Full Year 2025 Thor Explorations Ltd Earnings Call

April 15, 2026

Speaker #1: Entering webinar of attendee .

Speaker #2: At the top . Now Good afternoon , ladies and gentlemen , and welcome to the Thor Explorations Limited . Full year results . Investor presentation Questions are encouraged .

Speaker #2: They can be submitted at any time via the Q&A tab. That’s just situated on the right-hand corner of your screen. Please just simply type in your questions and press send.

[Company Representative] (Investor Meet Company): At the top now. Good afternoon, ladies and gentlemen, and welcome to the Thor Explorations Limited Full Year Results Investor Presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and will publish our responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to CEO Segun Lawson. Segun, good afternoon, sir.

Speaker #2: The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish them.

Speaker #2: Our responses, where it's appropriate to do so, on the Investor Meet Company platform. Before we begin, we would just like to submit the following poll.

Speaker #2: And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to CEO Jorgen Larsen Shayegan.

Speaker #2: Good afternoon sir .

Speaker #3: Good afternoon and everyone to our full year presentation . For the full year of 2025 . There's a disclaimer . Have some forward looking statements So for those who are new here , I'll give a brief overview of the company .

Segun Lawson: Good afternoon and welcome everyone to our Full Year Presentation for the full year of 2025. There's a disclaimer. We have some forward-looking statements. For those who are new here, I'll give a brief overview of the company. Thor Explorations is a West Africa-focused gold producer. We're advancing projects in three West African countries, in Nigeria, in Senegal, and in Côte d'Ivoire. In Nigeria, we are producing gold from our flagship 100% owned Segilola Gold Project in Osun State, which is based around a DFS open pit reserve of just over half a million ounces, grading at 4.2 grams per ton.

Speaker #3: Company Thor Explorations, West Africa-focused gold producer, we're advancing projects in three West African countries: in Nigeria, in Senegal, and in Côte d'Ivoire.

Speaker #3: In Nigeria . We are producing gold from our flagship 100% owned gold project in Ocean State , which is based around a DFS open pit reserve of just over half 1,000,000oz .

Speaker #3: Grading at 4.2g per tonne . We completed a very successful year of production in which we produced just under 92,000oz of gold . At an all in sustaining costs in line with our guidance , which resulted in a very profitable year for us .

Speaker #3: Amidst the very record high , should I say , gold price environment . We were producing in in Senegal , where we are positioned for organic growth .

Segun Lawson: We completed a very successful year of production, in which we produced just under 92,000 ounces of gold at an all-in sustaining cost, in line with our guidance, which resulted in a very profitable year for us amidst the very high, record high should I say, gold price environment we were producing in. In Senegal, where we are positioned for organic growth, we, just after the end of the year, completed our preliminary feasibility study, which showed a very strong, economically robust gold project with a mine life of over 12 years, which we believe we can continue to optimize and extend. We are looking forward to going into the development of that project later on this year with a final investment decision targeted at Q3 this year.

Speaker #3: We just after the end of the year , completed our preliminary feasibility study , which showed a very strong , economically robust gold project with a mine life of over 12 years , which we believe we can continue to optimize and extend .

Speaker #3: And we are looking forward to going into the development of that project later on this year with a final investment decision targeted at Q3 this year And lastly , we are in Cote d'Ivoire , where we have a continued to build a prospective early stage gold exploration portfolio , which where we are carrying out exploration across all our entire portfolio .

Speaker #3: We have the green Tree project , where we completed our maiden drilling campaign last year . The project , the Maui Project , which we're currently drilling and recently in early 2026 , we added a project in the northeast of the country , the DBA license We also have an early stage lithium portfolio in Nigeria , where we continue to advance through low cost exploration .

Segun Lawson: Lastly, we are in Côte d'Ivoire, where we have continued to build a prospective early-stage gold exploration portfolio, where we are carrying out exploration across all our entire portfolio. We have the Guitry project where we completed our maiden drilling campaign last year, the Boundiali project, the Marahui project, which we're currently drilling, and recently in early 2026, we added a project in the northeast of the country, the La Diba license. We also have an early-stage lithium portfolio in Nigeria, where we continue to advance through low-cost exploration in Nigeria, whilst our main focus remains on our gold production and exploration. We're listed on the TSXV market of the Toronto Stock Exchange and the AIM Market of the London Stock Exchange. We have our year-to-date share price performance.

Speaker #3: In Nigeria , whilst our main focus remains on our gold production and exploration We're listed on the TSX market of the Toronto Stock Exchange and the a market of the London Stock Exchange .

Speaker #3: We have our year to date share price performance . It has been a volatile three months given the volatility of the gold price and , you know , the the the sector performance in general and global economic investor climate .

Speaker #3: However, I think it's very important to note that our fundamentals have remained the same. We have a full-year production guidance of between 75,000 and 85,000 oz for this year.

Segun Lawson: tags. * *Wait, check the "US English" again.* "ammonium nitrate" (US spelling). "ounces" (US spelling). "diesel" (US spelling). "consumables" (US spelling). * *Wait, check the "starter conjunction" again.* "However" is not a starter conjunction. * *Wait, check the "Oxford comma" again.* "given the volatility of the gold price and the sector performance in general, and global economic investor climate." Actually, if I look at the list: 1. volatility of the gold price 2. sector performance in general 3. global economic investor climate The speaker said "and" between 1 and 2, and "and" between 2 and 3. "A and B, and C". The comma before the second "and" is the Oxford comma. This is correct. * *Wait, check the "all-in sustaining cost" again.* Glossary: "all-in sustaining cost". Transcript: "all-in sustaining cost". Perfect. * *Wait, check the "75,000 and 85,000 ounces" again.* "between 75,000 and 85,000 ounces". Perfect.

Segun Lawson: It has been a volatile three months given the volatility of the gold price and the sector performance in general, the global economic investor climate. However, I think it's very important to note that our fundamentals have remained the same. We have our full year gold production guidance of between 75,000 and 85,000 ounces for this year. We believe we're on track to achieve that. We have a full year all-in sustaining cost guidance of between $1,000 and $1,200, and we believe we are still positioned to achieve that. There is the risk of higher oil and diesel prices. However, we do believe, given the fact we have stocked up on other key consumables, such as ammonium nitrates, for the remainder of the year, we believe we are still in line to maintain.

Speaker #3: We believe we're on track to achieve that . We have a full year all in sustaining cost guidance of between $1,000 and one $200 .

Speaker #3: And we believe we are still positioned to achieve that . There is the risk of higher oil and diesel prices . However , we do believe , given the fact we have stocked up on other key consumables such as ammonium nitrates for the remainder of the year , we don't believe .

Speaker #3: We believe we're still in line to to maintain Production this year , which should ultimately result in continuing increasing balance sheet strength . Strong cash flows and obviously , correspondingly , an increasingly strong net cash position .

Speaker #3: We have on our shareholder registers , our institutional long term shareholders continue to support us and remain on our register . And as you can see in the bottom right hand side are broker coverage .

Segun Lawson: Production this year, which should ultimately result in continuing increasing balance sheet strength, strong cash flows, and obviously, correspondingly, an increasingly strong net cash position. We have on our shareholder registers our institutional long-term shareholders continue to support us and remain on our register. As you can see in the bottom right-hand side, our broker coverage, our target prices still suggest there continues to be re-rating opportunity. How did we do last year? If we look at the graphs, we can look at the chronological trends. First of all, in our revenues, we've fully benefited from a high gold price environment. We are completely unhedged. We were completely unhedged throughout the course of last year and remain so. We continue to take the exposure to the gold price. We have been very efficient with our costs, which has meant our margin has grown.

Speaker #3: Our target price is still suggest there is continues to be rerating opportunity So how did we do last year ? I mean , if we if we look at the graphs we can look at the chronological trends .

Speaker #3: First of all , in our in our revenues , we've fully benefited from the high gold price environment . We are completely unhedged .

