Thor Explorations Ltd.

Good afternoon ladies and gentlemen and welcome to the For Explorations Ltd. 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 their responses where it's appropriate to do so on the investor meet 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'd now like to hand you over to CEO, Shagan Lawson. Shagan, good afternoon, sir.

Good afternoon. Welcome and thank you. I'm pleased to be here again presenting our Q2 2026 financial and operating results. For the benefit of those who are new here, I will start with an overview. Thor Explorations is a West Africa focused gold producer with the presence of three countries in Nigeria where we have what I would describe as our flagship project, the Segalolo Gold Mine, which is now in its fifth calendar year of gold production and forecast to produce between 75,000 Our second project is the DOOTA project in Senegal, where we are at the final stages of putting together, reaching our final investment decision, so that involves finalising our negotiations with our financiers and with the government of Senegal for the mining convention. Project during the course of the next few months and aiming to be in production should I say in the next couple of years. and finally we are in Cote d'Ivoire where we've assembled a prospective portfolio of five exploration licenses now and we're advancing exploration particularly on our two priority licenses and low-cost exploration on the other three. So to recap that in Nigeria our production in 2025 was just about 92,000 ounces. This year we expect to produce between 75,000 and 85,000 ounces as an all-in-sustaining cost guidance of between $1,000 and $1,200 per ounce. In Senegal, our project there is 100% owned by us. We have a global resource of just under 2 million ounces and a reserve of 1.2 million ounces grading over a gram per tonne. We were very encouraged by the preliminary feasibility study, which we released earlier this year, which showed a pre-tax MPV 5% of $908 million using a $3,500 gold price. And in Cote d'Ivoire, as I mentioned, we are pushing ahead with exploration on what is very prospective and exciting ground of Borimia and Greenstone. From a capital markets perspective, we're listed on both the A market of the London Stock Exchange and the TSXB market of the Toronto Stock Exchange. We have had a very volatile share price performance over the last couple of months and I will go into my opinion on our valuation later on in this presentation. But what I would like to emphasize here is that we do continue to be and others. So, how did we perform in Q2? It was a steady and strong performance. I think the The Christmas plants and the mining operations are now in a steady state for quite a while. We've mined just over a million tons as we get towards the final southern end of the open pit. That was a mine grade of 1.5 pork pounds per ton and that has been steady over the last, shall I say, through the course of this year. I still see a big takeaway here really in terms of the oil stockpile. Our oil stockpile has been growing as we continue to maintain a throughput head grain of just over two and a half grams per ton. We now have about 58,000 ounces on our stockpile, grading at 0.74 grams per tonne. So the significance of this is we have already sunk all these costs, we have mined this gold, and we have about two years' worth of throughput material using a $4,000 gold price and about $260 million of gold just sitting on the stockpile at the moment. So in terms of our processing performance, that has been steady through the course of the last five quarters as well, processing about 240,000 tons per quarter. And as a grade, as I mentioned earlier, we are maintaining about just over two and a half gram per ton head grade. The recoveries have been stabilized as well, really coming in at 93.3%. We recovered 18,500 ounces of gold and poured just over 19,000 ounces of gold during the quarter. Financially, it's been another very strong quarter. We are in a steady state of production, we have been very disciplined with our costs, and we are continuing to produce in a very high gold price environment. The gold price has come down from the previous two quarters, and we still managed to generate revenues of $77.6 million, which was $48 million in profit for the quarter. and as you can see if you look at in terms of our liquidity our cash flows from our operating activities continue to grow quarter and quarter and so has our working capital position. We finished the quarter with a net cash position of $218.6 million with a working capital position of $230.8 million. So we've been continuing to strengthen our balance sheet, grow our cash reserves and we have done this all whilst maintaining our dividend policy and returning money to shareholders on a quarterly basis at a rate of one and a quarter Canadian dollars per share. Since we announced our policy in April last year we have returned 38 million US dollars back to our shareholders and we will continue to do so on a quarterly basis. So another big takeaway from this quarter was even though we had a strong performance we do have we did have over seven and a half thousand ounces of gold which remain unsold in the period and we will be or should I say we have sold immediately after the subsequent to the end of the period in Q3. So to summarise that in a snapshot, we sold over 17,000 ounces of gold from the 19,000 ounces report. If we look on a half-yearly basis, it has been an excellent start to the year. In terms of revenue, $151 million over the first six months of the year is a record. Our EBITDA, $108.4 million over the first six months of the year is another record. And our net profit for the first six months of the year, which was $95 million. The Quarter is also a record. I guided you towards our stockpile at the end of Q2 of 58.4 thousand ounces which is roughly at the throughput rate we're going now is about two years worth of plant supply. and we finished this with an adjusted net cash position of $218.6 million. So the company continues to perform well operationally, the mine continues to produce, we have no issues with our costs, we are continuing to produce gold at a very high margin, our balance sheet Ltd. etc. etc. based on our recent share price performance despite our strong financial performance. So if we look at our PE multiples, compared to our