Thor Explorations Ltd.

Good afternoon ladies and gentlemen and welcome to the full 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 received 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 InvestorMeet 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. And I would now like to hand you over to CEO, Shagan Lawson. Shagan, good afternoon, sir.

Good afternoon, and welcome everyone to our full year presentation for the full year of 2025. There's a disclaimer here, as we will have some forward-looking statements. So for those who are new here, I'll give a brief overview of the 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. In Nigeria, we are producing gold from our flagship 100% owned Segalola Gold project in Ocean State. which is based around a DFS open pit reserve of just over half a million ounces, grading at 4.2 grams per ton. We completed a very successful year of production in which we produced just under 92,000 ounces of gold as an oil and sustaining costs in line with our guidance, which resulted in a very profitable year for us amidst the very 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 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 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 Guichy project, where we completed our maiden drilling campaign last year, the Bundiali project, the Mauhui project, which we're currently drilling, and recently in early 2026 we added a project in the northeast of the country the laudiba 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 a market of the london stock exchange we have our year-to-date share price performance 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 a 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 oil and sustaining cost guidance of between one thousand dollars and two hundred dollars 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're still in line to maintain our oil and sustaining cost guidance. Hence, we believe we're still well positioned for a strong margin goal 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. And as you can see in the bottom right-hand side, our broker coverage, our target prices still suggest there is, continues to be re-rating opportunity. So how did we do last year? I mean, 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. So our oil and 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, continue to generate strong cash, finishing the year with $137.7 million in our cash accounts. 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. 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 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 um 32 million dollars us to our shareholders and we believe this is in line with our policy to return money sustainably to our shareholders this policy will continue through the course of this year our fourth quarter uh was characterized by a record revenue in a quarter of 108 million dollars and we still had a brilliant inventory of just over 3 000 ounces of gold and that was carried out in q4 as you can see we've the the project has now been operating in a steady state we we managed to mine you know, more ore and also more waste, sorry, we managed to mine a lot more ore material, even though it was at a lower grade. And we, if you look at our daily mining rates, it was over 6,000 tons per day in Q4, which also meant in our stockpile, Our policy of putting sub one 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 you know today's gold price there's a significant amount of of golden buffer of you know an economic value of if we use four thousand five hundred dollars per ounce well over 220 million dollars worth of gold still on our stock part uh we managed to maintain a consistent blend of gold going through the processing plant of just over 3.3 grams per tonne and our recovery rates continue to improve. We had an excellent quarter in Q4 last year, recoveries of 94.6% and that resulted in us pouring just under 24,000 ounces of gold. So we were 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. And that wrapped up really what was an excellent year for us almost a 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 we announced earlier this morning uh initial operating highlights for q1 and you know given our annual guidance of 75 000 to 85 000 ounces producing just over 20 000 ounces for the quarter is in line with our the mid section of our guidance so 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 hadn't sold and we are unwinding through the course of April and 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 Dory inventory which was poured over through the course of the end of the period. It's still in the process of being refining of 2,077 ounces. So the company has a very healthy balance sheet. We're approaching $200 million in cash over the next... few weeks, 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 we've milled, at a slightly lower head grade than the previous quarters, 2.54 grams per tonne. and recovery of 93.1%. And again, I think another key point to note here would be we added another 3,844 ounces to the stockpile, which was sub one gram material, growing our stockpile to just over 54,000 ounces. So 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. And where we are deploying that cash, first and foremost, I would say is the most important which is at Segalola underneath the pit. You know, we have been drilling Segalola underneath the pit now 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. So we do believe there's significant upside potential. we are looking working towards a resource upgrade but this has continued to be a work in progress you know we this has been a uh quite a learning curve for us we have six rigs drilling um we are trying to understand more the structural controls of these high-grade shoots 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 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 400 meters in depth, over 350 meters in depth. um this this mind is continuing and i think importantly we are continuing to intersect very wide mineralization underneath the pit so 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 So, you know, we have drilled 21,000 meters. There has been a lot of trial and error here. 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. um i think i can sit here and confidently say that we are continuing to add valuable economic answers to our resource and um over the course of the next few months when we when we continue to chase down these shoots and we hit this critical uh minimum number of answers we will come up with this um updated resource and extended mine plan. So 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. So the drilling continues where we continue to, 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 controller, which is a high-grade small deposit, and stockpiling this with our existing low-grade stockpile. So 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, 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 prior to completing our preliminary feasibility study we acquired additional ground the boost and cobra license taking our total footprint in the area to 541 square kilometers then further to that we only owned or should i say we owned 70 of the duta license from the due to west license we um have now in the last six months taken our ownership to 100 of both licenses these are the licenses that that um contain the entire uh deposits um and then we upgraded our resources and reserves we took the total um resource size um the indicator component from around just under a million ounces to 1.7 million ounces and you know having a converting that indicator was resource we converted it 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. 