Thor Explorations (TSXV:THX) — Q2 & H1 2026 Financial and Operating Results

0:01 Good afternoon, ladies and gentlemen, and welcome to the THOR EXPLORATIONS LTD investor presentation. Questions are encouraged. They can be submitted at any time via the q and a tab. This is 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 your responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, as usual, we would just like 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 q two twenty twenty six financial and operating results.

0:54 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 in three countries in Nigeria where we have what would I what I would describe as our flagship project, the Segolola Gold Mine, which is now in its fifth calendar year of gold production and forecast to produce between 75,085 ounces of gold this year. Our second project is the Duta project in Senegal where we are at the final stages of of pulling together reaching our final investment decision. So that involves finalizing our negotiations with our finances and with the government of Senegal for the mining convention.

1:47 And we are looking to position to build that 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 over just about 92,000 ounces. This year, we expect to produce between seventy five and eighty five thousand 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 2,000,000 ounces and a reserve of 1,200,000 ounces grading over a gram per ton. We were very encouraged by the preliminary feasibility study we which we released earlier this year, which showed a pretax NPV 5% of $908,000,000 using a $3,500 gold price.

3:06 And it could be, as I mentioned, we are pushing ahead with exploration on what is very prospective and exciting ground of green green stone. From a capital markets perspective, we're listed on both the a market of the London Stock Exchange and the TSXP 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 supported by our institutional shareholders, and we from in terms of price targets in on on our coverage, it's not just my opinion. It is the consensus opinion that we do we are undervalued, and there is significant upside potential in our valuation.

4:06 So how did we perform in q two? It was a it was a steady and strong performance. I think the the process plants and the mining operations are now in a have been in a steady state for quite a while. We mined just over a million tons as we get towards the final southern end of the open pit. That was, a mine grade of 1.54 grams per ton, and that has been steady over the last, should I say, through the course of this year. In terms of I I I I still see a big takeaway here really in the terms of the ore stockpile.

4:51 Our ore stockpile has been growing as we continue to maintain throughput head grade of just over two and a half grams per ton. We now have about 58,000 ounces of gold on our stockpile grading at 0.74 grams per ton. 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 run by $260,000,000 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 quarter.

5:40 And as a grade, as I mentioned earlier, we've we 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 and a half thousand ounces of gold and poured 19 just over 19,000 ounces of gold during the quarter. Financially, that's been 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.

6:26 The gold price has come down from the last the previous two quarters, and, we still managed to generate revenues of $77,600,000, which was $48,000,000 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 have continued to grow quarter on quarter, and so has our working capital position. We finished the quarter with a net cash position of $218,600,000 with a working capital position of $230,800,000. 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 1.25 Canadian dollars per share.

7:27 Since we announced our policy in April last year, we have returned 38,000,000 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 have this strong performance, we do have we did have over seven and a half thousand ounces of gold, which remain not sold 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 q three. So to summarize that in a snapshot, we sold over 17,000 ounces of gold from the 19,000 ounces we poured.

8:19 If we look on a half yearly basis, we it was it has been an excellent start to the year. In terms of revenue, $151,000,000 over the first six months of the year is a record. EBITDA of 108,000,000.4, over the first six months of the year is another record. And, net profit for the first six months of the year, which was $95,500,000, of which $48,700,000 in was in the the quarter is also a record. I guided you towards stockpile at the end of q two of 58,400 ounces, which is roughly at the throughput rate we're going, now is about two years worth of plant supply.

9:09 And we finished this with an adjusted net cash position of $218,600,000. So the company com continues to perform well operationally. The mine continues to produce. We are continue we have no issues with our costs. We are continuing to produce gold at a very high margin. Our balance sheet continues to grow. Our liquidity position continues to improve, and our net cash position is forecast to continue to grow through to the end of the period. And the reason I emphasize on this is I would like to discuss for a couple of minutes on our on our valuation, which we don't normally do, and I would like to probably turn attention to this really based on our recent share price performance despite our strong financial performance.

