explorations, where west Africa focused gold producer.
shaken loose: With an exploration portfolio in Nigeria and in Senegal.
shaken loose: <unk> project is a secular the go project, which underpins our valley and generate solid cash flow.
shaken loose: Last year was our second calendar year of production. We produced run about 85000 ounces. This year, we have a production guidance, which has been reduced to 90000 ounces.
shaken loose: And we believe we are on track to deliver that.
Theo Sheggin Lawson: Our resource in Nigeria is based on our DFS which had delineated a reserve of 518,000 ounces of gold, grading at 4.2 rounds per tonne. We also have an advanced exploration project in Sanago, a data project, where we have a global resource of about 1.78 million ounces. We have a 70 percent economic interest there. That resource is divided between almost 50-50 between an indicated and inferred resource. It's in a very prospective location, approximately 5 kilometers from the Sauer and we have just completed 15,000 meter drilling program there with results happening.
shaken loose: Our resource in Nigeria is based on our DFS, which had delineated a reserve of 518000 ounces of gold grading up four two grams per tonne.
Speaker: We also have an advanced exploration project in Senegal, a data project, where we have a global resource of about 1.78 million ounces. We have a 70 percent economic interest there. That resource is divided between almost 50, 50 between an indicator and inferred resource. It's in a very prospective location approximately 5 kilometers from the sour, and we have just completed a 15,000 meter drilling program there with results. Lastly, we have a portfolio of licenses in Nigeria, where we believe we are a first mover in the mining sector. We have a portfolio of lithium exploration ground, where we carry out early stage exploration on a number of prospective sites.
shaken loose: We also have a of an advanced exploration project in Senegal, The <unk> project, where we have a global resource of about $1 seven to 8 million ounces.
shaken loose: We have a 70% <unk>.
shaken loose: Economic interest there that resources divided between almost 50 50 between an indicated and inferred resource.
shaken loose: It's in a very prospective location approximately five kilometers from the seller and we have just completed.
shaken loose: 15000 meter drilling program there with results pending.
Theo Sheggin Lawson: And lastly we have portfolio of licenses in Nigeria where we believe we are a first mover and mining sector. We have a portfolio of lithium exploration ground where we are carrying out early stage exploration on a number of prospective sites. We're also growing our land packets there at very little cost. We have initial encouraging results, drilling results and we're looking to build on that slowly through the course of this year. There's an ongoing drill program which is being used to test various targets we are delineating.
shaken loose: And lastly, we have a portfolio of licenses in Nigeria, where we believe we are a first mover in the mining sector. We have a portfolio of lithium exploration ground, where we are carrying out early stage exploration on a number of prospective sites.
Speaker: We're also growing our land pack; is there at very little cost. We have initial encouraging results, and we're looking to build on that slowly through the course of this year. There's an ongoing drill program, which is being used to test various targets we are delineating.
shaken loose: Growing our land package there at very little cost.
shaken loose: We had initial.
shaken loose: Encouraging results.
shaken loose: Drilling results and we're looking to build on that slowly through the course of this year Theres, an ongoing drill program, which is being used to test.
shaken loose: Various targets we are delineating.
shaken loose:
Speaker: Going into our Q2 performance. Q2 was a very strong quarter for us, operationally and financially. We sold 23,588 ounces of gold, which for the quarter was a rare record. We were very pleased to do so at prevailing high-goal prices. We achieved an average real-life gold price of $2,309 per ounce. We were very pleased how we managed to stay on top of our costs as well, with a cash operating cost of $585 per ounce. All-in sustaining costs for the quarter of $802 per ounce. I will say that we did push high-grade material through the mill and put some lower-grade material onto the stockpile, and hence the lower oil in sustaining.
Theo Sheggin Lawson: So going into our Q2 performance. So in Q2, it was a very strong quarter for us, operationally and financially, we sold 23,588 ounces of gold, which for the quarter was a rare record. And we were very pleased to do so at prevailing high gold prices. We achieved an average realized gold price of $2,309 per ounce. We're very pleased how we managed to stay on top of our costs as well with a cash operating cost of $585 per ounce and all in sustaining costs for the quarter of $802 per ounce.
shaken loose: So going into our Q2.
shaken loose: <unk>.
shaken loose: Yeah.
So in Q2, it was a very strong quarter for us operationally and financially.
shaken loose: We sold 23000 and 588 ounces of gold.
shaken loose: Which for the quarter was a record.
shaken loose: And it was we were very pleased to do so at prevailing high gold prices, we achieved an average realized gold price was $2309 per ounce.
shaken loose: Very pleased how we managed to stay on top of our costs as well with a cash operating cost of $585 per ounce.
shaken loose: And all in sustaining cost for the quarter of $802 per ounce I will say that we did push.
Theo Sheggin Lawson: I will say that we did push high grade material through the mill and put some lower grade material onto the stock pile and hence the lower oil and sustaining. It was our revenues for the quarters just under $54 million and we had a net profit which was another record in the quarter of $27.5 million and an EBITDA of $37.5 just over $37.5 million. In terms of cash and cash equivalence, we had about $7.5 million that we were pleased to pay down significant, another significant tranche of our senior debt facility with the outstanding amount remaining just over $6 million which will all be gone by the end of this year.
shaken loose: Higher grade material through the mill and put some lower grade material onto the stockpile and hence the lower all in sustaining.
Speaker: for the quarter. It was our revenues for the quarters just under $54 million, and we had a net profit, which was another record in the quarter of $27.5 million, and then EBITDA of $37.5, just over $37.5 million. In terms of cash and cash equivalence, we had about $7.5 million that we were pleased to pay down significant, another significant tranche of our senior debt facility, with the outstanding amount remaining just over $6 million, which will all be gone by the end of this year. We have two tranches left to pay over the next two quarters and leaving us in the net debt position of $2.7 million.
shaken loose: Cost for the quarter it.
shaken loose: It was our revenues for the quarter was just under $54 million and we had a net profit which was another record in the quarter of $27 $5 million and an EBITDA of $37 five just over 37 point.
Speaker Change: Five of them.
Speaker Change:
Speaker Change: Uh huh.
Speaker Change:
Speaker Change: In terms of our cash.
Speaker Change: Cash and cash equivalents, we had about seven and a half million dollars. We're pleased to pay down a significant another significant tranche of our.
Senior debt facility with the outstanding amounts remaining.
Speaker Change: Over $6 million, which will all be gone by the end of this year, we have three tranches left to pay off.
Theo Sheggin Lawson: We have two tranches left to pay over the next two quarters and leaving us in a net debt position of $2.7 million. So, like we see particularly being supported by these times of very high gold prices, we're going to record the G and we continue to strengthen our balance sheet through the course of this year. In terms of $4.7 million which was about $421,000 of all mine at a grade of $1.77 rounds per tonne.
Speaker Change: Next two quarters, and leaving us in a net debt position of $2 $7 million.
Speaker: So like we see particularly being supported by these times of very high gold prices, were rapid energy and we continued to strengthen our balance sheet through the course of this year. In terms of 4.7 million tons, which was about 421,000 tons of all mine at a grade of 1.77 rounds per ton. We have built up our stockpile; we have over a million tons of all on our stockpile, which can be processed over the course of over one year. So we're very encouraged by that, and there will be a period, in according to the mine plan, where the physical mining is significantly reduced and stopped, and all we're doing is processing the stockpile at a very low cost.
So like we see particularly.
Speaker Change: Being supported by visa times of very high gold prices.
Speaker Change: Yeah.
Speaker Change: G and we continued to strengthen our balance sheet.
Speaker Change: Through the course of this year.
Speaker Change: Yeah.
Speaker Change:
Yeah.
In terms of all.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: But just going from $4 7 million.
Speaker Change: Which was about.
Speaker Change: About 491000 tonnes of ore mined at a grade of 177 grams per tonne. We have built up our stockpile, we have over a million tons of ore on our stockpile, which can be process over the course of over one year.
