Q4 2024 Thor Explorations Ltd Earnings Call
There may be some new people attending.
Speaker Change: Thor explorations as the West Africa focused gold producer in explorer.
Speaker Change: We think we have a very compelling investment case, we have a <unk>.
Speaker Change: <unk>, which are diversified in three countries and diversified by stage of development.
Speaker Change: We are advancing product in three west African countries, and Nigeria, where we have a producing cellular nickel mine, where we've just completed another calendar year producing 85000, just over 85000 ounces gold we have a project in Senegal, <unk> project, which we are advancing to the final stages of a preliminary feasibility study.
Speaker Change: And in the second half of last year, we entered into the Ivory coast.
Where we've seen.
Speaker Change: Lots of assembling a portfolio and kicked off exploration there.
Speaker Change: We're very well positioned for organic growth through exploration and all three of these countries and shareholder value is underpinned by the high margin gold production, we have in Nigeria, where we are generating very strong cash flow and strengthening our balance sheet.
Speaker Change: Project in Nigeria is based on a PFS of 518000 ounce gold resource and we've set the guidance for this year of between 85 and 95000 ounces for the calendar year, hopefully we will be in the top half of that guidance and Senegal, we have a project, where we have a resource of one.
Speaker Change: Seven 8 million ounces, which was which is divided between indicated.
Speaker Change: And inferred resource we have a 70% economic interest in there we are in the final stages of the PFS, there, where we have been doing a lot of detailed work.
Speaker Change: Hence having to push it back a couple of times, but we are in the final stages, and we will be releasing that this quarter.
Speaker Change: In Cote d'ivoire, we're very pleased with the project we acquired from endeavors in each project.
Speaker Change: And we've also picked up additional ground, where we have kicked off exploration. We look forward to updating the market in the next couple of months starting off in this quarter with the results of our exploration and lastly, we do have an early stage lithium portfolio, which we are advancing.
Speaker Change: We continue to advance in the background.
Speaker Change: And we will be updating investors with the progress of that so and so.
Speaker Change: Murray.
Speaker Change: Company, we are present in three countries. We have strong cash flows and we are growing we think theres a lot of value to deliver to the progress of all our projects.
Speaker Change: Our corporate snapshot were listed on the <unk> B.
Speaker Change: Toronto.
Speaker Change: We're also listed on the end market of London stock exchange.
Speaker Change: Market cap of about 216 million Canadian dollars.
Speaker Change: Share price performance over the last 12 months was north of <unk>.
Speaker Change: 35%.
Speaker Change: I personally believe.
Speaker Change: Would have been even more had we not had those issues as you can see.
Speaker Change: Late September with the.
Speaker Change: The allocations by the Ocean State government.
Speaker Change: We continue to recover.
Speaker Change: I think one thing that is a very interesting and compelling.
For all of our investors is that we're gradually getting more and more institutionalized more.
Speaker Change: Long term supportive institutional shareholders.
Speaker Change: Over the last 24 months have been taking a decent positions on our.
Speaker Change: Shareholder Register our largest shareholders Africa Finance Corporation, we have rough Ssi asset management recently con way of taking a decent stake my tone.
Speaker Change: <unk> aims asset management and so on.
Broker coverage.
And in the UK by kind of core partners and alternative resource capsule and in North America, a number of names, including echelon partners you can see by the Tiger prices, it's not just myself, who believes we're undervalued.
Speaker Change: A lot of growth potential.
Speaker Change: Deliverables to unlock this value.
Speaker Change: The brokers that cover us also going to see things.
Speaker Change: Target practices they input.
Speaker Change: So I'm going to go into.
Speaker Change: How we performed over the last 12 months.
Speaker Change: I will start off by just giving a snapshot summary, the year ended very strongly.
Speaker Change: Really pleased with that we ended up just over 85000 ounces of gold which was.
Speaker Change: Just above our revised guidance.
Speaker Change: He was our strongest quarter of the year 2004 thousand ounces were poured during the quarter. We sold just under 25000 ounces some leftover from the quarter before.
Speaker Change: Q4 last year generated record revenue for a period for every three months for us as a company, which has run about $62 million.