10:04 So if we look at our p multiples, we we have the compared to our peer group, we are we are trading at a material discount given the cash we have in the bank, net cash position, and, you know, our and the the fact that we continue to have exploration upside. Same with our enterprise value to EBITDA ratio as well. We compared to our peer group of 3.5%. We're trading at 1.3 on a one year ratio or 1.4 x on a two year ratio. And then if we look at our price to net asset value, again, we're in the bottom of quarter compared to our our peers.

10:57 I say this prior to moving on to the exploration section because, you know, if we look at our valuation of, let's say, 740 to 750,000,000 Canadian dollars or or 500,000 United States dollars, we have a net cash position of about $220,000,000 and the stockpile sitting there with an additional $250,000,000. 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 or the and and this year, we would have the same amount of cash as our market capitalization.

11:44 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 release a set of drill results. We've been drilling away underneath the second order 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 men 400 meters, pardon me, below the final pit design.

12:52 As a strategy now, as and I've mentioned on our last couple of calls, we are chasing a minimum number of ounces prior to updating our, should I say, mine mine life and and mine plan, and that number is roundabout the 300,000 ounce mark. We believe that's that's a good number to plan from from even at a reduced throughput rate that would actually add material mine life to the end of the open pit. And we are we we we are getting some traction in with this strategy, and we are continuing to 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 to even as the the drilling campaign continues, we one of the conversations we're currently having internally is to add to our fleet of drilling rigs to see how we can accelerate the our drilling activities.

13:59 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 intersecting 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 work towards. These intercepts are strong high grade ranging between five and eleven grams per ton. We've had our widest intersections at depth 19 and a half meters grading at over three grams per ton, and that remains open. And we're truthfully excited to keep infilling this mineralization both down dip and also working our way back up towards the bottom of the open pit.

15:00 So this is all going ahead. We will be continuing this and looking to make these underground development decisions over the next over the next three to six months. And that's the timeline we're giving ourselves to to reach 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.

15:49 We drilled a significant amount of meters here, over a 133,000 ounces. And with the with the reserve and resource sitting where they are, we've had a very low discovery cost of roundabout $8.5 per ounce. This deposit is in the Permian rocks in the Canoe in in Senegal. And I think for us, now we have established our land position there. We've continued to grow it with perspective ground by adding what is a very prospective addition, the Bussai Cobra license, which has generated 14 kilometers of gold and solar nominalism, which we've been spending the course of the year drilling.

16:41 And we are now looking to to, first of all, release some results, and then secondly, add whatever discovery discovered ounces here to our global resource at Duta. I think at the moment, we have a a should I say, of 1,200,000 ounces grading over a gram per ton, and a total global resource of just under 2,000,000 ounces. What 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 twelve and a half year mine life with a a CapEx requirement of $254,000,000 and a $3,500 gold price payback period of under one year with a post tax IRR of 61%.

17:40 The project is designed in two phases, a very low cost initial oxide 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 oxide resources to extend that phase one. So the oxide phase currently spans four years with the primary oil phase running approximately another eight years. This will generate very strong cash flow with the oxide phase all in sustaining cost below $1,500 per ounce. If we look at a high gold price of 4,250, the project's NPV goes up to 1,400,000,000.

18:27 This project is a project which we have been advancing through the course of the year. I will come to a a small progress update later on in this presentation, But it's a project which we are positioning ourselves to reach that final investment decision this quarter over the next four to six weeks. To summarize the resource, what we have here is the original Makhosa resource with the Makhosa tail and the Baraka resource and completely prior to the PFS undrilled 14 kilometer strike length of mineralization in Boussankoba.

19:16 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 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 pass activities we ticked off earlier this year and at the beginning of this of q two was to convert the inferred ounces into indicated, and this was a successful this was a successful, should I say, venture, which we will also be incorporating into our updated resource.

20:03 We did the same with Maukosa Maukosa East and Maukosa Tail where we had inferred previously inferred material within the pit and down dip. We have now drilled and looked to convert that to additional resources and reserves as well. This we think the upside here, which will which changes us to, should I say, the districts to go project will be the drilling out of the acquired Boussaint Cobre 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 results that we'll we are looking to we are collating and putting together in in in a series of press releases as we receive all the drill results, which should be continue to be released through the course of this quarter.