Speaker #3: We were completely unhedged throughout the course of last year and remain so. So we continue to take the exposure to the gold price.

Speaker #3: We have been very efficient with our costs , which has meant our margin has has grown . So our all in sustaining costs through and our cash costs through the course of the last five quarters , we've been extremely disciplined on , and this has happened whilst the gold price has continued to increase .

Speaker #3: So, our margins have continued to increase our cash position; our liquidity continues to improve. At the end of 2024, we made our final debt repayments.

Segun Lawson: Our all-in sustaining costs and our cash costs through the course of the last five quarters, we've been extremely disciplined on, and this has happened whilst the gold price has continued to increase, so our margins have continued to increase. Our cash position, our liquidity, continues to improve. At the end of 2024, we made our final debt repayments. We've now been on a quarterly basis, or should I say even on a monthly basis, continued to generate strong cash, finishing the year with $137.7 million in our cash accounts. This has been reflected in our net cash position, finishing the year with a $151 million net cash position. We did all this whilst at the same time returning money to our shareholders. We announced a dividend policy last year of one and a quarter cents to be paid per quarter per share.

Speaker #3: We've now been on a quarterly basis , or should I say even on a monthly basis , continue to generate strong cash , finishing the year with $137.7 million in in our cash accounts .

Speaker #3: And this has been reflected in our net cash position . Finishing the year with a $151 million net cash position . We did all this whilst at the same time returning money to our shareholders .

Speaker #3: We , we announced a dividend policy last year of one and a quarter cents to be paid per quarter per share . That was paid for all four quarters .

Speaker #3: And given our surplus cash position at the end of the year , we paid a bonus dividend of one and a half cents per quarter .

Speaker #3: So through the four quarters of last year, we returned $32 million US to our shareholders. And we believe this is in line with our policy to return money sustainably to our shareholders.

Segun Lawson: That was paid for all four quarters, and given our surplus cash position at the end of the year, we paid a bonus dividend of one and a half cents per quarter. Through the four quarters of last year, we returned $32 million to our shareholders, and we believe this is in line with our policy to return money sustainably to our shareholders. This dividend policy will continue through the course of this year. Our Q4 was characterized by a record revenue in the quarter of $108 million. We still had a bullion inventory of just over 3,000 ounces of gold. That was carried out in Q4. As you can see, the project has now been operating in a steady state. We managed to mine more ore, and also more waste. Sorry.

Speaker #3: This dividend policy will continue through the course of this year. Our fourth quarter was characterized by record revenue in the quarter of $108 million, and we still had a bullion inventory of just over 3,000 oz of gold.

Speaker #3: And that was carried out in Q4 . As you can see , we've the project has now been operating in a steady state .

Speaker #3: We we managed to mine , you know , more or and also more waste . Sorry , we managed to mine a lot more .

Speaker #3: All material , even though it was a a lower grade and we if you look at our daily mining rate , it was over 6000 tons per day in Q4 , which also meant in our stockpile , our policy of putting sub one gram material to the sub , to the stockpile continued our stockpile grew from 44,000oz at the end of Q3 to over 50,000oz at the end of the year .

Segun Lawson: We managed to mine a lot more ore material, even though it was at a lower grade. If you look at our daily mining rate, it was over 6,000 tons per day in Q4, which also meant in our stockpile, our policy of putting sub 1-gram material to the stockpile continued. Our stockpile grew from 44,000 ounces at the end of Q3 to over 50,000 ounces at the end of the year. Meaning, at today's gold price, there's a significant amount of gold and buffer of an economic value of, if we use $4,500 per ounce, well over $220 million worth of gold still on our stockpile. We managed to maintain a consistent blend of gold going through the processing plant of just over 3.3 grams per ton, and our recovery rates continue to improve.

Speaker #3: Meaning , you know , today's gold price , there's a significant amount of of gold and buffer of , you know , an economic value of if we use $4,500 per ounce , well over $220 million worth of gold still on our stockpile , we managed to maintain a consistent blend of of gold going through the processing plant of just over 3.3g per tonne , and our recovery rates continue to improve .

Speaker #3: We had an excellent quarter in Q4 last year . Recoveries of 94.6% , and that resulted in us pouring just under 24,000oz of gold .

Speaker #3: So we were extremely happy with that operational performance. We did this whilst being extremely disciplined with our costs, and the results were there for all to see.

Segun Lawson: We had an excellent quarter in Q4 last year, recoveries of 94.6%. That resulted in us pouring just under 24,000 ounces of gold. We are extremely happy with our operational performance. We did this whilst being extremely disciplined with our costs, and the results were there for all to see, record quarter by all our financial metrics in terms of revenue, in terms of profitability, in terms of our net cash position. That wrapped up really what was an excellent year for us, our most profitable year, since we started this journey and since building this mine. We've moved into Q1 with a very strong start. We announced earlier this morning our initial operating highlights for Q1. Given our annual guidance of 75,000 to 85,000 ounces, producing just over 20,000 ounces for the quarter is in line with the midsection of our guidance.

Speaker #3: Record quarter by all our financial metrics in terms of revenue , in terms of profitability , in terms of net , our net cash position and that wrapped up really what was an excellent year for us .

Speaker #3: Our most profitable year since we started this journey and since building this mine . And , you know , we've moved into Q1 with a very strong start .

Speaker #3: We announced earlier this morning , initial operating highlights for Q1 . And , you know , given our annual guidance of 75,000 to 85,000oz , producing just over 20,000oz for the quarter , is in line with our the mid section of our guidance .

Speaker #3: So, we're very encouraged with the start that we had. We sold 15,417 oz at a gold price of $4,829 per ounce. We grew our cash balance from the end of December, from $137.7 million to $154 million.

Segun Lawson: We're very encouraged with the start that we had. We sold 15,417 ounces at a gold price of $4,829 per ounce, growing our cash balance from the end of December of $137.7 million to $154 million. We do have a gold bullion inventory of 4,000 ounces, which we haven't sold, and we are unwinding through the course of April. Using today's gold price, that would give us a net cash position at the end of the quarter of Q1 of $173 million. We also have a gold doré inventory, which was poured over through the course of the end of the period, that's still in the process of being refined, of 2,077 ounces. The company has a very healthy balance sheet. We're approaching $200 million in cash over the next few weeks, should I say. That has left us very well positioned.

Speaker #3: We do have a gold bullion inventory of 4,000 oz, which we hadn't sold, and we are unwinding through the course of April and using today's gold price.

Speaker #3: That would give us a net cash position at the end of the quarter of Q1 of $173 million. We also have a gold inventory, which was poured over through the course of the end of the period.

Speaker #3: That's still in the process of being refined , finding of 2077oz . So the company has a very healthy balance sheet . We're approaching $200 million in , in , in cash over the next few weeks .

Speaker #3: Should I say . And that has left us very well positioned . You know , we've done this by , again , maintaining our very high operating standard , our gold is produced from 239,000 tons , which were milled at a slightly lower head grade than the previous quarter's 2.54g per tonne .

Speaker #3: And recovery of 93.1%. And again, I think another key point to note here would be we added another 3,844 oz to the stockpile, which was sub-one-gram material, growing our stockpile to just over 54,000 oz.

Segun Lawson: We've done this by, again, maintaining our very high operating standard. Our gold is produced from 239,000 tons, which we've milled at a slightly lower head grade than the previous quarters, 2.54g per ton, and recovery of 93.1%. Again, I think another key point to note here would be we added another 3,844oz to the stockpile, which was sub 1g material, growing our stockpile to just over 54,000oz. We're in a very healthy position. We have strong cash. We have no debt. We have no issues with our payables. We're able to fund all our activities across all our jurisdictions without any requirements for external cash. We're able to carry out aggressive programs across all our jurisdictions, funded entirely from our cash flow as well.

Speaker #3: So we're in a very healthy position . You know , we we have strong cash . We have no debt . We have all we have no issues with with our payables .