Speaker Change: And I think the most significant milestone for us as a company was we paid our final senior debt repayment to the Africa Finance Corporation.
Speaker Change: And as a company we are now completely de leppard from.
Speaker Change: Our senior debt facility with them.
Speaker Change: We transitioned from a net debt position in Q3 to a net cash position.
Speaker Change: In Q3 was about $2 $7 million I am pleased to say we have since built on that on a monthly basis.
Speaker Change: Over the last three months, we obviously don't this is not a financial update all our numbers here audited.
Speaker Change: But the direction has been in the right direction and we're very pleased with that and we are now with a clean balance sheet growing net cash.
Speaker Change: Exploration.
Speaker Change: Ongoing.
Speaker Change: Across all our projects, we are now very well positioned for a strong performance financially and operationally in 2025.
Speaker Change: How did we produce.
Speaker Change: Amounts billed in Q4.
Speaker Change: You can see in terms of mining.
Speaker Change: Mine.
Speaker Change: 383000 tonnes of ore.
Speaker Change: At the highest grade that we have through the course of the year two three grams per tonne.
Speaker Change: In terms of processing.
Speaker Change: We processed 200, just under 250000.
Speaker Change: Tonnes of ore at three just over three grams per tonne.
Speaker Change: It's worth highlighting that at the end of Q2 and at the beginning of Q3, we went through some operational challenges.
Speaker Change: And the plant upgrades, we have made early in the year and the blasting and mining taxes, we had implemented.
Speaker Change: Began to come fruitful towards the end of the year. So we really enjoyed the benefits of this through the fourth quarter.
Speaker Change: We should've seen <unk>.
Speaker Change: The numbers in Q3, however, as we updated everyone. In July was a very tough months month for us.
Speaker Change: So this fourth quarter is a clear demonstration of what can be achieved.
Speaker Change: We would like to get our recoveries back above those.
Speaker Change: 90% like how we were in Q2.
Closer to $93, 94%.
Speaker Change: With that throughput rate, we were in Q4, we should be.
Speaker Change: Generating more gold.
Speaker Change: One thing of note is that we did have a lot of golden locked up in circuit at the beginning of the 12 months.
We have over the course of 12 months drawing down on that you can see there was more gold port they recovered during Q4.
Speaker Change: We're now getting to the levels, where we think we will sustain the amounts of golden seconds.
From an <unk>.
Speaker Change: Social and environmental side and community development side, I think it's very important particularly given.
Speaker Change: The Bad press, we got in Q3 last year just to highlight.
Speaker Change:
Speaker Change: A lot of the good things we're doing in country.
Speaker Change: We employ 98% major nationals.
Speaker Change: Of which 37% are recruited from the local communities.
Speaker Change: We only have an ex Pat number of 2%.
Speaker Change: We've increased our training programs by 64%.
We constantly engage with all our stakeholders, we had 102006 stakeholder meetings.
With over 2500 participants, we really do have a social license to operate.
Speaker Change: Over the course of 2024, even though we're not.
Speaker Change: Acquiring more land, we've established the land footprint.
What we do and exploration in and around our tailings dam as required us to carry out.
Speaker Change: Crop compensation through the course of the year that was $138000 and since we started construction has been over $7 million, we've completed 40 community projects.
Speaker Change: Projects in the course of the year as well and updated our community development agreements, where we can we try to procure locally 80% of all our procurements in 2024 was local from an environmental compliance side, we've had zero chemical spills.
Speaker Change: We claimed over 1100 Meg into the water.
Speaker Change: And in terms of.
Speaker Change: Water intensity, we're extremely happy with.
Speaker Change: The amount of water, we use per ounce produced.
Speaker Change: Going to exploration.
Speaker Change: One of the key trends last year was.
Speaker Change: Refocusing on extending the mine life having.
Speaker Change: Knowing in particularly we were coming to the tail end of our senior debt repayments, we spend a lot of time in the first half of the year.
Speaker Change: Carrying out structural studies with independent consultants gathering data from our grade control programs.
Speaker Change: And using that to design, an initial 12 hole drilling program, which was designed to test the continuation of mineralization.
