Thor Explorations Ltd.

Good afternoon, ladies and gentlemen, and welcome to the full Explorations Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. 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 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 your responses where it's appropriate to do so on the InvestorMeet company platform. Before we begin, as usual, 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. And I would now like to hand you over to CEO, Shagan Lawson. Shagan, good afternoon, sir.

Good afternoon, and welcome to everyone. I am pleased to be here presenting our Q3 results for the year 2025 for the financial and operating performance for three months ended September 30th, 2025. There's our standard disclaimer. This presentation will include forward-looking statements and forward-looking information. You can read the details of this disclaimer, which can be found on our website in our presentation. For the new joiners and the people who aren't fully up to date with the company, here's an overview. Thor Explorations is a West Africa-focused gold producer. We're advancing projects in three West African countries. In Nigeria, where we have our flagship Segulola gold mine, which is in its fourth year, fourth calendar year of gold production, having produced 85,000 ounces in 2024. We're in Senegal, where we have assembled a very exciting early stage portfolio of gold exploration licenses. The Stegoloa Gold Project is based off a DFS open pit reserve of just over half a million ounces, rating at 4.2 grams per ton. In 2025, we have reduced our guidance to the top half of our initial guidance, and we expect to produce between ounces this calendar year. We have also narrowed our order-sustaining cost guidance to between $900 and $1,000 per ounce. We think we're well positioned to achieve this. In Senegal, we have two contiguous licenses that make up the DUSA project and have recently added an early-stage contiguous exploration license. The DUSA project's current resource is 1.78 million ounces, of which 875,000 ounces is in the indicator category, rating at 1.3 grams per ton. We have a new discovery that we have made, the Baraka 3 discovery in the DUSA West license, which makes part of the DUSA project as well. This project is being advanced to which is now at the final stages, and we are still aiming to have that released in a matter of weeks. In Côte d'Ivoire, we have the Wheat Tree Gold Project, which we own 100% of in the south of the country, the Marahui Gold License in the north east of the country, and the Bundiari Gold License in the northwest. Ongoing exploration has been going on on all three. with a target maiden resource on the green tree license and drilling ongoing and kicking off across all three. We also have, not as a priority of ours, an early stage lithium exploration portfolio in Nigeria, which consists of over 600 square kilometers. We've carried out our initial exploration field programs on these licenses. We are listed on the AIM market of the London Stock Exchange and also the TSXV market of the Toronto Stock Exchange. We have just over 665 million shares outstanding. There are no options and warrants outstanding either. Based on yesterday's closing price, we had a market capitalization of $791 billion Canadian dollars. We've had a very strong share price performance year-to-date and over the last And we still believe, and I still believe, there's still significant upside potential that lies within the company. And I'll be pleased to take you through that in the presentation. In terms of our shareholders, our largest shareholders are Africa Finance Corporation, and we have been getting gradually more institutionalized, both in North America, UK, and in Europe over the last 12 months. You can see some of our target prices were covered in the UK by Canaccord, Hanneman Partners, and Alternative Resource Capital. So regarding Q3 2025, I'm pleased to state we delivered another solid, successful, profitable quarter with strong production at Seglo. We're now on track and very well positioned to end the year at the top half of our guidance. We generated a net profit of $43.1 million in the three months, and this was supported by the continued high prevailing gold price and our ongoing operational and cost efficiencies. During the period, we poured 22,600 ounces of gold, of which we sold 19,650 ounces, at an average price of $3,535 per ounce, generating revenues of just under $70 Our adjusted net cash position is now growing to $81 million, reflecting robust cash generation. Exploration activity continues to advance. At Segular, drilling was focused on extending this mine life, and we've initiated a review of underground potential, and also expect an updated resource at the end of the year with publication in the first quarter next year. In Sandhill, we increased our ownership in the DUTA project to 100% of the original DUTA license. This is an important milestone as we work towards the DUTA PDFS release in the coming weeks. We're also pleased to announce that the drilling program at Baraka III returned positive results, and we expanded our project footprint via the acquisition of an initial 65% interest in the Busai Koba permit, which lies contiguous to the east. In Cote d'Ivoire, drilling at which it was completed, an initial program, and it's enhanced our geological understanding. While further geochemical work of Marriott Reef has generated additional high-grade targets ahead of a major drilling program, which we're kicking off in a matter of days. As we approach the year end, in addition to our narrow 2025 production guidance to the upper end of 95,000 ounces, we've also narrowed our order-sustaining guidance to 900. to $1,000 per ounce. Looking at our financial highlights, we've completely de-leveled our