Theo Sheggin Lawson: We have built up our stockpile, we have over a million tons of ore on our stockpile which can be processed over the course of over one year. So, we're very encouraged by that. There will be a period in according to the mine plan where the physical mining is significantly reduced and stopped and all we're doing is processing the stockpile at a very low cost. In terms of processing, we processed a lower amount this quarter but a significantly higher grade we processed $174,000 tons at a grade of $3.42 grams per tonne.
Speaker Change: So we're very encouraged by that and there will be a period in according to the mine plan, where the physical mining is significantly reduced and stopped and all we're doing is processing the stockpile at a very low cost the grade in terms of processing, we processed a lower amount this quarter.
Speaker: The grade in terms of processing we processed a lower amount this quarter but a significantly higher grade. We processed 174,000 tons at a grade of 3.42 grams per ton. We did complete the upgrade of our plant. We had made a number of changes which had kicked off in Q3 and Q4 last year, and this was commissioned during the period, and we were very pleased with how that what that resulted in recovery rate of 94.6%, which was the highest recovery rate over the last five quarters. And so now what we're trying to do is maintain these levels of processing and this level of recovery.
Speaker Change: But at a significantly higher grade, we processed 174000 tonnes at a grade of $3 40.
Speaker Change: Grams, a tonne we did complete the upgrade of our ERP.
Theo Sheggin Lawson: We did complete the upgrade of our plant. We had made a number of changes which had kicked off in Q3 and Q4 last year and this was commissioned during the period. We were very pleased with how that resulted in recovery rate of 94.6% which was the highest recovery rate over the last five quarters. So, now what we're trying to do is maintain these levels of processing and this level of recovery. We also are in a position in the mine where through the course of the year we're now entering into relatively high grade area.
Speaker Change: We have made a number of changes with it kicked off in Q3 and Q4 of last year and this was commissioned during.
Speaker Change: During the period and we were very pleased with how that.
Speaker Change: What that resulted in a recovery rate of 94, 6%, which was the highest recovery rates over the last five quarters and so now what we're trying to do is maintain these levels of processing.
Speaker Change: And.
Speaker Change: This level of recovery.
Speaker: We also are in a position in the mine where, through the course of the year, we're now entering into a relatively high grade area. We do see ourselves slightly higher than the 3.4 grams per ton being processed from now through to the end of the year. This resulted in a total of 18,000 answers of gold recovered, and we also poured 3,000 ounces more than was recovered really because during the course of the upgrade to the plant there was a buildup of golden circuits up to about 11,000 ounces. We are looking to pull down on that golden circuit throughout the course of the year and hopefully once we've done that stabilizes a level between 1,500 and 2,000 ounces of gold in circuits.
Speaker Change: We also.
Speaker Change: And our position in the mine where through the course of the year, we're now entering into.
Relatively high grade area, we do see ourselves slightly higher than the three four grams per tonne being processed from now through to the end of the year.
Theo Sheggin Lawson: We do see ourselves slightly higher than the 3.4 grams per tonne being processed from now through to the end of the year. This resulted in a total of 18,000 answers of gold recovered and we also poured... 3,000 ounces more than was recovered really because during the course of the upgrade to the plant, there was a build up of gold in circuits up to about 11,000 ounces. We are looking to pull down on that golden circuit throughout the course of the year and hopefully once we've done that, stabilise as a level between 1,500 and 2,000 ounces of gold in circuits.
Speaker Change: This resulted in a total of 18000 ounces of gold recovered.
Speaker Change: And we also report.
Speaker Change: <unk> 3000 ounces more than was recovered them really because during the course of the.
Speaker Change: Grade to the plant there was a buildup of Golden circuits up to about 11000 ounces. We are looking to pull down on that Goldman second throughout the course of the year and hopefully once we've done that.
Stabilized at a level of between 1005 hundred in 2000 ounces of gold and circuits.
Speaker Change: Yeah.
Speaker Change: Yeah.
Theo Sheggin Lawson: I have had a few inquiries as to what it's like operating in Nigeria and I guess we do have a lot of, should I say new shareholders or potential shareholders looking at the company who don't know anything about Niger in the mining sector really because I guess we are a pioneer. This is still the only large scale gold mining in Nigeria.
Speaker: I have had a few inquiries as to what it's like operating in Nigeria, and I guess we do have a lot of new shareholders or potential shareholders looking at the company who don't know anything about Nigeria in the mining sector, really, because I guess we are a pioneer. This is still the only large scale gold mining in Nigeria, so in that regard, I'll go through the slide again, which we kept on our presentation for a while. It's the major economy in Africa. It has a politically stable environment where we haven't had any clues for 40 years.
Speaker Change: I have had.
Speaker Change: A few inquiries S T a.
Speaker Change: What it's like operating in Nigeria, and I guess, we do have a lot of shall I say new shareholders potential shareholders looking at the company, who doesn't know anything about Nigeria in the mining sector really because I guess, we are a pioneer of this is the.
Speaker Change: Still the only large scale gold mining in Nigeria.
Theo Sheggin Lawson: So in that regard, I'll go through this slide again, which we kept on our presentation for a while. It's the major economy in Africa. It has a politically stable environment where we haven't had any coups for 40 years. There's been a presidential election about 12 months ago and we've managed to operate since smoothly with any issues. We've been in the country for seven years and haven't had any incidents that have disrupted our activities.
So in that regard.
Speaker Change: I'll go through this slide again, which we've kept them.
Speaker Change: In our presentation for a while is the major economy in Africa.
Speaker Change: It has a politically stable environments, where we haven't had any koos and for 40 years.
Speaker: There's been a presidential election about 12 months ago, and we've managed to operate since smoothly with any issues. We've been in the country for seven years and haven't had any incidents that have disrupted our activities. Yes, it's not known as a mining destination, but it has got an established industrial base, a huge cement industry, obviously a massive oil and gas industry with a lot of transferable skills, and a good access to labor. Finally, the last two points on the slide are there is very strong support from the Ministry of Mines and the government trying to diversify the economy away from oil and gas.
Speaker Change: Theres been a presidential election about 12 months ago and.
Speaker Change: We've managed to operate since smoothly without any issues.
Speaker Change: We've been in the country for seven years and haven't had any incidents.
Speaker Change: Disrupted our activities.
Theo Sheggin Lawson: Yes, it's not known as a mining destination, but it has got an established industrial base, huge cement industry, obviously massive oil and gas industry with a lot of transferable skills and a good access to labour. And finally, the last two points on the slide is there's very strong support from the Ministry of Minds and the government trying to diversify the economy away from oil and gas. Hence the incentives that are in place for us are extremely enabling.
Speaker Change: It's not known as a mining destinations, but it has got an established industrial base huge cement industry, obviously, a massive oil and gas industry with a lot of transferable skills and good access to labor.
Speaker Change: And <unk>.
Finally, the last two points on this slide as you know Theres very strong support from the Ministry of mines and the government tried.
Speaker Change: Trying to diversify the economy away from oil and gas.
Speaker: Hence, the incentives that are in place for us are extremely enabling. We earn our project 100%. We have a favorable royalty rate. We have a five-year period of corporate tax holiday, and lastly, we do believe we're in an area with immense geological potential which has been largely under-explored. In that regard, we think the biggest wins and our primary targets for the remainder of the year is to extend this my life. We have put ourselves in a position where we have no more capital requirements expenditures significant capital requirements expenditures. We will be completely delivered from the end of the year.
Speaker Change: Hence the incentives that are in place for us extremely enabling we earn our project 100%.
Theo Sheggin Lawson: We earn our project 100%. We have a favorable royalty rate. We have a five year period of corporate tax holiday. And lastly, we do believe we're in an area with immense geological potential, which has been largely under explored.
Speaker Change: We have a favorable royalty rate, we have a five year period of <unk>.
Speaker Change: Corporate tax.
And lastly, we do believe we're in an area with immense geological potential which has been largely under explored.
Speaker Change: Yeah.
Speaker Change: Yeah.
Theo Sheggin Lawson: In that regard, we think the biggest wins and our primary targets for the remainder of the year is to extend this my life. We have put ourselves in a position where we have no more capex requirements, expenditures, significant capex requirements, expenditures. We will be completely delivered from the end of the year. We are rapidly strengthening our balance sheet and paying down our accounts payable. So any significant increase to the my life, or shall I say any incremental answer we find is hugely valid and creative to us as a company.