peer group, we are trading at a material discount given the cash we have in the bank, our net cash position and our and the fact that we continue to have exploration outside. Same with our enterprise value to EBITDA ratio as well. Compared to our peer group of 3.5% we're trading and so on. And then if we look at our price to the net asset value, again we're in the bottom quartile compared to our peers. I say this prior to moving on to the exploration section because if we look at our valuation of let's say 740 to 750 million Canadian dollars We have a net cash position of about $220 million and the stockpile sitting there with an additional $250 million. So in the unlikely event we were to switch off all the lights and stop operating without finding another ounce of gold or producing further than the stockpile and this year we would have the same amount of cash as our market capitalization and obviously that is a very unrealistic scenario. We have material exploration upside to deliver to our shareholders and I'll talk you through that through our exploration potential. So last week we press released a set of drill results. We've been drilling away underneath the Segalona pit. For a while now, it has been a challenging exercise trying to understand this unique ore body. I think the two key takeaways are, firstly, there's a significant amount of gold that has been drilled underneath the pit. And secondly, is that as we drill, we get more information as to what is controlling this mineralization. the direction it's plunging and the fact that it continues to remain open at depth. Our deepest holes are now fully open at 400 meters below the final pit design. As a strategy now, as I mentioned on our last couple of calls, we are chasing a minimum number of ounces Prior to updating our mine life and mine plan, that number is around about the 300,000 ounce mark. We believe that's a good number to plan from, even at a reduced throughput rate, that would actually add material mine life to the end of the open pit. and we are getting some traction with this strategy and we are continuing to push ahead. We have four rigs currently operating that we own ourselves. We are able to drill at a low cost flexibly and we're able to even as the drilling campaign continues, one of the conversations we're currently having internally is to add to our fleet of drilling rigs to see how we can accelerate our drilling activities. If we look at our drill results in cross-section, you can see in these three different cross-sections ranging from the north of the pit to the south of the pit, the final pit design, we're inspecting wide, high-grade gold mineralization at hundreds of meters below the final pit design. So for me it's not a question of if, There is more gold here, or if this mine life will be extended. It's how much there is and how much the mine life will be extended by. And that's what we continue to work towards. These intercepts are strong, high-grade, ranging between 5 and 11 grams per ton. We've had our widest intersections at depth 19.5 meters, grading at over 3 grams per ton. And that remains open. And we're truthfully excited to keep infilling this and others. We will be continuing this and looking to make these underground development decisions over the next three to six months. this minimum number of ounces of mineable extractable gold underneath the pit. So moving over to Senegal, we have a project where we have been drilling and advancing through various stages of development. It's been organically developed by ourselves. Right from grassroots, we drilled the first discovery hole in 2012. We drilled a significant amount of meters here, over 133,000 ounces, and with the reserve and resource sitting where they are, we've had a very low discovery cost of around about $8.50 per ounce. This deposit is in the Burimian and I think for us, now we have established our land position there, we continue to grow it with prospective ground by adding what is a very prospective addition, the Blueside Cobra license, which has generated 14 kilometers of gold and soil anomalism, which we've been spending the course of the year drilling. and we are now looking to, first of all, release the results and secondly, add whatever discovered ounces here to our global resource at Duta. I think at the moment we have a reserve, should I say, of 1.2 million ounces, creating over a gram per tonne and a total global resource of just under 2 million ounces. What is encouraging about this is that we, prior to making these additional discoveries and adding this additional ground, we completed our preliminary feasibility study, which was economically robust. It showed a 12.5-year mine life with a cap-edge requirement of $254 million and a $3,500 gold price, a payback period of under one year with a post-tax IRR. Ltd. The project is designed in two phases, a very low-cost initial off-site phase of four years, which would produce 400,000 ounces, and then extending beyond that. Part of the activities we've done post-preliminary feasibility study is drilling out additional off-site resources to extend that phase one. So the Oxide phase currently stands four years, with the primary oil phase running approximately another eight years. This will generate very strong cash flow with the Oxide phase. All the sustaining costs below $1,500 per ounce. If we look at a high oil price of $4,250, the project NPV goes up to $1.4 billion. This project is a project which we have been and a number of others. We have a number of projects that we are working on. We have a number of projects that we are working on. We have a number of projects that we are working on. and the Baraka resource, and the completely prior to the PFS unveiled 14-kilometer strike length of mineralization in East Vancouver. Looking at Baraka 3, when we completed the preliminary feasibility study, One of the things we noted was there was scope for growth in the oxide and in the fresh. There were areas within the pit shell and a long strike that were deemed as inferred and couldn't be included in the reserves. So one of the first past activities we ticked off earlier this year and at the beginning of June and this was a successful venture which we will also be incorporating into our updated resource. We did the same with Makosa East and Makosa Tail where we had previously inferred material within the pit and