21:06 So we have the exploration ongoing. We're currently completing this 40,000 meter drilling program. In terms of reaching final investment decision and where we are on the development plan, we are pretty much at the final stages of discussions with our financing parties. We are looking to put a significant amount of of of the required funding from our we we we are able to, should I say, put a significant amount of the required funding from our balance sheet, and this will be added with a 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 is receiving our mining convention with the Senegalese government. I'm pleased to say we've had a very, very progressive talks with the government of Senegal and the Ministry of Mines who've been extremely supportive.

22:06 We are at the final stages of that. We've had a number of iterations and drafts received by ourselves and gone back to the ministry, and we expect to close that off 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 a long term, production mine, which at the moment is designed to to run for twelve years. However, the drilling the 40,000 meters of 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 of the project.

23:01 So finally, I will move on to Cote D'Ivoire where we have our early stage portfolio of now five licenses. I won't give too much of a of a introduction to the country. It's been a success story in terms of gold discoveries and mines being gold mines being built. We added the Laudiba license last quarter, and we have focused our exploration on the Gwitri and the Marowi projects. The Gwitri project, which we own 100%, we have had an initial successful drilling campaign last year. And then this quarter, our focus was rather than prior to drilling out the the should I say the discovery we made last year, we've carried out a permit wide auger drilling campaign, which has been successful in delineating six mineralized drilling targets. And as you can see the from the picture on the right hand side, these range from one and a half kilometers in strike length to 400 meters in strike length.

24:09 What we're now doing now to in the current period is closing off the auger drilling in the in the untested areas to see if there's any connectivity between all these six targets. We're extremely encouraged to have these. And what we would we where we are positioned now is to come at the end of the the quarter and the beginning of q four 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 of Brackaducro on any of these additional targets, we're onto 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 in Cote D'Ivoire, we have our Marowi license where we had the extremely encouraging starts in with the solar geochemistry and the rock chip geochemistry on the Permian Greenstone.

25:12 We have designed quite a substantial drill program, which you can see on the right hand side. That drill 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 in the next few weeks. This is a very important project for us, really, because of how excited we are from of the initial exploration results. This project has a strike length of a five kilometer mineralized zone in terms of soil and rock chips and a parallel three kilometer mineralized zone. We're very encouraged by the mapping that's gone on, the geophysical surveys that's gone on, and the initial drilling that we we are looking to that that we have carried out here.

26:11 So without saying too much prior to the the results being released, we look forward to to updating the market with our drilling results here in Marahui, will be in the next two to three weeks, certainly. So I'll I'll I'll finish off by saying, you know, we we continue to produce gold at a high margin. We 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 all in sustaining cost of 1,000 to $1,200 per ounce.

26:57 We're targeting 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 two hundred fifty million dollars of gold, of which costs have already been sunk sitting on our stockpile to go through the process plant. We're finalizing our permitting approvals for Duta to reach a final investment decision this quarter and commence construction still on on time in this second half of the year. And we're very much looking forward to pushing forward with our second mine as a company.

27:46 In Cote D'Ivoire, we're very encouraged by the initial by the exploration results we've had both in Gwichi and Marowi and look forward to updating the market 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.

28:40 So that's everything, and I'm happy to proceed to the q and 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 and a tab that's situated on the right hand corner of your screen. But just while Shaken takes a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can all be accessed via your investor dashboard. Shaken, 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. But, 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.

29:33 Okay. Yeah. There are quite a lot of questions. I think it's 35 questions. I will work my way through them and do the best I can. Thank you. So the first question is, looking at the medium term production profile of the cellular, how should investors think about the floor for the annual output over the next three to four years? So, I I think that's a good question. I think, you know, if we look at it from where we are now and we take a complete base case, we will have this is a base case based on our DFS reserves of 500,000 ounces, which we've already exceeded. We have 75,000 ounces this year, and then we are looking at a stockpile of, should I say, 60,000 ounces over the course of the next two years, which should be 30,000 ounces a year at a very low cost of production. Now, obviously, we intend to add to that. It's not just a stockpile we intend to produce.