balance sheet, which happened at the end of last year, and this has resulted in clear working capital inflection from our position last year where we had, you know, a negative working capital deficit of $27.8 million to where we are now of You can look at the top left-hand charts, the gold prices have continued to rise and Q4 to date, we are averaging gold sales well above $4,000 per ounce. We are also being very disciplined with our costs and keeping our costs below $1,000 per ounce. So our cost profile and margins have been efficient and growing on a per ounce basis, and we expect that to continue into Q4. Our liquidity and cash flow generation, we also expect to increase through Q4 based on the higher bill price and maintaining the same costs. In Q3, we paid our third dividend to date, making it a total of $11.9 million so far in 2025 return to shareholders. So from a financial point of view, we're positioned for a very strong performance in Q4 with higher average gold prices, increased gold sales than we had in Q3. a lower projected oil and sustain costs, all resulting in higher margins for the company. From an operational point of view, the total material mined is less than and will continue to be less than it has been, even though we are mining more ore, we are mining less waste as we continue to mine in the narrower southern portion of the pit. We continue to stockpile ore that's below one gram per ton, and now our stockpile sits at over a million tons, 1.65 million tons, which equates to 44,000 ounces of gold rating at 0.8 grams per ton. That's over a year's worth of processing material sitting on the stockpile at a $4,000 gold price with a headline number of over $170 million. In terms of ore process, we have seen since Q3 last year a gradual and trending improvement in our recoveries from 88.5% in Q3 last year to 94.3% at the end of Q3 this year. We recovered 23,600 ounces of gold, which is 1,000 ounces more than the gold we poured. Our golden circuit now is around about 4,000 ounces, and this is also contributing to a very strong financial and operational performance in Q4. At the end of Q3, we had in gold, dore, and bullion approximately 4,500 ounces, which was sold subsequent to the end of the quarter at an average bill price above 4,500. versus $3,500 per ounce that was achieved in Q3. Regarding our social responsibility and community development, we continue to prioritize this as the first mover in the country. We had one LTI injury in the period, zero fatalities, almost 2 million, and this was over almost 2 million man hours that were worked. Our water, energy and emissions intensity levels were down. However, our greenhouse gas emissions were up due to higher equipment use. In terms of our CSR, we continue to deliver projects to the three host communities that fall within our mining license. This quarter, that has included completion of the school scholarship program and a women's initiative. We started construction on a community school redevelopment and a new bottled water factory. We've launched a chronic healthcare support program, and we have a workforce of over 2,000 people at the project. Outside Nigeria and Senegal, where we are finalizing our preliminary feasibility study, we have had our environmental impact assessment submitted and validated by the relevant authorities. Looking at our growth potential, the first point of call has been underneath the pit in Nigeria at Tegelola, really because this is and will continue to be the biggest bang for our buck. We have committed to extending this mine life, and we have taken a long-term view of being in Nigeria as a gold producer. All our capital that we have sunk in the country has been repaid. We are, again, reiterating that we are sitting on a completely de-levered balance sheet, and every ounce we produce is essentially what I like to refer to as a super ounce with no significant CapEx requirements. We had initially an inferred resource that existed underneath the pit. 150,000 ounces. We have carried out a drilling program to improve our confidence in these ounces, and the drilling program has been a success. The drilling program is ongoing. There are now five drilling rigs drilling at the various targets we have underneath the ground, underneath the pit, where we have a much better understanding of the structural controls and the geology. Currently, we are targeting a resource that's going to take to the end of the year to complete, and we look forward to announcing this resource in Q1 next year. Drilling is targeted at well-constrained mineralized loans, which we have defined through structural studies and through reinterpretation of the historic drilling and carrying out The other study we are carrying out at the moment is an option study looking at deepening the southern end of the pit where we have previously assessed it at a much lower gold price. At today's gold price, where with gold above $4,000, we are looking at our options in terms of optimizing the pit and changing the inflection point from transitioning from an open the open pit whilst we are at the bottom of the pit. I think I would on this slide, the final point to emphasize is that what is clear from our drilling program to date is that mineralization remains open at depth. Our deepest holes have continued to intersect mineable high-grade widths, and we look forward to continuing to take these deeper and getting to a critical mass in terms of an updated resource. Our exploration doesn't end underneath the pit. We are also revisiting the satellite pits which we had previously discovered, trying to extend the strike length of them, drilling along strike and down dip. Our focus has been on the western prospects where we are currently drilling and also on the southern prospects. We're actually at the moment