Speaker #3: We're able to fund all our activities across all our jurisdictions without any requirements for external cash . We're able to carry out a aggressive programs across all our jurisdictions , funded from entirely from our cash flow as well .

Speaker #3: And where we are deploying that cash first and foremost , I would say , is the most important area , which is at Ola underneath the pit For for a good 15 to 18 months , trying to understand a lot more of the structural controls , we know we have a significant amounts of gold underneath the pit , which hasn't been included in our financial forecasts .

Segun Lawson: Where we are deploying that cash, first and foremost, I would say, is the most important area, which is at Segilola underneath the pit, for a good 15 to 18 months, trying to understand a lot more of the structural controls. We know we have a significant amount of gold underneath the pit, which hasn't been included in our financial forecasts. We do believe there's a significant upside potential. We are working towards a resource upgrade, but this has continued to be a work in progress. This has been quite a learning curve for us. We have six rigs drilling. We are trying to understand more the structural controls of these high-grade sheets. I think the key takeaways from here is we continue to intersect mineable high-grade widths of gold underneath the pit.

Speaker #3: So we do believe there's a significant upside potential . We are looking working towards a resource upgrade , but this has continued to be a work in progress .

Speaker #3: You know , we this has been a quite a learning curve for us . We have six rigs drilling . We are trying to understand more the structural controls of these high grade shoots .

Speaker #3: I think the key takeaways from here is we continue to intersect Mineable , high grade widths of gold underneath the pit . If you look at some of the results that we've had over the course of the last 6 to 12 months , you can see , I think the first point where we're continuing to enter intersect high grade gold , we continue doing this at the deeper depths than we've ever done before .

Speaker #3: I think look at our deepest holes over 400 , over 400m in depth , over 350m in depth . This this mine does continue and I think importantly , we are continuing to intersect very wide mineralisation underneath the pit .

Segun Lawson: If you look at some of the results that we've had over the course of the last six to 12 months, you can see, I think the first point where we continue to intersect high-grade gold. We continue to do this at the deeper depths than we've ever done before. I think look at our deepest holes, over 400m in depth, over 350m in depth. This mine does continue, and I think importantly, we are continuing to intersect very wide mineralization underneath the pit. This is mineable high-grade gold, well below the final pit profile. What we're trying to achieve right now is trying to aggregate enough tonnage to push us towards that investment decision, and also in line with that, in parallel with that, the resource upgrade. We have drilled 21,000m. There has been a lot of trial and error here.

Speaker #3: So, this is mineable high-grade gold well below the final pit profile. What we're trying to achieve right now is to aggregate enough tonnage to push us towards that investment decision.

Speaker #3: And also in line with that , in parallel with that , the resource upgrade . So , you know , we have Jul 21,000m .

Speaker #3: There has been a lot of trial and error here . The if we if we take a step back and look at the takeaways , we're very encouraged by the fact that we're we're continuing to understand this .

Speaker #3: We're continuing to intersect gold mineralisation . We don't want to release resource update prematurely . I think I can sit here and confidently say that we are continuing to add valuable economic ounces to our resource and over the course of the next few months , when we when we continue to chase down these chutes and we hit this critical minimum number of ounces , we will come up with this updated resource and extended mine plan .

Segun Lawson: If we take a step back and look at the takeaways, we're very encouraged by the fact that we're continuing to understand this. We're continuing to intersect gold mineralization. We don't want to release a resource update prematurely. I think I can sit here and confidently say that we are continuing to add valuable economic ounces to our resource. Over the course of the next few months, when we continue to chase down these shoots and we hit this critical minimum number of ounces, we will come up with this updated resource and extended mine plan. We're working towards that. We can't give the exact timeline yet. What we will start doing now is, now we do have a bit more understanding of the structural controls, we can release results on a more timely basis, and we will continue to do so.

Speaker #3: So we're working towards that . We can't give the exact timeline yet , but we will start doing now is now we we do have a bit more understanding of the structural controls .

Speaker #3: We , we can release results on a , on a more timely basis , and we will continue to do so . So the drilling continues where we continue to .

Speaker #3: Our understanding of this deposit continues to evolve as well . We know there's a significantly more gold here than the open pit design .

Speaker #3: And we're currently working towards having this updated. We're also doing this on a regional basis. We have now converted one of our satellite pits into a mining licence.

Segun Lawson: The drilling continues. Our understanding of this deposit continues to evolve as well. We know there's significantly more gold here than the open-pit design, and we're currently working towards having this updated. We're also doing this on a regional basis. We have now converted one of our satellite pits into a mining license. We have now designed a mine plan for this, and after the rainy season, we will be looking to start the process of mining one of these pits, the southern prospect, Kajola, which is a high-grade small deposit, and stockpiling this with our existing low-grade stockpile. We continue to make progress with exploration through Nigeria. We continue to work on the area to the south, where we have consolidated six licenses. We have a drilling program ongoing there, and we're looking forward to getting these results out. Moving on to Senegal.

Speaker #3: We have now designed a mine plan for this, and after the rainy season, we will be looking to start the process of mining one.

Speaker #3: One of these pits , the the southern prospect Kajola and which is a high grade small deposit and stockpiling . This with our existing low grade stockpile .

Speaker #3: So we . Are . We continue to make progress with exploration through Nigeria . We continue to work on on the area to the south where we have consolidated six licenses .

Speaker #3: We have a drilling program ongoing there, and we're looking forward to getting these results out. Moving on to Senegal, we have a strategic land position there where we've grown a very nice footprint, which consists of three exploration licenses.

Speaker #3: We took some giant strides over the last six months in Senegal . First of all , prior to prior to completing our preliminary feasibility study , we acquired additional ground .

Segun Lawson: We have a strategic land holding there, where we've grown a very nice footprint, which consists of three exploration licenses. We took some giant strides over the last six months in Senegal. First of all, prior to completing our preliminary feasibility study, we acquired additional ground, the Bousankhoba license, taking our total footprint in the area to 541sq km. Further to that, we only owned, or should I say, we owned 70% of the Douta license and the Douta West license. We have now, in the last six months, taken our ownership to 100% of both licenses. These are the licenses that contain the entire deposits. We upgraded our resources and reserves.

Speaker #3: Bruce license , taking our total footprint in the area to 541km² . Then further to that , we only owned , or should I say we owned 70% of the license and the .

Speaker #3: Due to West license , we have now in the last six months taken our ownership to 100% of both licenses . These are the licenses that that contain the entire deposits .

Speaker #3: And then we upgraded our resources and reserves . We took the total resource size , the indicator component from just under 1,000,000oz to 1.7 million ounces .

Speaker #3: And , you know , having a converting that indicator resource , we converted the reserve component to 1.2 million ounces . This was all fed into our preliminary feasibility study , which was announced in January this year .

Segun Lawson: We took the total resource size, the indicated component from just under a million ounces to 1.7 million ounces, and converting that indicated resource, we converted the reserve component to 1.2 million ounces. This was all fed into our preliminary feasibility study, which was announced in January this year. I won't go through every detail of this. These are all on our website. However, the preliminary feasibility study showed a very economically robust project with a very fast payback of under one year at a $3,500 gold price. We're extremely encouraged by this. Since releasing this preliminary feasibility study, we have been carrying out drilling programs and exploration programs to achieve a couple of critical items. First of all, we were looking to convert a lot of the inferred material within the pit shells to indicated, which would also add to the economics.

Speaker #3: I won't go through every detail . These are all on our website . However , the preliminary feasibility study showed a very economically robust project with a very fast payback of under one year at a $3,500 gold price .

Speaker #3: We're extremely encouraged by this. Since releasing this preliminary feasibility study, we have been carrying out drilling programs and exploration programs to achieve a couple of critical items.

Speaker #3: First of all, we were looking to increase and convert a lot of the inferred material within the pit shells to indicated, which would also add to the economics.

Speaker #3: However , given the phased nature of the project , the oxide or phase and the primary oil phase , we are looking to increase the size of the oxide or resource and thus increase the duration of the oxide or phase , which is currently four years , so that program has been on ongoing as well .