30:40 Like I mentioned in the presentation, which hopefully answered your question, we are looking to define an underground resource and reserve with the number in mind we have being 300,000 ounces. So depending on what the throughput rate is of those 300,000 ounces, supplementing the the the stockpile production, you know, that can range from the base case we have of 30,000 ounces up to between fifty and sixty thousand ounces per year. It's too early to say, and I I probably not it's probably not a good idea to to say what my personal expectations are prior to the completion of the drilling of this underground resource reaching this number and producing a resource statement.

31:34 Nevertheless, we will have an updated resource statement for the underground at the end of at the end of the year, and we are looking to we have the target number in in mind. However, we will be regardless or not, if making this target number, we do feel it is necessary to have an upgraded resource released. Okay. Next question. Any plans to rebuy the stock? Look. We we we have this question pretty much every time. I I think it's something that's also on for discussion internally given the really cheap valuation versus our peers.

32:20 It would make sense. We we have looked at this previously. The issue was the amount of stock we could buy and the period of time it would take given the the regulations guiding the buybacks on the AIM market. So one thing I will say since we we first looked at it, our volumes have massively increased, and it's something we we can keep discussing internally. We haven't made any decisions on this. I think at the moment, returning the the mechanism we're using to return money to our shareholders is the dividend policy, which we believe which we believe is sustainable. However, look, the more we believe we are undervalued, which which we are, if you think we have a project which we were we're aiming to be fully funded this quarter and has an NPV of roundabout a billion dollars, and we've we can build up without any shareholder valuation. We do think the share price is extremely cheap at the moment to add. A rerating would almost be inevitable.

33:34 At this stage, you have a sense of the potential CapEx costs might be for any extension of, secular, particularly if the mine moves underground. At this stage, we we are in in the we are carrying out studies. Third party consultants are are carrying out these studies. So I can't give you a definitive answer on the CapEx yet, but we we do believe we have sufficient provisions for this as well. What's holding up the due to final investment decision? Is it expected in q three twenty twenty six, or will it be q four twenty twenty six? So the due to final investment decision, like I said in the presentation on the financing side, we believe we're pretty much there.

34:21 No issues. I would say the the main delay has come in getting our mining convention finalized. There has been a change in minister in Senegal as well, which obviously made had a period of delay through that. But I'm pleased to say, you know, I've me myself and the team have had a very good, should I say, correspondences and meetings series of meetings with the with the new minister in his his office and the Anvil government. And this has progressed very quickly since he's been in office, and we do expect this, mining convention to be finalized over the course of the next few weeks. And we we are targeting we do expect realistically a final investment decision on Duta this quarter, q three twenty twenty six.

35:18 When can an updated MRE be expected? I'm guessing this is Duta. We we are aiming to update the Duta MRE once we have all the results of the 40,000 meter drilling program and the infill drilling, which we've already carried out, and we will we're aiming to have that out in q four this year. The next question is a buyback question, which I've just addressed. What are the risks you're most concerned about at Duta? Look. We've been we've been very pleasantly surprised with, with how the government and how the negotiations have gone with the government.

36:08 We are using our EPC partner that built our mine in Nigeria to build our mine in Senegal. So we have a very good relationship. We have very recent mine building experience. We are building a gold mine in a high gold mine high gold price environment. So, you know, we're we we remain very encouraged. But however, you know, geopolitically, globally, you know, there there there continue to be a lot of risks. There's risk of price escalation, and there's, you know, there's risks of, you know, escalation in global oil prices as well, which which could have an effect on the on our all in sustaining costs as well. And, you know, like any project in the world of this size, of this magnitude, there is a a a risk. There is the underlying execution risk.

37:05 But like I say, look, we we try to mitigate what's in our hands. We have the the mind building team, good experience, and I think most comforting, we we have the support of the Senegalese government. Can you provide some clarity on the company's tax position for 2027? Yes. The company currently has is still under the Pioneer, tax exemption and has no, corporate tax to pay on Segulola in 2027. When can we expect some clarification on the company's gold production target and sources of that gold for 2027?

