Q4 2025 TRX Gold Corp Earnings Call

Speaker #1: You are now rejoining the main conference.

Speaker #2: From the lobby. Welcome to the TRX GOLD Corp Q4 2025 Results Presentation. As a reminder, all participants are in listen-only mode, and the meeting is being recorded.

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Speaker #2: I would now like to turn the conference telephone keypad to join the question over to Mr. Stephen Mullowney, y, CEO. Please go ahead,

Operator: I would now like to turn the conference over to Mr. Stephen Mullowney, CEO. Please go ahead, sir. Yeah, thank you very much, and welcome everybody to the call this morning. Joining me today is our CFO, Mike Leonard. Mike. Good morning. And our COO is joining us from Melbourne this morning, so it's very early in his morning. Richard? Morning, everybody. Excellent. So today we're going to go over our 2025 results. 2025 was a very transformative year for the company. A couple of the key highlights, from my perspective, are the discovery of Stanford Bridge earlier in the year, having our best drill-hole results ever on that part of the property. Then also the release of our preliminary economic assessment in April of this year, which laid out a blueprint for production growth and expansion at Buck Reef over the next 18 years of mine life.

I would now like to turn the conference over to Mr. Stephen Mullowney, CEO. Please go ahead, sir.

Speaker #2: sir. Yeah, thank you very much.

Stephen Mullowney: Yeah, thank you very much, and welcome everybody to the call this morning. Joining me today is our CFO, Mike Leonard. Mike.

Speaker #3: And welcome, everybody, to the call this morning. Joining me today is our CFO, Mike.

Speaker #3: Leonard. Mike? And our COO is

Mike Leonard: Good morning.

Speaker #4: Good

Speaker #4: Good morning.

Stephen Mullowney: And our COO is joining us from Melbourne this morning, so it's very early in his morning. Richard?

Speaker #3: Joining us from Melbourne this morning, so it's very early in his morning.

Speaker #3: Richard? Good morning, everybody. Excellent. So today, we're going to go over our 2025 results. 2025 was a very transformative year for the company. A couple of the key highlights from my perspective are the discovery of Stanford Bridge earlier in the year, having our best drill hole results ever on that part of the property.

Richard Boffey: Morning, everybody.

Stephen Mullowney: Excellent. So today we're going to go over our 2025 results. 2025 was a very transformative year for the company. A couple of the key highlights, from my perspective, are the discovery of Stanford Bridge earlier in the year, having our best drill-hole results ever on that part of the property. Then also the release of our preliminary economic assessment in April of this year, which laid out a blueprint for production growth and expansion at Buck Reef over the next 18 years of mine life.

Speaker #3: Then also the release of our preliminary economic assessment in April of this year, which laid out a blueprint for production growth and expansion at Buckreef over the next 18 years of mine life.

Speaker #3: And that was great because that's just on the Buckreef main zone and doesn't take into account the other potential exploration targets that we have.

Operator: That was great because that's just on the Buck Reef main zone and doesn't take into account the other potential exploration targets that we have. Then we went through a very big stripping campaign to reset the mine plan, and then that enabled us to have record results in our Q4, which have continued into the Q1 and really set us up well and started to recapitalize the balance sheet and working capital in our operation. So a lot of really good things have happened in 2025. We're in a really good position. We're feeling really confident, and we're looking forward to a very successful 2026. Khalaf Rashid, our VP Tanzania, has joined us as well. Khalaf, right? Excellent. So he's joining us from Dar es Salaam. So in today's presentation, the team here will present a lot of the information.

That was great because that's just on the Buck Reef main zone and doesn't take into account the other potential exploration targets that we have. Then we went through a very big stripping campaign to reset the mine plan, and then that enabled us to have record results in our Q4, which have continued into the Q1 and really set us up well and started to recapitalize the balance sheet and working capital in our operation. So a lot of really good things have happened in 2025. We're in a really good position. We're feeling really confident, and we're looking forward to a very successful 2026. Khalaf Rashid, our VP Tanzania, has joined us as well. Khalaf, right? Excellent. So he's joining us

Speaker #3: And then we went through a very big stripping campaign to reset the mine plan. That enabled us to achieve record results in our fourth quarter and first quarter, which have continued well into the following periods and started to recapitalize the balance sheet and working capital in our operation.

Speaker #3: So a lot of really good things have happened in 2025. We're in a really good position. We're feeling really confident, and we're looking forward to a very successful 2026.

Speaker #3: Cloughersheet, our VP of Tanzania, has joined us as well. Clough? Mike? Excellent. So he's joining us from Dar es Salaam. In today's presentation, the team here will present a lot of the information.

from Dar es Salaam. So in today's presentation, the team here will present a lot of the information.

Speaker #3: We're going to go over our financial results for 2025, as well as go through our forecast and what we plan to accomplish in 2026.

Operator: We're going to go over our financial results for 2025, as well as go through our forecast and what we plan to accomplish in 2026. I hope to get a lot of questions. I'd like to leave a lot of time for Q&A. As per other calls, we will answer almost all questions. I don't think we shy away from questions. But to give people who aren't as familiar with TRX and the Buckreef Gold Project just a little bit of an overview of our company. We're based in Tanzania. We're operating the Buckreef Gold Project under a 55-45% JV. I'll get into government relations later on in the presentation. The property has over 1.5 million ounces at 2.5 grams a ton. It is a very low-cost operation. We've done three mill expansions in the last three years. We're undertaking another mill expansion as we speak.

We're going to go over our financial results for 2025, as well as go through our forecast and what we plan to accomplish in 2026. I hope to get a lot of questions. I'd like to leave a lot of time for Q&A. As per other calls, we will answer almost all questions. I don't think we shy away from questions. But to give people who aren't as familiar with TRX and the Buckreef Gold Project just a little bit of an overview of our company. We're based in Tanzania. We're operating the Buckreef Gold Project under a 55-45% JV. I'll get into government relations later on in the presentation. The property has over 1.5 million ounces at 2.5 grams a ton. It is a very low-cost operation. We've done

Speaker #3: I hope to get a lot of questions. I'd like to leave a lot of time for Q&A. As per other calls, we will answer almost all questions.

Speaker #3: I don't think we shy away from questions. But to give people who aren't as familiar with TRX and the Buckreef Gold Project just a little bit of an overview of our company, we're based in Tanzania.

Speaker #3: We're operating the Buckreef Gold Project under a 55/45% JV. I'll get into government relations later on in the presentation. The property has over one and a half million ounces at two and a half grams a ton.

Speaker #3: It is a very low-cost operation. We've done three mill expansions in the last three years, and we're undertaking another mill expansion as we speak. We're listed on the TSX under TRX and the New York Stock Exchange American under the ticker symbol TRX as well.

three mill expansions in the last three years. We're undertaking another mill expansion as we speak.

Operator: We're listed on the TSX under TRX and the NYSE American under the ticker symbol TRX as well. We're looking forward to continuing to expand our operations in 2026, as well as our first drill rig we will land on site, I think this week, that's owner-owned, and start the exploration program again after doing our geophysics study, which is coming to completion. So with that, anything else, Mike, Richard, Khalaf, to add to just an overview before Mike gets into the next slide and financial results? No, I think that was a good overview and a good summary from my side, Stephen. Thank you. Excellent. Thank you. So Mike, I'm going to hand it over to you to go through the key highlights of the fourth quarter. Okay. Very good. Thank you, Stephen. Good morning, everyone. Thanks for joining us as always.

We're listed on the TSX under TRX and the NYSE American under the ticker symbol TRX as well. We're looking forward to continuing to expand our operations in 2026, as well as our first drill rig we will land on site, I think this week, that's owner-owned, and start the exploration program again after doing our geophysics study, which is coming to completion. So with that, anything else, Mike, Richard, Khalaf, to add to just an overview before Mike gets into the next slide and financial results?

Speaker #3: And we're looking forward to continue to expand our operations to 2026, as well as our first drill rig will land on site. I think this week.

Speaker #3: That's owner-owned. And start the exploration program again after doing our geophysics study, which is coming to completion. So with that, anything else Mike, Richard, Clough to add to just an overview before Mike gets into the next slide and financial results?

Mike Leonard: No, I think that was a good overview and a good summary from my side, Stephen. Thank you.

Speaker #4: No, I think that was a good overview and a good summary from my

Speaker #4: side, Stephen. Thank you. Excellent.

Stephen Mullowney: Excellent. Thank you. So Mike, I'm going to hand it over to you to go through the key highlights of the fourth quarter.

Speaker #3: Thank you. So, Mike, I'm going to hand it over to you to go through the key highlights of the fourth quarter.

Mike Leonard: Okay. Very good. Thank you, Stephen. Good morning, everyone. Thanks for joining us as always.

Speaker #4: Okay, very good. Thank you, Stephen. Good morning, everyone. Thanks for joining us, as always. Q4 was by far our strongest quarter of the year, as Stephen mentioned.

Operator: Q4 was by far our strongest quarter of the year, as Stephen mentioned. It was a record quarter for the company. And that was primarily as we got through the stage one stripping campaign that we'd taken the market through in the early part of the year. We benefited from access to high-grade ore blocks into Q4 and consequently had record production and sales for the quarter. We produced over 6,400 ounces of gold, sold almost 7,000 ounces of gold. And of course, that was a big increase quarter over quarter over quarter, again, as we got through that strip campaign. And the high-grade ore blocks that we're accessing after that stage one strip are continuing into Q1. And we touched on that in our last press release. We've had some record pours of over 1,000 ounces into Q1 of this year.

Q4 was by far our strongest quarter of the year, as Stephen mentioned. It was a record quarter for the company. And that was primarily as we got through the stage one stripping campaign that we'd taken the market through in the early part of the year. We benefited from access to high-grade ore blocks into Q4 and consequently had record production and sales for the quarter. We produced over 6,400 ounces of gold, sold almost 7,000 ounces of gold. And of course, that was a big increase quarter over quarter over quarter, again, as we got through that strip campaign. And the high-grade ore blocks that we're accessing after that stage one strip are continuing into Q1. And

Speaker #4: It was a record quarter for the company. And that was primarily as we got through the stage one stripping campaign that we'd taken the market through in the early part of the from access to high-grade ore blocks into Q4 and consequently had record production and sales for the quarter.

Speaker #4: We produced over 6,400 ounces of gold and sold almost 7,000 ounces of gold. Of course, that was a big increase quarter over quarter.

Speaker #4: Again, as we got through that strip campaign, and the high-grade ore blocks that were accessing after that stage one strip are continuing into Q1, and we touched on that in our last press release.

we touched on that in our last press release. We've had some record pours of over 1,000 ounces into Q1 of this year.

Speaker #4: We've had some record pours of over 1,000 ounces into Q1 of this year. So that production trend has continued and expected to continue over the course of this year.

Operator: So that production trend has continued and expected to continue over the course of this year. Of course, we're in a record gold price environment at the moment. We realized a record gold price of $3,363 in Q4. But of course, they're selling gold at over $4,200 now, so continue to benefit from those record gold prices. But coupled record Q4 production with record gold prices and inevitably end up with record revenue, record gross profit, record net income, record operating cash flow, and record Adjusted EBITDA across the board. So really, really strong Q4 results. Importantly, we took a lot of that free cash flow that we're generating now and recapitalized our balance sheet, as Stephen touched on.

So that production trend has continued and expected to continue over the course of this year. Of course, we're in a record gold price environment at the moment. We realized a record gold price of $3,363 in Q4. But of course, they're selling gold at over $4,200 now, so continue to benefit from those record gold prices. But coupled record Q4 production with record gold prices and inevitably end up with record revenue, record gross profit, record net income, record operating cash flow, and record Adjusted EBITDA across the board. So really, really strong Q4 results. Importantly, we took a lot of that free cash flow that we're generating now and recapitalized our balance

Speaker #4: Of course, we're in a record gold price environment at the moment. We realized a record gold price of $3,363 in Q4, but of course, they're selling gold at over $4,200 now.

Speaker #4: So continue to benefit from those record gold prices. But a couple of record Q4 production with with record record gold prices, and inevitably you end up revenue.

Speaker #4: Record gross profit, record net income, record operating cash flow, and record adjusted EBITDA. Across the board, so really, really strong Q4 results. Importantly, we took a lot of that free cash flow that we're generating now and recapitalized our balance sheet, as Stephen touched on.

sheet, as Stephen touched on.

Speaker #4: Earlier in the year, when we were doing that stage one strip campaign, we leaned on our vendors to help remove a lot of that overburden and waste to get to those high-grade ore blocks.

Operator: Earlier in the year, when we were doing that stage one strip campaign, we leaned on our vendors to help remove a lot of that overburden and waste to get to those high-grade ore blocks. Consequently, working capital had been negative in the early part of the year. We've since overturned that. Working capital is positive now. Accounts payable is back within 60-odd days on average. We increased our cash position quarter over quarter by a net $1.2 million. Have about $8 million on our balance sheet. Repaid all of our borrowings from earlier in the year. The balance sheet was set up really, really well. Certainly heading into 2026. We'll talk about guidance in a moment. In addition to recapitalizing the working capital position, we continue to invest in things like mine infrastructure and development.

Earlier in the year, when we were doing that stage one strip campaign, we leaned on our vendors to help remove a lot of that overburden and waste to get to those high-grade ore blocks. Consequently, working capital had been negative in the early part of the year. We've since overturned that. Working capital is positive now. Accounts payable is back within 60-odd days on average. We increased our cash position quarter over quarter by a net $1.2 million. Have about $8 million on our balance sheet. Repaid all of our borrowings from earlier in the year. The balance sheet was set up really, really well. Certainly heading into 2026. We'll talk about guidance in a moment. In addition to

Speaker #4: And consequently, working capital had been negative in the early part of the year. We've since overturned that. Working capital is positive now. Accounts payable is back within 60-odd days on average.

Speaker #4: We increased our cash position quarter over quarter by a net $1.2 million, and we now have about $8 million on our balance sheet. Additionally, we repaid all of our borrowings from early in the year.

Speaker #4: So the balance sheet was set up really, really well. Certainly heading into 2026, we'll talk about guidance in a moment. But in addition to recapitalizing the working capital position, we continue to invest in things like mining infrastructure and development.

recapitalizing the working capital position, we continue to invest in things like mine infrastructure and development.

Speaker #4: And Richard better suited to talk to this, but we've effectively built up a very, very robust stockpile position, run a mine stockpile position. At the end of the year, we had about 15,000 ounces on that stockpile.

Operator: Richard's better suited to talk to this, but we've effectively built up a very, very robust stockpile position, run-of-mine stockpile position. At the end of the year, we had about 15,000 ounces on that stockpile. It continues to grow. We're over 20,000 ounces of gold on that stockpile today. What that allows us to do is maintain things like continuous mill feed, as well as supporting blending strategies as we head into next year, just to, again, maintain consistent, steady production. Continue to invest in the business that way. Of course, Stephen touched on the PEA and some of the projects that we're undertaking to enhance and expand our plant and mill.