Speaker Change: In that regard, we think the biggest wins in AR.
Speaker Change: Primary targets for the remainder of the year is to extend this is my life we have.
Speaker Change: Put ourselves in a position, where we have no more capex requirements expenditures significant capex requirement expenditures.
Speaker Change: We have we will be completely de leverage from the end of the year we are rapidly.
Speaker: We are rapidly strengthening our balance sheet and paying down on our accounts payable. So any significant increase to the my life or shall I say any incremental answer we find is hugely valuable to us as a company.
Speaker Change: Strengthening our balance sheet and paying down our accounts payable so any significant increase to the mine life or should I say any every incremental ounce refined is hugely.
Speaker Change: Accretive to us as a company.
Theo Sheggin Lawson: And what I would like to talk to on this slide is how our exploration underneath the pit has evolved since having this asset. We have delineated an underground resource of 135,000 answers, grading it over five and a half grounds per tonne. What you see in the top image in purple, you see our open pit and then the colors underneath it are the resource colors that we delineated while we were putting while we were defining the resource through a diamond, including a program where we drilled over 12,000 meters.
Speaker: And what I would like to talk to on this slide is how our exploration underneath the pit has evolved since having this asset. We have delineated an underground resource of 135,000 answers, grading it over five and a half grounds per tonne. What you see in the top image in purple, you see our open pit, and then the colors underneath it are the resource colors that we delineated while we were putting it while we were defining the resource through a diamond-clothing program where we drilled over 12,000 meters. A couple of key points are that we had never closed out this resource at depth.
Speaker Change: And what I would like to talk to on this slide is how what are how our exploration underneath the pit has evolved since.
Speaker Change: Having this asset.
Speaker Change:
Speaker Change: B, we have delineated an underground resource of 135000 ounces grading at over five and a half grams per ton what you see in the top image.
Speaker Change: In total you see a open pit and then the colors underneath it.
Speaker Change: Ah the resource colors that we delineated, while we were putting what we would define the resource.
Speaker Change: Through a diamond drilling program, where we drilled over 12000 meters.
Theo Sheggin Lawson: A couple of key points are that we had never closed out this resource at depth and secondly, this was our understanding you could see the high grade shoots we defined were almost vertical. If you look at the image on the bottom, this is following the completion of structural studies by two independent structural geologists, structural geology, thousands that have visited the sites through the course of the year, and also compiling the great control data we've had we've now built up since completing the resource model over the course of the last three years.
A couple of key points that we had never close that this resource at depth.
Speaker: And secondly, this was our understanding. You could see the high-grade shoots we defined were almost vertical. If you look at the image on the bottom, this is following the completion of structural studies by two independent structural geologists, structural geology consultants that have visited the sites through the course of the year and also compiling the great control data we've had. We've now built up since completing the resource model over the course of the last three years. And what you can see in the bottom image that differs from the top image is how tightly constrained the pink areas are that the pink shoots, which are the high-grade areas grading above five grams per tonne.
Speaker Change: And secondly, this was all understand that you could see the high grade shoots be redefined what almost vertical if you look at the image on the bottom.
Speaker Change: This is a.
Speaker Change: Following the completion of structural studies by two independent retro geologist.
Speaker Change: The structural geology.
Speaker Change: Instead of visiting the sites through the course of the year and also compiling the great control data. We've had we've now built up since completing the resource model.
Speaker Change: Over the course of the last three years.
Theo Sheggin Lawson: And what you can see in the bottom image, the difference from the top image is how tightly constrained the pink areas are that the pink shoots, which are the high grade areas grading above five grams per tonne. The gently sloping shallow sloping high grade shoots dipping from north to south as opposed to vertically as we previously see. So we're now in a position where we're very encouraged by this, we've kicked off a 12,000 meter program chasing these shoots to the south with the aim of increasing the underground resource.
Speaker Change: And what you can see in the Boston image that differs from the top image is how tightly constrained pink areas are that the pink sheets.
Speaker Change: Which is the high grade areas grading above five grams per tonne.
Speaker: They're gently sloping, shallow sloping, high-grade shoots dipping from north to south, as opposed to vertically, as we previously see. So we're now in a position where we're very encouraged by this. We've kicked off a 12,000 meter program chasing these shoots to the south with the aim of increasing the underground resource. It's probably worth mentioning that at the time of carrying out this resource, gold was probably trading at $1,600 per ounce. We're now trading at $2,500 per ounce. There's significant scope for the pit to go deeper prior to transitioning into an underground. So we do see some low hanging fruit here in terms of extending the my life.
They're generally sloping shallow sloping high grade shoots dipping from north to south as supposed to vertically as we previously shared.
Speaker Change: So we're not in a position where we were we're very encouraged by this we've kicked off a 12000 meter program chasing these sheets to the south.
Speaker Change: With the aim of increasing.
Speaker Change: The underground resource.
Theo Sheggin Lawson: It's probably worth mentioning at the time of carrying out this resource gold was trading at $1,600 per ounce, we're now trading at $2,500 per ounce, there's significant scope for the pit to go deeper prior to transitioning into an underground. So we do see some low hanging fruit here in terms of extending the mine life. The drilling is ongoing now. Now we aim to release our first set of resource, through the course of September and throughout to the end of the year. This 12,000 meters is an initial program to continue to chase this concept, however should it be successful, we can rapidly upgrade the number of meters and that's our intention.
Speaker Change: Probably worth mentioning at the time of carrying out this resource gold is probably gold was trading at $600 per ounce, where now trading at $2500 per ounce.
Speaker Change: Significant scoop for the pit to go deeper.
Speaker Change: Higher to transitioning into an underground so we do see some low hanging fruit here in terms of extending the mine life.
Speaker: The drilling is ongoing now. We aim to release our first set of material resource results, sorry, through the course of September and throughout to the end of the year. This 12,000 meters is an initial program to continue to chase this concept. However, should it be successful, we can rapidly upgrade the number of meters, and that's our intention.
Speaker Change: The drilling is ongoing now we aim to.
Speaker Change: Release, our first set of material resource results sorry through the course of September and throughout to the end of the year. This 12000 meters is an initial program to continue to chase.
Speaker Change: Chase this concept.
Speaker Change: However, should it be successful where we can.
Speaker Change: Rapidly.
Speaker Change: Upgrade the number of meters and that's our intention.
Speaker Change: Yeah.
Speaker: We've also continued to acquire additional exploration tenure. You can see in blue on this map on the left-hand side is the licenses we currently own 100%. We have drilled to success a number of small deposits and discoveries. We've also, through our reconnaissance and desktop studies of the region, identified in the area to the south of Sagalola, and we've assembled a land package there. We've started carrying out soldier chemistry surveys on the land package, and we're pleased to say we've delivered to the second section of anomalous ground down there. We're wetting these up into drill targets over the through Q3, and we hope an aim to start throwing the before the end of this year.
Theo Sheggin Lawson: We've also continued to acquire additional exploration tenure, you can see in blue on this map on the left hand side is the licenses we currently own 100%. We have drilled to success a number of small deposits and discoveries. We've also, through our reconnaissance and desktop studies of the region, identified in the area to the south of Segalola and we've assembled a land package there. We've started carrying out soil geometry surveys on the land package and we're pleased to say we've delivered seven tons of satellite of anomalous ground down there, we're wetting these up into drill targets over the Q3 and we've got an aim to start drilling before the end of this year.
Speaker Change: We've also continued.
Speaker Change: <unk> continued to acquire additional exploration tenure.
Speaker Change: You can see in blue.
Speaker Change: On this map on the left hand side is the licenses we currently own 100% we have drilled to success.
Speaker Change: We're a small deposits.
Speaker Change: And discoveries.
Speaker Change: We've also through.
Speaker Change: Through our reconnaissance and desktop study.
Speaker Change: Studies of the region.
