Thor Explorations (TSXV:THX) — Results of the Preliminary Feasibility Study ("PFS") for the Douta Project in Senegal

0:00 Good afternoon, and welcome to the THOR EXPLORATIONS investor presentation. Throughout the quarter presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time by the q and a tab situated at the right corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. The company can review the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to turn the following poll. I'd now like to hand you to CEO, Sheagan Lawson. Good afternoon to you, sir. Good afternoon, and good morning or good evening to everyone who's tuned in. I'm very pleased to be here to be talking through the preliminary feasibility study results for the data project, which we own in Senegal. Thank you. So first of all, we do have a disclaimer in place. There will be forward looking statements in this presentation, so we'll just alert our listeners to that.

1:00 For those who are new to the story, here's an overview of the company. THOR is a West Africa focused gold producer and developer. We're currently advancing projects in three jurisdictions in West Africa, in Nigeria, where we have our flagship gold mine, the Segolola mine, in Senegal, where we've just announced the results of our preliminary feasibility study at the Duta project, and in Cote D'Ivoire where we moved into in 2024, and we've assembled a very prospective portfolio there with very encouraging initial exploration results. Our Nigeria project is based on an initial open pit resource of just over half a million ounces grading at 4.2 grams per ton.

1:47 Last year was a very successful year for us in terms of operational efficiency. We produced just under 92,000 ounces of gold, and we did that within our guidance below $1,000 per ounce. This year, we have a production guidance of 75,000 to 85,000 ounces per ounce as an all in sustaining cost guidance of between 1,000 and $1,200 per ounce. At the Duta project, we have increased our stake in both licenses that hold the reserves there to 100% prior to the government 10% free carry. Our global resource now stands just under 2,000,000 ounces with 1,700,000 ounces of that being in the indicator category grading just over one gram per ton. We also now have a probable reserve, which we designed the preliminary feasibility study on of 1,200,000 ounces also grading at just over one gram per ton.

2:46 We're very encouraged by the results of the preliminary feasibility study, which shows a material economic outcome and a material valuation to us as a company, showing a preliminary feasibility study NPV 5% pretax of $908,000,000 at a gold price of $3,500 per ounce. In Cote D'Ivoire, we continue to aggressively carry out exploration on our three licenses there, the Gucci project, the Mowi project, the Bundiali license. Bundiali license, we're doing some lower cost exploration, but as I speak now, we're actively drilling on our Gucci project, and we kicked off finally on our Mowi project, which we're very excited about as well.

3:35 And then lastly, as a first mover in Nigeria, we have, you know, lower order priority assembled an early stage lithium exploration portfolio, which we continue to advance at a low cost. Still for those new to the story, we are listed on both the a market of the London Stock Exchange and the TSXV market of the Toronto Stock Exchange. We had a very stellar year last year in terms of share price performance. We are we now have a market cap of 1,140,000,000 Canadian dollars, and I personally believe, you know, we still have a way to go in terms of unlocking value for our shareholders across our entire portfolio. We continue to be supported by our institutional shareholders.

4:21 And as you can see, our broker share price targets are still well, it's still not quite there in terms of both on the Canadian dollar side and, obviously, correspondingly on the on the AI market side. So we we we are encouraged, and we do believe we will continue to unlock some value. Before I go into the data project, I'll just do a quick recap on our performance last year. We we we started the year on a completely delevered balance sheet. As we went through the year, our margins continued to grow because we kept the same cost through pretty much through the course of the year whilst the gold price continued to rise. So as of q three last year, we had transitioned completely over a twelve month period from a net debt position of minus 27 to an adjusted net cash position of just under a $100,000,000.

5:21 In q three, we paid a dividend of 1.25¢ per share. And in 2025 as a whole, we paid we returned round about $18,000,000 to our shareholders in the in the form of dividends. Our cash position at the end of the year was much higher than budgeted, and we declared a bonus dividend of 1.5¢. Apologies. Not 15¢. 1.5¢ per share in q four. So that was all really capped off by a very strong q four where we had records it by all financial metrics in terms of revenue, profitability, EBITDA. We had a revenue of $108,000,000. We finished the year with $137,000,000 in the bank and with billion of just under 3,200 ounces, which were sold in q one.