Speaker Change: The initial this is an initial program.
Speaker Change: <unk> had a proof of concept awesome shallow dipping sheets and this has proven to be successful.
Speaker Change: We are very pleased that well over 90% of the holes, we drilled came back mineralized.
Speaker Change: Some of our great intersections at one eight meters of nearly 40 grams per ton three five meters of four eight grams per tonne.
Speaker Change: Had three and a half meters at four grams, we had in sections of three meters at two and a half to two five grams per tonne.
Speaker Change: And.
Speaker Change: What we're constantly doing is optimizing the picture you can see an image at the bottom of the current design pit, we're optimizing at a high gold price implementing.
Speaker Change: Putting in these drill results and seeing how we can increase the mine life before that inflection point of transitioning to an underground.
Speaker Change: The success of the initial drill program has led to us.
Speaker Change: And has justified.
Speaker Change: The budget of the next phase of drilling, which is a 7500 meter program and I am pleased to say that has commenced.
Speaker Change: Now that will be targeting.
Speaker Change: Continuing to target these shallow shallow dipping sheets and also.
Speaker Change: These high grade areas, which we have drilled.
Speaker Change: As you can see on the next slide.
Speaker Change: The image on the left is a cross section of.
Speaker Change: Most recent drill you can see that is 140 meters below the final.
Speaker Change: Okay designed currently at this time.
You can see similarly on the image on the right hand side, where we in fact, we have no clues out this resource at depth. So this resource remains open we're excited about the drilling where we're going to do we're looking forward to updating the market with our progress here.
Speaker Change: Before I move on to Senegal, I will just say at a final comment about exploration in Nigeria, we're not just looking at the underground we have other project areas.
Speaker Change: Light discoveries, which we have made over the last 36 months.
Speaker Change: We continue to carry out regional exploration.
Speaker Change: In that regard and we also continue to evaluate.
Speaker Change: The ability and Optionality to mine these and incorporate them into our mine plan.
Speaker Change: So that's all being constantly a work stream that's going on in parallel with the exploration we're doing underneath the pit.
Speaker Change: Moving on to our project in Senegal.
Speaker Change: Obviously this area of the world is much more known for its Golden dominance.
Speaker Change: Decent project.
Speaker Change: Is down in that southeast corner close to the Mali border.
Speaker Change: Approximately five kilometers east of.
Speaker Change: The Massawa deposit.
Speaker Change: We've been carrying out work.
Speaker Change: Over the last couple of years.
Speaker Change: Where we have delineated a 1.7 to 8 million ounce global resource.
Speaker Change: The work streams in the.
Speaker Change: In support of the preliminary feasibility study continued.
Speaker Change: We also carried out exploration work.
Speaker Change: In the northern part of the license.
Speaker Change: The feasibility study work streams and outcomes.
Speaker Change: Coming to a close now and they are currently being reviewed and refined it's worth making an extra point.
Speaker Change: Point that we are doing the work we're carrying out in the preliminary feasibility study were looking to produce is right at the upper end of what you would expect in terms of detail and that we believe is justified.
Speaker Change: Laser we have we have made.
Speaker Change: And this will position us very well.
Speaker Change: To quickly move to that investment decision. After the preliminary feasibility study all equate so we're getting a correct in terms of suppliers.
Speaker Change: Turns of EPC contractors at in terms of mining contractors and.
Yes, we think this is a.
Speaker Change: Material milestone for us.
Speaker Change: <unk> will be value accretive to the company as a whole hence.
Speaker Change: The.
The need to push this into Q1.
Speaker Change: Has been justified and we look forward to getting these results out.
Speaker Change: During this period.
Speaker Change: This.
Speaker Change: Project had a number of drilling campaigns carried out over 2024, and you can see from the highlights a lot of them were from surface.
Speaker Change: In terms of great it's not.
It's not a second Lola however, we're looking at something thats much bigger lower grade.
Speaker Change: With wide intersections and coming from surface with.
Speaker Change: With a large oxide component, which was part of our objective of the trading that was carried out in 2024.
Speaker Change: Okay.