Speaker Change: Densify it in the area to the south of cellular and we've assembled a land package that we've started carrying out.
Jay: So Jay chemistry.
Jay: Surveys on the land package.
Jay: And we are pleased to say we've delivered.
Jay: Yep.
Jay: Lack of anomalous ground down there we are working to ease up into drill targets.
Jay: Over Q.
Jay: Q3 and.
Jay: And aim to start trading the.
Jay: Before the end of this year.
Speaker: One thing we're also going to be positioning ourselves to do by the end of the year is to complete a study on mining the satellite deposits and transporting them to Sagalola and stop piloting there. We do believe where we sit at the moment there is material upside already based on the ground and the satellite deposits in terms of valuation and extending the mine life.
Theo Sheggin Lawson: One thing we're also going to be positioning ourselves to do by the end of the year is to complete a study on mining the satellite deposits and transporting them to Segalola and stop piling them there. So, we do believe where we sit at the moment there is material upside already based on the ground and the satellite deposits in terms of valuation and extending the mine life.
Jay: One thing, we're also going to be positioning ourselves.
Jay: To do by the end of the year is to complete study on mining the satellite deposits.
Jay: Transports intracellular and stockpiling.
Jay: So we do believe.
Jay: Where we sit at the moment there is.
Jay: Material upside already based on the ground and the satellite deposits in terms of valuation and extending the mine life.
Jay: Yeah.
Jay: Yeah.
Jay: That's it on my junior gold out and I'll touch on.
Speaker: That's it on my dear gold.
Theo Sheggin Lawson: That's it on my dear Gold, I'll now touch on our Senegal Gold project. Senegal is obviously a much more advanced jurisdiction in terms of gold production, gold exploration and gold mining, we have a very prospective bit of ground, we've always been very excited about, which we've been advancing over the years, this project here is in terms of answers a lot bigger than what we have in Nigeria all be it is a lower grade and we've been drilling this through the course of the last few years growing the resource.
Speaker: I'll now touch on our Senegal gold project. Senegal is obviously a much more advanced jurisdiction in terms of gold production, gold exploration, and gold mining. We have a very prospective bit of ground. We've always been very excited about which we've been advancing over the years. This project here is... in terms of answers a lot bigger than what we have in Nigeria all be it is a lower grade and we've been drilling this through the course of the last few years growing the resource. We've carried out a 15,000 meter drill program this year. We had a very nice set of results in the period and which is press release on June 25th.
Jay: Senegal Gold project.
Jay: Senegal is obviously a much more advanced jurisdiction in terms of gold production gold exploration and go mining we have a very prospective but about we've always been very excited about which we've been advancing over the years. This project here is.
Jay: In terms of ounces a lot bigger than what we have in Nigeria, albeit at a lower grade.
Jay:
We've been drilling this through the course of.
Jay: The last few years a growing resource.
Jay: We've.
Theo Sheggin Lawson: We've carried out a 15,000 meter drill program this year. We had a very nice set of results in the period and which is press release on June 25th. We will be making, we will be updating the market with the next set of results very shortly and the final set of results in early September. The Duta project itself has 1.78 million answers. What is very attractive about this is this project is on a 7-kilometer flight length and our average depth is just around about 70 meters.
Jay: Carried out a 15000 meter drill program. This year, we had a very nice set of results in the period.
Jay: Which was press release on June 25th we will be making we will be updating the market with the next set of results very shortly and the final set of results.
Speaker: We will be making; we will be updating the market with the next set of results very shortly, and the final set of results in early September. The Duta project itself has 1.78 million answers. What is very attractive about this is this project is on a 7 km flight length and our average depth is just around about 70 meters. So there's still a lot of scope to go deeper here. This is by no means closed out. In terms of what we're valued at and recognize that, I believe we're recognized as a single project producer, a majorial single project producer.
Jay: Early.
Jay: September.
Jay: The <unk> project itself.
Jay: Has 1.78 million ounces a walk is very attractive about this is this project is on a seven kilometer strike length.
Speaker Change: Average depth is just roundabout 70 meters. So there's still a lot of scope to go deeper here. This is by no means closed up.
Theo Sheggin Lawson: So there's still a lot of scope to go deeper here, this is by no means closed out. In terms of what we're valued at and recognise that, I believe we're recognised as a single project producer and my serious single project producer. I believe this project has scope to deliver a significant value to the company and its shareholders over the next few years. We are our drill results. Our further results show mineralisation from surface, stunning intersections.
Jay:
Jay: In terms of.
Jay: We're value that and recognize that I believe were recognized as a single project producer, Nigeria single project producer.
Speaker: I believe this project has scope to deliver a significant value to the company and its shareholders over the next few years. We are our drill results; our third drill results show mineralization from surface, stunning intersections. For example, the intersection we've shown here on the slide: 24 meters of 3.5 grams per ton from surface, wide intersections; 12 meters of 1.4 grams per ton, 9 meters of 2.74, and 8 meters of 1.13. As you can see, these are all very shallow intercepts targeting the oxide. We are, we just subsequent to the period we completed our 15,000 meter drill program and we're now in the process of completing the remaining work streams for our preliminary feasibility study, which will require these drill results.
Jay: I believe this project has scope to deliver significant value to the company and its shareholders over the next few years.
Jay: We are.
Jay: Our drill results.
Jay: The results show mineralization from surface.
Jay: Stunning intersections.
Theo Sheggin Lawson: For example, the intersection we've shown here on the slide, 24 meters of 3.5 grams per tonne from surface, wide intersections, 12 meters of 1.4 grams per tonne, 9 meters of 2.74 and 8 meters of 1.13. As you can see, these are all very shallow intercepts targeting the oxide. We are, we just subsequent to the period we completed our 15,000 meter drill programme and we're now in the process of completing the remaining work streams for our preliminary feasibility study, which will require these drill results.
Jay: For example, the inception, we've shown here on slide.
24 meters at three and a half grams per tonne from surface.
Jay: While in section 12 meters at one four grams per tonne nine meters at two separate four and eight meters at 1.13 as you can see these are all very shallow in steps targeting the.
Jay: The oxide.
Theo Sheggin Lawson: The key components that are being finished off are the met work, which will be impacted into operating the resource as well. And then the subsequent operating resource will be the preliminary feasibility study. And that's all happening prior to the end of this year.
Jay: We are we just subsequent to the period, we completed our.
Jay: 15000 meter drill program and we're now in the process of.
Jay: Completing the remaining work streams for a preliminary feasibility study, which will require these drill results.
Speaker: The key components that are being finished off are the met work, which will be impacted into operating the resource as well. And then the subsequent up and going resource will be the Preliminary Feasibility Study. And that's all happening prior to the end of this year.
Jay: The key components that are being finished off our.
Jay: <unk> work, which will be emitted into upgrading the resource as well and then subsequent to upgrading the resource will be the preliminary feasibility study.
Jay: Yeah.
Jay: And that's all.
Jay: Happening prior to the end of this year.
Speaker: Lastly, we do have a subsidiary which has assembled a land package for early stage lithium in Nigeria. We have budgeted a small amount of money here, which is aimed at picking up ground, carrying out low-cost exploration and drilling out targets. Our initial reconnaissance identified some prospective areas, which had initial success with drilling, where continuing to carry out that drilling through the course of the year. And this simply provides optionality for us as a company, where first mover in Nigeria, we try to see what we can. We have a lot of opportunities that come across us as first mover.
Theo Sheggin Lawson: Lastly, we do have a subsidiary which has assembled a land package for early stage lithium in Nigeria. We have budgeted a small amount of money here, which is aimed at picking up ground, carrying out low cost exploration and drilling out targets. Our initial reconnaissance, identified some prospective areas, which had initial success with drilling. We're continuing to carry out that drilling through the course of the year.
Jay: Lastly.
Jay: We do have a subsidiary which is assembled.
Jay: Our land package for them early stage lithium in Nigeria, we have.
Jay: Budgeted small amounts of money here and <unk>, which is aimed at picking up ground carryout low cost exploration and drilling out targets.
Jay: Our initial reconnaissance identified some prospective areas, which had initial success with drilling.