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 First of all, we were looking to increase, convert a lot of the inferred material within the pit shells to indicated, which would also add to the economics. However, given the phase 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. So 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 uh certificate as well 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 uh without any third party cash um equity should i say we would see no shareholder dilution through the development of this project um yes so i've spoken about the the resource in the reserve which is healthy it shows the mine life of 12.5 years with significant opportunity to grow and here is should i say one of the key areas of growth outside the Duta and Duta West license that we have been working on this year. The Blue Sand Cobra license, which is the license, the big license in the middle where we are yet to drill. We've carried out geophysics, saw 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 a kilometer and two kilometers long, and with very high-grade, consistent rock chip gold assay values. We've designed drill programs across the entirety of all of them. have 40,000 meters of drilling to go on that's been going on, a program that's been designed across all three licenses that's going on through the first half of the year. The first quarter of the year, I would have to say we've unfortunately have suffered extreme delays in turnaround times and getting assay results, really due to our assays being carried out in Cote d'Ivoire and no longer driving directly through Mali. So there has been a longer turnaround time getting drill results out. However, you know, we've now got a sufficient backlog and 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 that. this update. So 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. We are looking to get to the 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 from here. So it's a fast-track development timeline in Senegal. We are, 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 key, the biggest point here is signing of our mining convention with the Senegalese government over the next couple of months. Like I mentioned earlier, all our submissions have been made and that process has started. uh finally going into cote d'ivoire where we we entered um at a very low cost through the acquisition of weekly we've now continued to build our presence there we have the griji project the bundiali project the manhui project and we've now added the laudiba license in the same region as the marahui area the la deeba license was characterized by some some sparsely um some sparse artisanal activity strong geology and we were very encouraged by the um by the um initial reconnaissance results we got from our 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 in Q4 this year or Q1 next year. I'll start off with the green tree project where we which we inherited with over 11,000 metres of drilling. We drilled over 4,000 metres last year, 4,600 metres, and that resulted in an initial discovery. We have now extended our exploration to other areas of the licence where we have worked up significant drill targets we've and or 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 have we're looking forward to getting them into drilling programs here here in in Cote d'Ivoire here we believe you know we this this gucci project is what we would constitute a discovery we're now trying to get a scale this up through the drilling of other areas if we if we can replicate the success we achieved through last year's drilling um in these other areas which we identified we will be looking at something that um the company will be is very excited about so you can see from from the drilling project the the area we drilled last year you know we did delineate a number of high-grade mineralized loads. We are now working to extend them. Like I say, we've carried out ogre 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 campaigns. 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 in Q2. We also have the Marahui 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 Borromea and 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 done even further, carried out even further exploration where 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. So we do have a lot of news flow coming from Nigeria, Senegal, and Cote d'Ivoire over the I think from this quarter through the course of the rest of the year. so our outlook um 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 is um you know uh if we extrapolate that through the course of the year that's bang in the middle of our guidance of just over 80 000 uh ounces we are confident we with our cost guidance of between a thousand and a thousand two hundred dollars per ounce where we're spending aggressively on exploration we're going to spend about 30 million dollars 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 segalola mine life from the definition of additional underground resources and near mine satellite resources we we um And we've been very encouraged by what we've drilled before. We know the gold hasn't disappeared. We've now continued to intersect gold mineralization deeper than we ever have historically. And it's now a case of trying to build up the sufficient tonnage to take us to that investment decision of the underground. And obviously, in parallel, the updated resource. We're finalizing our permitting in Duta for final investment decision and looking to construct construction in the second half of this year. 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. And the fact that we're now positioned to do this organically without any shareholder dilution, we are extremely encouraged by. Cook Navarre gives us plenty of exploration upside. We have the Guishui project where we are expanding into other areas. We have the Marahui project, which has had excellent initial exploration results, which we are very encouraged by and very excited to carry out this drilling campaign. And we look forward to updating our shareholders with that. And lastly, we continue to return shareholders uh money through the form of a dividend on a quarterly basis um last year we were in a surplus cash position at the end of the year um 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

Perfect, Shagan. 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 Shagan takes a few moments 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 dashboard. Shagan, 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. But 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'd be great. Thank you.