Speaker Change: And what we entered that in the second half of last year with a very low cost entry.
Speaker Change: Having lived in and done a lot of due diligence in the country over the course of the 12 months before.
Speaker Change: We the properties, we have acquired our own perspective, but remain greenstone belt, which is.
Speaker Change: Over 30%.
The country could devoir jurisdiction has been a success story in terms of discovering gold resources developing them and building them on budget.
Speaker Change: We're extremely excited about being in the country. We think the projects we have in the portfolio. We've put together has given us an excellent platform from which to go forward.
Speaker Change: Our portfolio.
Speaker Change: Consists of the Greek <unk> project, which already has you'll see in the next slide a significant amount of drilling that's been carried out on but not yet a maiden resource and.
And we have commenced exploration in this country.
Speaker Change: And we'll be advancing that through the course of the next.
Speaker Change: Few quarters, you can see the drilling that was carried out there has already got some.
Speaker Change: Very very exciting drill results in all of them.
Speaker Change: In the fresh.
Speaker Change: And you know.
Speaker Change: Very compelling rates as well so these exploration targets given.
Speaker Change: Given us a platform they remain open.
Speaker Change: There are prospects on each of our.
Speaker Change: Licenses.
Speaker Change: We are we have set ourselves an internal target of a maiden resource this year and we've allocated ourselves.
Speaker Change: Our drilling budget.
Speaker Change: Which should hopefully.
Speaker Change: Commence as soon as.
Speaker Change: These drill targets.
Speaker Change: At the height.
Speaker Change: So.
Speaker Change: Whoa.
Speaker Change: Setting ourselves up for in the next 12 months.
Speaker Change:
Speaker Change: Our 2025 sorry.
Speaker Change: Ultimately for guidance range is.
Speaker Change: Between 85 to 95000 ounces for the year.
Speaker Change: We are hoping to be at the top end of that for the first time now.
Speaker Change: Now we have the plant running how we want and if we can get the recoveries to the levels that we have achieved in the past.
Speaker Change: We believe this should be attainable, we still believe our all in sustaining costs will land below $1000 per ounce to between $800000 per ads.
Speaker Change: This year the strengthening of our balance sheet will continue we are projected to have very strong cash flows. This.
Speaker Change: This is all going to be on a completely de levered balance sheet.
Speaker Change: With also.
Speaker Change: I haven't mentioned previously.
Speaker Change: Significant progress made on our accounts payable, which will become current this quarter as well so the cash generation and cash buildup through the course of this year.
Speaker Change: <unk> will be very strong.
Speaker Change: In addition to that we expect.
Speaker Change: Growth organically through our portfolio through the near mine drill targets.
Speaker Change: Through the underground drilling that we're carrying out.
Speaker Change: And do the drilling we're carrying out in Senegal, Peter Peter West licenses and also the exploration, we're carrying out an hour lithium portfolio, which has been scaled back with them taking.
Speaker Change: I'm continuing to be our main focus and priority.
Speaker Change: This quarter, we will see the completion of a detailed.
Speaker Change: These are preliminary feasibility study.
Speaker Change: Accelerated study subsequently subsequent to that to an investment decision.
Speaker Change: And lastly in Cote d'ivoire, we have budgeted.
Speaker Change: 5000 meters of drilling.
Speaker Change: So you know.
Speaker Change: In summary, we think that the.
Speaker Change: A year ahead is extremely exciting for us as a company.
Speaker Change: We're underpinned by cash generation.
Speaker Change: Which is very profitable at the moment the current prevailing gold prices.
Speaker Change: We think theres a lot of upside.
Speaker Change: Come through exploration and through our drill bit and key for US is the extension of the circular mine life.
Speaker Change: Thank you very much and I think we can move on to the Q&A.
Speaker Change: Thank you very much for presentation, ladies and gentlemen, please do continue to meet your question. So you can see that just plays into Q&A tablet situated on the top rank one of your screen.
Speaker Change: Shaking takes a few of the questions have been submitted today lots of money. The recording of this presentation along with a copy of the slides on the published Q&A can be accessed via the investor dashboard.