Jay: We're continuing to carry out that drilling through the course of the year and this simply provides optionality for us as a company. We're a first mover in Nigeria.
Theo Sheggin Lawson: And this simply provides optionality for us as a company. When I first moved very late to Nigeria, we try to see what we can, we have a lot of opportunities that come across us as first mover. And then we try to see what can add significant value to our shoulders. We believe at a very low cost we're able to analyze and assemble some very prospective ground here.
Jay: Tried to see what we can we have a lot of opportunities that come across us as first mover.
Speaker: And then we try to see what can add significant value to our shoulders. We believe at a very low cost we're able to analyze and assemble some very prospective ground here. And we will be hopefully press releasing some drill results again before the end of the year. So far, apart from the drilling we did last year, we haven't had hugely encouraging drill results yet. However, we do have a number of prospective prospects that have been worked up into well-constrained drill targets. And those will be drilled and continue to be drilled through the course. this year.
Jay: And then we try to see what can add significant value to our shareholders. We believe at a very low cost, we're able to analyze and assemble some very prospective ground here and we will be.
Theo Sheggin Lawson: And we will be hopefully press releasing some drill results again before the end of the year. So far, apart from the drilling we did last year, we haven't had hugely encouraging drill results yet. However, we do have a number of prospective prospects that have been worked up into well constrained drill targets. And those will be drilled. Those are being drilled and continue to be drilled through the course. This year.
Hopefully press, releasing some drill results to get it before the end of the year. So far apart from the drilling we did last year, we haven't had hugely encouraging drill results. Yet. However, we do have a number of prospective prospects that have been worked up into.
Jay: Well, what well constrained drill targets and those will be drilled those are being drilled and will continue to be drilled through the course of this year.
Jay: Yeah.
Jay: [laughter].
Speaker: I'll close off by talking about the outlet for the year. You know, we change our guidance to 90,000 answers. We believe that's achievable, and we think the company will will achieve that. We have reduced our all-in sustaining cost. We $900 to $1,000 plus per ounce. We will greatly strengthen our balance sheet. We'll be completely delivered from our senior debt position at the end of this year after the final two debt payments. We have drilling programs going on across our entire portfolio. So secular and their mind, the underground is ongoing at the moment. We've completed the DETA and DETA West drilling programs, and then now waiting the balance of the results.
Oh, I'll close off by I'm talking about the outlook for the year.
Theo Sheggin Lawson: I'll close off by talking about the outlet for the year. You know, we we change our guidance to 90,000 answers. We believe that's achievable. And we think the company will will achieve that. We have reduced our oil and sustaining cost. We think that would fall below $1,000 per ounce, $900 to $1,000 per ounce. We will greatly strengthen our balance sheet. We'll be completely delivered from our senior debt position at the end of this year, after the final two debt payments.
Jay: The change.
Jay: Changed our guidance to 90000 ounces, we believe that's achievable and we think the company will achieve that we.
Jay: We have reduced our all in sustaining cost.
Jay: We think that would fall below $1000 per ounce.
Jay: $900 to 1000 Boes per ounce.
Jay: <unk> will greatly strengthen our balance sheet will be completely de levered from a senior debt position.
Jay: At the end of this year after the final two.
Jay: Debt payments.
Theo Sheggin Lawson: We have willing programs going on across our entire portfolio. So, cellular and their mind, the underground is ongoing at the moment. We've completed the Deuter and Deuter West drilling programs and are now waiting the balance of the results. And we have scout drilling on our major lithium portfolio. We also think material bit of news to look out for material milestone for us this year will be the Deuter resource and resource upgrade and preliminary feasibility study. We think the Deuter project is a project in our portfolio that we can build and we'll be looking to advance rapidly once we complete the preliminary feasibility study.
Jay: We have drilling programs going on across our entire portfolio.
Jay: Our cellular near mine.
Jay: Underground is ongoing at the moment.
Jay: We've completed decently to west drilling programs and are now waiting the balance of the results and we have scout drilling on on Nigeria lithium portfolio.
Speaker: And we have scout drilling on our major lithium portfolio. We also think material bit of news to look out for material milestone for us this year will be the DETA resource and resource upgrade and preliminary feasibility study. We think the DETA project is a project in our portfolio that we can build, and we'll be looking to advance rapidly once we complete the preliminary feasibility study.
We also think a.
Jay: Material.
Jay: You used to look out for material milestone for us this year will be the data resource and reach.
Jay: Resource upgrade and preliminary feasibility study.
Jay: The <unk> project is a project in our portfolio.
Jay: We can build and we will be looking to advance rapidly once we complete the preliminary feasibility study.
Speaker: So that's it from our presentation perspective, and I'm happy to go through the questions.
Theo Sheggin Lawson: So, that's it from our presentation perspective and I'm happy to go through the questions.
Speaker Change: So that said from a presentation perspective, and I'm happy to go through the questions. Thank you very much perfect shaken. Thank you very much for your presentation, ladies and gentlemen, please take continued to meet your question just by using the Q&A tab, which sits right on the top right corner of your screen, but just felt the company takes you might see the questions have been submitted.
Operator: Thank you very much. Perfect, Shagin.
Operator: Thank you very much. Perfect, Sharon. Thank you very much for presentation.
Operator: Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. It's just both in the Q&A tab, which is situated on the top right corner of your screen.
Operator: Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab which is situated on the top right corner of your screen. But just while the company takes a few minutes to see the questions that have been submitted today, I'd like to remind you that recording of this presentation along with copy of the slide and the published Q&A can be accessed via your invested dashboard. So, again, as you know, we received number three submitted questions and we would also receive questions throughout today's presentation.
Operator: But just while the company takes a few minutes to see the questions that have been submitted today, I'd like for money that recording of this presentation, along with a copy of the slide and the published Q&A, can be accessed via your invested dashboard. Shagin, as you know, we received number three submitted questions, and we'd also received questions throughout today's presentation.
Operator: And at this point, if I could just hand back to you to read out those questions and give responses appropriate to this, so I'll pick out for me at the end. Okay, so there's over and total over 40 questions. I don't think I'll be able to go through all of them but let me give it a go. Okay, so should I just go straight into the questions? Yes, you can just read them out and get the response. Okay, okay.
Speaker Change: Lots of money that recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via our investor dashboard.
Speaker Change: And as you know we received number of pre submitted questions. When would also receive questions about stage presentation and at this point I'll just hand back to you to read out. This question think of response, that's appropriate today, so I'll pick out to me at the end.
Operator: And at this point, if I could just hand back to you to read out those questions and give responses appropriate to do so, I'll pick up from you at the end.
Speaker: Okay. So there's over, total over 40 questions. I don't think I'll be able to go through all of them, but let me give it a go.
Speaker Change: Okay.
Speaker Change: So there's over total ever.
Speaker Change: 40.
Questions I don't think I'll be able to go through all of them.
Speaker Change: But let me give it a go.
Speaker: Okay, so should I just go straight into the questions? Yes, so you can just read them out and get the response. Okay.
Speaker Change: Okay. So should I just go straight into the questions.
Speaker Change: Yes, if you could just read them responsibly.
Speaker: First question, do you think that cellular underground can deliver more than the current 135,000 answers in third resources? Yes, I certainly believe so, and my belief, my belief is driven from the fact that we haven't ever historically been in the position to throw significant amounts of cash at this. Secondly, we haven't ever closed this resource out at depth, and fairly we have much better understanding of the geology here, the structural controls. Now we've opened up the pit where we're still very encouraged. So yes, we, I certainly believe we can grow this resource from its current 135,000 answers.
Theo Sheggin Lawson: Okay, first question, do you think that cellular underground can live a more than the current 135,000 answers in third resources? Yes, I certainly believe so. I might believe my belief is driven from the fact that we haven't ever historically been in the position to throw significant amounts of cash at this. Secondly, we haven't ever closed this resource out at depth. And thirdly, we have a much better understanding of the geology here, the structural controls. Now we've opened up the pit where we're still very encouraged. So yes, I certainly believe we can grow this resource from its current 135,000 answers.