37:55 Yes. The as per our guidance, the the gold production is 75 to 85,000 ounces from the open pit resource. And like we do and we continue to do, we blend some from the stockpile. We maintain a throughput grade of just over 2.5 grams per ton. Can you expand on the gold stockpile where it comes from? Is this all that is lower grade and therefore hasn't been put through the plant? Yes. That's exactly right. You know, the the lower grade material, sub one gram mostly is is put on the stockpile, and we try and you know, there there's some very high grade areas of the ore body. So we try and blend low grade and and the high grade material to get our throughput head grade of two and a half to three grams a ton.

38:59 And what we can put through to when we blend, we put on the stockpile there. Obviously, when we started producing and when we did our feasibility study, gold was trading sub $1,500 per ounce. So the stockpile has got increasingly valuable and a lot more economic for us. When are you targeting the updated cellular MRE? I think I mentioned that in my presentation. We will look to update the MRE before the end of the year. What is the estimated all in sustaining cost for deep pit mining at Sagalola?

39:53 Well, the AISC for anything in the pit remains between 1,001 thousand $200 per ounce. If you we are referring to the underground, that will be we will get those numbers as part of the ongoing studies that are are being carried out. When is the first mining of the satellite deposit? Is there any drilling being done in these deposits this year? If yes, can you share any results? Yes. There has been drilling been done. We, in q one, I believe, we released we had some of them in our presentation. We can include them in this presentation when it goes on our website. There is ongoing drilling at the moment. It is going at a bit of a slow rate because we are in a very heavy rainy season, and we will, yeah, we will be looking to update our results there as well.

40:52 Does the 300,000 ounce target include the satellite deposits? No. This is what we're targeting underground. Does your AISC quoted for second will include your training costs? If so, which training cost? Yes. It it doesn't include the exploration drilling, but it use it includes all the drilling required for development and do it during, should I say, operations, so drill and blast, for example. THOR EXPLORATIONS, INEXPENSIVE RELATIVE TO CASH IS GENERATING. What do you think the market is getting wrong about the company, and what specifically will you cause the valuation discount to close?

41:41 Yeah. Look. It's it's like I said, we're trading very, very cheaply compared to our cash. I think there there are a number of factors. One perhaps could be the jurisdiction. We're still the only large scale gold producer in the country. I think maybe there is still a big question mark over mine life extension, and I'm sure once once we have some a definitive statement on that in public, that will be a a major catalyst to help people see the cash generation here. I think the next significant milestone will be the due to final investment decision. This is a real mine with with over at $4,200 gold, over $1,000,000,000 worth of money to return to our shareholders, which $400,000,000 will be in the first four years of production, all to be built from our own resources and without any shareholder dilution.

42:42 So I think these will be these will major catalyst that will close our valuation gap and also so that will be Nigeria and Senegal. And also we have a portfolio which is completely not looked at in Cote D'Ivoire and has the ability to deliver multiple multimillion ounce resources based on what's been discovered in the country and based on, you know, the the the the size of mines we're we're chasing given our land package and our initial exploration results. So these these are our targets. We think there's a lot of values we un unlocked. We think our values, not just future forecast, our values underpinned by existing cash and cash flow development in Senegal and what I can only describe as a blue sky opportunity we have in Cote D'Ivoire.

43:52 Okay. The next question, I believe I've already answered. CMCL, which included in your comparable valuation slide, has had multiple direct advice. Why I thought direct management not buy shares at these fifty two week low levels? Look. I think it's it's well publicized. THOR is THOR's board of management have significant skin in the game, earning well over 14% of the company. Very supportive shareholders and have bought shares on on numerous numerous occasions even after the payments of dividends.

44:44 So I think yeah. Look. That those are all personal decisions by the directors and and management. If you processed the stockpile at 0.74, what do you estimate the what the sustaining cost would be? Yeah. Look. Like I said, all for the stockpile, significant amounts of these costs have been sunk already from an operating perspective. It would just be processing costs, which I believe at the current rates would be no higher than about $450 per ounce. What's the percentage split you're aiming for due to between project financing and your own cash?