Segun Lawson: However, given the phased nature of the project, the oxide ore phase and the primary ore phase, we are looking to increase the size of the oxide ore resource, and thus increase the duration of the oxide ore phase, which is currently four years. That program has been ongoing as well. We've been doing all this whilst at the same time progressing our project, should I say, regulatory requirements. We've made all our full submissions to the Government of Senegal for the conversion to a mining license. We are in the process now to finalize negotiations on our Mining Convention, having fully received our ESIA, Environmental Social Impact Assessment certificate as well. That's all. We're working towards that as well. I think given our strong cash flow in Nigeria, we are looking at funding this project entirely without any third-party cash, equity, should I say.

Speaker #3: This we've been doing all this whilst at the same time progressing project , should I say , regulatory requirements . We've made all our full submissions to the Government of Senegal for the conversion to a mining license .

Speaker #3: We are in the process now to finalize negotiations on our mining convention . Having fully received our Isia environmental , social Impact Assessment Certificate as well .

Speaker #3: So that's all we're working to towards that as well . I think given our strong cash flow in Nigeria , we are looking at funding this project entirely without any third party cash equity .

Speaker #3: Should I say we would see no shareholder dilution through the development of this project Yeah , so I've spoken about the the the resource and the reserve , which is healthy .

Speaker #3: It shows the mine life of 12.5 years with severe , significant opportunity to grow . And here is , should I say , one of the key areas of growth outside the Q2 .

Segun Lawson: We would see no shareholder dilution through the development of this project. Yeah. I've spoken about the resource and the reserve, which is healthy. It shows a mine life of 12.5 years with significant opportunity to grow. Here is, should I say, one of the key areas of growth outside the Douta and Douta West license that we have been working on this year. The Bousankhoba license, which is the big license in the middle where we are yet to drill. We've carried out some geophysics, some geochemistry, some rock chip sampling, and auger sampling, and we have now identified several high-grade structures, with strike lengths ranging between half and gold assay values. We've designed drill programs across the entirety of all of them.

Speaker #3: And due to West license that we have been working on this year , the license . Which is the license , the big license in the middle where we are yet to drill .

Speaker #3: We've carried out our geophysics so geochemistry , some rock chip sampling and auger sampling . And we have now identified several high grade structures with strike lengths of between one and a half , ranging between half an and Gold assay values .

Speaker #3: We've designed drill programs across the entire entirety of all of them . We have 40,000m of drilling to go on . That's been going on a program that's been designed across all three licenses .

Speaker #3: That's going on through the first half of the year , the first quarter of the year . I would have to say we've we've unfortunately have suffered extreme delays in turnaround times and getting assay results really due to our assays being carried out in in Cote d'Ivoire .

Segun Lawson: We have 40,000m of drilling that's been going on, a program that's been designed across all three licenses that's going on through H1 of the year. Q1 of the year, I would have to say we've unfortunately suffered extreme delays in turnaround times in getting assay results, really due to our assays being carried out in Côte d'Ivoire and no longer driving directly through Mali. There has been a longer turnaround time getting drill results out. However, we've now got a sufficient, should I say, backlog that has been cleared to now consistently release our drilling results over Q2, and we look forward to doing so soon after this update. We're very encouraged by this. We do see this project growing significantly. We do see the oxide phase of the project continuing to grow.

Speaker #3: And , and no longer driving directly through through Mali . So there has been a longer turnaround time getting drill results out . However , you know , we've got now got a sufficient backlog and a sufficient should I say Backlog that has been cleared up to now consistently release our drilling results over Q2 .

Speaker #3: And we look forward to to doing so soon after after this update . So we're very encouraged by this . We do see this project growing significantly .

Speaker #3: We do see the oxide phase of the project continuing to grow. We are looking to get to financial final investment decision in the second half of this year, and we are looking to be pouring and producing gold in the first half of 2028.

Speaker #3: From here So it's a it's a fast track development timeline in in Senegal , we are , I think , a key point alongside our development process is ordering the long lead item , long lead items , which is coming up very soon .

Segun Lawson: We are looking to get to the final investment decision in the second half of this year, and we are looking to be pouring and producing gold in the first half of 2028 from here. So it's a fast-track development timeline in Senegal. I think a key point alongside our development process is ordering the long lead items, which is coming up very soon. We're in the final stages of negotiations for that. And then we are looking to, like I say, pull this project together without any third-party equity. So our financing discussions are kicking off now, and we're looking at a target close over the next two and a half months. And I think the biggest point here is signing of our mining convention with the Senegalese government over the next couple of months.

Speaker #3: We're in final stages of , of , of negotiations for that . And then we are looking to , like I say , pull this project together without any third party equity .

Speaker #3: So, our financing discussions are kicking off now, and we're looking at a target to close over the next two and a half months.

Speaker #3: And I think the key, the biggest point here, is signing off our mining convention with the Senegalese government over the next couple of months.

Speaker #3: Like I mentioned earlier , all our submissions have been made . And that process has started Finally , going into Cote d'Ivoire , where we we entered at a very low cost through the acquisition of Gretry .

Speaker #3: We've now continued to build our presence there. We have the EEG project, the Q3 project, the GUI project, and we've now added the DBA license in the same region as the Maui area.

Segun Lawson: Like I mentioned earlier, all our submissions have been made and that process has started. Finally, going into Côte d'Ivoire, where we entered at a very low cost through the acquisition of Guitry. We've now continued to build our presence there. We have the Guitry project, the Boundiali project, the Marahoue project, and we've now added the La Diba license in the same region as the Marahoue area. The La Diba license was characterized by some sparse artisanal activity, strong geology, and we are very encouraged by the initial reconnaissance results we got from our visits there. We intend on working up drill targets there over the next six months and looking forward to hopefully getting that into a stage where we have sufficient drill meters to kick off a drilling campaign, either Q4 this year or Q1 next year.

Speaker #3: The DBA license was characterized by some . Some sparsely , some sparse artisanal activity , strong geology , and we are very encouraged by the by the initial reconnaissance results we got from our our visits there .

Speaker #3: We intend on working up drill targets there over the next six months . And looking forward to to hopefully getting that into a stage where we have sufficient drill meters to kick off a drilling campaign , either Q4 this year or Q1 next year I'll start off with the GUI project , where we which we inherited with over 11,000m of drilling .

Speaker #3: We drilled over 4000m last year , 4600m , and that resulted in a in an initial discovery , we have now extended our exploration to other areas of the license where we have worked up significant drill targets .

Segun Lawson: I'll start off with the Guitry project, which we inherited with over 11,000m of drilling. We drilled over 4,000m last year, 4,600m, and that resulted in an initial discovery. We have now extended our exploration to other areas of the license where we have worked up significant drill targets and through soil geochemistry and rock chip sampling, where we continue to get high-grade rocks. These areas have never been drilled before, where we get high-grade results. Apologies. These areas have never been drilled before, and we are looking forward to getting them into drilling programs here. In Côte d'Ivoire, we believe this Guitry project is what we would constitute a discovery. We're now trying to scale this up through the drilling of other areas.

Speaker #3: We've . And through soil chemistry and rock chip sampling , where we continue to get high grade rocks , these areas have never been drilled before .

Speaker #3: Where we get high grade results. Apologies. These areas have never been drilled before, and we have. We are looking forward to getting them into drilling programs here.

Speaker #3: Here in in Cote d'Ivoire . Here we believe , you know , we this this project is what we would constitute a discovery .

Speaker #3: We're now trying to get a scale this up through the drilling of other areas . If we're if we can replicate the success we achieved through last year's drilling and these other areas , which we identified , we will be looking at something that the company will be is very excited about .

Speaker #3: So you can see from from the drilling project , the area we drilled last year , you know , we did . Delineate a number of high grade mineralized loads .