Richard's better suited to talk to this, but we've effectively built up a very, very robust stockpile position, run-of-mine stockpile position. At the end of the year, we had about 15,000 ounces on that stockpile. It continues to grow. We're over 20,000 ounces of gold on that stockpile today. What that allows us to do is maintain things like continuous mill feed, as well as supporting blending strategies as we head into next year, just to, again, maintain consistent, steady production. Continue to invest in the business that way. Of course, Stephen touched on the PEA and some of the projects that we're undertaking to enhance and expand our plant and mill.

Speaker #4: 20,000 ounces of gold on that stockpile And it continues to grow. We're over today. And what that allows us to do is maintain things like continuous mill feed, as well as supporting blending strategies as we head into next year just to, again, maintain consistent, steady production.

Speaker #4: So continue to invest in the business that way. And of course, Stephen touched on the PEA and some of the projects that we're undertaking to enhance and expand our plant and mill.

Speaker #4: We have made down payments and things like thickeners, an ADR gold room that we're improving and enhancing. As well as things like additional oxygenation into the mill.

Operator: We have made down payments to things like thickeners, an ADR gold room that we're improving and enhancing, as well as things like additional oxygenation into the mill, all of which, as we've guided, we expect to benefit things like throughput and recovery over the course of this year. So again, record Q4. Stephen, what I might ask you to do is flip to the next slide, and we'll just quickly touch on some of the full year highlights as well. There we go. So we talked about Q4 being by far our strongest year, a quarter of the year after having got through the strip campaign. Nevertheless, 2025 was a record and transformational year for the company on the whole. We produced just under 19,000 ounces, so effectively in line with what we produced last year.

We have made down payments to things like thickeners, an ADR gold room that we're improving and enhancing, as well as things like additional oxygenation into the mill, all of which, as we've guided, we expect to benefit things like throughput and recovery over the course of this year. So again, record Q4. Stephen, what I might ask you to do is flip to the next slide, and we'll just quickly touch on some of the full year highlights as well.

Speaker #4: All of which, as we've guided, we expect to benefit throughput and recovery over the course of this year. So again, record Q4.

Speaker #4: And Stephen, what I might ask you to do is flip to the next slide, and we'll just quickly touch on some of the full-year highlights as.

Stephen Mullowney: There we go.

Speaker #3: Here we

Speaker #3: go. So we

Mike Leonard: So we talked about Q4 being by far our strongest year, a quarter of the year after having got through the strip campaign. Nevertheless, 2025 was a record and transformational year for the company on the whole. We produced just under 19,000 ounces, so effectively in line with what we produced last year.

Speaker #4: talked about Q4 being by far our strongest year. A quarter of the year after having got through the strip campaign. But nevertheless, 2025 was a year.

Speaker #4: For the company on the record in transformational whole. We produced just under 19,000 ounces. So effectively in line with what we produced last year.

Speaker #4: But again, those record gold prices on a full year basis, over $3,000 an ounce, benefited the financials significantly. We did almost $60 million of revenue.

Operator: But again, those record gold prices on a full year basis, over $3,000 an ounce, benefited the financials significantly. We did almost $60 million of revenue. Our gross profit was just under $25 million. And again, I should touch on gross profit quickly. We did 53% gross profit in Q4. So as Stephen touched on, it's a low-cost, high-margin operation. And at these gold price levels, the margin and the free cash we're developing is certainly benefiting the financials immensely. EBITDA for the year was $22 million, but Q4 alone was more than half of that. So again, if you take the production profile that you saw in Q4 and the $4,000-plus gold prices that you're seeing today and extrapolate that into 2026, you get a sense for what the financials might look like heading into next year. We talked about cost improvements a little bit.

But again, those record gold prices on a full year basis, over $3,000 an ounce, benefited the financials significantly. We did almost $60 million of revenue. Our gross profit was just under $25 million. And again, I should touch on gross profit quickly. We did 53% gross profit in Q4. So as Stephen touched on, it's a low-cost, high-margin operation. And at these gold price levels, the margin and the free cash we're developing is certainly benefiting the financials immensely. EBITDA for the year was $22 million, but Q4 alone was more than half of that. So again, if you take the production profile that you saw in Q4 and the $4,000-plus gold prices that you're seeing today and extrapolate that

Speaker #4: Our gross profit was just under $25 million. Again, I should touch on gross profit quickly: we achieved a 53% gross profit in Q4. As Stephen touched on, it's a low-cost, high-margin operation.

Speaker #4: And at these gold price levels, the margin and the free cash were developing is certainly benefiting the financials immensely. EBITDA for the year was $22 million.

Speaker #4: But Q4 alone was more than half of that. So again, if you take Q4 and the $4,000 plus the production profile that you saw in gold prices that you're seeing today and extrapolate that into 2026, you get a sense for what the financials might look like heading into next year.

into 2026, you get a sense for what the financials might look like heading into next year. We talked about cost improvements a little bit.

Speaker #4: improvements a little bit. We talked about cost We've seen things like processing costs for ton come down year over year. Economies of scale from our process plants having done a full year at 2,000 ton a day.

Operator: We've seen things like processing costs per ton come down year over year. Economies of scale from our process plant having done a full year at 2,000 tons a day. We're below $15 a ton in the processing plant. Stephen touched on things like owner-managed drilling. We also have an owner-managed fleet that's supporting our contract mining fleet. So things like mining costs per ton are coming down as well. So you expect to see that gross profit, and that gross margin continue to expand over the course of next year. We did press release earlier this year that we are building out a larger processing facility than what we had originally envisaged with the PEA. The PEA contemplated a 3,000-ton-a-day processing plant expanded from our current 2,000-ton-a-day plant.

We've seen things like processing costs per ton come down year over year. Economies of scale from our process plant having done a full year at 2,000 tons a day. We're below $15 a ton in the processing plant. Stephen touched on things like owner-managed drilling. We also have an owner-managed fleet that's supporting our contract mining fleet. So things like mining costs per ton are coming down as well. So you expect to see that gross profit, and that gross margin continue to expand over the course of next year. We did press release earlier this year that we are building out a larger processing facility than what we had originally envisaged with the PEA. The PEA contemplated

Speaker #4: We're below 15 bucks a ton in the processing plant. Stephen touched on things like owner-managed drilling. We also have an owner-managed fleet that's supporting our contract mining fleet.

Speaker #4: So, things like mining costs per ton are coming down as well. So, you expect to see that gross profit and that gross margin continue to expand over the course of next year.

Speaker #4: We did a press release earlier this year that we are building out a larger processing facility than what we had originally envisaged with the PEA.

Speaker #4: The PEA contemplated a 3,000 ton a day processing plant expanded from our current 2,000 ton a day plant. We're now envisaging a 3,000 ton a day sulfide circuit.

a 3,000-ton-a-day processing plant expanded from our current 2,000-ton-a-day plant.

Operator: We're now envisaging a 3,000-tons-a-day sulfide circuit, plus a 1,000-tons-a-day, we'll call it oxide transition circuit, that among other things will help us reprocess tailings. We expect to fund that through cash flow and are making progress on that and expect to update the market on our progress over the course of this year on that expansion. But again, we're making progress on some of those mill optimization initiatives like thickeners, oxygenation, and ADR plants as we go. Finally, we did put out a production and cost outlook for 2026. We expect gold production to be between 25 and 30,000 ounces of gold for next year at a cash cost of between $1,400 and $1,600 an ounce.

We're now envisaging a 3,000-tons-a-day sulfide circuit, plus a 1,000-tons-a-day, we'll call it oxide transition circuit, that among other things will help us reprocess tailings. We expect to fund that through cash flow and are making progress on that and expect to update the market on our progress over the course of this year on that expansion. But again, we're making progress on some of those mill optimization initiatives like thickeners, oxygenation, and ADR plants as we go. Finally, we did put out a production and cost outlook for 2026. We expect gold production to be between 25 and 30,000 ounces of gold for next year at a cash cost of between $1,400 and $1,600 an ounce.

Speaker #4: Plus 1,000 tons a day, we'll call it the oxide transition circuit, which amongst other things will help us reprocess tailings. We expect to fund that through cash flow and are making progress on that. We expect to update the market on our progress over the course of this year regarding that expansion.

Speaker #4: But again, our making progress on some of those mill optimization initiatives like thickeners and oxygenation and ADR plants as we go. Finally, we did put out production and cost outlook for 2026.

Speaker #4: We expect gold production to be between 25,000 and 30,000 ounces of gold for next year, with a cash cost of between $1,400 and $1,600 per ounce.

Speaker #4: Our CAPEX is expected to be between $15 million and $20 million, primarily focused on things like the plant upgrades and expansions, as well as life-of-mine tailings facilities that we're developing concurrently.

Operator: Our CapEx, we expect to be between $15 and $20 million, primarily focused on things like the plant upgrades and expansions, as well as life of mine tailings facilities that we're developing concurrently. If and when we develop additional free cash flow at higher gold prices, for example, we may look to expand that. But we'll certainly update the market as we progress over the course of the year. And I'll say a final point here around exploration. We have plans to put the drill bit back into the ground. We did just complete a geophysics study or in the process of completing one to identify additional drill targets.

Our CapEx, we expect to be between $15 and $20 million, primarily focused on things like the plant upgrades and expansions, as well as life of mine tailings facilities that we're developing concurrently. If and when we develop additional free cash flow at higher gold prices, for example, we may look to expand that. But we'll certainly update the market as we progress over the course of the year. And I'll say a final point here around exploration. We have plans to put the drill bit back into the ground. We did just complete a geophysics study or in the process of completing one to identify additional drill targets.

Speaker #4: If and when we develop additional free cash flow at higher gold prices, for example, we may look to expand that. But we'll certainly update the market as we progress over the course of the year.

Speaker #4: And I'll say a final point here around exploration. We have planned to put the drill bit back into the ground. We just completed a geophysics study or are in the process of completing one to identify additional drill targets.

Speaker #4: But the focus is really going to be around the main zone as well as exploration drilling in Stanford Bridge and Eastern Porphyry. And expect to have steady consistent news flow on those assays as and when they come in over the course of this year.

Operator: But the focus is really going to be around the main zone, as well as exploration drilling in Stanford Bridge, and Eastern Porphyry, and expect to have steady, consistent news flow on those assays as when they come in over the course of this year. So very, very strong record transformational year for 2025. If you look at 2026 outlook coupled with the higher gold prices, expect results to be very strong heading into next year as well. Stephen, back to you. Yeah. No, thank you, Mike, for that. I'm just going to just do a little bit of Q&A with you and Richard here just to bring in a few other points. Richard, why don't you give the shareholders an update on where we are in the process of that expansion? I know the thickener has been put onto a boat as of this week.

But the focus is really going to be around the main zone, as well as exploration drilling in Stanford Bridge, and Eastern Porphyry, and expect to have steady, consistent news flow on those assays as when they come in over the course of this year. So very, very strong record transformational year for 2025. If you look at 2026 outlook coupled with the higher gold prices, expect results to be very strong heading into next year as well. Stephen, back to you.

Speaker #4: So very, very strong record transformational year for 2025. And if you look at 2026 outlook coupled with the higher gold prices, expect results to be very strong heading into next year as well.

Speaker #4: Stephen, back to you.

Stephen Mullowney: Yeah. No, thank you, Mike, for that. I'm just going to just do a little bit of Q&A with you and Richard here just to bring in a few other points. Richard, why don't you give the shareholders an update on where we are in the process of that expansion? I know the thickener has been put onto a boat as of this week.

Speaker #3: Yeah, no,

Speaker #3: Thank you, Mike, for that. And I'm just going to do a little bit of Q&A with you and Richard here, just to bring in a few other points.

Speaker #3: Richard, why don't you give shareholders an update on where we are in the process of that expansion? I know the thickener has been put onto a boat.

Speaker #3: As of this week, and how you would see that being laid out the rest of the remainder of the

Operator: How would you see that being laid out the remainder of the year? Sure, Stephen. Thanks. Hi, again, everybody. The expansion process is well underway. We've got a full team and owners' team managing the full process from procurement through to installation and commissioning. The first part of the expansion process and the upgrade will be, as Stephen mentioned, a thickener coming that we can add to the circuit before the leach circuit. That enables us to improve the density, the residence time, and technically the grade because we'll be putting less of our oxide material through the plant. So that should have a pretty immediate effect, probably starting at the end of this Q2. We also have some additional oxygenation equipment coming in at the moment. We're feeding the plant hydrogen peroxide to improve the recovery.

How would you see that being laid out the remainder of the year?

Speaker #3: year. Sure, Stephen.

Richard Boffey: Sure, Stephen. Thanks. Hi, again, everybody. The expansion process is well underway. We've got a full team and owners' team managing the full process from procurement through to installation and commissioning. The first part of the expansion process and the upgrade will be, as Stephen mentioned, a thickener coming that we can add to the circuit before the leach circuit. That enables us to improve the density, the residence time, and technically the grade because we'll be putting less of our oxide material through the plant. So that should have a pretty immediate effect, probably starting at the end of this Q2. We also have some additional oxygenation equipment coming in at

Speaker #2: Thanks. Hi, again, everybody. The expansion process is well underway. We've got a full team and owners team managing the full process from procurement through to installation and commissioning.

Speaker #2: The first part of the expansion process and the upgrade will be as Stephen mentioned, a thickener coming to that we can add to the circuit before the leach circuit.

Speaker #2: That enables us to improve the density, the residence time, and technically the grade because we'll be putting less of our oxide material through the plant.

Speaker #2: So that should have a pretty immediate effect probably starting at the end of this second quarter. We also have some additional oxygenation equipment coming in at the moment we're feeding the plant hydrogen peroxide to improve the recovery.

the moment. We're feeding the plant hydrogen peroxide to improve the recovery.

Speaker #2: We're expecting a recovery gain and cost reduction by introducing some oxidation technology. It's a jetting system called an arc and reactor, and it should certainly help us with our more difficult sulfitic ores.

Operator: We're expecting a recovery gain and cost reduction by introducing some oxidation technology. It's a jetting system that is called an arc and reactor and should certainly help us with our more difficult sulfidics. The next item to come along will be an improved absorption, desorption, and recovery plant. Our current one is a bit agricultural. So as we get to much larger gold production, we'll need a much better system. This is a very hands-off process control system. We're very much looking forward to being able to install that towards the end of this financial year. At the same time, our MET test work on the flotation and the fine grinding is complete. We're just reviewing the last of the data there. We're out to tender on those items. Also by January, we'll be out to tender on a SAG mill.

We're expecting a recovery gain and cost reduction by introducing some oxidation technology. It's a jetting system that is called an arc and reactor and should certainly help us with our more difficult sulfidics. The next item to come along will be an improved absorption, desorption, and recovery plant. Our current one is a bit agricultural. So as we get to much larger gold production, we'll need a much better system. This is a very hands-off process control system. We're very much looking forward to being able to install that towards the end of this financial year. At the same time, our MET test work on the flotation and the fine grinding is complete. We're just reviewing the last of the

Speaker #2: The next item to come along will be an improved absorption-desorption and recovery plant. Our current one has been agricultural, so as we get to much larger gold production, we'll need a much better system. This is a very hands-off process control system, and we're very much looking forward to being able to install that towards the end of this financial year.

Speaker #2: At the same time, our MET test work on the flotation is ongoing, while the fine grinding is complete, and we're just reviewing the last of the data there.

data there. We're out to tender on those items. Also by January, we'll be out to tender on a SAG mill.