45:35 Right now, we we we're being very conservative. We think we can do a 45% cash and 55% financing, and that gives us sufficient headroom to increase our leverage should we choose to further down. Next question has been also been answered. Also, do you know if THOR is subject to the 15% top up tax for 2026, or does the pioneer status override that? The pioneer status is our our governing regulation on this. Good luck.

46:22 Great work. Good luck with everything. Thank you very much. I've answered the due to financing questions. Could you remind us how much upfront cost of due to will be and what proportion will be funded from the existing balance sheet loans. I understand there'll be no share dilution. Yes. The due to upfront total due to project cost is if well, our PFS is $255,000,000. So if we put a 10% contingency on that is where I expect would be reasonable guidance. We expect to fund 45% cash and 55% financing. What is the current royalty rate at Segulola?

47:12 The current royalty rate at Segulola is is 15% of the ad the the ad valorem price, which is prescribed by the ministry, which works out to roundabout just over $25 per ounce. Okay. I've answered. Okay. I there there are a lot of repetitive questions here.

48:04 What work is required before construction can we begin due to the due to when do you expect to realistically begin construction? We expect to commence the project in q three. And when I say commence project, that means begin the EPC contract, ordering of the long lead items, and starting the initial civil works. So we we expect to start in q three and construction activities throughout the course of the rest of the year. If you're going to fund 45% of due to and the rest of that, you should have about a 150,000,000 ish spare.

48:57 Can we expect a special dividend? Look. We haven't we haven't considered that just yet. I think it would be prudent to keep a a contingency buffer. Are you planning to hold a large percentage of cash relative to market cap longer term, or is it temporary now because of holding it for due to CapEx? Yes. Look. A a lot of it is, as I mentioned, 45% of the due to funding is coming from our cash reserves, so we're gonna push a lot of cash towards the towards the due to CapEx. And in the longer term, as, you know, once we derisked Duta, who knows what our scenario will be?

49:42 You know, ideally, we're we're aiming to build another mine after after Duta, and, hopefully, that will come from our portfolio. We don't know what might be out there that we we might be able to to have inorganic growth through an acquisition. So I guess the cash gives us gives us the optionality. I think I'll do two more questions. So these CapEx again. More buyback. When is the first I think I've answered that. Marowi, you mentioned rock chips. Was there any artisanal mining before?

50:37 There wasn't there was artisanal activity in the area. No actual, nothing semi mechanized mechanized or extensive on our existing targets now. More buyback. Seems buyback is a lot of is is very topical, and I will we we will we will discuss that internally again. So, yeah, I think I covered everything. With the additional questions, I'll be happy to would be happy to respond as a company by email. Thank you very much. Perfect, Shaikin. If I may just jump back in there. Thank you very much indeed for being so generous of your time then addressing all of those questions that came in from investors this afternoon.

51:27 And, of course, if there are any further questions, we'll make those available to you after the meeting. But, Shaikin, 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 that'd be great. Yes. Look. Like like I mentioned and I made a bit of a theme of this presentation, we we do believe we're significantly undervalued. We do believe we're significantly undervalued. We are generating strong cash. We're returning money to our shareholders. We're building projects that's worth over $1,000,000,000 in terms of NPV, which we own 100%.

52:16 We have growth coming from exploration in three jurisdictions, and we have, blue sky exploration potential in Cote D'Ivoire. So we're we're diversified by stage of development and jurisdiction. We are continuing to unlock value. And personally and as a company, we're very excited by the next six months and the next eighteen months ahead where we're really transforming as a company from a single mine open pit producer to a multiple mine, multiple jurisdiction producer with a very strong balance sheet and still significant growth potential.

53:03 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'll now be automatically redirected for the opportunity to provide your feedback? On behalf of the management team of THOR EXPLORATIONS LTD, we would like to thank you attending today's presentation. That now concludes today's session. So good afternoon to you all.