Segun Lawson: If we can replicate the success we achieved through last year's drilling in these other areas which we identified, we will be looking at something that the company is very excited about. You can see from the drilling project, the area we drilled last year, we did delineate a number of high-grade mineralized lodes. We are now working to extend them. Like I say, we've carried out auger drilling and soil geochem sampling on the other areas of the license, and we're getting them ready to drill and carry out RC drilling campaign. What I would deem a success this year would be to replicate this in another two areas, at least, of the license, and then we start looking at really scaling this project up. Again, we'll be looking at getting these results out now on a more frequent basis now we're near Q2.

Speaker #3: We are now working to extend them . Like I say , we've carried out auger drilling and soldier camp sampling on the other areas of the of the license .

Speaker #3: And we're getting them ready to drill and carry out our drilling campaign . The what I would deem as success this year would be to replicate this in another two areas , at least of the license .

Speaker #3: And then we start looking at really scaling this project up again . We'll be looking at getting these results out now on a more frequent basis .

Speaker #3: Now we're in a Q2 We also have the the Maui project where we had identified these high grade drilling target areas . We have previously mentioned these high grade rock chip and soil results in in this very prospective area .

Speaker #3: Greenstone, where we were getting consistent rock chip results up to 29.9 grams per tonne and 28 on some very interesting contact. We then went out and found a parallel structure.

Segun Lawson: We also have the Marahoue project where we had identified these high-grade drilling target areas. We have previously mentioned these high-grade rock chip and soil results in this very prospective area of Birimian greenstone, where we were getting consistent rock chip results up to 29.9 grams per ton, and 28 on some very interesting contacts. We then went out and found a parallel structure. We have now carried out even further exploration. We're in the right kind of rocks. We're getting very high grade in situ mineralization here. We've designed a 6,000-meter drill program to test both contacts. That drill program has commenced, and we are very excited to get these results out as well in Q2. We do have a lot of news flow coming from Nigeria, Senegal, and Côte d'Ivoire, I think, from this quarter through the course of the rest of the year.

Speaker #3: We have now done even further carried out even further exploration . We're in the right kind of rocks . We're getting very high grade in-situ mineralization here .

Speaker #3: We've designed a 6000 meter drill program to test both contacts that drill program has has commenced , and we are very excited to get these results out as well .

Speaker #3: In Q2 . So we do have a lot of news flow coming from Nigeria , Senegal and Cote d'Ivoire over the the I think from this quarter through the course of the rest of the year So our outlook for this year , we have a production guidance of 75.5 to 85 , thousand ounces .

Speaker #3: We've started very strongly . We started with 20,000oz , which is , you know , if we extrapolate that through the course of the year , that's bang in the middle of our guidance of just over 80,000oz , we are confident we , with our cost guidance of between 1000 and $1200 per ounce , where we're spending aggressively on exploration , we're going to spend about $30 million across all three jurisdictions .

Segun Lawson: Our outlook for this year. We have a production guidance of 75 and a half to 85,000 ounces. We've started very strongly. We started with 20,000 ounces, which if we extrapolate that through the course of the year, that's bang in the middle of our guidance of just over 80,000 ounces. We are confident with our cost guidance of between $1,000 and $1,200 per ounce. We're spending aggressively on exploration. We're going to spend about $30 million across all three jurisdictions, and we believe we will unlock a lot of value through exploration and through the drill bit, by doing so. We continue to target an extension of the Segilola mine life from the definition of additional underground resources and near mine satellite resources. We've been very encouraged by what we've drilled before. We know the gold hasn't disappeared.

Speaker #3: And we believe we will unlock a lot of value through exploration and through the drill bit . By doing so , we continue to target an extension of the cellular life from the definition of additional underground resources and Near-mine satellite resources , we we , and we've been very encouraged by what we've drilled before .

Speaker #3: We know the gold hasn't disappeared . We've now continued to intersect gold mineralization deeper than we ever have historically . And Investment decision of the underground .

Speaker #3: And obviously in parallel , the update . The resource we're finalizing our permitting in due to where for final investment decision and looking to construct construction in the second half of this year where this is taking us another step towards in our evolution to become a multi mine producer .

Segun Lawson: We've now continued to intersect gold mineralization deeper than we ever have historically, and investment decision of the underground, and, obviously in parallel, the update resource. We're finalizing our permitting in Douta for final investment decision and looking to construct construction in H2 of this year, where this is taking us another step towards in our evolution to become a multi-mine producer. We're looking forward to having our second mine built. We have the mine-building experience and mine operating experience. The fact that we're now positioned to do this organically without any shareholder dilution, we are extremely encouraged by. Côte d'Ivoire gives us plenty of exploration upside. We have the Guitry project, where we are expanding into other areas. We have the Marahui project, which has had excellent initial exploration results, which we're very encouraged by and very excited to carry out this drilling campaign.

Speaker #3: We're looking forward to having our second mine built. You know, we have the mine building experience and mine operating experience. And the fact that we're now positioned this organically without any shareholder dilution.

Speaker #3: We are extremely encouraged by the quick gives us plenty of exploration upside . We have the Green Tree project where we are expanding into other areas .

Speaker #3: We have the Maui Project , which has had excellent initial exploration results , which we're very encouraged by and very excited to , to , to carry out this drilling campaign .

Speaker #3: And we look forward to updating our shareholders with that . And lastly , we continue to return shareholders Money through the form of a dividend on a quarterly basis .

Speaker #3: Last year, we were in a surplus cash position at the end of the year, and we returned a bonus dividend to our shareholder. If we're in the same situation at the end of this year, we will certainly be doing the same.

Segun Lawson: We look forward to updating our shareholders with that. Lastly, we continue to return shareholders' money through the form of a dividend on a quarterly basis. Last year, we were in a surplus cash position at the end of the year, and we returned a bonus dividend to our shareholder. If we're in the same situation at the end of this year, we will certainly be doing the same. Thank you very much.

Speaker #3: Thank you very much

Speaker #2: Perfect . Shagun . That's great . If I may just jump back in there and thank you very much indeed for your presentation .

Speaker #2: This afternoon . Ladies and gentlemen , please do continue to submit your questions just by using the Q and A tab . That's situated on the right hand corner of your screen .

Speaker #2: But just while Segen takes a few moments to review those questions that have been submitted already , I just like to remind you that a recording of this presentation , along with a copy of the slides and the published Q&A , can all be accessed via your investor dashboard .

[Company Representative] (Investor Meet Company): Perfect, Segun. That's great. If I may just jump back in there. Thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. But just while Segun takes a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your investor dashboard. Segun, we have received a number of questions throughout your presentation this afternoon. Thank you to all of those on the call for taking the time to submit their questions.

Speaker #2: Segen. We have received a number of questions throughout your presentation this afternoon, and thank you to all of those on the call for taking the time to submit their questions.

Speaker #2: But again , at this point , sir , if I may just hand back to you to read out those questions and give your responses where it's appropriate to do so .

Speaker #2: And if I pick up from you at the end , that'd be great . Thank you .

Speaker #3: Great . Sure Okay . Yeah . Look , I'll I'll read all the questions . Let me just see how many we've got Okay , okay .

[Company Representative] (Investor Meet Company): Segun, at this point, sir, if I may just hand back to you to read out those questions and give your responses where it's appropriate to do so. If I pick up from you at the end, that'd be great. Thank you.

Speaker #3: I'm going to answer all the questions . I'll start with the first one . When will we begin to see regular flow of exploration drill results with the 30 million .

Segun Lawson: Great. Sure. Okay. Yeah, look, I'll read all the questions. Let me just see how many we've got. Okay. I'm going to answer all the questions. I'll start with the first one. When will we begin to see regular flow of exploration drill results? With the $30 million exploration budgets, one would expect there would be much to talk about. Yes, we are kicking off drilling results as early as this quarter, and it should be regular. There has been a lot of focus on Senegal development and also getting things drill-ready in Côte d'Ivoire. In Nigeria, we drilled round about 21,000m of drilling. A lot of that was spent trying to define these narrow, high-grade sheets. We released some of the Nigeria results in our MDA. We will continue to do that.