found it. We have now drilled and looked to convert that to additional resources and reserves. as well. We think the upside here, which changes this to, should I say, the district's particular project, will be the drilling out of the acquired Busan Cobra license. We kicked off a 40,000-meter drilling program this year on five targets. We are now reaching the end of that program, and we do have a significant amount of drill We are collating and putting together in a series of press releases as we receive all the drill results which will continue to be released through the course of this quarter. So we have the exploration ongoing. We are currently completing this 40,000 meter drilling program. In terms of reaching final investment decision and where we are in the development plan, we are pretty much at the final stages of discussions with our financing parties. We are looking for the significant amount of the required funding from our balance sheet and this will be added with a project financing, combined with project financing. There will be no shareholder dilution required to build this project. The other key requirement for us is receiving our mining convention with the Senegalese government. I'm pleased to say we've had very, very progressive talks with the governments of Senegal and the Ministry of Mines who have been extremely supportive. We've had a number of iterations and drafts received by ourselves and gone back to the Ministry and we expect to close out in the next couple of weeks. So we are looking to make that final investment decision this quarter and push ahead with this build in Senegal. So that would be our second mine to add to the ounces we're producing in Nigeria and this is a long-term production mine which at the moment is designed to run for 12 years however the drilling, the 40,000m drilling we have done this year and we will continue to do is looking to enhance the project particularly enhance the life of the first phase So finally I'll move on to Cote d'Ivoire where we have our early stage portfolio of now five licenses. I won't give too much of an introduction to the country. It's been a success story in terms of gold discoveries and gold mines being built. We added the Laodiba license last quarter and we have focused our exploration on the We have had an initial successful drilling campaign last year and then this quarter our focus was rather than prior to drilling out the discovery we made last year, we carried out a permit-wide auger drilling campaign. These are the six mineralized drilling targets and as you can see from the picture on the right hand side, these range from 1.5 kilometers in strike length to 400 meters in strike length. What we're now doing now in the current period is closing off all the drilling in the untested areas to see if there's any connectivity between all these six targets. We're extremely encouraged to have these and where we are positioned now is to come at the end of the quarter, at the beginning of Q4, to drill out all these different targets. If we can repeat the success we had last year and at the beginning of this year, which was our initial discovery at Pratt & Duclos, on any of these additional targets, we're on to something very exciting for us as a company and also for a company our size. So we very much look forward to that. And then lastly, in Cote d'Ivoire, we have our Marahui license, where we had an extremely encouraging start with the soil geochemistry and the rock soil geochemistry on the Burimi Greenstone. We have designed quite a substantial field program, which you can see on the right-hand side. That little program was slightly delayed, but I'm pleased to say we're well stuck into that. Now, I don't have results in this presentation, but there will be results out this quarter in the next few weeks. This is a very important project for us, really because of how excited we are of the initial exploration results. This project has a strike length of Ltd. We have a five kilometre mineralised zone in terms of soil and rock chips and a parallel three kilometre mineralised zone. We're very encouraged by the mapping that's and the initial drilling that we have carried out here. So without saying too much prior to the results being released, we look forward to updating the market with our drilling results here in May, which will be in the next two to three weeks. So I'll finish up by saying we continue to produce gold at a high margin. We continue to generate very strong cash. Our balance sheet is growing now materially on a monthly basis. We maintain our guidance, 75,000 to 85,000 ounces, and we maintain our order sustaining costs of $1,000 to $1,200 per ounce. We're targeting the extension of the mine life through the definition of additional underground resources and delineation of near mine resources. I will also mention that in addition to the mine life extension there's another two years or should I say over $250 million of gold which costs have already been sunk sitting on our stockpile to go through the process front. We're finalising our permitting approvals for Duta to reach the final investment decision this quarter and commence construction still on time in the second half of the year and we're very much looking forward to pushing forward with our second mine as a company. In Cote d'Ivoire we're very encouraged by the exploration results we've had. with these results as we continue to progress. And lastly we continue to maintain our dividend policy and responsibly returning money to our shareholders whilst we continue to grow our balance sheet. We are making sufficient provisions to keep our dividend policy, to grow our balance sheet and to fund the construction of our second mine. with our own internally generated cash, project financing and importantly without the need to have any shareholder dilution. So that's everything and I'm happy to proceed to the Q&A session now. Thank you.

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. 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 by your investor dashboard. Shagan, as you can see there, we have received a number of questions, so thank you to all of those on the call for taking the time to submit their questions. and Albert Shagan at this point, so I'll hand back to you to address those where appropriate and if I pick up from you at the end, that'd be great. Thank you. Okay.