Speaker #2: We're out to tender on those items and also by January we'll be out to tender on a sag mill so we'll put the sag and the boil mill into a parallel system and that'll allow us to bump up the production to somewhere between 3,000 and 3,500 tons a day of fresh material.

Operator: So we'll put the SAG and the ball mill into a parallel system. That'll allow us to bump up the production to somewhere between 3,000 and 3,500 tons a day of fresh material. So we don't expect that until FY27, but certainly in the first half of FY27, we would like to have our full expanded plant up and running. Excellent. Well, thank you, Richard. That's a good update. I'm going to switch to the next slide here now. One of the things that Mike did mention is production was predominantly the same as it was in 2024. But throughput did increase. So the difference is in the grade profile in 2024 and 2025. And as we mentioned, we're now into a much better grade profile. After the stripping campaign, we went from the north back down to the south where the much better grades are.

So we'll put the SAG and the ball mill into a parallel system. That'll allow us to bump up the production to somewhere between 3,000 and 3,500 tons a day of fresh material. So we don't expect that until FY27, but certainly in the first half of FY27, we would like to have our full expanded plant up and running.

Speaker #2: So we don't expect that until FY27 but certainly in the first half of FY27 we would like to have our full expanded plant up and running.

Stephen Mullowney: Excellent. Well, thank you, Richard. That's a good update. I'm going to switch to the next slide here now. One of the things that Mike did mention is production was predominantly the same as it was in 2024. But throughput did increase. So the difference is in the grade profile in 2024 and 2025. And as we mentioned, we're now into a much better grade profile. After the stripping campaign, we went from the north back down to the south where the much better grades are.

Speaker #3: Excellent. Well, thank you, Richard. That's a good update. I'm going to switch to the next slide here now. One of the things that Mike did mention is production was predominantly the same as it was in 2024.

Speaker #3: But throughput did increase. So the difference is in the grade profile in 2024 and 2025. And as we mentioned, we're now into a much better grade profile after the stripping campaign.

Speaker #3: We went from the north back down to the south where the much better grades are, and we anticipate better grades as we go forward, which means a lead to an increase in gold production.

Operator: We anticipate better grades as we go forward, which means leads to an increase in gold production. As Richard has mentioned, the oxygenation, even using hydrogen peroxide, we have seen lately a decent increase in recovery rates in the operations coming from the low 70s into, where I say, Richard, now about low 80s, roughly, even just using hydrogen peroxide. Well, it's not just hydrogen peroxide. Yeah, we've certainly worked on ore grindability and all reagent addition, but we've had a significant increase in recovery from Q3 when we were in the high 60s, and now we're into the low 80s. So it's been a very good few months. As you can see, the throughput of the plant last year did increase, and it will increase again this year.

We anticipate better grades as we go forward, which means leads to an increase in gold production. As Richard has mentioned, the oxygenation, even using hydrogen peroxide, we have seen lately a decent increase in recovery rates in the operations coming from the low 70s into, where I say, Richard, now about low 80s, roughly, even just using hydrogen peroxide.

Speaker #3: As Richard has mentioned, the oxygenation, even using hydrogen peroxide, we have seen lately a decent increase in recovery rates in the operations. Coming from the low 70s into where I say, Richard, now about low 80s roughly.

Speaker #3: Even just using hydrogen

Speaker #3: peroxide. Well, it's not

Richard Boffey: Well, it's not just hydrogen peroxide. Yeah, we've certainly worked on ore grindability and all reagent addition, but we've had a significant increase in recovery from Q3 when we were in the high 60s, and now we're into the low 80s. So it's been a very good few months.

Speaker #2: Just hydrogen peroxide yet. We've certainly worked on our grindability and all reagent addition, but we've had a significant increase in recovery from Quarter Three, when we were in the high 60s, and now we're into the low 80s.

Speaker #2: So it's been a very good few months.

Stephen Mullowney: As you can see, the throughput of the plant last year did increase, and it will increase again this year.

Speaker #3: So as you can see, the throughput of the plant last year did increase and it will increase again this year. Richard and the team have had quite a good maintenance program put into place which is helping our availability.

Operator: Richard and the team have had quite a good maintenance program put into place, which is helping our availability. As Mike mentioned, recapitalizing the balance sheet has meant bringing in a lot more spares and a lot more of that on the maintenance side. So that's limiting our downside on the crushing and grinding circuit as well. So all things are moving in a positive direction. I'm going to ask for - nope. I'm jumping ahead of myself here. This is just a summary of both the revenues and the Adjusted EBITDA of the company. A couple of things I'd like to point out in this slide from 2025 is we haven't issued equity in the market. So now we go back four or five years ago to our original capital raises. There now has been a $67 million investment from a $20 million raise into this asset.

Richard and the team have had quite a good maintenance program put into place, which is helping our availability. As Mike mentioned, recapitalizing the balance sheet has meant bringing in a lot more spares and a lot more of that on the maintenance side. So that's limiting our downside on the crushing and grinding circuit as well. So all things are moving in a positive direction. I'm going to ask for - nope. I'm jumping ahead of myself here. This is just a summary of both the revenues and the Adjusted EBITDA of the company. A couple of things I'd like to point out in this slide from 2025 is we haven't issued equity in the market. So now we go back four or five years ago to our

Speaker #3: Recapitalizing the balance sheet has meant bringing in, as Mike mentioned, a lot more spares and a lot more on the maintenance side. So, that's to limit our downside on the crushing and grinding circuit as well.

Speaker #3: So all things are moving in a positive direction. I'm going to ask, I'm jumping ahead of myself here. This is just a summary of both the revenues and the adjusted EBITDA of the company.

Speaker #3: A couple of things I’d like to point out in this slide. From 2025, we have issued equity in the market. So now we go back four or five years ago to our original capital raises.

original capital raises. There now has been a $67 million investment from a $20 million raise into this asset.

Speaker #3: There now has been a 67 million dollar investment from a 20 million dollar raise. Into this asset, that will continue to increase and go up as we continue to create more and more cash flow from this asset and have that plan in place.

Operator: That will continue to increase and go up as we continue to create more and more cash flow from this asset and have that plan in place. I'll get into the PEI slides in a few minutes. That's important. Also, we continue to hold a line on cash G&A. That's very important as well. We hold that line versus other miners, and we run a pretty tight management team in order to hold that G&A expenditures where they are right now. That may change in the future as we grow, but right now, we've held a line in 2025. With regards to why are we very confident in 2026, like I mentioned, grade profile is a big part of it. Mining is a big part of that.

That will continue to increase and go up as we continue to create more and more cash flow from this asset and have that plan in place. I'll get into the PEI slides in a few minutes. That's important. Also, we continue to hold a line on cash G&A. That's very important as well. We hold that line versus other miners, and we run a pretty tight management team in order to hold that G&A expenditures where they are right now. That may change in the future as we grow, but right now, we've held a line in 2025. With regards to why are we very confident in 2026, like I mentioned, grade profile is a big part of it. Mining is a big part of that.

Speaker #3: I'll get into the PEI slides in a few minutes, so that's important. Also, we continue to hold the line on cash G&A, and that's very important as well.

Speaker #3: So we hold that line versus other miners and we run a pretty tight management team. In order to hold that G&A expenditures where they are right now.

Speaker #3: That may change in the future as we grow, but right now we've held the line in 2025. With regards to why are we very confident in 2026?

Speaker #3: Like I mentioned, grade profile is a big part of it. Mining is a big part of that. In 2025, Richard didn't really get into this, but there were a lot of improvements in mining, particularly around drilling and blasting, working with the contractor to make sure that they're hitting mining rates. Because if you fall behind in mining, you're going to fall behind in your mine plan.

Operator: In 2025, Richard didn't really get into this, but there were a lot of improvements in mining, particularly around drilling and blasting, working with the contractor to make sure that they're hitting mining rates. Because if you fall behind in mining, you're going to fall behind in your mine plan. You're going to fall behind in the grade profile that you have. As Mike mentioned and Richard mentioned, the stockpile is increasing. So what does that mean? That means that the grades coming from your pit are higher than what's on the stockpile. So you're not drawing from your stockpile, and you're mining more than your processing plant has capacity to mine. So Richard, why don't you just give the shareholders a quick overview of the mine plan for 2026 at a very high level?

In 2025, Richard didn't really get into this, but there were a lot of improvements in mining, particularly around drilling and blasting, working with the contractor to make sure that they're hitting mining rates. Because if you fall behind in mining, you're going to fall behind in your mine plan. You're going to fall behind in the grade profile that you have. As Mike mentioned and Richard mentioned, the stockpile is increasing. So what does that mean? That means that the grades coming from your pit are higher than what's on the stockpile. So you're not drawing from your stockpile, and you're mining more than your processing plant has capacity to mine. So Richard, why don't you just give the

Speaker #3: You're going to fall behind in the grade profile that you have. As Mike mentioned and Richard mentioned, the stockpile is increasing. So what does that mean?

Speaker #3: That means that the grades coming from your pit are higher than what's in the stockpile. So you're not drawing from your stockpile, and you're mining more ore than your processing plant has capacity to mine.

Speaker #3: So, Richard, why don't you just give the shareholders a quick overview of the mine plan for 2026 at a very high level? They can see what has been mined above the line and what is to be mined below the line.

shareholders a quick overview of the mine plan for 2026 at a very high level?

Operator: They can see what has been mined above the line and what is to be mined below the line. I like those very pinkish blocks that are there, deep purples, that we're going to be mining in 2026. Okay. Sure, Stephen. Look, for those people who are not colorblind and interested in the colors, the warmer colors are the better grade. So anything with purple and above is exceptionally good grade that you don't normally find in an open pit mine. The blue is generally a waste material. So you can see that in 2025, we did a lot of mining of blue to the right-hand side, which is the north. This coming year, we've still got a bit of that to go. We're going to be hitting that again because there's some exceptional grades beneath that, not very well represented on this slide.

They can see what has been mined above the line and what is to be mined below the line. I like those very pinkish blocks that are there, deep purples, that we're going to be mining in 2026.

Speaker #3: And I like those very pinkish blocks that are there, deep purples that we're going to be mining in 2026.

Richard Boffey: Okay. Sure, Stephen. Look, for those people who are not colorblind and interested in the colors, the warmer colors are the better grade. So anything with purple and above is exceptionally good grade that you don't normally find in an open pit mine. The blue is generally a waste material. So you can see that in 2025, we did a lot of mining of blue to the right-hand side, which is the north. This coming year, we've still got a bit of that to go. We're going to be hitting that again because there's some exceptional grades beneath that, not very well represented on this slide.

Speaker #2: Okay, sure, Stephen. Look, for those people who are not colorblind and are interested in the colors, the warmer colors are the better grade. So anything with purple and above is exceptionally good grade.

Speaker #2: You don't normally find in an open pit mine. The blue is generally a waste material. So, you can see that in 2025, we did a lot of mining of blue to the right-hand side, which is the north.

Speaker #2: And this coming year, we've still got a bit of that to go. We're going to be hitting that again because there are some exceptional grades beneath that, not very well represented on this slide.

Speaker #2: But we do have a very good uniform.

Operator: But we do have a very good uniform, consistent area of ore, basically from the south all the way to about 80% to 90% through the strike length of the pit. That should give us a nice consistent feed. We're hoping in Q4 to even get some of the probably our best grades that we've seen in the project coming out in that last quarter. Thanks, Richard, for that. So with regards to, I'm just going to summarize some of our investment themes from our corporate presentation. I'm going to go through these slides pretty quickly. As has been mentioned upfront, and I'm going to reiterate, the company is generating strong free cash flow right now that's being reinvested into the business. It is a scalable growth plan with a significant increase in the tonnage as a result of the expansion. Remember, we've done this before.

But we do have a very good uniform, consistent area of ore, basically from the south all the way to about 80% to 90% through the strike length of the pit. That should give us a nice consistent feed. We're hoping in Q4 to even get some of the probably our best grades that we've seen in the project coming out in that last quarter.

Speaker #1: from Cleave the south all the way to about 80 to 90% through the strike length of the pit . That should give us a nice , consistent feed , and we're hoping in the fourth quarter that to even get some of the probably our best grades that we've seen in the project coming out in that last quarter .

Speaker #2: Thanks . Thanks , Richard , for that . So with regards to I'm just going to summarize some of our investment themes from our corporate to go through these presentation .

Stephen Mullowney: Thanks, Richard, for that. So with regards to, I'm just going to summarize some of our investment themes from our corporate presentation. I'm going to go through these slides pretty quickly. As has been mentioned upfront, and I'm going to reiterate, the company is generating strong free cash flow right now that's being reinvested into the business. It is a scalable growth plan with a significant increase in the tonnage as a result of the expansion. Remember, we've done this before.

Speaker #2: I'm going, as it's been mentioned up front, and I'm going to reiterate that the company is generating strong free cash flow right now.

Speaker #2: That's being reinvested into the business. It is a scalable growth with a significant planned increase in the tonnage as a result of the expansion.

Speaker #2: Remember , we've done this before . As Richard mentioned , there's a full team in place . They know what they're doing . We've done this before .

Speaker #2: So we're very confident in doing it again, which means the increase in scale. I see Richard has just left. He might have connection issues.

Operator: As Richard mentioned, there's a full team in place. They know what they're doing. We've done this before, so we're very confident in doing it again, which means the increase in scale. I see Richard has just left. He might have connection issues. The increase in scale will reduce costs as well from where they were in 2025. There is also still significant blue sky potential. There will be a lot more focus on that in 2026 than there was in 2025. There's only so much capital you have. In 2025, we focused on the stripping and setting up the mine plan for the long term to enable significantly more exploration over time as a result of the free cash flow that has been generated.

As Richard mentioned, there's a full team in place. They know what they're doing. We've done this before, so we're very confident in doing it again, which means the increase in scale. I see Richard has just left. He might have connection issues. The increase in scale will reduce costs as well from where they were in 2025. There is also still significant blue sky potential. There will be a lot more focus on that in 2026 than there was in 2025. There's only so much capital you have. In 2025, we focused on the stripping and setting up the mine plan for the long term to enable significantly more exploration over time as a result of the free cash flow that has been generated.

Speaker #2: The increase in scale will reduce costs as well from where they were in 2025. There is also still significant blue sky potential.

Speaker #2: There will be a lot more focus on that in 2026 than there was in 2025. There's only so much capital you have in 2025.

Speaker #2: We focused on stripping and setting up the the mine plan for the long term to significantly more enable exploration over time as a result of the free cash flow that has been generated , we could have did expiration , but then we wouldn't get to the free cash flow that we're seeing today .

Speaker #2: If we did expiration last year , and it would have been slower to get there as a result of the plant wouldn't have been expanded or and the pit wouldn't have been stripped and you wouldn't have get to the grades that create that cash flow .

Operator: We could have did exploration, but then we wouldn't get to the free cash flow that we're seeing today if we did exploration last year, and it would have been slower to get there as a result that the plant wouldn't have been expanded and the pit wouldn't have been stripped, and you wouldn't get to the grades that create that cash flow. With regards to Tanzania itself, give a little bit of an overview of Tanzania and Khalaf. We'll get into a little bit of the situation on the ground in Tanzania as well. The big thing in Tanzania, Barrick and AngloGold Ashanti, continue to produce really good gold production at their assets in North Mara, Bulyanhulu, and Geita. Geita is about 30km away from us. The big news in Tanzania is Perseus is putting Nyanzaga into production.