carrying out a pilot program which consists of permitting and mine design and mine planning which is aimed at excavating the first southern prospect, Cadroga, during the course of next year and stockpiling the small high-grade deposit at the plant. We look forward to updating the market with this and this will also be included in our updated mineral resource. Moving over to Senegal, where we have the Duta project. This is a strategic land holding of ours with a global resource of 1.78 million ounces, of which 875,000 ounces of those based in the indicated category. The DUTA project which initially consisted of one license has now been expanded into two licenses and we've now added a third early exploration license to our portfolio. The work streams in support of are being finalized, and as I mentioned earlier, we believe we're on the home straight and aim to release the preliminary feasibility study in a matter of weeks. We believe that this is the first opportunity we've had to exhibit any financials or economic value to this project, and we're very much looking forward to this. carried out alongside our existing contractors that we have used in Nigeria to build the mine to obtain real quotes we want to be in a position and we believe we will be in a position to fast track this preliminary feasibility study to a final investment decision we would like to be in a position where and we believe we will be in a position where we are ordering the long-needed items in the not too distant future as early as the first half of next year We believe the upside potential for the DISA project still very exciting. If you look at this slide, the Busan Cobra license, which we acquired, lies between our MACOSA resource, that contains the bulk of our resource, and the Baraka III discovery, which we have drilled this year. There's a 30-kilometer strike length of gold anomalism in between these two licenses, these two discoveries, sorry. high-grade golden soil anomalism. This has only been partially tested through drilling, with some encouraging initial rav-drill results, 5 meters at 4 grams per ton, 5 meters at 2.71 grams per ton, and 4 meters at 2.08 grams per ton. And it's also got trench results just in two areas, which included 1 meter at 52 grams per ton and 2 meters at 11. Needless to say, we think the exploration potential here is blue sky, and we are already, as we speak, on the ground there carrying out the necessary work to generate drill targets. That includes geological mapping, further soil sampling, and auger sampling. These are areas we are looking to test with grab drilling in Q1 next year, and then subsequently RC drilling. We hope that this now contributes to a longer term due to project, once the project is up and running, being able to contribute from the three licenses and contribute to the extension of any initial mine life that's defined in the preliminary feasibility study. And finally, in our third jurisdiction, we're in Cote d'Ivoire, where we have our three licenses. We're active on all three. Cote d'Ivoire has just come out of a presidential election. We are now back in the field there. There have been several world-class gold discoveries made there the last five to ten years. We're very excited to be there as of around about this time last year. when our exploration work progressed. Starting off with a grocery license in the south of the country, we acquired a 100% interest in this project, which had historical drilling of over 11,000 meters. During the quarter, we finished our drilling program, which was 46 encouragingly remains open in several directions. In addition to this, significant areas of this license, which have very similar geochemical signatures, remain untested. And we have work programs, including a large drilling program, kicking off this month in Cote d'Ivoire. We are looking to publish a maiden resource due to a prolonged rainy season and a presidential election. However, we believe we're well positioned to deliver this in Q1 next year. Taking a closer look at the Weetree project, we have now defined six parallel mineralized loads, which all remain open along strike and at depth. These mineralized loads have been characterized by high grade and only consists of a small portion of the entire license. Our drilling program is going to aim to extend these mineralized loads, but also target them at depth. We have also carried out solar geochemistry, rock chip sampling, and various other areas of the license. and have designed drilling programs which will continue there. In Cote d'Ivoire, we have just come to the end of a rainy season and we believe now, once we kick off these drilling programs, we'll be continuing here for the next eight months non-stop. Our second license in Cote d'Ivoire, the Marahui project, has been extremely encouraging for us. If we look at the image on the left-hand side, the yellow polygons you see are oil, soil geochem anomalies, which are being worked into filling targets. I was previously extremely excited over the five-kilometer anomaly we had found and validated with rock chips sampling. However, in the quarter, we got further encouraging results with a parallel structure being mineralized at extremely high grades for a strike length of three kilometers. Some of the grades here include 17.3 grams per ton, 7.1, 4.4, and 4.3 grams per ton, all stretching over this three-kilometer-long geological contact. This project now has eight kilometers of targets that have been proven in the soils. have been proven in terms of geology and in the bedrock and has a drilling program kicking off in a matter of days as well. This is a project I believe once we start drilling in a few days, we will also continue drilling through to July and we're very excited to see where this takes us. So to summarize, Our full