Speaker Change: Okay. First question do you think that cellular underground can do more than the current 135000 ounces of inferred resources.
Speaker Change: Yes, I certainly believe so.
Speaker Change: And my belief my belief is driven from the fact that.
Speaker Change: We haven't historically been in a position to throw significant amounts of cash at this.
Speaker Change: Secondly, we haven't.
Speaker Change: Ever close this resource at depth.
Speaker Change: And fairly we have a much better understanding of the geology here the structural controls now we've opened up the pit.
Speaker Change: Where we're still very encouraged so yes.
Speaker Change: I certainly believe we can grow this resource from its current 135000 ounces.
Speaker: The second question, will the cellular resource still be updated by year and will it include the known satellite deposits that have already been established? Is so then how many answers can we expect? So the risk, yes, we would like to update the resource; however, we are constantly drilling, and that's so the resource is going to be a moving number between now and the end of the year. So I can't commit to the address yet. What we will do is, as we drill, we will press release our drone results, and then we will assess whether or not it's a good time to draw a line in the sand.
Theo Sheggin Lawson: The second question, will the cellular resource still be updated by year and will include the known satellite deposits that have already been established, especially then how many answers can we expect? So the risk, yes, we, we, we would like to a big resource however we are constantly drilling and that's so the resource is going to be a moving number between now and the end of the year. So I can't commit to that just yet. What we will do is as we drill, we will press release our drone results and then we will assess whether or not it's a good time to draw a line on the sand and update.
Speaker Change: Second question with the cellular resource still be updated by year end that will include the knowns has pledged deposits have already been established it's really then how many ounces can we expect to see from the satellites.
Speaker Change: So the.
Theo Sheggin Lawson: Next question.
Speaker Change: The risk, yes, we would like to a big resource. However, we are constantly drilling.
Speaker Change: And that's so the resource is going to be a moving number between now and the end of the year. So I can't.
Speaker Change: Commit to that just yet what we will do is as we drill them.
Speaker Change: A press release that drove results and then we will assess whether or not it's a good time to draw a line in the sand and Dayton resource.
Speaker: And update the resource.
Speaker Change: Ah.
Speaker: Next question.
Speaker Change: Next question.
Speaker: Can you talk through the repayment schedule of the Gold Stream Facility and how this may be accelerated with gold now above 2500 dollars per ounce. Yes, the Gold Stream Facility is based on 10% of our gold being sold to our senior calendar, the Africa Finance Corporation at a 70% discount, so all in all, our gold is discounted by 7%. This is a capital Gold Stream at 2.25 times value. Given the fact that the gold price is higher, does mean the cap comes in earlier, so we certainly expect that to fall away quicker than initially anticipated.
Theo Sheggin Lawson: Can you talk through the repayment schedule of the Gold Stream facility and how this may be accelerated with gold now both 2500 dollars per ounce. Yes, the Gold Stream facility is based on 10% of our gold being sold to our senior calendar, the Africa Finance Corporation at 70% discount so all of our gold is discounted by 7%. This is a cap Gold Stream 2.25 times value given the fact that the gold price is higher does mean the cap comes in earlier so we certainly expect that to fall away quicker than initially anticipated.
Speaker Change: Can you talk through the repayment schedule of the Gulfstream facility.
Speaker Change: And how this may be accelerated with golden hour above $2500 per ounce.
Speaker Change: Yes, the Gulfstream facility is based on.
Speaker Change: 10% of our gold being sold to a senior lender.
Speaker Change: Africa Finance Corporation at a sub.
Speaker Change: 70% discount too.
Speaker Change: All in all our goal is discounted by 7%.
Speaker Change: This is a capped gulfstream at two five times value.
Speaker Change: Given the fact that the gold price is higher does mean the cap comes in earlier. So we certainly expect that as a full way quicker than initially.
Anticipated.
Speaker Change: Okay.
Speaker: Next question.
Theo Sheggin Lawson: Next question. Due to PFS was delayed due to the shipment of samples for met testing, where are we with this work?
Dieter: Next question Dieter PFS was delayed due to the shipment of samples for met testing where are we with this work can you advance permitting and all of the work streams to be close to a finance investment decision sometime early in 'twenty.
Speaker: D to PFS was delayed due to the shipment of samples for met testing. Where are we with this work? Can you advance permitting on all of the work streams to be close to a finance investment decision sometime early in 20? If the flow sheet requires an autoclave versus other methods, will this have large implications on the overall project caps? I am encouraged to say that we're very advanced in our due to met test work; we expect that work to be completed next month. The other work streams for the PFS have pretty much been done; all the environmental work, the geotech work.
Theo Sheggin Lawson: Can you advance permitting on all of the work streams to be close to a finance investment decision sometime early in 20. If the flow sheet requires and ultimately versus other methods will this have large implications on the overall project caps. I am encouraged to say that we're very advanced in our due to met test work. We expect that work to be completed next month. The other work streams for the PFS have pretty much been done all the environmental work, the geotech work.
Speaker Change: If the flow sheet requires an auto claim versus other methods will this have lots of implications on the overall project Capex.
Speaker Change: I am encouraged to say that we're very advanced in our data met test work, we expect that work to be completed next month.
Speaker Change: The other work streams for the PFS.
Speaker Change: Pretty much been done all the environmental work the Geo Tech work.
Speaker Change: Hum.
Speaker: That's all been done; what we're waiting for, essentially, is the final network. In parallel to that, we have been advancing the permitting applications, and as you can imagine, the outstanding request on the permitting front is the network as well. Having the PFS complete is, and the resource updated, is of very big importance for us. I can't really say too much on the implications of the overall capex, but we do have a back-of-the-envelope number in our minds, and we don't think it's a number that's insurmountable for us as a company. We believe we can build this without any dilution to our shareholders.
Theo Sheggin Lawson: That's all been done. What we're waiting for essentially is the final network. In parallel to that, we have been advancing the permitting applications and as you can imagine, the outstanding request on the permitting front is the network as well.
Speaker Change: That's all been done with.
Speaker Change: What we're waiting for essentially is the final network and parallel to that we have been advancing the permitting apps.
Speaker Change: Applications.
Speaker Change: As you can imagine that the outstanding request on the permitting front, it's the met with as well so.
Theo Sheggin Lawson: Having a PFS complete is and the resource updated is of very big importance for us. I can't really say too much on the implications of the overall cap ex but we do have a back of the envelope number in our minds and we don't think it's a number that's insurmountable for us as a company. We believe we can build this without any dilution to our shareholders. We also was the last part of the question.
Speaker Change: Having a PFS compete is and the resource updates it is of very big importance for us.
Speaker Change:
Speaker Change: I can't really say too much on what the on the implications of the overall capex, but we do have a back of the absolute number in our minds and we don't think it's a number that's insurmountable for us as a company. We believe we can build this without.
Speaker Change: Any dilution to our shareholders.
Speaker: We also was the last part of the question. Finance investment decision sometime early 25. Yes, that's certainly the timeline we're working with. After that, we're doing a very detailed preliminary feasibility study. We're looking to fast track from preliminary feasibility to bankable feasibility study, and then get to a finance. Final investment decision in early 2025.
Speaker Change: We also was the last part of the question Finance investment decision sometime in the early 25, yes that certainly the timeline, we're working with them. After that we're doing a very detailed preliminary feasibility study we were looking to fast track from preliminary feasibility to a bankable feasibility study and then get to a five.
Theo Sheggin Lawson: Finance investment decision sometime early 25. Yes, that's certainly the timeline we're working with. After that, we're doing a very detailed preliminary feasibility study. We're looking to fast track from preliminary feasibility to bankable feasibility study and then get to a finance. Final investment decision in early 2025.
Speaker Change:
Speaker Change: Final investment decision in early 2025.
Speaker Change: Yeah.
Speaker: Next question, if you're able to increase the life of minor cellular and prove up the resource as due to given the current high gold prices, do you think Thor would be a bid target? Honest answer, I don't know, but I certainly think Thor is a very attractive value proposition. Strong cash flows, no debt, and a project in due to that can probably deliver gold for the next 12 to 15 years at a rate of, well, based on the current resource of ranabout just over 100,000 ounces per year. They have been substantial investments in long-term inventories.