We could have did exploration, but then we wouldn't get to the free cash flow that we're seeing today if we did exploration last year, and it would have been slower to get there as a result that the plant wouldn't have been expanded and the pit wouldn't have been stripped, and you wouldn't get to the grades that create that cash flow. With regards to Tanzania itself, give a little bit of an overview of Tanzania and Khalaf. We'll get into a little bit of the situation on the ground in Tanzania as well. The big thing in Tanzania, Barrick and AngloGold Ashanti, continue to produce really good gold production at their assets in North Mara, Bulyanhulu, and Geita. Geita is about 30km away

Speaker #2: With regards to Tanzania itself, give a little bit of an overview of Tanzania, and we'll get into a little bit of the situation on the ground in Tanzania as well.

Speaker #2: The big thing in Tanzania, Barrick and AngloGold Ashanti continue to produce, you know, really good gold production at their North assets in America.

Speaker #2: And Hulu and Geeta. Geeta is about 30 km away from us. Big. And the news in Tanzania is Perseus is putting nine one saga into production or spending $1 billion.

from us. The big news in Tanzania is Perseus is putting Nyanzaga into production.

Speaker #2: half There to put that into production or produce over 200,000oz . Ironically , and I like to say this , our PE has a higher net present value than that project , given the low cost at at Buck reef , it has lower production , but it has such low cost that has it a significant net present value relative to other projects .

Operator: They're spending $0.5 billion there to put that into production or produce over 200,000 ounces. Ironically, and I like to say this, our PEA has a higher net present value than that project given the low cost at Buck Reef. It has lower production, but it has such low cost that it has a significant net present value relative to other projects. So we're not seeing too much from a labor perspective as of yet from the Perseus expansion, and our labor situation is really good. One of the things I'd like to talk about is the, and I've gotten a lot of questions around this from shareholders. So I'm going to preempt the question around the joint venture. As shareholders are aware, we have a 55%, 45% joint venture with the state mining company, STAMICO, government entity in Tanzania. That 45% interest is dilutable.

They're spending $0.5 billion there to put that into production or produce over 200,000 ounces. Ironically, and I like to say this, our PEA has a higher net present value than that project given the low cost at Buck Reef. It has lower production, but it has such low cost that it has a significant net present value relative to other projects. So we're not seeing too much from a labor perspective as of yet from the Perseus expansion, and our labor situation is really good. One of the things I'd like to talk about is the, and I've gotten a lot of questions around this from shareholders. So I'm going to preempt the question around the joint venture. As shareholders are aware, we have a 55%, 45% joint

Speaker #2: So , you know , we're not seeing too much from a labor perspective as of yet from , from the Perseus expansion and our labor situation is really good One of the things I'd .

Speaker #2: like to talk about is , you know , the and I've gotten a lot of questions around this from shareholders . So , you know , I'm going to preempt the question around the joint venture as , as shareholders are aware , we have a 55 , 45% joint venture with the state mining company Parasital .

Speaker #2: The government entity in Tanzania, I believe, implemented a new law in 2022 for a 16% free carried interest in mining projects. They also requested that mining companies submit a timeline for negotiations to allow the government to receive that interest. Additionally, there is a 45% interest that is dilutable.

venture with the state mining company, STAMICO, government entity in Tanzania. That 45% interest is dilutable.

Operator: The Tanzanian government, in, I believe, 2022, implemented a new law for 16% free-carried interest in mining projects and requested that mining companies submit a timeline for negotiation of the government to receive that interest. We are in a unique situation given that we already have a government interest in the Buck Reef mining projects. Other projects in Tanzania do not have that sort of attribute. So for instance, I have here Perseus Nyanzaga. When they went for their mining permit, they negotiated that in under OreCorp at the time. The Buck Reef Gold project has gone through extensive, what I'll say, back and forths with the government negotiating team. We've dealt with STAMICO, the government negotiating team, as well as others in Tanzania, and it's still a work in progress. We expect that to pick up here in the new year.

The Tanzanian government, in, I believe, 2022, implemented a new law for 16% free-carried interest in mining projects and requested that mining companies submit a timeline for negotiation of the government to receive that interest. We are in a unique situation given that we already have a government interest in the Buck Reef mining projects. Other projects in Tanzania do not have that sort of attribute. So for instance, I have here Perseus Nyanzaga. When they went for their mining permit, they negotiated that in under OreCorp at the time. The Buck Reef Gold project has gone through extensive, what I'll say, back and forths with the government negotiating team. We've dealt

Speaker #2: We are in a unique situation given that we already have a government interest buck in the reef mining projects. Other projects in Tanzania do not have that sort of attribute.

Speaker #2: So , for instance , I have here Perseus nine one Zarga when they went for their mining permit , they negotiated that in under Ore Corp .

Speaker #2: At the time , the buck riefkohl project has gone through extensive what I'll say back and forths with the government negotiating team . We've dealt with dominko the government negotiating team , as well as others in Tanzania , and it's still a work in progress .

with STAMICO, the government negotiating team, as well as others in Tanzania, and it's still a work in progress. We expect that to pick up here in the new year.

Speaker #2: We expect that to pick up here in the New Year. Our goal is to switch the 45% dilutable to 16% non-dilutable and be more market competitive with other mining projects in Tanzania.

Operator: Our goal is to switch the 45% dilutable to the 16% non-dilutable and be more market with other mining projects in Tanzania. Khalaf, anything to add to that from what I just added? I know you're dealing with this on a daily basis. On a daily basis, yeah. No, correct. I think that's exactly how it is. We've initiated the process of negotiations with the government since 2024. These discussions are ongoing. They've been somewhat delayed these recent months because of elections, but we expect that they will go back fully by January 2026. I think that probably the important thing is just to state the new framework arrangement with the proposed financial models, which were absent in previous arrangements. I think it's beneficial for all parties to have greater transparency between the investor and the government. It isn't about less.

Our goal is to switch the 45% dilutable to the 16% non-dilutable and be more market with other mining projects in Tanzania. Khalaf, anything to add to that from what I just added? I know you're dealing with this on a daily basis. On a daily basis, yeah.

Speaker #2: Anything to add to that? From what I just added, I know you're dealing with this on a daily basis.

Speaker #3: a daily On basis . Yeah . No . Correct . I think that's that's exactly how it is . We've initiated the process of negotiations with the government since 2024 .

Khalaf Rashid: No, correct. I think that's exactly how it is. We've initiated the process of negotiations with the government since 2024. These discussions are ongoing. They've been somewhat delayed these recent months because of elections, but we expect that they will go back fully by January 2026. I think that probably the important thing is just to state the new framework arrangement with the proposed financial models, which were absent in previous arrangements. I think it's beneficial for all parties to have greater transparency between the investor and the government. It isn't about less.

Speaker #3: So, these discussions are ongoing. They have been somewhat delayed in recent months because of elections, but we expect that they will be back fully by January 2026.

Speaker #3: So, I think probably the important thing is just to state that the new framework arrangement with the proposed financial models was absent in previous arrangements.

Speaker #3: And I think it's beneficial for all parties to have greater transparency between the investor and the government . So it isn't about less , it's about actually being more transparent and having stability in these new agreements , which I think is hugely important of for for all us .

Operator: It's about actually being more transparent and having stability in these new agreements, which I think is hugely important for all of us. Yeah. So basically, that's what it is. And we look forward to, and I think the important thing also is that government is in, I believe, the right spirit, trying to promote and ensure that the investment comes into the country. So these sort of new agreements, a new framework has been geared up to increase investment into the country and attract investors. Thanks for that, Khalaf. And look, that lines up with a release by the Ministry of Minerals a couple of days ago with regards to what they're doing with the US Embassy and attempting to attract investment in the natural gas area, which is $40 billion plus for Tanzanian investment in the natural gas space, as well as Lifezone Metals' Kabanga Nickel project.

It's about actually being more transparent and having stability in these new agreements, which I think is hugely important for all of us. Yeah. So basically, that's what it is. And we look forward to, and I think the important thing also is that government is in, I believe, the right spirit, trying to promote and ensure that the investment comes into the country. So these sort of new agreements, a new framework has been geared up to increase investment into the country and attract investors.

Speaker #3: Yeah . So basically that's that's what it is . And we look forward to and I think that the also is , is government is in , I believe , the right spirit trying to promote and that the ensure comes investment country .

Speaker #3: these So these into the agreements and new framework sort of new geared has been up to increase investment into the country and attract investors .

Speaker #2: Thanks for that . And look , that lines up with the release by the Ministry of a Minerals couple days ago with regards to , you know , what doing with they're the US embassy and and attempting to attract investment in the natural which is , you area , know , $40 billion plus for for Tanzanian investment in , in the natural gas as space life zones nickel .

Stephen Mullowney: Thanks for that, Khalaf. And look, that lines up with a release by the Ministry of Minerals a couple of days ago with regards to what they're doing with the US Embassy and attempting to attract investment in the natural gas area, which is $40 billion plus for Tanzanian investment in the natural gas space, as well as Lifezone Metals' Kabanga Nickel project.

Speaker #2: Kabanga project . And and there was a graphite project as well . That was a significant investment as well . So , you know , government is is saying right things and looks to be moving in the right direction with regards to capital I investment .

Operator: There was a graphite project as well that was a significant investment as well. The government is saying the right things and looks to be moving in the right direction with regards to capital investment. I encourage anybody who has any further questions to ask those towards the end of the presentation. I'm going to move on into the PEA right now. As I mentioned, this slide will be put up onto our website after this presentation in the corporate presentation. It just details more detail coming out of the PEA. This is all in the PEA documents. As you can see, in year one, it has 27,000 ounces of production, which is in line to the guidance that was provided by Mike, Richard, and team of 25 to 30,000 ounces. Then it starts to ramp up thereafter.

There was a graphite project as well that was a significant investment as well. The government is saying the right things and looks to be moving in the right direction with regards to capital investment. I encourage anybody who has any further questions to ask those towards the end of the presentation. I'm going to move on into the PEA right now. As I mentioned, this slide will be put up onto our website after this presentation in the corporate presentation. It just details more detail coming out of the PEA. This is all in the PEA documents. As you can see, in year one, it has 27,000 ounces of production, which is in line to the guidance that was provided by Mike, Richard, and team of 25 to

Speaker #2: And I encourage anybody who has any questions to ask those towards the end of the presentation. So I'm going to move on into the PE right now.

Speaker #2: And as I mentioned , this slide will be put up onto our website after this presentation in the corporate presentation , it just details more detail coming out the out of the PA .

Speaker #2: This is all in the PE documents. As you can see, in Year One, it has 27,000 oz of production, which is in line with the guidance that was provided by Michael Leonard and Richard Boffey.

Speaker #2: A team of 25,000 to 30,000 oz. And then it starts to ramp up thereafter. As we mentioned in a prior release, the company's plan is to have, you know, larger than 3,000 tonnes a day capacity.

30,000 ounces. Then it starts to ramp up thereafter.

Operator: As we mentioned in a prior release, the company's plan is to have larger than 3,000 tons/day capacity. What that will ultimately get to will be determined as we get into that production profile. But certainly, the older plant and the 1,000 tons/day, as we mentioned, will still be there. It's able to process sulfides as well, but not at the same recovery rates unless you upgrade it to thickeners and integrate in the flotation cells at the end to make sure you have enough capacity in your high-intensity grinding, though. But it could still, at the current plant, process sulfides, although at a reduced recovery rate. Richard, anything else to add to this? This contemplates three years of open pit and the remainder underground. Not really. I mean, we're following the plan. It's a good plan.

As we mentioned in a prior release, the company's plan is to have larger than 3,000 tons/day capacity. What that will ultimately get to will be determined as we get into that production profile. But certainly, the older plant and the 1,000 tons/day, as we mentioned, will still be there. It's able to process sulfides as well, but not at the same recovery rates unless you upgrade it to thickeners and integrate in the flotation cells at the end to make sure you have enough capacity in your high-intensity grinding, though. But it could still, at the current plant, process sulfides, although at a reduced recovery rate. Richard, anything else to add to this? This contemplates three years of open pit and the

Speaker #2: What that will ultimately get to will be determined as we get into into that production profile . But certainly the older plant in the 1000 tonne per day , as we mentioned , will still be there .

Speaker #2: It's able to process sulphides as well , but not at the same recovery rates unless you upgrade it to thickeners and and integrate into flotation cells at the end to make sure you have enough capacity in your high intensity grinding mill .

Speaker #2: So . But it could still like the current plant process , sulphides , although at a reduced recovery rate . Richard , anything else to add to this ?

Speaker #2: This contemplates three years of open pit and the remainder underground .

Speaker #1: Not really . I mean , we're following the plan . It's a good plan . We're also looking for opportunities now with some full geophysical surveys across the site .

remainder underground.

Richard Boffey: Not really. I mean, we're following the plan. It's a good plan.

Operator: We're also looking for opportunities now with some full geophysical surveys across the site. So if we can find additional resources, then we've got more opportunity. And as you suggested, we'll have an effectively redundant crushing and milling circuit of at least 1,000 tons a day that we could implement to other opportunities. So yeah, it's a very useful guideline, but we'd like to see us improving on that profile. Excellent. Stephen, I might just add one comment there. Again, for folks new to the story, again, if you go back one slide, and I'll just point folks to the EBITDA figures that is generated. I think we've used $4,000 an ounce in the last slide. But it is a self-funding model. Again, the CapEx that we've envisaged as part of the PEA would be funded by the cash flow.

We're also looking for opportunities now with some full geophysical surveys across the site. So if we can find additional resources, then we've got more opportunity. And as you suggested, we'll have an effectively redundant crushing and milling circuit of at least 1,000 tons a day that we could implement to other opportunities. So yeah, it's a very useful guideline, but we'd like to see us improving on that profile.

Speaker #1: So if we can find additional resources , then we've got more opportunity and and as you suggested , we'll have a . An effectively redundant crushing and milling circuit of at least a thousand tonne a day that we implement other opportunities .

Speaker #1: So yeah , it's it's a it's very useful guideline . But we'd like to we'd like to see us improving on that , on that profile .

Speaker #2: Excellent .

Speaker #4: Stephen , I might just I might just add one comment there again for folks new to the story . Again , if you go back one slide and just point folks to the the EBITDA figures , that is generated , I think we've used $4,000 an ounce in the last slide .

Stephen Mullowney: Excellent.

Mike Leonard: Stephen, I might just add one comment there. Again, for folks new to the story, again, if you go back one slide, and I'll just point folks to the EBITDA figures that is generated. I think we've used $4,000 an ounce in the last slide. But it is a self-funding model. Again, the CapEx that we've envisaged as part of the PEA would be funded by the cash flow.

Speaker #4: But but it is a self-funding model . Again , the CapEx that we've envisaged as part of the PPA would be fun to go to cash flow and and it's a bit of an eye chart here , but I the the incremental EBITDA that you can see in what I believe is blue is very , very robust and certainly funds the expansion through cash flow .