6:17 So the San Miguel project, the Duta project, a project which we are extremely excited about. Our land holding here has grown from the original Duta project, which is the brown license you see here, which hosts the Mocosa series of deposits. We then acquired the Duta West license, and then last year, we acquired the Recycoba license. This Duta project has been organically developed right from grassroots. We actually drilled the first discovery hole in in in this license, in a in a grassroots exploration license in 2012, and we've since drilled over a 133,000 ounces in the Deuta and the Deuta West permits. With our indicated resource now at 1,700,000 ounces, we've got a discovery cost of $8.5 per indicated ounce, which is highly efficient.

7:12 It's located in all the right rocks in this right part of West Africa, in the Burmian rocks of the Carnivia Inlay, and our total acreage there now stands at 541 square kilometers. The preliminary feasibility study shows, you know, a probable reserves now of 1,200,000 ounces, and we believe that's great. Use a a long term gold price of $3,000 per ounce to come up with that reserve, and an indicated resource of 1,700,000 ounces, really at one point o four grams per ton. Also added additional inferred resources of 273,000 ounces. The resources have been calculated at $4,000 per ounce whilst the reserves at 3,000 ounces per ounce. And to recap, you know, we've increased our economic interest now where the the two licenses that host host all the reserves, we now own 100% have economic 100% economic interest in them.

8:15 So last year, from March last year to December, we carried out a couple of drilling programs, and that was really designed at increasing the economic ounces. We had an indicated resource of 875,000 ounces, which is our last declared resource. The drilling we we carried out because we knew we were carrying out this preliminary feasibility study. We wanted as many mineable ounces as possible. That drilling was designed at increasing the indicated components of the resource to recategorize that into indicated and put that and then generate a reserve. And that was successful. We had a 94.3 increase in our indicated resource.

9:04 And unlike last year, we now have a reserve of 1,200,000 ounces, waiting at just over one gram per ton. So the a snapshot of the the preliminary feasibility study, it's I think first and foremost, it's a it's a long mine life of just over twelve and a half years. The CapEx of $254,000,000 is extremely manageable by us, a company our size, and our balance sheet strength. It's got a very fast payback of the $3,500 gold price of less than a year and a post tax IRR of 61% at a $3,500 gold price. In the first four years, this project will produce over a 100,000 ounces per year for a total of 411,000 ounces, and it this is all from its 1,200,000 ounce reserve.

10:04 The post tax NPV is $633,000,000 at 3,500 gold price, and whereas the pretax NPV is $908,000,000 at the same gold price. Reason why I put these two numbers here is because in Senegal, every mining license is individually negotiated with government, which includes your tax holidays, your in your it's the investment incentives, which can be applied. We've for the post tax NPV scenario, we've assumed we get zero tax holidays and incentives. So in summary, we do expect the post tax the the post tax NPV to land somewhere between that $633,000,000 and the $908,000,000 once the negotiations have been complete.

10:55 The project itself is the production profile is comprised of two phases. The first phase, which is the higher margin phase, is the oxide ore phase, and the second phase is the primary ore phase. The oxide ore phase currently spans four years of mining and processing of the oxide and transitional ore ore through conventional carbon and leach circuit. Once we complete that, we then move into the primary ore phase, which runs for another eight eight or so years through the same circuit. However, due to the more complicated metallurgy and the requirements unlock components of the gold from silica, there will be the inclusion of suspension roasting as well. This produces roundabout 61,000 ounces per year.

11:48 Project will have very strong early cash flow. In fact, in the first three years, even stronger cash flow producing about 110,000 ounces per year at the cost all in sustaining cost of 100 $1,493 per ounce. Like I said, it's very highly leveraged to the gold price. If we use a $4,250 gold price, the product NPV on a 100% equity basis increases to $1,430,000,000, then IRR of $102.102. So with the low initial CapEx, the long life of mine, the all in sustaining cost for the total project below $1,900, we do this project does support strong margins throughout the life of mine, and we're extremely pleased with this.

12:43 And we do believe we can optimize this further over the next six to nine months. The project itself is going to be entirely funded from our cash balance and project financing, and there's going to be no requirement for third party equity, and shareholders are going to be exposed to absolutely zero shareholder dilution. So the existing resource, this is just a quick illustrative slide, exists in the Duta and the Duta West license. However, we've spent the last six months working very aggressively on other areas of the license. We believe that we are going to increase the resource. In particular, we believe we are going to increase the oxide resource and the oxide phase of the oxide ore phase of the project when we get into production.

13:47 I will start off by illustrating the image on the left where we have the Mucosa deposit and the Baraka deposits. However, we have now delineated five targets in the due to West license and another six targets in the Boussaint Cobra license. We've already kicked off a 40,000 meter drilling program in on these targets, and these this aggressive drill program is we're aiming to start releasing our results on a monthly basis from the end of February. We are going to incorporate these results into an updated feasibility study, and we are targeting and anticipating an increase of the oxide phase of the of the production.