year production has been narrowed to the upper half, 90,000 to 95,000 ounces of gold. And correspondingly, we've narrowed our order sustaining cost guidance to $900 to $1,000 per ounce. We're positioned for a financially robust final quarter of the year where we have more gold to sell at higher margins and a higher gold price. We have now entered a new drilling season in all three jurisdictions, and we will be drilling at a faster rate across all our projects. In Nigeria, the underground drilling will continue to target and grow the underground resource. We are currently drilling the Scout satellite targets near mine and regional. In Senegal, we very much look forward to the preliminary feasibility study release, after which I will most likely do another detailed investor webinar to talk through the project's economics. And we are restarting our fieldwork there where we are carrying out extensive RCM lab drilling programs on Baraka 3 and an organ drilling program at our new license, Uxacobar. Finally, in Cote d'Ivoire, exploration is being advanced in all three licenses with the RC drilling program testing the new targets at Guidry and kicking off our initial maiden drilling program at Marrakech. In summary, we continue to be underpinned by our strong cash flow in Nigeria, which gives the ability to fund water bioactivity across the three jurisdictions and we very much look forward to the upcoming catalyst in the preliminary feasibility study and the drilling results we are going to generate over the next eight months. Thank you very much.

Perfect, Shagan, that's great. 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 Shagan takes a few moments just to review those questions that have been submitted already, I'd 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 dashboards. Shagan, as you can see there, we have received a number of questions that were both pre-submitted ahead of today's event, as well as those that have made their way through throughout your presentation this afternoon as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And Shagan, 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. And if I pick up from you at the end, that would be great. Thank you.

Thank you. So I'll go through the questions now. Okay. All right. First question, it says, given the amount of cash on hand, will it likely be enough to cover continued exploration for the coming year and enough to cover a majority due to Phase 1? What plans do you have in terms of capital allocation and, in particular, increasing the dividend given the 30% increase in the gold since the maiden announcement? Yes, we certainly will have enough cash to cover all our objectives across the portfolio and keep a buffer. Our dividend announcement is a minimum dividend announcement. This will be reviewed following the year end as we look into going into next year. It's clear that we do have more cash than than we anticipated. However, we do have very aggressive, ambitious plans. Our exploration spend are going to be increased across all three jurisdictions, particularly if the results come back encouraging. It's something we would like to move aggressively. And then obviously we're going into hopefully a build next year, which is going to require a contingency as well. But the underlying message is that we're well-funded. We believe our balance sheet will continue to grow. Our dividend policy is currently at a minimum, and we do have the ability to increase that, and we will be reviewing that early next year prior to the year-end financial release. You mentioned that the second-order resource update will now come in Q1 year end will this include satellites or just the underground pit the consultants have brought in to work do you have a more refined estimate date within q1 um it will include i think i mentioned this in the presentation it will include um uh the satellites that we plan to bring in we we plan to mine but we are on the other satellite targets we are continuing to drill and those will be excluded. I can't give a more refined date just yet, but we are targeting Q1. You often refer to the Marahui as the prospect you're most excited about. What about the prospect? What other prospect is exciting you more than others in the portfolio? Yeah, Marahui is certainly extremely exciting. I mean, those rock-chip results we're getting at Surface, extremely encouraging and the geological setting. However, I'm very encouraged by what we see underneath Segalola. I don't think we've closed out this resource by any means. I'm looking forward to a step-out program. I'm looking forward to drilling deeper and seeing what this updated resource looks like. uh which satellite deposit in nigeria would you be first to mine um how many years would that happen will you need permits for that so i mentioned in the presentation of the southern uh prospects there's a target called patroller we've already started the permitting process we've already been given a license we're doing the other remaining regulatory permits the time frame for that is and we're already carrying out a mine design on that. Without adding any additional resources to Ceglola, how long can you carry on mining? 