Operator: It's a bit of an eye chart here, but I think the incremental EBITDA that you can see in what I believe is blue is very, very robust and certainly funds the expansion through cash flow. Yeah. I like this one. It's 285, Mike. Yeah. That's more than sufficient cash flow to expand our plant and our operation. So those numbers contemplate cash costs that are here, Mike. And I can tell you our year one guidance is a lot lower than we have in the PEA case, as well as year two. So with regards to Richard, you mentioned drilling and exploration to be able to feed more to the plant. Not everybody understands when they see drill hole results and looking at good grades and things of that nature.

It's a bit of an eye chart here, but I think the incremental EBITDA that you can see in what I believe is blue is very, very robust and certainly funds the expansion through cash flow.

Speaker #2: Yeah, I like this one. That's 285, Mike.

Speaker #4: Yeah , that's yeah . More more than sufficient cash flow to to expand our plants and and our operation .

Stephen Mullowney: Yeah. I like this one. It's 285, Mike.

Mike Leonard: Yeah. That's more than sufficient cash flow to expand our plant and our operation.

Speaker #2: So those numbers contemplate cash costs that are here . Mike . And I can tell you our year one guidance is a lot lower than we have in the in the P.A.

Stephen Mullowney: So those numbers contemplate cash costs that are here, Mike. And I can tell you our year one guidance is a lot lower than we have in the PEA case, as well as year two. So with regards to Richard, you mentioned drilling and exploration to be able to feed more to the plant. Not everybody understands when they see drill hole results and looking at good grades and things of that nature.

Speaker #2: case , as well as year two . So , you know , we're hopeful to be able to improve on the on the cash costs that we're study .

Speaker #2: So with regards to Richard, you mentioned that drilling and exploration would be able to feed more of the plant. Not everybody understands this.

Speaker #2: Everybody understands when they see drill hole results . And looking at good grades and things of that nature . But the property is Buck reef predominantly underexplored .

Speaker #2: Why don't you give shareholders a sense of how the team is blocking and tackling that, starting with the geophysics? Why you're doing the geophysics study and then how it increases the probability of drill bits going underground.

Operator: But the Buck Reef property is predominantly underexplored. Why don't you give shareholders a sense of how the team is blocking and tackling that, starting with the geophysics study, why you're doing the geophysics study, and then how it increases the probability of drill bits to go underground. Also the drill rigs that are coming to site, one's coming this week and then the next one's coming in the new year, how that lowers our cost to drill. Costs. Okay. Fine. First things first. Our SML is quite an odd shape, but it does have at least seven mineralized trends on it. That's pretty good hunting ground for us. What we are doing with our geophysical program is initially to define structures, deep structures that would normally, in this orogenic gold environment, host gold.

But the Buck Reef property is predominantly underexplored. Why don't you give shareholders a sense of how the team is blocking and tackling that, starting with the geophysics study, why you're doing the geophysics study, and then how it increases the probability of drill bits to go underground. Also the drill rigs that are coming to site, one's coming this week and then the next one's coming in the new year, how that lowers our cost to drill.

Speaker #2: also And the the drill rigs that are coming to site once coming this week and the next ones coming in the new year .

Speaker #2: How that lowers our cost . The drill .

Speaker #1: Yeah . Cool . fine Okay , . First things first . So our SML is quite an odd shape , but it does have at least seven minerals mineralized trends on it .

Richard Boffey: Costs. Okay. Fine. First things first. Our SML is quite an odd shape, but it does have at least seven mineralized trends on it. That's pretty good hunting ground for us. What we are doing with our geophysical program is initially to define structures, deep structures that would normally, in this orogenic gold environment, host gold.

Speaker #1: And that's , you know , that's pretty good hunting ground for us . So what we are doing with geophysical our program is initially define structures , deep structures that , that would normally in this orogenic gold environment , host gold .

Speaker #1: since we've discovered And Stamford Bridge , we've obviously discovered that some of the orientations of these structures aren't what we were we're we and previous owners of this project have previously been looking .

Operator: Since we've discovered Stanford Bridge, we've obviously discovered that some of the orientations of these structures aren't what we and previous owners of this project have previously been looking. We're initially doing a high-detail surface magnetic survey. We've completed that about two weeks ago. We're going through the interpretation for that. From that, we'll get a new interpretation of the structural makeup of our project. That'll be an interesting review, speaking with the geophysicists in Perth next week to have a look at that. From that, we'll take those structures and we'll do what's called an induced polarization survey with some technology that allows us to go very deep. That IP survey will be along the structures that we identify. That will generally identify sulfidic occurrences, typically pyrite, but then gold is also associated with the pyrite.

Since we've discovered Stanford Bridge, we've obviously discovered that some of the orientations of these structures aren't what we and previous owners of this project have previously been looking. We're initially doing a high-detail surface magnetic survey. We've completed that about two weeks ago. We're going through the interpretation for that. From that, we'll get a new interpretation of the structural makeup of our project. That'll be an interesting review, speaking with the geophysicists in Perth next week to have a look at that. From that, we'll take those structures and we'll do what's called an induced polarization survey with some technology that allows us to go

Speaker #1: So initially doing a a high detail surface magnetic survey . And we've completed that about two weeks ago . We're going through the interpretation for that .

Speaker #1: From that we'll get a new interpretation of of the structural makeup of our project . And be an that'll interesting . Review . Speaking with the geophysics geophysicists in Perth next week to have a look at that from that , we'll take those structures and we'll do what's called an induced polarization survey with some technology that allows us to go very deep .

Speaker #1: And so that IP survey will be along the structures that we identify and that will generally identify Sulfidic occurrences , typically pyrite . But then gold is also associated with pyrite .

very deep. That IP survey will be along the structures that we identify. That will generally identify sulfidic occurrences, typically pyrite, but then gold is also associated with the pyrite.

Speaker #1: So between those two surveys we'll have some pretty good we we expect to get some pretty good targets to drill . So we'll be we'll be testing along the extents of the Stamford Bridge , but we'll also be looking at all of the other structures , including Anfield and some of those other red lines you can see on system on the the on the SML , there .

Operator: So between those two surveys, we'll have some pretty good. We expect to get some pretty good targets to drill. So we'll be testing along the extents of the Stanford Bridge, but we'll also be looking at all of the other structures, including Anfield and some of those other red lines you can see on the system on the SML there. So when we have completed that, probably by the end of Q2, we've purchased our own drill rigs, diamond drill, and reverse circulation drills. We haven't had a lot of operational success with the drilling company we've used previously. And we've got some very good people. So we're very comfortable managing our own drilling operations. If we see more success, drill rigs aren't expensive, and we'll do it considerably cheaper than the contractor, and I expect with higher productivity as well.

So between those two surveys, we'll have some pretty good. We expect to get some pretty good targets to drill. So we'll be testing along the extents of the Stanford Bridge, but we'll also be looking at all of the other structures, including Anfield and some of those other red lines you can see on the system on the SML there. So when we have completed that, probably by the end of Q2, we've purchased our own drill rigs, diamond drill, and reverse circulation drills. We haven't had a lot of operational success with the drilling company we've used previously. And we've got some very good people. So we're very comfortable managing our own drilling operations. If we see more success,

Speaker #1: when So we have completed that in probably by the end of the second quarter . We've purchased our own drill rigs , diamond drill and , and reverse circulation drills .

Speaker #1: We haven't had a lot of operational success with our the company we've drilling used previously , and we've got some very good people .

Speaker #1: So we're very comfortable managing our own drilling operations . If we see more success , drill drill rigs aren't expensive and the our , you know , our we'll do it considerably cheaper than the contractor .

drill rigs aren't expensive, and we'll do it considerably cheaper than the contractor, and I expect with higher productivity as well.

Speaker #1: And I expect with higher productivity as well . So yeah , we're looking forward to a an era of interesting exploration drilling coming up .

Operator: So yeah, we're looking forward to an era of interesting exploration drilling coming up. Yeah. So Richard, thanks for that. Wrapping that up, essentially what we decided to do was, due to geophysics, increase the probability of targets, figure out how many more targets are actually on this property because Stanford Bridge, we discovered it by going through the pit. So now, because it was under surface, obviously. We now want to make sure that if there's any other Stanford Bridges out there, that we appropriately identify them. Then Richard and team will go in and drill, put in initial drill holes into those areas, figure out if those areas have gold. So the first part is to identify the structures. The second part is to identify the structures with pyrite and sulfides, increase the probability.

So yeah, we're looking forward to an era of interesting exploration drilling coming up.

Speaker #2: Yeah . So Richard thanks for that . You know , in wrapping that up , essentially what we've decided to do was due to geophysics increased the probability of targets , figure out how many more targets are actually on this property because Stamford Bridge , we discovered it by going through pit .

Stephen Mullowney: Yeah. So Richard, thanks for that. Wrapping that up, essentially what we decided to do was, due to geophysics, increase the probability of targets, figure out how many more targets are actually on this property because Stanford Bridge, we discovered it by going through the pit. So now, because it was under surface, obviously. We now want to make sure that if there's any other Stanford Bridges out there, that we appropriately identify them. Then Richard and team will go in and drill, put in initial drill holes into those areas, figure out if those areas have gold. So the first part is to identify the structures. The second part is to identify the structures with pyrite and sulfides, increase the

Speaker #2: The now, because it was surface, under obviously, and we now want to make sure that if there’s any other Stamford there that bridges out, we appropriately identify them.

Speaker #2: And then Richard and team will go in and drill put in initial , holes into drill areas to figure out if those areas have gold .

Speaker #2: So the first part is to identify the structures . The second part is to identify the structures with pyrite and sulfides . The increase the probability .

Speaker #2: The third part is to put the drill bit into the ground in those areas , along with Stamford Bridge and Anfield , as well .

probability.

Operator: The third part is to put the drill bit into the ground in those areas along with Stanford Bridge and Anfield as well. So we're quite excited for this, actually, because this is kind of the first time this has really been done on this SML. It should hopefully lead to a lot more gold resources over time. Yeah. Where are we on comparable company analysis? Anybody's heard me speak, I never say we're undervalued. I always say we need to get a better value. We need to operate towards getting that better value. We have started to move up the curve as we've, and I've said this to a lot of people, recapitalizing the balance sheet, I think, is one of the major focuses of that, removing an overhang in the market as a result of recapitalization of the balance sheet. That continues.

The third part is to put the drill bit into the ground in those areas along with Stanford Bridge and Anfield as well. So we're quite excited for this, actually, because this is kind of the first time this has really been done on this SML. It should hopefully lead to a lot more gold resources over time. Yeah. Where are we on comparable company analysis? Anybody's heard me speak, I never say we're undervalued. I always say we need to get a better value. We need to operate towards getting that better value. We have started to move up the curve as we've, and I've said this to a lot of people, recapitalizing the balance sheet, I think, is one of the major focuses of that, removing an overhang in the

Speaker #2: So we're quite excited for this actually , because this is kind of the first time this has really been done on this SML , and it should hopefully lead to a lot more gold resources time over .

Speaker #5: Yeah , yeah .

Speaker #2: Where are we on comparable company analysis? Never have I, in anybody's heard me speak. I never say we're undervalued; I always say we need to get a value better. We need to operate towards getting that better value.

Speaker #2: We have started to move up the curve as we and I've said this to a lot of people , recapitalizing the balance sheet , I one of the think is major focuses of that .

Speaker #2: Removing an overhang in the market as a result of recapitalization of the of the balance sheet that continues , as I mentioned in my note in the last press release , I expect that to be done by the end of the second quarter .

market as a result of recapitalization of the balance sheet. That continues.

Operator: As I mentioned in my note in the last press release, I expect that to be done by the end of Q2. Predominantly, it will be before that. As Mike mentioned, payables are now right-sized. So when we did the stripping campaign and the last expansions, we did lean on our suppliers quite a bit. They worked with us. Thus, working capital went upside down to finance it. Now that the thing is in higher production into the good gold grades, working capital is reversed and is now into a positive situation. So we just finance it differently. Instead of going to the market and issuing equity to finance what we've done, we've worked with our suppliers to help finance it and utilize cash flow from operations as well. Today, we have our liquidity lines all available to us.

As I mentioned in my note in the last press release, I expect that to be done by the end of Q2. Predominantly, it will be before that. As Mike mentioned, payables are now right-sized. So when we did the stripping campaign and the last expansions, we did lean on our suppliers quite a bit. They worked with us. Thus, working capital went upside down to finance it. Now that the thing is in higher production into the good gold grades, working capital is reversed and is now into a positive situation. So we just finance it differently. Instead of going to the market and issuing equity to finance what we've done, we've worked with our suppliers to help finance it and utilize cash flow from operations as

Speaker #2: Predominantly , it will be before that . As Mike mentioned , payables . Now right sized . So when we did stripping campaign and the last expansions , we did lean on our suppliers quite a bit .

Speaker #2: They worked with us , thus went working capital upside down . The finance it . Now that the the thing is in higher production into the good gold grades , working capital is reversed and is now into a positive situation .

Speaker #2: So we just financed it differently . Instead of going to the market and issuing equity as finance , the what we've done , we've worked with our suppliers to help finance it , and it's utilised cash flow from operations as well .

Speaker #2: Today , we have our liquidity lines all available to us . I think the leases are up a little bit given some of the equipment that we're bringing on board , but that's more long term in nature .

well. Today, we have our liquidity lines all available to us.

Operator: I think the leases are up a little bit given some of the equipment that we're bringing on board, but that's more long-term in nature and thus a better matching into the long-term liabilities with long-term assets. With regards to stock price performance, I think, as I mentioned, when we announced to the market our Q4 results and the reversing of the working capital deficit, the stock really started to take off. We're not surprised by that. That's what we expected. I think as we continually increase cash flow as well as have better working capital ratios, potentially a new agreement with the government, I fully expect this trend hopefully to continue. Obviously, we do have some good gold prices. Gold is getting a lot more attention. All of those sort of factors help as well. Fundamentally, that doesn't change the way we're looking at continually to execute.

I think the leases are up a little bit given some of the equipment that we're bringing on board, but that's more long-term in nature and thus a better matching into the long-term liabilities with long-term assets. With regards to stock price performance, I think, as I mentioned, when we announced to the market our Q4 results and the reversing of the working capital deficit, the stock really started to take off. We're not surprised by that. That's what we expected. I think as we continually increase cash flow as well as have better working capital ratios, potentially a new agreement with the government, I fully expect this trend hopefully to continue. Obviously, we do have some good gold prices.

Speaker #2: Does a better matching into the long term liabilities with long term assets ? With regards to stock price performance , I think as I mentioned , when we announced to the market our Q4 results and a reversing of the working capital deficit , the stock really started to take off .

Speaker #2: We're not surprised by that . That's what we expected . And , you know , I think as we continually increase cash flow as well as have better working capital ratios , potentially a new agreement with the government , I fully expect this trend hopefully to continue .

Speaker #2: Obviously , we do have some good gold prices . Gold is getting a lot more attention . All of those sort of factors .

Gold is getting a lot more attention. All of those sort of factors help as well. Fundamentally, that doesn't change the way we're looking at continually to execute.