Great show. Okay. Yeah, look, I'll read all the questions. Let me just see how many we've got. Okay. 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 flow results with the $30 million exploration budgets one would expect there would be much to talk about? Yes, we are... kicking off billing 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 Cote d'Ivoire. In Nigeria, we drilled around about 21,000 metres of drilling, and a lot of that was spent trying to define these narrow, high-grade shoots. 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 equipment runway in front of us after building up a massive backlog with delays. 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 Seglola? Yeah, sure. As discussed, or should I say as mentioned in the presentation, you know, it's not as straightforward as just giving a timeline where we're succeeding 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 tonnage, should I say, to get us to that minimum point where we want to make that investment decision. So, look, we will continue to update with drill results. It's hard to give the exact timeline for the resource itself. I think the the two biggest takeaways here number one we are succeeding in in filling and finding more gold and uh number two we we have a good buffer of satellite a small satellite deposit and uh stockpile um but we will be looking to update this uh resource at least this year if you think of the original uh pfs where we were we were scheduled to have um have produced only 41 000 ounces in this year and then put the start you know the the mine would have started dwindling away you can see we've already started we've already continuing to overachieve that and we believe you know through the continuing exploration we will still be able to push this further so 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. But 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. um pioneers status incentive can you confirm the expiry date yes um the expiry date is 31st of december um this year for the pioneer status however um we are in the process of the extension application the underground uh resource update 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 due to construction capex specifically whether heads of terms have been agreed with any project debt lender so uh at the moment uh i'm not in a position to say it's not public information 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 without any equity dilution. Once that information is public, then obviously I'll be able to say more. Next question. Dividend through 2027. With due to construction capex peaking in 2027 and segalero production declining, does the board intend to maintain the minimum $0.05 dividend through 2026 and 2027 or as a 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 five cents 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. we do believe we can carry that through due to production. Great results in 2025. May I check if the company is looking for establishing stock buybacks, uplisting to TSX, other exchanges for venture, or new readily production accretive acquisitions to increase shareholder value? Also, when will the mine life extension be announced? Thanks. okay i think uh we we've addressed the mine life extension um 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 um the share buybacks uh at the moment um that's not on the cards uh um we are we are um We believe the current dividend policy is in line 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, 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. um look i think it's been uh it's been fortunate that we are in nigeria you know our um our um process plant is is fueled on compressed natural gas which is locally sourced um in nigeria there's been a obviously the uh 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 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 seglo um at the moment we believe we have a very strong margin you know with our cost you know a maximum cost guidance of one thousand two hundred dollars in gold trading today um or over the last few months of over four thousand five hundred dollars per ounce you know that's a three thousand dollar margin um so we we haven't looked at uh hedging At the moment, we believe we should be taking the gold price exposure, given our margins at the moment. And, you know, look, in the future, if we see a very, very strong drop in gold prices, perhaps we would look at that. But at the moment, 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? My understanding is that Duta will be financed via debt. So I think that we, 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. 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 Seglo and Vita? Yes, so in Nigeria, I think I just touched on that a couple of questions ago. We have managed to, there has been an increase in the, 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, 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. The diesel 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 Duta project to make the project continue to remain economically robust. um the next question is about share buyback as well so i've already answered that uh is there a share price in mind you'd entertain us share a takeover bid well um would that be above or below two pounds a share look i think um 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 in nigeria where we continue to build you know a couple hundred million dollars a year um you know we should be sitting north of 300 million dollars in cash at the end of this year um even if we we uh and you know next year's production as well we should continue to add to that we have blue sky exploration uh potential you know our senegal project NPV is, you know, at $3,500 gold is, you know, close to a billion dollars. And we believe we will improve that through the optimization of our PFS and continuing to find more oxide resources. 