Speaker #3: Dollars exploration budgets , one would expect there would be much to talk about . Yes , we are . We are kicking off drilling results as early as this quarter , and it should be regular .

Speaker #3: There has been a lot of focus on Senegal development and also getting things drill ready in Cote d'Ivoire . In Nigeria , we drilled around about 21,000m of drilling and a lot of that was spent , you know , trying to define these narrower , high grade sheets .

Speaker #3: We released some of the Nigeria results in our MDA . We will continue to do that . I think we've now got a nice head start and sufficient runway in front of us after the building up a massive backlog with delays .

Speaker #3: So now we're very well positioned to have frequent drilling updates from all three countries. When do you expect to release the updated resource report for Lola?

Segun Lawson: I think we've now got a nice head start and sufficient runway in front of us after the building up a massive backlog with delays. Now we're very well positioned to have frequent drilling updates from all three countries. When do you expect to release the updated resource report for Segilola? Yeah, sure. As discussed, or should I say, as mentioned in the presentation, it's not as straightforward as just giving a timeline where we're succeeding in drilling this mineralization. The question then becomes how do we continue to understand the structural controls, how to continue to guide our drilling, and to build up that critical mass of tonnage, should I say, to get us to that minimum point where we want to make that investment decision? Look, we will continue to update with drill results. It's hard to give the exact timeline for the resource itself.

Speaker #3: Yeah , sure . As discussed , or should I say , as mentioned in the presentation , you know , it's it's not as straightforward as just giving , giving a timeline where , where succeeding in , in drilling this mineralization , the question then becomes how , how do we continue to understand the structural controls , how to continue to guide our drilling and to build up that critical mass of , of tonnage , should I say , to to get us to that minimum point where we want to , to make that investment decision .

Speaker #3: So look , we will , we will continue to update with drill results . It's , it's hard to give the exact timeline for the resource itself .

Speaker #3: I think the , the two biggest takeaways here , number one , we're succeeding in drilling and finding more gold . And number two , we have a good buffer of satellite , a small satellite deposits and stockpile .

Segun Lawson: I think the two biggest takeaways here, number one, we are succeeding in drilling and finding more gold. Number two, we have a good buffer of small satellite deposits and a stockpile. We will be looking to update this resource at least this year. If you think of the original PFS where we were scheduled to have produced only 41,000 ounces in this year and then the mine would've started dwindling away. You can see we've already started. We've already continuing to overachieve that, and we believe, through the continued exploration, we will still be able to push this further. Unfortunately, I'm afraid I can't give an exact timeline this year. We are aiming to do regardless to update the resource this year.

Speaker #3: But we will be looking to update this resource at least this year . If you think of the original PFS where we were , we were scheduled to have have produced only 41,000oz in this year .

Speaker #3: And then put the . Start , you know , the mine would have started dwindling away . You can see we've already started .

Speaker #3: We've already continuing to over achieve that . And we believe , you know , through the continued exploration , we will still be able to push this further .

Speaker #3: So unfortunately , I'm afraid I can't give an exact timeline just yet . We are aiming to do regardless to update the resources here , but we think it's critical and very important that we continue to drill .

Speaker #3: We continue to to define this underground resource . And we continue to increase this tonnage . And that's what we're doing at the moment Pioneers status incentive .

Segun Lawson: We think it's critical and very important that we continue to drill, we continue to define this underground resource, and we continue to increase this tonnage, and that's what we're doing at the moment. Pioneer status incentive. Can you confirm the expiry date? Yes. The expiry date is 31 December this year for the pioneer status. However, we are in the process of the extension application. The underground resource update. Okay, I've just already answered that. Detail financing. Given the commitment to no shareholder dilution, can you confirm the financing instrument being pursued for Douta construction CapEx, specifically whether heads of terms have been agreed with any project debt lender? At the moment, I'm not in a position to say. It's not public information.

Speaker #3: Can you confirm the expiry date ? Yes . The expiry date is 31st of December this year . For the pioneer status . However , the we are in the process of the extension application The underground resource update .

Speaker #3: Okay , I've just already answered that due to financing , given the commitment to no shareholder dilution , can you confirm the financing instrument being pursued for .

Speaker #3: Due to construction CapEx ? Specifically whether heads of terms have been agreed with any project debt lender . So at the moment , I'm not in a position to say it's not public information .

Speaker #3: All I would say is , you know , we're very confident that we will be able to finance this project and we will be able to achieve financial close in Q3 .

Speaker #3: There without any equity dilution . Once that information is public , then obviously I'll be able to I'll be able to say more .

Segun Lawson: All I would say is, we're very confident that we will be able to finance this project, and we will be able to achieve financial close in Q3 this year without any equity dilution. Once that information is public, then obviously I'll be able to say more. Next question, dividend through 2027. With Douta construction CapEx peaking in 2027 and Segilola production declining, does the board intend to maintain the minimum $0.05 dividend through 2026 and 2027 or pause possible? We believe we're in a very strong cash position, and we will be at the end of this year. We don't intend on reducing or pausing our dividend. We believe we're in a strong enough position to achieve all our ambitions of exploration, of development, and returning shareholders the dividend at the minimum value of $0.05 per share per quarter.

Speaker #3: Next question . Dividend . Through 2027 . With due to construction , CapEx peaking in 2027 and production declining , the board intend to maintain the minimum $0.05 dividend through 26 and 27 .

Speaker #3: Was a pause possible ? We believe we're in a very strong cash position and we will be at the end of this year .

Speaker #3: We don't intend on reducing or pausing our dividend . We believe we're in a strong enough position to achieve all our ambitions of exploration , of development and returning shareholders .

Speaker #3: The the dividend , at the minimum value of $0.05 per share per quarter . Currently , the policy is only through to the end of 2026 , but from a personal point of view , I don't think we're in a position of risk of pausing that in 2027 .

Speaker #3: We do believe we can carry that through to due to production If the company is looking for establishing stock buybacks , Uplisting to TSX , other exchanges from venture or new readily production accretive acquisitions to increase shareholder value .

Segun Lawson: Currently, the policy is only through to the end of 2026. From a personal point of view, I don't think we're in a position of risk of pausing that in 2027. We do believe we can carry that through to Douta production. If the company is looking for establishing stock buybacks, uplisting to TSX, other exchanges from venture, or new readily production-accretive acquisitions to increase shareholder value. Also, when will the mine life extension be announced? Thanks. Okay, I think we've addressed the mine life extension. That's all ongoing at the moment, and the drilling continues to be encouraging. We continue to learn from what we're drilling. The share buybacks, at the moment, that's not on the cards. We believe the current dividend policy is in line with where we want to be in terms of returning money to our shareholders.

Speaker #3: Also , when will the My Life extension be announced ? Thanks . Okay . I think we we've addressed the mine life extension .

Speaker #3: That's all ongoing at the moment . And the drilling continues to be encouraging . And we continue to to learn from from what we're drilling the the share buybacks at the moment .

Speaker #3: That's not on the on the cards . We are we are we believe the the current dividend policy is , is in line with with where we want to be in terms of returning money to our shareholders , in terms of other exchanges at the moment , we're not in any advanced stages of looking at any other exchanges in terms of acquisition of readily production accretive acquisitions .

Speaker #3: We're constantly scanning the market for for strong opportunities , and will continue to do so . We haven't found an opportunity that we think would be the optimal fit just yet Please detail any risks around power and fuel with respect to the Iran conflict in global diesel shortages .

Segun Lawson: In terms of other exchanges, at the moment, we're not in any advanced stages of looking at any other exchanges. In terms of acquisition of readily production accretive acquisitions, we're constantly scanning the market for strong opportunities and will continue to do so. We haven't found an opportunity that we think would be the optimal fit just yet. Please detail any risks around power and fuel with respect to the Iran conflict and global diesel shortages. Look, I think it's been fortunate that we are in Nigeria. Our process plant is fueled on compressed natural gas, which is locally sourced. In Nigeria, there's been obviously the incredibly successful Dangote Refinery, which was commissioned, where we're able to source diesel locally. There has been an increase in our diesel costs, a significant material increase in our diesel costs.