Speaker #2: Help as well . But fundamentally doesn't that change the way we're looking at continually to execute . We're at $2,500 gold . We would be successful as well , even although it would be at a slower rate than at $4,000 gold .

Operator: If we're at $2,500 gold, we would be successful as well, although it would be at a slower rate than at $4,000 gold. Certainly, the business plan remains focused. I think we have more human capital constraints to build out quicker and logistics constraints than we do, at this point in time, capital constraints in building up the asset. With regards to the key investment highlights, is we got a lot of strong growth, sustained profitability. We got a team here that's proven themselves. We've done this before. We can do it again. The PEA is a guideline for a business plan. We're executing upon that. We have significant exploration potential. Gave everybody a sense of how we're blocking and tackling that. We're quite comfortable operating in East Africa.

If we're at $2,500 gold, we would be successful as well, although it would be at a slower rate than at $4,000 gold. Certainly, the business plan remains focused. I think we have more human capital constraints to build out quicker and logistics constraints than we do, at this point in time, capital constraints in building up the asset. With regards to the key investment highlights, is we got a lot of strong growth, sustained profitability. We got a team here that's proven themselves. We've done this before. We can do it again. The PEA is a guideline for a business plan. We're executing upon that. We have significant exploration potential. Gave everybody a sense of how we're blocking and

Speaker #2: But it certainly it the the business plan remains focused . I think we have more human capital constraints to build out quicker and logistics constraints than we do at this point in time .

Speaker #2: Capital constraints in building out the asset . So with regards to the key investment highlights is we lot of got a strong growth profitability , sustained .

Speaker #2: got a team We here that has proven themselves . We've done this before . We can do it again . The P is is a guideline for business plan .

Speaker #2: We're executing upon that . We have significant exploration potential . Gave everybody a sense of how we're blocking and tackling that we're quite comfortable operating East in Africa .

Speaker #2: know how to get things Know how done there . things get things done in Tanzania , as well as logistics from procuring equipment offshore .

tackling that. We're quite comfortable operating in East Africa.

Operator: We know how to get things done there, know how to get things done in Tanzania, as well as logistics from procuring equipment offshore. We have a very experienced leadership team to do that. Although it is a little bit of a skinny team, as I mentioned, the G&A is in line and probably lower than most other companies. So with that, that's my closing remarks. Stay tuned. I'd open the floor up to questions. As I mentioned before, more than comfortable answering almost all questions. We are an open book. Thank you. If you wish to ask a question, please click the Q&A icon on the left-hand side of your screen. You will see the options: raise your hand to join the queue and ask your question verbally, or write a question to submit your question in writing.

We know how to get things done there, know how to get things done in Tanzania, as well as logistics from procuring equipment offshore. We have a very experienced leadership team to do that. Although it is a little bit of a skinny team, as I mentioned, the G&A is in line and probably lower than most other companies. So with that, that's my closing remarks. Stay tuned. I'd open the floor up to questions. As I mentioned before, more than comfortable answering almost all questions. We are an open book.

Speaker #2: And we have a very experienced leadership team to do that . Although it is a little bit of a skinny team , as I mentioned , the G&A is a , you know , in line and probably lower than most other companies .

Speaker #2: and So that with that , that's my closing remarks . Stay tuned . So I'd open the floor up to questions . And as I mentioned before , more than comfortable answering almost all questions .

Speaker #2: We are an open book .

Speaker #6: you . Thank If you if you wish to ask a question , please click the Q&A icon on the left hand side of your screen .

Operator: Thank you. If you wish to ask a question, please click the Q&A icon on the left-hand side of your screen. You will see the options: raise your hand to join the queue and ask your question verbally, or write a question to submit your question in writing.

Speaker #6: You will see the options . your Raise hand to join the queue your question and ask verbally or write a question to question in writing .

Speaker #6: submit your When you are introduced , see a prompt on screen asking you to click continue . You will be live in the call as soon as you do so .

Operator: When you are introduced, you may see a prompt on screen asking you to click continue. You will be live in the call as soon as you do so. Analysts who have dialed into the conference call, please press star then one on your telephone keypad to join the question queue. We will pause for a moment as participants join the queue. The first question will come from Heiko Ihle with H.C. Wainwright. Please go ahead. Hi guys. Thanks for taking my questions. Hi Heiko. How are you? Not too bad. Looking forward to seeing some of you next week. You were talking about the drill rig that's coming this week. Can you give a bit of color on where you expect to focus the drilling? You hinted at it a little bit earlier.

When you are introduced, you may see a prompt on screen asking you to click continue. You will be live in the call as soon as you do so. Analysts who have dialed into the conference call, please press star then one on your telephone keypad to join the question queue. We will pause for a moment as participants join the queue. The first question will come from Heiko Ihle with H.C. Wainwright. Please go ahead.

Speaker #6: Analysts who have dialed in, please press star. Then, telephone one on your keypad to join the question queue. We will pause for a moment as participants join the queue.

Speaker #6: And the first question will come from Heiko Owl with H.C. Wainwright . Please go ahead .

Speaker #7: guys . Hi Thanks for taking my questions .

Speaker #2: Hi, hi, how are you?

Heiko Ihle: Hi guys. Thanks for taking my questions.

Speaker #7: bad . Not too Looking forward to seeing next some of you . week You were talking about the drill wreck that's coming this week .

Stephen Mullowney: Hi Heiko. How are you?

Heiko Ihle: Not too bad. Looking forward to seeing some of you next week. You were talking about the drill rig that's coming this week. Can you give a bit of color on where you expect to focus the drilling? You hinted at it a little bit earlier.

Speaker #7: Can you give a bit of color on where you expect to focus in Australia? You hinted a little bit earlier at how many meters you expect to see in the timeframe for drilling, and maybe even provide a bit of background on costs and changes to costs.

Operator: How many meters you expect to see, the timeframe for drilling, and maybe even a bit of background on costs and changes to costs since I assume they're substantially cheaper than hiring someone that owns the rig? Yeah. Richard, I'll hand that question over to you. I only caught a bit of it, but I think I caught enough. Hi guys. Sorry, I just jumped off there for a second. In terms of our drilling, we've got a reverse circulation drill that we intend to immediately start on the Eastern Porphyry Pit for resource definition. We'll be drilling that at a cost of about $25/meter. Normal contracting rates in Tanzania are about $50/meter. Our diamond drill, what do we expect to get out of that? I think was one of the questions. Of the order of 4,000 meters a month or close to 50,000 meters a year.

How many meters you expect to see, the timeframe for drilling, and maybe even a bit of background on costs and changes to costs since I assume they're substantially cheaper than hiring someone that owns the rig?

Speaker #7: Since I assume it's substantially cheaper than hiring someone that owns the rig.

Speaker #2: Richard , Yeah , yeah , question over that to I'll hand you .

Stephen Mullowney: Yeah. Richard, I'll hand that question over to you.

Speaker #1: I only caught a bit of it , but I think I caught enough . Yeah . Hi , guys . Sorry I missed .

Richard Boffey: I only caught a bit of it, but I think I caught enough. Hi guys. Sorry, I just jumped off there for a second. In terms of our drilling, we've got a reverse circulation drill that we intend to immediately start on the Eastern Porphyry Pit for resource definition. We'll be drilling that at a cost of about $25/meter. Normal contracting rates in Tanzania are about $50/meter. Our diamond drill, what do we expect to get out of that? I think was one of the questions. Of the order of 4,000 meters a month or close to 50,000 meters a year.

Speaker #1: I just jumped off there for a second in terms our of drilling , we've got a reverse circulation drill that we intend to immediately start on the eastern porphyry pit for resource definition .

Speaker #1: We'll be drilling that at at at a a , cost of about $25 a meter . Tanzania are rates in contracting about 50 .

Speaker #1: Our diamond drill do we . expect to get out of that Well , what , questions I I think was one of the of the order of 4000m a month , or close to 50,000m a year .

Speaker #1: So there's lots to do also use . that RC We'll to assist us with the diamond by doing pre collars , cost bring the which will of deeper , deeper exploration down as well .

Operator: So there's lots to do. We'll also use that RC to assist us with the diamond by doing pre-collars, which will bring the cost of the deeper exploration down as well. The diamond itself should be starting in Q3. And we're expecting, well, we've got a lot of drilling to do. We've got a 35,000m drill program to upgrade the first 500m of the underground design mine to indicated. And then we'll have the results of the exploration program. So it could well be that we get a second rig to assist in all of that. But we'll be looking to drill about 2,000 to 2,500m a month at a cost of about $50/m. And again, that's about half the cost of contractor mining, contractor drilling.

So there's lots to do. We'll also use that RC to assist us with the diamond by doing pre-collars, which will bring the cost of the deeper exploration down as well. The diamond itself should be starting in Q3. And we're expecting, well, we've got a lot of drilling to do. We've got a 35,000m drill program to upgrade the first 500m of the underground design mine to indicated. And then we'll have the results of the exploration program. So it could well be that we get a second rig to assist in all of that. But we'll be looking to drill about 2,000 to 2,500m a month at a cost of about $50/m. And again, that's about half the cost of contractor mining, contractor drilling.

Speaker #1: The diamond itself should be starting in the third quarter and we're expecting well we've got we've got a lot of drilling to do .

Speaker #1: We've got a 35,000-meter drill program upgrade to the first 500 m of the underground mine design to indicated, and then we'll have the results of the exploration program.

Speaker #1: it could well be So that we get a second rig to to assist in all of that . But we'll be looking to drill about two to 2500m a month at a cost of about $50 a meter .

Speaker #1: And again , that's about half the cost of contractor mining contractor drilling .

Speaker #7: When when you say there be a second rig , how long might does it take to get something like that ? Is that is that easy to do ?

Speaker #7: Is there like a , you know , like importing it is tough . I have no idea . Yeah .

Operator: When you say there might be a second rig, how long does it take to get something like that? Is that easy to do? Is there, importing it is tough? I have no idea. Yeah. Logistics is tough in Africa, and especially in Tanzania. Look, it's a four- to five-month exercise, to be perfectly honest. So yeah, we've got one drill arriving today, or it's morning now, so it should be arriving tomorrow, Tanzania time. And the next one's on the water probably in a couple of weeks, and we'll probably be here in about, let's say, about seven or eight weeks. So yeah, I'd suggest a four- or five-month process to get another one. That's certainly available. There's no problem with availability. Right. And then just playing big picture here for a second, I mean, obviously, 2025 was quite transformational. Stephen's got to like this question.

Heiko Ihle: When you say there might be a second rig, how long does it take to get something like that? Is that easy to do? Is there, importing it is tough? I have no idea.

Speaker #1: Yeah . Logistics . Logistics is tough in Africa . And especially in Tanzania . Look , it's a 4 to 5 month exercise to be perfectly honest .

Stephen Mullowney: Yeah.

Richard Boffey: Logistics is tough in Africa, and especially in Tanzania. Look, it's a four- to five-month exercise, to be perfectly honest. So yeah, we've got one drill arriving today, or it's morning now, so it should be arriving tomorrow, Tanzania time. And the next one's on the water probably in a couple of weeks, and we'll probably be here in about, let's say, about seven or eight weeks. So yeah, I'd suggest a four- or five-month process to get another one. That's certainly available. There's no problem with availability.

Speaker #1: we've got one So arriving or today it's morning now . So it should be arriving tomorrow Tanzania And the next one's on the water probably in a couple And will of weeks .

Speaker #1: here in about . Let's say , about 7 or 8 weeks . I'd So yeah , enough months . Yeah . 4 or 5 Process to get suggest another to get another one .

Speaker #1: That's certainly available. There's no problem with availability.

Speaker #7: Right . And then just playing big a second . picture here for I mean obviously 2025 was quite transformational . Steven's got like this question .

Heiko Ihle: Right. And then just playing big picture here for a second, I mean, obviously, 2025 was quite transformational. Stephen's got to like this question.

Speaker #7: You talked a bit about the mine plan on this just call . And in general you want to just sum up the three catalysts for the company that you're most excited about for the 12 months that next are maybe underappreciated by people like me and by the market as a whole .

Operator: You talked a bit about the mine plan on this call. And just in general, you want to maybe just sum up the three catalysts for the company that you're most excited about for the next 12 months that are maybe underappreciated by people like me, and by the market as a whole? Yeah. So I'll give that from my perspective. Look, I think we've been decently conservative. And look, over time, we've always been decently conservative. So I think there is upside potential on potentially maybe on some of the financial results. Gold price is certainly heading in the right direction. So I think that is there. I'm quite also confident on the. We will get hopefully a new agreement with the government that kind of is more easily explained, and is more transparent, and better for all parties, including the government. And that's another one.

You talked a bit about the mine plan on this call. And just in general, you want to maybe just sum up the three catalysts for the company that you're most excited about for the next 12 months that are maybe underappreciated by people like me, and by the market as a whole?

Speaker #2: So Yeah . from my I'll give that perspective . Look , I , I think we've been decently conservative and it'll go over time .

Stephen Mullowney: Yeah. So I'll give that from my perspective. Look, I think we've been decently conservative. And look, over time, we've always been decently conservative. So I think there is upside potential on potentially maybe on some of the financial results. Gold price is certainly heading in the right direction. So I think that is there. I'm quite also confident on the. We will get hopefully a new agreement with the government that kind of is more easily explained, and is more transparent, and better for all parties, including the government. And that's another one.

Speaker #2: We've always been decently conservative . So I think , there is you know , upside potential on potentially maybe on on some of the financial results .

Speaker #2: Gold prices are certainly heading in the right direction, so I think that is there. I'm quite also confident that we will hopefully get a new agreement with the government.

Speaker #2: That kind of is more easily explained and is more transparent and better for all parties, including the government. And that's another one.

Speaker #2: I don't think there's been a lot of focus on that . Obviously , that can take time or it can speed up . It's not all within our control and .

Operator: I don't think there's been a lot of focus on that. Obviously, that can take time or can speed up. It's not all within our control. And then, look, nobody's ever gone around looking for structures around this property. And when you look at the landscape in and around this property, there's lots of gold all over the place. You see lots of activity on the artisanal side in and around this area, which means there is gold. And I think the geophysics study, as well as getting some drill bits initially into the ground in some of these areas, could be a great, great surprise here. And there's a reason why that 1,000-ton-per-day plant is going to stay there, particularly if they're surface materials. They'll go through a really good recovery rate. So I think there's that potential for that to happen.

I don't think there's been a lot of focus on that. Obviously, that can take time or can speed up. It's not all within our control. And then, look, nobody's ever gone around looking for structures around this property. And when you look at the landscape in and around this property, there's lots of gold all over the place. You see lots of activity on the artisanal side in and around this area, which means there is gold. And I think the geophysics study, as well as getting some drill bits initially into the ground in some of these areas, could be a great, great surprise here. And there's a reason why that 1,000-ton-per-day plant is going to stay there, particularly if they're surface materials. They'll go

Speaker #2: The then look , nobody's ever gone around looking for structures around this property . And when you look at the landscape and in around this property , there's lots of gold all over the place .

Speaker #2: see lots You of activity on the side artisanal in around this area , which means and there is gold . you know , And , I think the geophysics study , as well as getting some drill bits initially into the ground in some of these areas , could be a great , great surprise here .