Theo Sheggin Lawson: Next question, if you're able to increase the life of minor segurola and prove up the resource of due to given the current high-goal prices, do you think Thor would be a bid target? Honest answer, I don't know, but I certainly think Thor is a very attractive value proposition. Strong cash flows, no debt, and a project in due to that can probably deliver gold for the next 12 to 15 years at a rate of, well, based on the current resource of Roundabout, just over 100,000 ounces of beer.
Next question, if you're able to increase the life of mine of cellular and prove up the resource at <unk> given the current hydro prices do you think thought it would be a bid target [laughter].
Speaker Change: Honest answer I don't know, but I suddenly think soar is a very attractive value proposition strong cash flows and no debt.
And a project in detail that can probably deliver.
Speaker Change: Gold for the next 12 to 15 years.
Speaker Change: At a rate of well based on the current resource of right about just over 100000 ounces per year.
Speaker Change: They had been substantial investments in long term inventories when can we expect the inventory will turn into revenues, yes, we have over $80 million of inventories.
Theo Sheggin Lawson: There have been substantial investments in long-term inventories. When can we expect the inventory will turn into revenues? Yes, we have over 80 million dollars of inventories. This is, I will see, this is a very big positive for us, we're putting high grades through the mine. Like I said earlier in the presentation, there will be a period where the mining is greatly reduced and stopped, and we have no diesel costs, no costs of extraction, just processing the stockpile, and that's when our oil interstaining costs comes right down, and we expect to generate very strong cash flows from the inventories at that time.
Speaker: When can we expect the inventory will turn into revenues? Yes, we have over 80 million dollars of inventories. We see this as a very big positive for us; we're putting high grades through the mine. Like I said earlier in the presentation, there will be a period where mining is greatly reduced and stopped, and we have no diesel costs and no costs of extraction, just processing the stockpile. And that's when our oil and sustaining costs comes right down, and we expect to generate very strong cash flows from the inventories at that time, and that will be, I think, from the back end of 2026 onwards.
Speaker Change: This is oh, we see this as a very big positive for us were putting high grade through the mine.
Speaker Change: Like I said earlier in the presentation, there will be a period where.
Mining is crazy with decent stopped and we have no diesel cost or no cost of extraction.
Speaker Change: Just processing the stockpile and that's why in our all in sustaining cost comes right down and we expect to.
Speaker Change: Generate very strong cash flows from the images.
Speaker Change: At that time and that will be.
Theo Sheggin Lawson: That will be, I think, from the back end of 2026 onwards. The inventories will also be blending with some high grade through the course of later on this year and next year as well, so we will be turning some of that into cash flow as well.
Speaker Change: I think from the back end of.
Speaker Change: 2026 onwards.
Speaker: The inventories, we also will be blending with some high grade through the course of later on this year and next year as well, so we will be turning some of that into cash flow as well.
Speaker Change: The inventories we also will be blending with some high grade through the course of them later on this year and next year as well. So we will be turning some of that cash flow as well.
Speaker: When can we buy additional shares? Will there be an opportunity to buy more shares? We don't plan on issuing any more shares. We're listed on the TSXB and the AIM market of the London Stock Exchange, and the shares are available to survive there. And yeah, I would certainly encourage you to purchase shares from there.
Theo Sheggin Lawson: When can we buy additional shares, will there be an opportunity to buy more shares? We don't plan on issuing any more shares, we're listed on the TSXV and the aim market of the stock exchange, and the shares are available to survive there, and yeah, I would certainly encourage you to purchase shares from there.
Speaker Change: When can we buy additional shares will there be an opportunity to buy more shares.
Theo Sheggin Lawson: Next question. When does the company plan to reward the shareholders? I assume this means returning cash to shareholders.
Speaker Change: We don't plan on issuing any more shares were listed on the <unk> V. In the end market at the London stock exchange.
Speaker Change: And the ship.
Speaker Change: <unk> available to buy there and.
Speaker Change: Yeah, I would certainly encourage you to purchase shares from that.
Speaker Change:
Speaker: Next question, when does the company plan to reward the shareholders? I assume this means returning cash to shareholders. We've had that conversation as a company; we don't have a formal policy, but we certainly intend to do so in the first half of next year. This is all in discussion; there is an informal policy at the moment. Yet, however, we will be completely done with our senior debt by then, and hopefully continue to, and then be building up cash and strengthen our balance sheet. The board and management is aligned with shareholders and hopes to reward the shareholders by returning cash.
Speaker Change: Next question when does the company plan to reward shareholders I assume this means returning cash to shareholders. We've had that conversation as a company haven't.
Theo Sheggin Lawson: We've had that conversation as a company. We don't have a formal policy, but we certainly intend to do so in the first half of next year. Sometime, this is all in discussion, there isn't a formal policy at the moment yet. However, we will be completely done with that senior debt by then, and hopefully continue to and be building up cash and strength on our balance sheet. The board and management is aligned with shareholders and hoops to rewarded shareholders by returning cash.
Speaker Change: Don't have a formal policy, but we certainly intend to do so.
Speaker Change: In the first half of next year sometime we this is all in discussion there isn't a formal policy Oklahoma.
Speaker Change: Yes, however, we will be complete.
Speaker Change: Can be done with our senior debt by then and hopefully continue to be.
Speaker Change: Building up cash and strengthen our balance sheet and.
Speaker Change: We the board and management is aligned with shareholders and hoops to.
Speaker Change: Reward shareholders by returning cash.
Speaker Change:
Speaker: Next question, could you please ensure that you post all updated presentations on your website, and make sure the title is correct in advance. Thank you in advance.
Speaker Change: Next question could you. Please ensure that you pushed all of data presentations whenever website extra with titled correctly and thoughts. Thank you in advance.
Operator: Next question. Could you please ensure that you post all updated presentations on your website, make sure the title correctly in advance.
Operator: Thank you for your time.
Speaker Change: Okay. Thank you.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker: What's the rationale of hedging, 2000 answers per month, 2176, with the price of gold, well ahead of that price currently. We priced the 2000 answers per month in early Q2, at 276; at the time, was all time highs for gold. We just wanted to make sure we had enough budgeted to cover all our senior debt through the course of this year and whilst we turn our accounts payable into a parent. And so it's about just under a quarter of our production; we know we're guaranteed that level of cash flow, and blending the rest at the current gold prices we think we can live with.
Theo Sheggin Lawson: What's the rationale of hedging? 2000 answers per month at 2176, with the price of gold well ahead of that price currently. We priced the The 2000 answers per month in early Q2 at 276 at the time was all time highs for gold.
Speaker Change: What's the rationale of hedged in 2000 ounces per month to 176 with the price of gold well ahead of that price currently.
Speaker Change: We we priced the.
Speaker Change: The 2000 ounces per month.
Speaker Change: In early Q2.
Speaker Change: 207, six at the time was.
Speaker Change: All time highest for gold, we just wanted to make sure we had enough.
Theo Sheggin Lawson: We just wanted to make sure we had enough budgeted to cover all our senior debt from the course of this year and whilst we turn our accounts payable into into current and so it's it's it's about just under a quarter of our production we know we guarantee that level of cash flow and blending you know the rest at the current gold prices we think we we can live with still delivers a record revenues and profits to us as a company but we just wanted to have that in place in case there was a drop in the gold price just knowing we we had our debt obligations covered.
Speaker Change:
Speaker Change: Enough budgeted to cover all our senior debt through the course of this year.
Speaker Change: And whilst we turn our accounts payable.
Speaker Change: Into your card.
Speaker Change: And so it's it's it's about <unk>.
Speaker Change: Just under a quarter of our production, we know we're guaranteed that level of cash flow and blending the rest at the current gold prices. We think we can live with it still delivers a record.
Speaker: It still delivers record revenues and profits to us as a company, but we just wanted to have that in place in case there was a drop in the gold price, just knowing we had our debt obligations covered.