Speaker #3: Look , I think it's been a it's been fortunate that we are in Nigeria . You know , our Process plant is is fueled on compressed natural gas , which is locally sourced in Nigeria .

Speaker #3: There's been a . Obviously , the the incredibly successful Dangote refinery , which was commissioned where we're able to source diesel locally . It has meant there has been an increase in our diesel costs , a significant material increase in our diesel costs , but we don't believe , as so far there have been any issues with diesel supply or shortage issues Is there a gold price at which you would consider hedging or selling forward ?

Segun Lawson: We don't believe, so far, there have been any issues with diesel supply or shortage issues. Is there a gold price at which you would consider hedging or selling forward a portion of production from Segilola? At the moment, we believe we have a very strong margin, with our maximum cost guidance of $1,200 and gold trading today, or over the last few months of over $4,500 per ounce. That's a $3,000 margin. We haven't looked at hedging. At the moment, we believe we should be taking the gold price exposure given our margins at the moment. Look, in the future, if we see a very strong drop in gold prices, perhaps we would look at that, but at the moment we don't feel the need we should. Any plans to raise the dividends over the minimum, given the large cash balance held on the balance sheet?

Speaker #3: A portion of production from cellular At the moment , we believe we have a very strong margin . You know , with our costs , you know , a maximum cost guidance of $1,200 in gold trading today or over the last few months of over $4,500 per ounce .

Speaker #3: You know , that's a $3,000 margin . So we haven't looked at hedging at the moment . We believe we we we should be taking the gold price exposure given our margins at the moment .

Speaker #3: And , you know , look , in the future , if we see a very , very strong drop in gold prices , perhaps we would we would look at that .

Speaker #3: But at the moment we don't . We don't we don't feel the need . We should Any plans to raise the dividends over the minimum , given the large cash balance held on the balance sheet ?

Speaker #3: My understand being is a . Due to . Will be financed via debt What . So I think look , we last year we we finished the year with a surplus cash position above our budget .

Speaker #3: We paid a bonus dividend . I think a responsible way to continue with our dividend policy would be to have that minimum dividend policy and come the end of the year , if we are in another surplus cash position and if the gold prices stay where they are and and , and our cost remain where they are , we we should be in a surplus cash position .

Segun Lawson: My understanding is that Douta will be financed via debt. I think last year we finished the year with a surplus cash position above our budget. We paid a bonus dividend. I think a responsible way to continue with our dividend policy would be to have that minimum dividend policy and come the end of the year, if we are in another surplus cash position, and if the gold prices stay where they are and our costs remain where they are, we should be in a surplus cash position. If we are, we would look to return another bonus to our shareholders. Given the volatility in the diesel market, can you share any thoughts regarding sensitivity to fuel pricing for both Segilola and Douta? Yes. In Nigeria, I think I just touched on that a couple of questions ago.

Speaker #3: And if we are , we would look to return another bonus to our shareholders Given the volatility in the diesel market , can you share any thoughts regarding sensitivity to fuel pricing for both cellular and data ?

Speaker #3: Yes . So in Nigeria , I think I just touched on that a couple of questions ago . We , we , we have managed to there has been an increase in the in the a material increase in the local diesel price .

Speaker #3: We have managed to buffer that really because of our reliance on compressed natural gas for power and also , you know , a lower mining rate given we're moving to the southern end of the pit , a lower mining rate has meant we're consuming less diesel .

Segun Lawson: There has been a material increase in the local diesel price. We have managed to buffer that, really because of our reliance on compressed natural gas for power and also a lower mining rate. Given we're moving to the southern end of the pit, a lower mining rate has meant we're consuming less diesel. The Douta project, should I say, is more exposed to the diesel price as well. There is a sensitivity to it. It's like ammonium nitrate, and it's one of our key consumables as well. However, we do think there is sufficient margin again in our Douta project to make the project continue to remain economically robust. The next question is about share buyback as well. I've already answered that. Is there a share price in mind you'd entertain a takeover bid? Well, would that be above or below GBP 2 a share?

Speaker #3: The diesel project , should I say , is more exposed to the to the diesel price As well , there is a sensitivity to it .

Speaker #3: It's like ammonium nitrate and it's one of our key consumables as well . However , we do think there is sufficient margin . Again in our due to project to make the project continue to remain economically robust The next question is about Share buyback as well .

Speaker #3: So I've already answered that Is there a share price in mind you'd entertain us , share a takeover bid ? Well , would that be above or below £2 a share ?

Speaker #3: Look , I think from where we're sitting now , we believe there's a huge amount of value to to unlock here . You know , from our cash flow and Nigeria , where we continue to build , you know , couple of hundred million dollars a year , you know , we should be sitting north of $300 million in cash at the end of this year .

Segun Lawson: Look, I think, from where we're sitting now, we believe there's a huge amount of value to unlock here from our cash flow in Nigeria, where we continue to build a couple of $100 million a year. We should be sitting north of $300 million in cash at the end of this year. Next year's production as well, we should continue to add to that. We have blue sky exploration potential. Our Senegal project NPV is at $3,500 gold, is close to $1 billion. We believe we will improve that through the optimization of our PFS and continuing to find more oxide resources.

Speaker #3: Even if we we and , you know , next year's production as well , we should continue to add to that . We have blue sky exploration potential .

Speaker #3: You know , Senegal project NPV is , you know , a $3,500 gold is , you know , close to $1 billion . And we believe we will improve that through the optimization of our PFS and continuing to find more oxide resources .

Speaker #3: We have a fantastic portfolio in Cote d'Ivoire where we believe out of our portfolio , we will be in a stage where we will be hoping to develop a mine and looking to go down that resource and development pipeline in in the medium to near term .

Speaker #3: So I think , you know , given the situation we're in with our excellent organic portfolio , our strong cash flow , existing cash on our balance sheet .

Segun Lawson: We have a fantastic portfolio in Côte d'Ivoire, where we believe out of our portfolio, we will be in a stage where we'll be hoping to develop a mine and looking to go down that resource and development path line in the medium to near term. I think, given the situation we're in with our excellent organic portfolio, our strong cash flow, existing cash on our balance sheet, I think there's a huge amount still to unlock for our shareholders. At the moment, we're not even considering any takeover bids, or we wouldn't. Is there a sense as to how much CapEx would be required to make the transition to underground mining? Are there any further ounces expected from the current open pit operation beyond what has previously been stated? Okay.

Speaker #3: I think there's a huge amount still to , to unlock for our shareholders . And the moment we're not even considering any takeover bids or we wouldn't Is there a sense as to how much CapEx would be required to make the transition to underground mining ?

Speaker #3: Are there any further allowances expected from the current open pit operation beyond what has previously been stated ? Okay , so yes , we do .

Speaker #3: We do have we have sent out some rfqs for to to to get our internal understanding and the underground mining CapEx requirements . It's not anything that would be that would require third party financing , equity or debt .

Segun Lawson: Yes, we have sent out some RFQs to get our internal understanding on the underground mining CapEx requirements. It's not anything that would require third-party financing, equity, or debt. If we choose to get third-party debt, it would just be for flexibility reasons. What was the second part of the question? Further ounces from the current open pit. The higher gold price environment we're in has allowed us to evaluate re-optimizing the transition point from open pit to underground. Those studies are constantly ongoing and evolving. There are additional ounces to take out from further open pit, and we will certainly be looking to incorporate that into our updated mine life. Segilola mine life, there's a lot of questions on the mine life, which I've addressed several times. Mine life. Another question on the mine life extension.

Speaker #3: We may , if we choose to get third party debt , it would just be for flexibility reasons and what's the second part of the question ?