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 path line in the in the medium to near term so i 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 i think there's a huge amount still to to unlock for our shareholders and at the moment we're not even considering um any takeover bits 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 answers expected from the current open pit operation beyond what has previously been stated? okay so yes we we do we do have we have sent out um some rfqs for um to to get our internal understanding on the underground mining um capex requirements it's not anything that would be that would require um third-party financing equity or debt um If we choose to get third-party debt, it would just be for flexibility reasons. And what's the second part of the question? Further answers from the current open pit. And also, you know, the higher gold price environment we're in has allowed us to evaluate re-optimizing the transition point from open pit to underground. So those studies are constantly ongoing and evolving. There are additional answers to take out from further open pit, and we will certainly be looking to incorporate that into our updated My Life. So, Segulona My Life, there's a lot of questions on the My Life, which I've addressed several times. My Life, My Life, My Life, um another question on the mine life extension what's been the cause of the delay which i i believe i've i've answered in the uh presentation um thought was extremely well positioned over the next few years to deliver significant growth and would be an attractive m&a target um okay i've addressed that as well um can you provide some color why do you keep increasing number of licenses in Cote d'Ivoire instead of focusing on just one. Look, 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. and it's got fantastic geology if you look at the number of mines have just been built there over the last 10 years we've now established a presence there um we every time and when every time we establish a presence somewhere we do look to see look for the the best opportunities there um 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 resources to advance them at different paces. So we are able to prioritize the more encouraging ones, for example, Gucci and Marahui, and build that pipeline in Cote d'Ivoire. with a de-leveled balance sheet, strong cash flow fundamentals from Segolola, well de-risked and strong Senegal mining fundamentals. Why are we opting to deploy 100% equity for the Senegalese project? No, 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. So we believe that is the most value-inclusive way to develop the project, some of our own existing cash and also debt financing. Marahui, why only 6,000 metres? Is it a decrease from the previous plans? No, it's an initial 6,000 metre drilling programme and then we will carry out a second phase if the results are encouraging, which would consist of an infill programme. take the meters up. So 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. Will stockpiles increase 36% year on year, a 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 three grams per ton. We think that's optimal for us. And given the high gold price environment, we're in anything sub one gram per ton, we are stockpiling. So 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 at processing this low grade. So it's optimal to put in the three gram ore through the processing plant and take full advantage of this high gold price. And then 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. so look i think that's uh the questions i'm gonna answer for now um there are one or two uh repetitive ones uh really pertaining to the my life extension 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 now we uh it's our top priority We're extremely encouraged by the results we continue to drill. We are confident that we will continue. But it is a longer process than we envisaged to drill this thing out and to continue to hit this, what I would call, um relatively narrow high-grade um sheets underneath the pit to delineate them um and we're continuing to do so so we we continue to push ahead uh we assure our shareholders we will be getting these results out um through from from this quarter onwards through the course of the year across all three jurisdictions and yeah if there any further questions yeah please please send by email and we will get back to you thank you very much

Perfect, Shagan, that's great. And thank you very much indeed for being so generous with your time and addressing all of those questions that came in. 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 and we'll publish all those responses out on the platform. But apart from that, Shagan, 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 won't take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of Thor 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.