Revenues and profits to us as a company, but we just wanted to have that in place in case, there was a drop in the gold price just knowing we had.
Speaker Change: Our debt obligations covered.
Speaker Change: Yeah.
Speaker: What's the company's appetite for any acquisitions, and what points could Thor look at raising additional debt? Look where we're currently; we constantly should I say look for any value of opportunities, and we'll continue to do so. And if debt is required to make these acquisitions, I guess we'll sit down as a board and management and see if it's appropriate to do so.
Theo Sheggin Lawson: What's the company's appetite for any acquisitions and what points could Thor look at raising additional debt? Look where we're currently we constantly should I say look for any value of creative opportunities and we'll continue to do so. And if debt is required to to to make these acquisitions I guess we'll sit down as a board and management and see if it's appropriate to do so.
What's the company's appetite for any acquisitions our points could for look at raising additional debt.
Speaker Change: Look where we're currently we constantly should I say look for any value accretive opportunities and we'll continue to do so.
Speaker Change: And if that is required to to.
Speaker Change: To make these acquisitions I guess, we will sit down with our board and management.
Speaker Change: See if it's appropriate to do so.
Speaker Change:
Theo Sheggin Lawson: Can you be more specific about what items contribute to accounts payable? Yes look during the during the upgrade of the plant we had a significant build up of gold and second almost over 11,000 ounces so today's gold price about $26 million worth.
Speaker: Can you be more specific about what items contribute to accounts payable? Yes, during the upgrade of the plant, we had a significant buildup of gold and second, almost over 11,000 ounces, so at today's gold price, about $26 million worth. What we did at the time was have an agreement with our mining contractor to accrue the invoices until the end of the upgrade and then start making headway into that once that upgrade was done. That's currently being done. That's those accounts payable were held at no interest rate, and that's going to be made that would also be made current by the end of this year.
Speaker Change: Can you be.
Speaker Change: More specific about what items contribute to accounts payable.
Speaker Change: Yes look during the during the upgrade of the pumps, we had a significant buildup of Goldman Sachs.
Speaker Change: Almost.
Speaker Change: Over 11000 ounces.
Speaker Change: Today's gold price about $26 million with.
Theo Sheggin Lawson: What we did at the time was have an agreement with our mining contractor to accrue the invoices until the end of the the upgrade and then and then start making headway into that once that upgrade was done that's currently being done that's those accounts payable were held at no interest rate and that's going to be made that would also be made current by the end of this year. Yeah so I think I've been through the questions here.
Speaker Change: What we did at the time was have an agreement with our mining contractor to.
Speaker Change: To accrue the invoices until the end of the year.
Speaker Change: The upgrade and then and then start making.
Speaker Change: Headway into that once that upgrade was done that's currently being done.
Speaker Change: Those accounts payable.
Speaker Change: Hell.
Speaker Change: Interest rates.
Right and that's going to be made that would also be made kind of by the end of this year.
Speaker: Yeah, so I think I've been through the questions here.
Speaker Change: Yeah, So I think I've I've been through the questions here.
Operator: Perfect Shagann, thank you very much for answering those questions. Of course the company can reveal the questions submitted today, and we'll publish such responses on the investor meet company platform. But just before redirecting investors, try to do their feedback because it's particularly important to yourself and the company.
Speaker Change: Hum perfect shaken. Thank you very much function as questions of course, the comedy camera field questions. Smith time will publish such as sponsors on the invest to meet company platform.
Theo Sheggin Lawson: Perfect Shaggen, thank you very much for answering those questions of course the company can review all the questions from today and we'll publish such responses on the investor meet company platform but just before redirecting investors try to do their feedback because it's particularly important to yourself and the company Shaggen could I just ask you for a few close in comments. Yeah sure look I think I closed by saying we're very pleased with how the quarter went and how the remainder of the year is shaping up to be we're doing this in at times of record high gold prices where on top of our costs and you know we think we're underpinned in terms of value by very strong cash flow now.
Speaker Change: But just before redirection investors provide you with the feedback and that's particularly important to yourself on the company Shang could I just ask you for a few closing comments.
Speaker: Shagann, could I just ask you for a few closing comments? Yeah, sure, look, I think I'll close by saying we're very pleased with how the quarter went and how the remainder of the year is shaping up to be. We're doing this in at times of record high gold prices where they're on top of our costs, and you know we think we're underpinned in terms of value by very strong cash flow now. Now, if we put that to one side, we still think we're a great company. We think, you know, any additional answers we find are almost classified as super ounces because of the lack of capital required, the fact that we have all the infrastructure in place already, and we believe we will find more answers in Nigeria and extend the mile.
Speaker Change: Yeah sure look I think I'll close by saying that we're very pleased with how the quarter went and how the remainder of the year is shaping up to be we're doing this in times of record high gold prices were on top of our cost.
Speaker Change: And you know we.
We think were underpinned in terms of valley by very strong cash flow.
Speaker Change: No.
Theo Sheggin Lawson: Now if we put that to one side we still think we're a great company we think you know any additional answers we find are almost classified as super ounces because of the lack of capital required the fact that we have all the infrastructure in place already and we believe we will find more answers in Nigeria and extend the my life.
Speaker Change: Now if we put that to one side, we still think we're a great company.
Speaker Change: Thank you.
Speaker Change: You know any additional ounces, we find the almost classified as super ounces because of the lack of capex required the fat.
Speaker Change: We have all the infrastructure in place already and we believe we will find more ounces in Nigeria and extend the mine life.
Speaker: Secondly, we have a project organically that probably has no value assigned to it in our share price. Once we start having some economics as tight to that project in the form of the PFS, I believe people are going to see how much value that can be delivered to our shareholders through there. So we hope from now to the end of the year, there's more; there's a stream of positive news load from our drilling, from our milestones in terms of the PFS in both countries as well. And like was in the Q&A section, we also keep our eyes open for anything that may be a value of creative to us in terms of an acquisition.
Theo Sheggin Lawson: Secondly we have a project organically that probably has no value assigned to it in our share price once we start having some economics as tied to that project in the form of a PFS I believe people are going to see how much value that can be delivered to our shareholders through that. So we hope from now through to the end of the year there's more there's a stream of positive news from our drilling from our milestones in terms of the PFS in both countries as well and like it was in the Q&A section we also keep our eyes open for anything that may be a value accretive to us in terms of an act.
Secondly, we have a project organically that's.
Speaker Change: Probably has no value assigned to it in our share price once we start having some economics is tied to that project in the form of PFS I believe people are going to see how much value that can be delivered to our shareholders through that.
Speaker Change: So we hope.
Speaker Change: From now through to the end of the year, there's more there's a stream of positive news flow from our drilling from milestones in terms of the PFS.
Speaker Change: In both countries as well and I'm like it was in the Q&A session.
Speaker Change: Section, we also keep our eyes open for anything that maybe Val.
Speaker Change: Value accretive to us in terms of an acquisition.
Speaker Change: Yeah.
Operator: Perfect, Shagun. Thank you once again for updating the best today. Can I please ask investors not to close the session as you'll be automatically redirected to provide your feedback, and all of the management team can better understand your views and expectations. So then take a few moments to complete. Some shall be greatly valued by the company.
Operator: Perfect, Shagun.
Speaker Change: That's actually I can thank you once again protecting investors today can I. Please ask investors not close this session and I shall be automatically we tried to correct. It.
Operator: Thank you once again for updating the best today.
Operator: Could I please ask investors not to close the session as you'll be automatically redirected to provide your feedback in all the management team can better understand your views and expectations. Then take a few moments to complete. Some shall be greatly valued by the company.
Speaker Change: Proud to feedback and with the management team can better understand your ph and expectations then take a few minutes to complete some shall be greatly valued by the company.
Operator: Apart from the management team of Thor Explorations, we'd like to thank you for attending today's presentation, and good afternoon to you.
Operator: Apart from management team of Thor Explorations, we'd like to thank you for attending today's presentation and good afternoon to you.
Speaker Change: Let's talk explorations, we'd like to thank you for attending today's presentation and good afternoon to you.