Speaker #3: Further answers from the current open pit and also , you know , the the higher gold price environment we're in has allowed us to evaluate re-optimizing the transition point from open pit to to underground .

Speaker #3: So those studies are constantly ongoing and evolving. There are additional ounces we need to, to, to take out from further open pit.

Speaker #3: And we will certainly be looking to incorporate that into our updated my Life So mine life , there's a lot of questions on the mine life , which I've addressed several times My life , my life My life Another question on the mine life extension .

Speaker #3: What's been the cause of delay ? Which I believe I've . I've answered in the presentation Thor was extremely well positioned Okay , I've addressed that as well .

Segun Lawson: What's been the cause of the delay, which I believe I've answered in the presentation. Okay, I've addressed that as well. Can you provide some color? Why do you keep increasing number of licenses in Côte d'Ivoire instead of focusing on just one? Look, Côte d'Ivoire has been a success story for West Africa in terms of not just exploration, in terms of development, in terms of production, in terms of the regulatory environment, and it's got fantastic geology, if you look at the number of mines that have just been built there over the last 10 years. We've now established a presence there. Every time we establish a presence somewhere, we do look for the best opportunities there. We believe the portfolio we've put together is extremely encouraging and has significant potential.

Speaker #3: Can you provide some color? Why do you keep increasing the number of licenses in Côte d'Ivoire instead of focusing on just one look?

Speaker #3: Cote d'Ivoire has been a success story for West Africa in terms of not just exploration , in terms of development , in terms of production , in terms of the regulatory environment .

Speaker #3: And it's got fantastic geology. If you look at the number of mines that have just been built there over the last ten years, we've now established a presence there.

Speaker #3: We every time . And when , every time we establish a presence somewhere , we do look to see , look for the best opportunities .

Speaker #3: There . And we believe , you know , the portfolio we've put together is extremely encouraging and has significant potential rather than just focus on one , we believe we have the the resources to advance them at different paces .

Speaker #3: So we are able to prioritize the more encouraging ones . For example , Gucci and Marie and build our pipeline in in Cote d'Ivoire With a delivered balance sheet , strong cash flow fundamentals from a world and strong Senegal mining fundamentals .

Segun Lawson: Rather than just focus on one, we believe we have the resources to advance them at different paces, so we are able to prioritize the more encouraging ones, for example, Guitry and Marahoue, and build that pipeline in Côte d'Ivoire. With a de-levered balance sheet, strong cash flow fundamentals from Segilola, low de-risk, and strong Senegal mining fundamentals, why are we opting to deploy 100% equity for the Senegalese project? No, we're not deploying 100% equity for the Senegalese project. There will be financing. There just won't be third-party equity, so no dilution to our shareholders. We believe that is the most value-accretive way to develop the project, some of our own existing cash and also debt financing. Marahoue, why only 6,000m? Is it a decrease from the previous plans?

Speaker #3: Why are we opting to deploy 100% equity for the Senegalese project? No, no, we're not deploying 100% equity for the Senegalese project.

Speaker #3: There will be financing . There just won't be third party equity . So no dilution to our shareholders . So we believe that is the most value , creative way to develop the project .

Speaker #3: Some of our existing cash and also debt financing Marry . Why only 6000m ? Is it a decrease from the previous plans ? No , it's an initial 6000 metre drilling program .

Speaker #3: And then we will carry out a second phase . If the results are encouraging , which would consist of an infill program and would take the the the meters up .

Speaker #3: So the 6000m is is an initial program Okay The I think I'll just take one more question . So I'm just there are a few .

Segun Lawson: No, it's an initial 6,000-meter drilling program, and then we will carry out a second phase if the results are encouraging, which would consist of an infill program and would take the meters up. The 6,000 meters is an initial program. Okay. I think I'll just take one more question. There are a few just asking the same thing, so I'm just trying to see which one to answer. Okay. Stockpiles increased 36% year-on-year, significant portion coming from low-grade material. Can you elaborate on stockpiling strategy, how this aligns with the mine plan, and grade control strategy? Well, look, we've tried to maintain a head grade around about 3 grams per ton. We think that's optimal for us. Given the high gold price environment we're in, anything sub 1 gram per ton, we are stockpiling.

Speaker #3: Just asking the same thing . So I'm just trying to see which one to answer Okay . Will stockpiles increase 36% year on year ?

Speaker #3: Significant portion coming from low grade material . Can you elaborate on stockpiling strategy ? How this aligns with the mine plan and grade control strategy ?

Speaker #3: Well , look , we've we've tried to maintain a head grade around about three grams per tonne . We think that's optimal for us .

Speaker #3: And given the high gold price environment we're in , anything sub one gram per tonne , we are stockpiling . So I think the big advantage here is that we are incurring the costs of of mining this all .

Speaker #3: However , when it comes to processing , it , there will be no mining costs required . Processing this low grade . So it's optimal to put in a three gram or through the processing plant and take full advantage of this high gold price .

Segun Lawson: I think the big advantage here is that we are incurring the costs of mining this ore. However, when it comes to processing it, there will be no mining costs required processing this low grade. It's optimal to put in the 3-gram ore through the processing plant and take full advantage of this high gold price. We can always come back when we don't have diesel costs and we don't have all the associated mining costs to process the stockpile, which is already there, with over 54,000 ounces. Look, I think that's the questions I'm going to answer for now. There are one or two repetitive ones, really pertaining to the mine life extension. I think it's probably a good way to close off by saying that we have six rigs on this now. It's our top priority.

Speaker #3: And then we can always come back when we don't have diesel costs and we don't have the associated mining costs to process the stockpile, which is already there with over 54,000 oz.

Speaker #3: So look , I think that's the questions I'm going to answer for now . There are 1 or 2 . Repetitive ones really pertaining to the my life extension .

Speaker #3: You know, we are, we are, I think it's probably a good way to close off by saying that we have six rigs on this.

Speaker #3: Now . We are it's our top priority . We have extremely encouraged by the , the , the results . We continue to drill .

Speaker #3: We are confident that we will continue . We are . But it is a longer process than we envisaged to to drill this thing out and to continue to hit this .

Segun Lawson: We're extremely encouraged by the results we continue to drill. We are confident that we will continue. It is a longer process than we envisaged to drill this thing out and to continue to hit this, what I would call, relatively narrow, high-grade shoots underneath the pit to delineate them, and we're continuing to do so. We continue to push ahead. We assure our shareholders we will be getting these results out from this quarter onwards through the course of the year across all three jurisdictions. Yeah, if there are any further questions, please send by email and we will get back to you. Thank you very much.

Speaker #3: What I would call relatively narrow , high grade shoots underneath the pit to delineate them . And we're continuing to do so . So we we're continuing to push ahead .

Speaker #3: We assure our shareholders we will be getting these results out through from from this quarter onwards , through the course of the across all three jurisdictions .

Speaker #3: And yeah , if there are any further questions . Yeah , please , please send by email and we will get back to you .

Speaker #3: Thank you very much .

Speaker #2: Perfect . That's great . Thank you very much indeed for being so generous with your time and addressing all of those questions that came in .

Speaker #2: And of course, if there are any that come through on the platform, we'll get those back to you immediately after the presentation has ended, just for you to review.

Speaker #2: And we'll publish all those responses out on the platform . But apart from that , again , thank you very much indeed for updating investors at this afternoon .

Speaker #2: Could I please ask investors not to close this session , as you will now be automatically redirected for the opportunity to provide your feedback in order .

[Company Representative] (Investor Meet Company): Perfect. Segun, that's great. Thank you very much indeed for being so generous with your time and addressing all of those questions that came in. Of course, if there are any that come through on the platform, we'll get those back to you immediately after the presentation has ended, just for you to review, and we'll publish all those responses out on the platform. Apart from that, Segun, thank you very much indeed for updating investors this afternoon. Could I please ask investors not to close this session, as you will now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team and Thor.

Speaker #2: The management team can be better understand your views and expectations . This will only take a few moments to complete , but I'm sure it'll be greatly valued by the company .

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