20,000 plus ounces per annum, or will the production rate significantly fall as the mine life comes to an end? So we still have up until 2026, 2027, 2028, We still will be producing well above 20,000 ounces through to late 2029, and that's assuming we don't find another ounce of gold. So we'll be having our updated guidance out early next year, and with the updated resource we'll have more concrete numbers for that. It was previously said that by the company that the VETA PFS would be more advanced than normally expected in terms which reduces the extent of the final study. Is this still true and can you give some insight into when this further study would be completed and final investment decision made on the project? I think I answered that in the presentation. There are some aspects of it which will still need refining. which are very advanced, like I mentioned, particularly on the EPC side, we have been working alongside our EPC contractors throughout this process for well over a year. The costings are going to be not materially different to what we expect to end up paying. So with that in mind, we are aiming to be in a position where we can make that final investment decision in Q2 next year. What are your thoughts about financing around due to the cash generation so strong at the moment? Are you going to try and minimize that finance if it's to be included? Can investors expect much more favorable deal than the one struck with the AFC to build? So first of all, we can certainly put up a much bigger equity component and we are positioning and aiming not to raise any equity to build these projects. So this will be done entirely from our balance sheet and from financing through debt. We believe that The fact that we're generating strong cash out of Nigeria puts us in a much better position in terms of our financing options, in terms of our debt options, whether it's conventional project finance or a hybrid of project finance and a corporate loan or revolver. We certainly expect it to be on much more beneficial terms than it was when we were essentially a startup in Nigeria with no track record and no cash generation. So, yes, we do expect better terms. Even if it is with a third party or with the ASC themselves, we believe our four- to five-year track record of generating cash, timely repayments, and a strengthened balance sheet should all enhance our proposition. So the next two questions we've already answered. So I'll go to the AISC appears to have crept up in Q3. Is this as a result of holding back in Q3 to sell in Q4? If not, has the AISC continued into Q4 and should we expect this to be the new normal with an increased gold price? No, we don't expect continued increases in the AISC. The AISC, like you mentioned, is calculated based on the gold sold, of which we had over 3,000 ounces, close to 4,000 ounces, in Q4 at higher gold prices, our costs have remained materially the same. So averaging through the course of the year, we expect to fall below $1,000, and we expect that to be the same in Q4. Okay. Given that Sabadala Masawa next door has low buyout recoveries, and you mentioned before challenges with the Can you provide some colour when it comes to the sulphide parts of the ore in Buta? Yes, so look it's been no secret that we've been working hard on the metallurgy of the much deeper fresh material. It's not a straight hasn't been straightforward processing flow sheet, should I say. It's certainly not the same problem as Masawa. It's not a sulfide problem that we've had. We believe we now have a solution which is going to generate a strong economic outcome in the preliminary feasibility study, and that certainly does not require the CapEx used in BIOX. So just to give a back of the envelope number, we still think the estimate for this capex will lie between $250 and $300 million. And that will be for the oxide phase of the plant and the second phase of the plant, which targets the fresh. Two questions. Congratulations to you and your team. First question, what are the challenges you're facing right now? Well, at the moment, you know, I'm pleased to say, you know, we are essentially in a steady state operation. So, our challenges are the regular day-to-day challenges, managing supply chains, making sure the operation hits their targets, making sure we have, you know, good maintenance culture, good cost discipline. And secondly, the second half of the question was our dividend policy. I think I covered that in the presentation. We are looking to – we will review that. Our dividend policy was set out for a minimum of two years and was given a minimum dividend amount of 1.25 cents per quarter. That was prior to the gold price rise. We're very open to reviewing that when the Board has its discussions following the end of this financial year-end. Regarding the permits in Senegal, could you outline which key permits are required to bring the Duta into construction and what typical timelines there are to obtain them? Well, I'm pleased to say that we have been working on the permitting for a matter of months now. We have done all the necessary work and submitted everything to the government in terms of converting from an exploration license to a mining license. One of the missing pieces One of the final approvals we require, also submitting of the environmental impact assessment and having that validated, I'm pleased to say, post Q3, over the last few days, in fact, we've had our environmental impact assessment validated. In terms of timeline, we are hoping and we're aiming for, based on feedback and the stakeholders we're working with, to have everything fully permitted by the end of Q2 2026. My understanding is that you're scheduled to start processing stockpiled ore in the second half of 2026. If so, I guess this would imply lower production volumes while you expand the open bit transition to underground. maybe satellites could come into play. Are you able to add some color and how do you see this transition developing? No, at this moment I'm wary of providing too much color here. It's an evolving process. Even the fact that we're carrying out studies to extend the open pit beyond the original design will come into play. So I think that question will be Q1 when we've drawn a line and we have an updated resource. So the next question is the same as the last pretty much. Okay, next question. Are there ways of hedging these higher bill prices to guarantee