Speaker Change: And as you can see we have received a number of questions throughout todays presentation, and if I could hand back to you to read out the questions and get responses that's appropriate today, so I'll pick up a fee at the end.
Speaker Change: Okay.
Speaker Change: Okay. What is the target date to finish Neely commenced trading in cellular.
Speaker Change:
Speaker Change: So the drilling of cellular as AGA is always ongoing.
Speaker Change: We will.
Speaker Change: We have 7500 meters at the next phase.
Speaker Change: Wed like to get that done as quickly as possible.
Speaker Change: Looking like during this period the first three months of the year and then.
Speaker Change: From that point.
Speaker Change: We will put that data into an optimized study again and looking at.
Speaker Change: How best to to increase the current myeloma, who are transitioning to <unk>.
Speaker Change: The ground.
Speaker Change: <unk>.
Speaker Change: However.
Speaker Change: If that drilling is successful.
Speaker Change: Again, we will increase our next phase of drilling in chaos and additional drilling.
Speaker Change: Drilling program there so it's ongoing.
Speaker Change: And the 7500 meter program is aimed for completion during this quarter.
Speaker Change: Okay.
Speaker Change: Is through exploration already looking at financing options for the <unk> project.
Speaker Change: Is there a scenario this would be possible entirely as a cash rates or with external funding definitely be required.
Speaker Change: We are having those conversations internally, we do have and coming from various advisers and lenders. Obviously, we have a very good relationship with Africa Finance Corporation.
Speaker Change: Just.
Speaker Change: Page.
Speaker Change: We are now in a position where.
Speaker Change: We believe there.
It should be a more compelling story for us to get leverage.
Speaker Change: In terms of project finance.
Speaker Change: Pizza project.
Speaker Change: Equity component.
Speaker Change: To fund from our own cash reserves so the.
Speaker Change: Intention at the moment is not to go out and raise any additional equity.
Speaker Change: We don't see any shareholder dilution coming from the development of the <unk> project.
Speaker Change: Obviously, it's still very early.
Speaker Change: Now in the process.
Speaker Change: <unk>.
Speaker Change: Nothing is concrete and set in stone and that will be finalized over the course of the year.
Speaker Change: And probably over the next six months.
Next question.
Speaker Change: The issue with a major in government was a bit unexpected how come that you stay away from legal conflicts in the future.
Speaker Change: Yes, it was very unexpected.
Speaker Change: One thing I can say about operating in Nigeria, we do have very strong support.
Speaker Change: In terms of the Ministry of mines in terms of the federal government.
Speaker Change: The issue was with the state government mining is regulated by the by the federal government.
Speaker Change: We said at the time and we continue to reiterate that.
Speaker Change: We believe and we feel that all of these.
Claims with.
Speaker Change: A false and we're not substantiated.
Speaker Change: We've been completely transparent through the whole process.
Speaker Change: We do expect to be completely exonerated.
Speaker Change: For more of these.
Speaker Change: Allegations that were made as well.
Speaker Change: So going to the feature what did we learn from this we will have a very open dialogue with the state.
Speaker Change: And we.
Speaker Change: We will bring in the Ministry in.
Speaker Change: With and have them present in all our dialogue with the state throughout to ensure things like this don't happen again in the future.
Speaker Change: But whilst talking about this is probably is very important.
Speaker Change: As you can see our operations were completely unaffected.
Speaker Change: Bye.
Speaker Change: All the issues that were happening with the state and we believe that.
Speaker Change: The the jurisdiction wherein where rule of law does prevail, we're well protected as long as we continue to abide by the regulatory.
Speaker Change: Standards that have been set by the ministry of mines.
Speaker Change: Our ministry of environment.
Speaker Change:
Speaker Change: When do you expect to make announcements on the extension or not of the same level of mine life.
Speaker Change: It's premature to say that what I will say is that we are carrying out.
Speaker Change: Another 7500 meters of drilling in after that.
Speaker Change: The program is completed we will evaluate.
Speaker Change: Any optimization studies on that might be a point to update the market.
Speaker Change: Financial Times recently had a piece on the terrifying crackdown on mining companies and ask is can be built what is the nature of doing to reassure incentivize it.