Speaker #2: And there's a reason why that tonne per day plant is going to stay there , particularly if the surface materials they'll go through a really good recovery rate .

Speaker #2: So I think there's that potential for for that to happen . And and obviously if all of that comes together , then you're going to update your study to get a higher nav .

through a really good recovery rate. So I think there's that potential for that to happen.

Speaker #2: So it can all be quite good .

Operator: Obviously, if all of that comes together, then you're going to update your study to get a higher NAV. So it can all be quite good. Yeah. I think the metal, sorry, I was just saying the metal pricing environment helps. Go ahead. Go ahead. Well, all I was saying is the metal pricing environment obviously helps. Oh, yeah, it helps. Yeah, exactly. But like I said, look, we are always going to be price takers as a gold miner. And you have to have your business plan, focus on your business plan, even considering lower potential prices. And you want to be successful even in that environment. So I think we're set up very, very well along all gold prices.

Obviously, if all of that comes together, then you're going to update your study to get a higher NAV. So it can all be quite good.

Speaker #7: Yeah I think the .

Speaker #5: Metal .

Speaker #4: Sorry ,

Speaker #7: The pricing environment .

Mike Leonard: Yeah.

Heiko Ihle: I think the metal,

Speaker #8: Helps .

Speaker #7: Go . ahead .

Speaker #8: Go ahead . Well I all .

Mike Leonard: sorry, I was just saying

Heiko Ihle: the metal pricing environment helps.

Speaker #7: was saying I is the metal pricing obviously environment helps .

Go ahead.

Mike Leonard: Go ahead.

Heiko Ihle: Well, all I was saying is the metal pricing environment obviously helps.

Speaker #2: Oh yeah it helps . exactly . But Yeah like like I said look we always going to are be price takers as a coal miner .

Stephen Mullowney: Oh, yeah, it helps. Yeah, exactly. But like I said, look, we are always going to be price takers as a gold miner. And you have to have your business plan, focus on your business plan, even considering lower potential prices. And you want to be successful even in that environment. So I think we're set up very, very well along all gold prices.

Speaker #2: And you your have to have business plan , you know , business focus on your plan . Even lower considering potential prices . And and you successful even in that want to be environment .

Speaker #2: So I think we're set up very , very well along all coal prices . And I personally believe that they will go higher as well , given what's going on in the world .

Speaker #2: And and you potentially , know , lowering of interest rates , particularly in the United States with the fed uncertainty coming in 2020 , 2026 .

Operator: And I personally believe that they will go higher as well, given what's going on in the world and potentially lowering of interest rates, particularly in the United States with the Fed uncertainty coming in 2026. So I think gold prices will go higher over time. That's just my own personal opinion. Sounds good. Thank you very much. I would now like to turn the conference back over to Mr. Mullowney, who will take us through questions submitted in writing. Please go ahead. Thank you. So I'm going to just go and turn my head a little bit so you see more on the side of my head as I go with this on another screen and go through the questions here. We got five or six questions. So I'll go through them.

And I personally believe that they will go higher as well, given what's going on in the world and potentially lowering of interest rates, particularly in the United States with the Fed uncertainty coming in 2026. So I think gold prices will go higher over time. That's just my own personal opinion.

Speaker #2: So , think you know , I gold prices will go higher over time . That's just my own personal opinion .

Speaker #7: very Thank you much Sounds good . .

Heiko Ihle: Sounds good. Thank you very much.

Speaker #6: I would now like to turn the conference back over to Maloney, who will take us through submitted questions in writing. Please go ahead.

Operator: I would now like to turn the conference back over to Mr. Mullowney, who will take us through questions submitted in writing. Please go ahead.

Speaker #2: So I'm going to just go and turn my head a little bit . So you see more of the side of my head as .

Speaker #2: Put another screen I go and this on , and go through the , the questions here . We got 5 or 6 questions .

Stephen Mullowney: Thank you. So I'm going to just go and turn my head a little bit so you see more on the side of my head as I go with this on another screen and go through the questions here. We got five or six questions. So I'll go through them.

Speaker #2: So I'll go through them . And the first question is what is the company's hedging strategy ? In the event of declining gold prices next year ?

Operator: The first question is, what is the company's hedging strategy in the event of declining gold prices next year? Congratulations on success. Thanks for your time. So right now, we are unhedged on gold prices. I think we're going to continue to be unhedged going into next year. I think there are ways to hedge if we decided to hedge. We get offered them every day. In the past, when we're doing CapEx programs, we did do collars. But now the issue with collars is it limits the upside, but it does protect you on the downside. Mike has a pretty good pulse and talks to gold traders on a daily basis of where gold prices are going. But as I mentioned as well, we should be successful even if gold prices were to decline. Mike, anything to add to that?

The first question is, what is the company's hedging strategy in the event of declining gold prices next year? Congratulations on success. Thanks for your time. So right now, we are unhedged on gold prices. I think we're going to continue to be unhedged going into next year. I think there are ways to hedge if we decided to hedge. We get offered them every day. In the past, when we're doing CapEx programs, we did do collars. But now the issue with collars is it limits the upside, but it does protect you on the downside. Mike has a pretty good pulse and talks to gold traders on a daily basis of where gold prices are going. But as I mentioned as well, we should be successful even if

Speaker #2: Congratulations on success . Thanks for your time . So right now we are on hedged on gold prices and I think we're going to continue to be on hedged going into next into year .

Speaker #2: I think there is ways to hedge . If we decided to hedge we get offered them every day . And you know , in the past when we're doing CapEx programs , we did do collars .

Speaker #2: But now the issue with collars limits the is it protect it does you on on the downside , Mike has a pretty good pulse on talks to gold traders on a daily gold basis of where prices are going .

Speaker #2: But as I mentioned as well , we should be successful even if gold were to prices decline . Mike , anything that to add to ?

Speaker #4: No , I think you said it . Well , you know , Stephen , earlier where you know , the landscape is set up .

gold prices were to decline. Mike, anything to add to that?

Speaker #4: Well , I think for gold prices to sustain , if not grow So the from here . remain expectation is to unhedged , but at the same time , we've been very , very conservative on our budgeting .

Operator: No, I think you said it well, Stephen, earlier where the landscape is set up well, I think, for gold prices to sustain, if not grow, from here. So the expectation is to remain unhedged. But at the same time, we've been very, very conservative on our budgeting. So we've got lots and lots of sensitivity on the downside if, heaven forbid, it was to pull back. But at the same time, at these very lofty levels, the comment I was going to make to Heiko was we expect to generate perhaps more free cash flow than we've included in our budget and perhaps can deploy it further into things like drilling beyond what Richard described. So lots and lots of sort of value accretive activities that we can pour that free cash flow into next year at these prices. But in the meantime, expect to remain unhedged.

Mike Leonard: No, I think you said it well, Stephen, earlier where the landscape is set up well, I think, for gold prices to sustain, if not grow, from here. So the expectation is to remain unhedged. But at the same time, we've been very, very conservative on our budgeting. So we've got lots and lots of sensitivity on the downside if, heaven forbid, it was to pull back. But at the same time, at these very lofty levels, the comment I was going to make to Heiko was we expect to generate perhaps more free cash flow than we've included in our budget and perhaps can deploy it further into things like drilling beyond what Richard described. So lots and lots of sort of value accretive activities that we can pour that

Speaker #4: got lots So we've and lots of , you know , sensitivity on the downside , if , heaven was to pull back , but at the same time , at these very lofty levels , the comment I was going to make to echo you know , we we expect to generate perhaps more free cash flow than , than we'd included in our budget .

Speaker #4: And perhaps we can deploy it further into things like drilling, beyond what Richard described. There are lots and lots of sort of value-accretive activities that we can pour that free cash flow into next year at these prices.

Speaker #4: But in the meantime , expect to remain unhedged .

Speaker #2: So next question is , is there any plan TRX on doing a stock buyback ? Good question . And that goes into . And valuation there will be another question here in a second .

free cash flow into next year at these prices. But in the meantime, expect to remain unhedged.

Operator: The next question is, is there any plan on TRX doing a stock buyback? Good question. That goes into valuation. There will be another question here in a second on liquidity in the market that has picked up. So with regards to that, I can't make any promises on buybacks, but it's certainly something that has started to enter into our mindset, is what I would say, particularly if gold prices stay here and continue. Obviously, that would mean taking cash from Tanzania into corporate and making sure that that's okay. Obviously, we are negotiating with the government at the same time. We're under JB agreement. So there's all kinds of things to consider when that is being contemplated. But certainly, what I would say is entered the early stages of being in our mindset.

Stephen Mullowney: The next question is, is there any plan on TRX doing a stock buyback? Good question. That goes into valuation. There will be another question here in a second on liquidity in the market that has picked up. So with regards to that, I can't make any promises on buybacks, but it's certainly something that has started to enter into our mindset, is what I would say, particularly if gold prices stay here and continue. Obviously, that would mean taking cash from Tanzania into corporate and making sure that that's okay. Obviously, we are negotiating with the government at the same time. We're under JB agreement. So there's all kinds of things to consider when that is being contemplated.

Speaker #2: on On liquidity in the That has picked market . up . So with I can't regards to that , make any promises on on buybacks , but it certainly something that has started to enter into our , you know , mindset is what I would say is particularly if gold prices stay here and continue , obviously that would mean taking cash from Tanzania into corporate and making sure that that's okay .

Speaker #2: negotiating with are the government at the same time around the JV agreement . So there's all kinds of things to consider when when that is being contemplated .

Speaker #2: certainly what I would say Obviously we is , But is entered the early stages of being in our mindset .

But certainly, what I would say is entered the early stages of being in our mindset.

Speaker #4: Well , I I think , Steven , mean , you touched on it again at the start of the call . We look at capital allocation .

Speaker #4: Of course , on a regular basis , and as part of our budgeting process . And I think your comment was , you know , there's only so much capital to go around .

Operator: Well, I think, Stephen, I mean, you've touched on it again at the start of the call. We look at capital allocation, of course, on a regular basis as part of our budgeting process. I think your comment was there's only so much capital to go around. What we've kind of lined up in terms of order of priority would be the plant expansion and optimization work that Richard touched on in line with the PEA coupled with drilling. But as and when you generate additional free cash flow, where and how you deploy it, to your point, remains open. We'll look at the most value accretive activities in terms of how to do that if and when that free cash is available. The next one is an interesting question.

Mike Leonard: Well, I think, Stephen, I mean, you've touched on it again at the start of the call. We look at capital allocation, of course, on a regular basis as part of our budgeting process. I think your comment was there's only so much capital to go around. What we've kind of lined up in terms of order of priority would be the plant expansion and optimization work that Richard touched on in line with the PEA coupled with drilling. But as and when you generate additional free cash flow, where and how you deploy it, to your point, remains open. We'll look at the most value accretive activities in terms of how to do that if and when that free cash is available.

Speaker #4: And what we've kind of lined up in terms of order of priority would be the , you know , the plant expansion and optimization work that Richard touched on in line with the PE , coupled with with drilling .

Speaker #4: But as and when you generate additional free cash flow , where and how you deploy it to your point remains open and and we'll look at the most value accretive activities in terms of how to do that if and when that free cash is available .

Speaker #2: So, the next one is an interesting question. You know, wonderful job navigating the last several years, making TRC stronger and better suited to enjoy the coming golden era.

Stephen Mullowney: The next one is an interesting question.

Speaker #2: Can we count on leadership team to remain focused on bigger picture and less on being acquired ? I the think easiest way to answer that question is I don't think there was one instance in this presentation that we said anything about being acquired , or people approaching us , so and I think as we went through this presentation , you get a sense that we are detail oriented people and have our eye on increasing the asset value .

Operator: Wonderful job navigating the last several years making TRX stronger, better suited to enjoy the coming golden era. Can we count on leadership team to remain focused on bigger picture and less on being acquired? I think the easiest way to answer that question is, I don't think there was one instance in this presentation that we said anything about being acquired or people approaching us. I think as we went through this presentation, you get a sense that we are detail-oriented people and have our eye on increasing the asset value. So I think we've kind of answered it by doing the presentation. Yes, we are focused on increasing the value of the asset. We think there's a lot of value to go there yet. Next question. What do you attribute the steady increase in daily trading volume to? It has been five times to 10 times normal.

Wonderful job navigating the last several years making TRX stronger, better suited to enjoy the coming golden era. Can we count on leadership team to remain focused on bigger picture and less on being acquired? I think the easiest way to answer that question is, I don't think there was one instance in this presentation that we said anything about being acquired or people approaching us. I think as we went through this presentation, you get a sense that we are detail-oriented people and have our eye on increasing the asset value. So I think we've kind of answered it by doing the presentation. Yes, we are focused on increasing the value of the asset. We think there's a lot of value to go

Speaker #2: So that's I think we've kind of answered it by doing the presentation . Yes , we are focused on increasing the value of the asset .

Speaker #2: We think there's a lot of value to go there yet . Next question . What do you attribute to staying increase in daily trading volume ?

there yet. Next question. What do you attribute the steady increase in daily trading volume to? It has been five times to 10 times normal.

Speaker #2: It has been five times to ten times normal . Is this institutional . So we do keep an eye on , you know , 12 .

Operator: Is this institutional? So we do keep an eye on 13Fs, Noble List, and registered stock. We do this a couple of times a year to figure out how the shares have traded over, who our shareholders are. And things what I can say is we have a pretty good sticky shareholder group. And we're thankful for that. And I would say the stock trading from our analysis, and particularly I do a lot of work on this, is more around the periphery than it is around the core of the shareholder group. And so I don't think there's a lot of people really influencing that share price. Sustained volumes, I suspect, is attributable to the better financial results of people coming in. We do see a little bit more institutional coming into the stock through filings and what our intel tells us.

Is this institutional? So we do keep an eye on 13Fs, Noble List, and registered stock. We do this a couple of times a year to figure out how the shares have traded over, who our shareholders are. And things what I can say is we have a pretty good sticky shareholder group. And we're thankful for that. And I would say the stock trading from our analysis, and particularly I do a lot of work on this, is more around the periphery than it is around the core of the shareholder group. And so I don't think there's a lot of people really influencing that share price. Sustained volumes, I suspect, is attributable to the better financial results of people coming in. We do see a little bit more institutional

Speaker #2: Or 13 F's noble list . And and register stock . We do this a couple times a year to figure out how shares have traded over who our shareholders are and things .

Speaker #2: What I can say is we have a pretty good sticky shareholder group . We . And we're thankful for that . And , you know , I would say the , the stock trading from our analysis and particularly I do a lot of work on this is more around the periphery than it is around the core of the shareholder group .

Speaker #2: And so I don't think there's a lot of people really influencing that share price. To sustain volumes, I suspect it is attributable to the better financial results and people coming in.

Speaker #2: We do see a little bit more institutional coming in to the stock through filings and and what our Intel tells us . I would also say that there's probably some trading going on around .

coming into the stock through filings and what our intel tells us.

Speaker #2: We have 16 million warrants at $0.80 coming due in early February. I would assume there's some trading going on around that.