a proportion of future revenue? For example, agreeing to X number of ounces for X dollars over 12 months. At the moment, we don't see the requirement to hedge. We hedged in Q1 last year, a quarter of our production for the rest of the year. And unfortunately, we did so to cover our debt repayments. Unfortunately, we went as profitable as payments to me. Do you have any thoughts for ounces of gold sold in 2026? Production, 90 to 95,000 ounces. We're hoping ounces within 2,000 ounces or so of where we land in terms of production. Any updates on your plans to exploit lithium, or have those been sidelined given the strong rise in gold price? The lithium venture has been put down the priority list. We have been focused on the gold, not just because of the high gold price, really because we are putting all our resources into extending the mine life. already have the lithium portfolio in the back pocket to revisit and carry out a strategic review of early next year. But we have all hands on deck drilling underneath the pit, drilling satellite targets, also carrying out you know, grassroots exploration on our licenses in areas we haven't explored previously. So it's something we certainly will revisit. It's something we haven't discarded, but now we just think it's just simply too important to prioritize the gold exploration. Does improved volume average recently and strong balance sheet allow for buybacks in the future? given undervalued shares. This is something we listed earlier this year. We thought the dividend was the most efficient mechanism for a company our size having the AIM listing as well. In all three jurisdictions, have Thor got good relations and are content with tax levy? Simple answer is yes. In Nigeria, we're a first mover and we have good relations with the stakeholders. And in the other two, so far we maintain a very good cordial relationship with the ministries who have been very supportive of our progress in these countries. You mentioned Segulola has 500,000 ounces at 4 grams per tonne. You've never achieved this level of grade in your operations to date. Can you comment on the discrepancy, please? Yes, our throughput rate is blended. In some areas, we get super high grades, well above 5, 6 grams per tonne. As you can see in the stockpile, we can maintain a stockpile of about 0.85 grams per tonne. We believe our optimal production for recovery and processing is trying to maintain a head grade just over three pounds per ton. What is the royalty and duty levied in Nigeria? Yeah, combined royalty and duty rates are around about $16, between $16 and $20 per ounce. I think the 20,000 ounces might have been in reference to the course of production. Okay. Okay. Thanks for the clarification. I think that's from a previous question. Can you provide an update to the company's relationship to the government and prospective countries you're working in? and any concerns, if there are any. I think I covered part of that question. At the moment, we don't have any concerns. We have a cordial relationship in the countries we're in. A personal question. You've been with Thor for a long time. What drives you and what do you want... Sorry. What drives you and what do you want... Where do you want to take the company? What do you see on the horizon? Look, I think there's a very good value proposition here. We're producing gold with no debt, an all-time high gold environment. I believe we can build three mines in the next five years. We can move to that level of being a mid-tier. That's based on our existing portfolio. The fact that we have all this prospective ground also means that there's upside that we don't know is there. So we think we can create significant value organically through the drill bit, and we'll continue to hope to do so. transition from a single mine junior producer to a multi-jurisdiction operator with a significant mid-tier status. That's the last question. Thank you very much.

Perfect, Shagan. That's great. And thank you very much indeed for being so generous with your time and addressing every single question that came in for investors today. And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. But Shagan, perhaps before really now, just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that'd be great.

Yeah, I would gladly reiterate my closing comments from earlier. Should we hit our targets in terms of production? We're on top of our costs. We had a much, on average, $500 price increase per ounce of gold from Q3. So we're certainly expecting an economically robust Q4. across all three jurisdictions, we see a lot of growth, particularly drilling underneath the Segalolo pit. And I think in particular, it's worth noting, we have just kicked off an eight-month period where previously in our history, we've never been in this position. We're fully funded, no debt constraints, no requirement to raise external equity. We're going to be drilling for eight months straight three very exciting projects in which i see three very exciting jurisdictions across all our very exciting projects which i personally believe are going to deliver some very encouraging news flow for the next eight months on a periodic basis and lastly um yeah look where after after the incredible hard work that's gone into the the duta preliminary feasibility study we're coming to again Like I always say, we're not just doing this feasibility study for academic purposes. It's a project we're very much looking forward to building, and we believe it can deliver significant value to our shareholders. Thank you.

Perfect, Shagan. That's great. Thank you once again 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 really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team with 4 Explorations Limited, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.