Speaker Change: Vestas.
Speaker Change: Why then is often going after four for taxes.
Speaker Change: Look I think.
Speaker Change: It's not really my place to say, but.
Speaker Change: I can just speak about experience in Nigeria.
Speaker Change: It's nine a coup belt is a much more political politically stable jurisdiction I don't think there's been a COO in Nigeria since 1984, we've had demographic democratic governments.
Speaker Change: And the opposition parties and.
Speaker Change: In government.
Speaker Change: For a number of years.
Speaker Change: Without issue.
Speaker Change: The mining act to Nigeria is extremely enabling.
Speaker Change: Unlike other jurisdictions and can build that's been mentioned in his question Youre allowed to earn 100% of your projects.
Speaker Change: You have a free movement of your currency repatriation if your dividends.
Speaker Change: You have.
Speaker Change: You have.
Speaker Change: Sorry.
Yeah.
Speaker Change: My mom is going blank, yes, you have free movement of your currency you have exemptions on your on your capital equipment as well in your mining equipment as well so it's a very compelling.
Speaker Change: Jurisdiction in terms of the mining act the federal government tries to make it enabling trying to invite them to attract.
Speaker Change: National investors Theyre trying to kick start the mining sector.
Speaker Change: More of a contribution to the GDP.
Speaker Change: We think that there was a misalignment between the Washington State and the <unk>.
Speaker Change: Federal government.
Speaker Change: That is being resolved now.
Speaker Change: Regulatory body, we deal with is the federal government and they oversee ore mining in Nigeria.
Speaker Change: Okay.
Speaker Change:
Speaker Change: Will there be a dividend in 2025, we have discussed this internally yes. The company is looking to return money to shareholders in some form during the course 'twenty to 'twenty five that policy hasnt been finalized yet but.
Speaker Change: The high level answer is yes, we are looking to do that.
Speaker Change:
Speaker Change: Will there not be a press release to get closure Ocean state allegations from Q3.
Speaker Change: Yes, we do intend to make a press release once the minister has made statements public and the report of the findings of the committee had been made public.
Speaker Change: We hope that that will be soon.
Speaker Change: We were hoping that would have come in before the end of last year and it didn't it's dragged into this year, but as soon as that's made locally we will be making our press release.
Speaker Change:
Speaker Change: I think that's all the questions any more questions.
Speaker Change:
Speaker Change: There are some very long ones here, which I can apply this one's a few paragraphs.
Speaker Change:
Speaker Change: I noticed the selling price was below spot price does this mean for contracts have now been closed out other plans to enter in a new hedging strategy.
Speaker Change: Around an all time gold Idaho price.
Speaker Change: Yes, the selling price was below.
Speaker Change: The gold price in the last.
Speaker Change: Quarter.
Considering we produced more gold, we decided to unwind more of the of the hedge book without.
Speaker Change: Denting the price to materially so we do have.
Speaker Change: I believe a 4500 ounces left.
Speaker Change: Average price of just under $2300 per ounce to unwind.
Speaker Change: We would look on winding that maybe 1500 ounces per month.
Speaker Change: Okay.
Speaker Change: If current economics persist when do you anticipate that Gulfstream liability will it be extinguished.
Speaker Change:
Speaker Change: Well that's a good question.
Speaker Change: <unk>.
Speaker Change: Based on the last forecast I saw it will be run about middle of next year.
Speaker Change: What is the level of.
Speaker Change: Sustaining capital.
Speaker Change: Anticipate in the knee.
Speaker Change: Near term ad circular.
Speaker Change: I'm actually pleased to say we spent.
Speaker Change: <unk>.
A significant amount on our plant upgrades over the last 24 months.
Speaker Change: We don't envisage any material sustaining capital being spent above.
Speaker Change: $5 million through the course of this year.
Speaker Change: How long after.
Speaker Change: The PFS before DFS and construction of data details begin build in 2025.
The PFS like I said is going to be at the more detailed and.
Speaker Change: It's going to position us to fast track.
Speaker Change: Two investment decision and the final outstanding items remaining for the DFS.