Operator: I would also say that there's probably some trading going on around, we have 16 million warrants at $0.80 coming due in February, early February. I would assume there's some trading going around around that. We are starting to see a trickle in of warrants being assigned and things of that nature. So I would say all of that is leading into what's going on in the market. It's very interesting what's going on in the market. It's a good question. I don't have 100% of the answer, but I think it all adds up over time to the volume that we're seeing. There's probably some short covering. I can tell you one chart I did look at. You guys can get this free. You just Google it. The stock price goes down when there's more failed trades. It goes up when there's less failed trades. Just Google that.

I would also say that there's probably some trading going on around, we have 16 million warrants at $0.80 coming due in February, early February. I would assume there's some trading going around around that. We are starting to see a trickle in of warrants being assigned and things of that nature. So I would say all of that is leading into what's going on in the market. It's very interesting what's going on in the market. It's a good question. I don't have 100% of the answer, but I think it all adds up over time to the volume that we're seeing. There's probably some short covering. I can tell you one chart I did look at. You guys can get this free. You just Google it. The stock price goes down when

Speaker #2: I we are starting to see a trickle in of warrants being assigned and things of that nature . So , you know , I would say , you know , all of that is leading into , you know , what's going on in the market .

Speaker #2: It's very interesting . What's going on in America . It's a good question . I don't have 100% of the answer , but I think it all adds up over time to the volume that we're seeing .

Speaker #2: There's probably some short covering . I can't tell you . One chart . I did look at . You guys can get this free if you just Google it .

Speaker #2: The stock price goes down when there's more failed trades . It goes up when there's less failed trades . And just Google that and what site did that come up on ?

there's more failed trades. It goes up when there's less failed trades. Just Google that.

Speaker #2: Mike is from FINRA, I believe it is an organization. You'll see that sort of detail there. You'll also see the cost to borrow shares available.

Operator: What site did that come up on, Mike? It's FINRA, I believe it is, dot org. You'll see that sort of detail there. You'll also see the cost of borrow, shares available. All of that sort of stuff comes into play. It's interesting. The chart was, I would say, the correlation, Mike, was 0.9 between failed trades and decline. Then when there's less failed trades, it went up. So you can see that in those charts. I encourage anybody who's really a market guy to go and review that. That's all publicly available information. An individual asked that question. You want to get into it a little bit more, more than happy, just give me a call. Send me a quick email and give me a call. Next question. Yeah. We're getting more questions. Okay. I answered that one.

What site did that come up on, Mike? It's FINRA, I believe it is, dot org.

Mike Leonard: Yeah.

Stephen Mullowney: You'll see that sort of detail there. You'll also see the cost of borrow, shares available. All of that sort of stuff comes into play. It's interesting. The chart was, I would say, the correlation, Mike, was 0.9 between failed trades and decline. Then when there's less failed trades, it went up. So you can see that in those charts. I encourage anybody who's really a market guy to go and review that. That's all publicly available information. An individual asked that question. You want to get into it a little bit more, more than happy, just give me a call. Send me a quick email and give me a call. Next question. Yeah. We're getting more questions. Okay. I answered that one.

Speaker #2: All of that sort of stuff comes into play . And is interesting . The chart was , I would say the correlation Mike was point nine between failed trades and decline .

Speaker #2: And then when there's less failed trades it went up . So you can see that see that in those charts . And so I encourage anybody that's really a market guy to go and review that .

Speaker #2: That's all publicly available information . And an individual asset question you want to get into it a little bit more . More than happy .

Speaker #2: Just give me a call . Send me a quick email and give me a call . So next question . getting more . Yeah , we're

Speaker #5: Questions .

Speaker #2: Okay . So I answered .

Speaker #5: That one .

Speaker #2: The last one is, are there any near-pit potential oxide resources with a higher gold price? Someone's moving around to questions on me.

Operator: The last one is, are there any near-pit potential oxide resources with higher gold price? Someone's moving around the questions on me. So here it is. In-pit cutoff with higher gold price. Where are the other targets for oxide resources? Well, that's part of the reason for doing the geophysics. There's certainly going to be some near-surface material. One is Richard mentioned Anfield should have some more near-surface, not Anfield, sorry, Eastern Porphyry as he redefines that with the drill bit. And there's other pockets around the property as well. And they will be, once the plant is upgraded, put into the oxide plant or the 1,000 tons there. I think, Richard, as we go around, snoop around, there's going to be more and more material there for oxides. Yeah. Yeah.

The last one is, are there any near-pit potential oxide resources with higher gold price? Someone's moving around the questions on me. So here it is. In-pit cutoff with higher gold price. Where are the other targets for oxide resources? Well, that's part of the reason for doing the geophysics. There's certainly going to be some near-surface material. One is Richard mentioned Anfield should have some more near-surface, not Anfield, sorry, Eastern Porphyry as he redefines that with the drill bit. And there's other pockets around the property as well. And they will be, once the plant is upgraded, put into the oxide plant or the 1,000 tons there. I think, Richard, as we go around,

Speaker #2: here it So is in pit cut off with higher gold price . Where are the other targets for oxide resources ? Well , that's part of the reason for doing the the geophysics .

Speaker #2: They're certainly going to be some near-surface material . One is Richard mentioned Anfield should have some more near not Anfield . Sorry . Eastern porphyry at the redefines that with the drill .

Speaker #2: And there's other pockets around the property as well . And they will be once the plant is upgraded put into the the oxide plant or the thousand tons as they're I look I think Richard , as we go around snoop around there's going to be you know , more and more material there for oxides .

Speaker #5: Yeah .

snoop around, there's going to be more and more material there for oxides.

Speaker #1: And we've good a got a good team out there . Who , who have already identified , you know , some prospective areas .

Richard Boffey: Yeah. Yeah.

Operator: And we've got a good team out there who have already identified some prospective areas they'd like to put a few drill holes in, just for small oxide occurrences and things like that. So yeah, certainly these gold prices are well worth getting a little in-ground inventory together. Yep. So I think that's that. And that's the end of the question. So do we have any other? I see text here too. Yeah. Stephen, I think Rosita had a question there. It's sitting in the queue. Oh, yeah. Sitting in the queue here. Yeah. Excellent. This is another M&A question. You've seen a pickup of M&A activity in North America. What's your thoughts on the deal landscape in Africa? We've been approached. How would you ensure that the interest shareholders are protected? So yes, M&A activity has picked up, particularly in North America.

And we've got a good team out there who have already identified some prospective areas they'd like to put a few drill holes in, just for small oxide occurrences and things like that. So yeah, certainly these gold prices are well worth getting a little in-ground inventory together.

Speaker #1: They'd like to put a few drill holes in just for small , small oxide occurrences and things like that . So yeah . Yeah , certainly these gold prices , it's well worth getting a little in ground inventory together .

Speaker #5: Yep .

Speaker #2: So I think that's that's that . And then and that's the end of the question . So do we have any other I see text here too .

Stephen Mullowney: Yep. So I think that's that. And that's the end of the question. So do we have any other? I see text here too.

Speaker #4: Yeah . Stephen I think Rosita had had a question there sitting in the queue .

Speaker #2: Oh yeah . Sitting in the queue here . Yeah . Excellent . This is another M&A question . You've seen a pickup of M&A North activity in America .

Mike Leonard: Yeah. Stephen, I think Rosita had a question there. It's sitting in the queue.

Stephen Mullowney: Oh, yeah. Sitting in the queue here. Yeah. Excellent. This is another M&A question. You've seen a pickup of M&A activity in North America. What's your thoughts on the deal landscape in Africa? We've been approached. How would you ensure that the interest shareholders are protected? So yes, M&A activity has picked up, particularly in North America.

Speaker #2: What are your thoughts on the deal landscape in Africa? We've been approached. How would you assure that shareholder interests are protected?

Speaker #2: So yes M&A activity has picked up particularly in North America . And valuations for North American exploration and producers and development plays have run quicker higher and than than elsewhere in the world .

Operator: Valuations for North American exploration, producers, and development plays have run quicker and higher than elsewhere in the world. So I think valuations will start to pick up. It's usually a trickle-down effect from large-cap to small-cap, also from North America to elsewhere. So I think we're starting to see that come into our stock and into other stocks as well as people look at gold properties. With regards to the African landscape, I do expect that to pick up as well. And certainly, that's what we are seeing and hearing. I can't comment on TRX or Buckreef, obviously. How do we protect ourselves? We have a diversified shareholder base. And I'm in decent contact with that shareholder base. I don't think this is the price level that they would entertain.

Valuations for North American exploration, producers, and development plays have run quicker and higher than elsewhere in the world. So I think valuations will start to pick up. It's usually a trickle-down effect from large-cap to small-cap, also from North America to elsewhere. So I think we're starting to see that come into our stock and into other stocks as well as people look at gold properties. With regards to the African landscape, I do expect that to pick up as well. And certainly, that's what we are seeing and hearing. I can't comment on TRX or Buckreef, obviously. How do we protect ourselves? We have a diversified shareholder base. And I'm in decent contact with that

Speaker #2: So I think valuations will start to pick up usually trickle down effect from large cap to small cap , also from North America to elsewhere .

Speaker #2: So I think we're starting to see that , you know , come into our stock and into other stocks as well as people look at gold properties with regards to the expect that to African landscape , I do pick up as well .

Speaker #2: And certainly that's what we are seeing and hearing . I comment on on TRX or Buck . Obviously the how do we protect ourselves ?

Speaker #2: We have a diversified shareholder base, and I'm in decent contact with that shareholder base. I don't think this is the price level that they would entertain.

shareholder base. I don't think this is the price level that they would entertain.

Speaker #2: It would be difficult for someone to acquire a position in the company or a toehold, given that diversified shareholder base. As I mentioned earlier, the shareholder base is quite sticky.

Operator: It would be difficult for someone to acquire a position in the company or a toehold given that diversified shareholder base. As I mentioned earlier, the shareholder base is quite sticky. There's not a lot of really, what I'll say, shares available on the market. Thus, if someone were to try to take a run at it, shareholders are going to benefit because they're going to be run up in price pretty quickly, I would think, given the dynamics of what I see. I hope that answers the question. Stephen, I think Ron's added a question to the queue as well. Yeah. Political unrest in Tanzania. Any comment? Impact on operation outlook for ongoing stability of the country. So look, there were planned protests yesterday. It went through very peaceful yesterday in Tanzania, cooperatives there. Yeah, there were protests with regards to the election.

It would be difficult for someone to acquire a position in the company or a toehold given that diversified shareholder base. As I mentioned earlier, the shareholder base is quite sticky. There's not a lot of really, what I'll say, shares available on the market. Thus, if someone were to try to take a run at it, shareholders are going to benefit because they're going to be run up in price pretty quickly, I would think, given the dynamics of what I see. I hope that answers the question.

Speaker #2: So and there's not a lot of really what I'll say shares available on the market and thus , if someone were to try to take a run at it , Gerald is going to benefit because it's going to be run up in price pretty quickly .

Speaker #2: I would think . Given the dynamics of what I see . I hope that answers the question .

Speaker #4: Stephen , I think Ron's added a question to the queue as well .

Mike Leonard: Stephen, I think Ron's added a question to the queue as well.

Speaker #2: Are political unrest in in Tanzania ? Any comment ? Impact on operation , outlook for ongoing stability of the country ? So look there was planned protests yesterday .

Stephen Mullowney: Yeah. Political unrest in Tanzania. Any comment? Impact on operation outlook for ongoing stability of the country. So look, there were planned protests yesterday. It went through very peaceful yesterday in Tanzania, cooperatives there. Yeah, there were protests with regards to the election.

Speaker #2: It went through very peacefully yesterday in Tanzania. Cloth is cloth. Is there? Yeah. There were protests with regards to the election, but that has all seemed to settle down.

Speaker #2: It has had an impact on our operations. No, I think we lost one day by not having an electrician able to get to site.

Operator: That has all seemed to settle down. Has it had an impact on our operations? No. I think we lost one day by not having an electrician be able to get to site. Right now, with operations as normal, the security situation is very calm, and things are getting done. I don't think there's going to be a lot of political instability in Tanzania. It's been the same political situation for the last couple of decades. I don't expect that to change. Khalaf, anything else to add to that? No, I think that's correct. It's been very safe and stable. Yesterday was our independence day. We expected some protests, but nothing happened in Dar es Salaam but everywhere in the country. Hopefully, that's something of the past now. Yeah. I think that's it. Well, thanks everyone for the call and coming on board today.

That has all seemed to settle down. Has it had an impact on our operations? No. I think we lost one day by not having an electrician be able to get to site. Right now, with operations as normal, the security situation is very calm, and things are getting done. I don't think there's going to be a lot of political instability in Tanzania. It's been the same political situation for the last couple of decades. I don't expect that to change. Khalaf, anything else to add to that?

Speaker #2: And right now it's operations as normal to security situation is very calm and things are getting done . So I don't think there's going to be a lot of political stability in Tanzania .

Speaker #2: It's been, you know, the same political situation for the last couple of decades. I don't expect that to change, though. Anything else to add to that?

Speaker #3: No , I think that's correct . It's it's been very safe and stable . Yesterday was our Independence Day . We expected some protests , but nothing happened everywhere in the country .

Khalaf Rashid: No, I think that's correct. It's been very safe and stable. Yesterday was our independence day. We expected some protests, but nothing happened in Dar es Salaam but everywhere in the country. Hopefully, that's something of the past now. Yeah.

Speaker #3: So hopefully that's something of the past . Now . Yeah .

Speaker #2: I think that's it . Well , thanks . Thanks everyone for the call . And coming on board today . If anybody has any other further questions , the management team is more than happy to to answer You reach out to us through our inbox .

Stephen Mullowney: I think that's it. Well, thanks everyone for the call and coming on board today.

Operator: If anybody has any other further questions, the management team is more than happy to answer them. You reach out to us through our inbox. Mike and Amy have a constant pulse on that daily. So look at that and respond. And we're more than happy to set up calls with our shareholder group. So again, thank you for your patience, support. We look forward to 2026, continuing to expand, continue to grow, and hopefully, we have a much better 2026 than even a good 2025. Thank you. And as they would say in Tanzania, asante sana. This brings to a close today's meeting. You may now disconnect. Thank you for your participation and have a pleasant day. The conference is no longer being recorded. All right.

If anybody has any other further questions, the management team is more than happy to answer them. You reach out to us through our inbox. Mike and Amy have a constant pulse on that daily. So look at that and respond. And we're more than happy to set up calls with our shareholder group. So again, thank you for your patience, support. We look forward to 2026, continuing to expand, continue to grow, and hopefully, we have a much better 2026 than even a good 2025. Thank you. And as they would say in Tanzania, asante sana.

Speaker #2: Mike and Amy have a constant pulse on that daily . So and look at that and respond . And we're more than happy to set up with calls with with our shareholder group .

Speaker #2: So again, thank you for your patience and support. We look forward to 2026, continually to expand, to continue to grow, and hopefully, we have a much better 2026 than even a good 2025.

Speaker #2: Thank you . And as I was saying , Tanzania . Asante Sana .

Speaker #6: This brings to a close today's meeting. You may now disconnect. Thank you for your participation, and have a pleasant day.

Operator: This brings to a close today's meeting. You may now disconnect. Thank you for your participation and have a pleasant day. The conference is no longer being recorded. All right.

Speaker #9: The conference is no longer being recorded.