Speaker Change: Internally, we believe we will be ready to make that decision.
Speaker Change: This year however, there.
Speaker Change: A couple of things outside our control, which would be the final permitting process and Senegal, how long that takes and also putting the financing together and hopefully.
Speaker Change: That shouldn't be anything out of the ordinary so long as those two are within the course of the year, we would like to make that investment decision this calendar year.
Speaker Change: I think I've got it.
Speaker Change: Anything else.
Speaker Change: One very long question I will I will I can't we can't Miss one.
Speaker Change: Following investors need to know the net cash position how much net cash do you have the recent rns just stated it has net cash.
Speaker Change: Yeah, I think it's probably important to note. The recent rns was not our financials financials that normally come in a couple of months after.
Speaker Change: And the periods.
Speaker Change: Once all the invoices have been settled and have been fully reviewed that's why we only gave them.
Speaker Change: We we said it was.
Speaker Change: And on audited revenue number of just over $62 million, what I can say as we transitioned from net debt to net cash at the end of Q3 of $2 $7 million.
Speaker Change: We have since built on that on a monthly basis quite materially as well.
Speaker Change: So.
Speaker Change: I will have to wait for the financials to be completed before I do that but yes.
Speaker Change: Yeah, it's it's it's multiples above where we were at the end of Q3.
Speaker Change: If that's a hope that answers your question.
Speaker Change: Without giving the exact number.
Speaker Change:
Speaker Change: Do you agree is a flagship co producer, Nigeria, it would be beneficial to up the investment into the local community and local schemes further to help build long term relationships and bring positive change. Thank you.
Speaker Change: Definitely like I said in the presentation. We believe we already have the social license to operate with our local communities. We have taken a long time.
Speaker Change: View on Nigeria, We hope were at second Lola for many more years.
Speaker Change: We hope to find other gold discoveries in Nigeria for and Bill.
Speaker Change: Mindful for many more years.
Speaker Change: One thing we have taken out of the experience with <unk>.
Speaker Change: State is widening our CSR and see how we can be more interactive even at the state level in terms of our CSR and projects, we can jointly D. So yes.
Speaker Change: Does that AC drop assume less mining what is driving this drop is a strategy to see lower grades and higher mill throughput.
Speaker Change:
Speaker Change: Luke.
Speaker Change: <unk>.
Speaker Change:
Speaker Change: Has consistently come in lower than originally planned.
Speaker Change: So I think we have based IC.
On the on the mine plan and factored in our experience over the last three years.
Speaker Change: Okay I think.
Speaker Change: I think I've answered everything perfect. Thank you very much raunchiness questions from investors of course company camera gear, a little questions sits today and we will publish such responses out on the investment company platform.
Speaker Change: But just a full re direct investors Friday, that's APAC shneur is particularly important to the company Shagging Stachowski for a few closing comments.
Speaker Change: Yeah.
My closing comments are that we finished Q 'twenty 'twenty four very strongly.
Speaker Change: It was a record quarter for us.
Speaker Change: It will be a record year for us in terms of profitability.
Speaker Change: Now we've deleveraged.
Speaker Change: Balance sheet completely we're very excited about 2025, we think this is a year of significant growth for us in terms of cash and also in terms of value generated through exploration.
Speaker Change: We have some big milestones coming up in Senegal.
Speaker Change: And also in Nigeria.
Speaker Change: Being extending the mine life with every incremental year of mine life extension is appropriately.
Speaker Change: Cash generation generation of something similar to our market cap.
Speaker Change: So we're excited about 2025.
Speaker Change: We look forward to drawing a line in closing.
Speaker Change: The door in the Washington State issues.
Speaker Change: And yes, we look forward to updating the market regularly on a drill results and our financial performance.
Speaker Change: Thank you once again protection versus today can I. Please ask investors not to close this session and I shall be automatically redirect it perhaps your feedback in order to the management team can better understand your views and expectations. The same take few minutes to complete potential will be greatly valued by the company.
Speaker Change: Half the management team if the respirations, we'd like to thank you for attending today's presentation and good afternoon Tivo.