14:39 Why are we encouraged by this? If we take we zoom into the the the Due To West license, for example, if you look at the Baraka three resources, which lie outside these red ellipses, these two everything circled in the red ellipses are the drill targets we've now defined and designed. You show the exact same signatures as Baraka. If we look at the image on the right where we do zoom into one of them, one of the ongoing drill programs, these have been designed on soil, JCAM, and also rock chip sampling. All these targets longer than one kilometer in strike length. They're potentially open, particularly the ones at the north of the East West License into Buscayncoba.

15:30 There's significant amounts of solar geochem anomalism all throughout this ground that we hold. So we've started drilling these these holes. We've also started a a diamond drilling program within Meraka and expect to increase the size of that oxide resource as well. Drilling the oxide over the next six months is our top priority side of the rest of the development process. From there into the Boussaint Cobra license where we've delineated additional drill targets, we do have rig ongoing there, finding some very high resolution drill targets. You can see on the right hand side from the in situ rocks and the the the in situ rocks that continue to amplify what we have seen at Sogiochem level.

16:26 There's a significant amount of untested strike length to be drilled and that's going to be incorporated in our 40,000 meter RC drilling program. So we've we're seeing high grade rock chip results. We're seeing this over an extensive piece of ground, and we're currently drilling that. And what we're aiming to to do and where we're aiming to culminate that is to focus on increasing this oxide. So our focus now over the next six months where, like I've I've mentioned consistently, we're we're looking to to complete this 40,000 meters of drilling. This is all going into a focus of increasing the oxide indicated resource.

17:12 We believe over the last eighteen months, we've been working alongside our EPC contractor that builds our mine in Nigeria. We have extremely strong confidence in the pricing we've resulted in and the level of detail of the quotes. And we and through that, we believe we have the right sizing of the bill. Believe we've derisked this project enough to start ordering the long lead items as early as q two this year even before financial close and possibly even towards the end of q one this year. Other focus in the first half of the year would be signing the mining convention with the government of Senegal, updating our resource and coming up with an updated feasibility study.

18:00 We do not believe that feasibility study is going to slow down our development process or our development timeline. That feasibility study is clear to demonstrate additional economic viability of this project, and that will be reflected in the extension of this oxide ore phase of production. When we come to the financing, we our strong balance sheet enables us to contribute up to $100,000,000 without impacting the rest of our activities in Nigeria, in Cote D'Ivoire, in terms of returning funds to shareholders in in dividend, and we are looking to fund the balance requirements of $155,000,000 through leverage, whether it's a traditional project finance facility, whether it's a corporate loan, corporate facility, a corporate level. We have a lot of optionality here, and we're in a very strong position to fully fund this project.

19:05 From the discussions we've had, there's very strong early indicative interest. We are accelerating talks now that preliminary feasibility study has been released, and we're targeting a financial close before the end of June this year. Most of our CapEx is weighted towards 2027. And even before financial close, we do believe with our funding, we're able to place the order on the longer lead items. 40,000 meters we're actually drilling is targeted of increasing the oxide resource between two hundred and five hundred thousand ounces by the end of q three. And then based on that, we will be looking at the economics again. What you can see from this Gantt chart, particularly in the post financial close timeline, is that we can push back the primary ore phase from the end of year '4 and hopefully, you know, much further down the line.

20:01 And then where the gold price is, these two may even run concurrently and overlap for a few years. So to to finish off on this, you know, we do have a fast track development timeline. We believe we've done a lot of heavy lifting already to date with our partners. One of the key milestones and gating points to overcome was receiving our environmental and social impact impact assessment certificate that was done very recently, in Senegal, this year, around about ten days ago. And we are now focusing in country on negotiating our our convention.

20:54 As a top priority, looking to extend the oxide resources and to update the feasibility study in q And as early as q two or end of q one, we're looking to order the long lead items. We're advancing talks with our financing parties, and we do expect this to close in q two this year. And once we've signed this mining convention with the Senegalese government at the end of first half of this year, we believe we're well positioned to pour our first gold the first half of twenty twenty eight. So that's a a very short summary on our preliminary feasibility study. I would personally like to thank, you know, all our team and stakeholders that have been involved in getting this out.

21:45 We are very, very excited by it. We think this is going to unlock a significant amount of value for our shareholders. You know, right now, the current mine life stands at twelve and a half years. I suspect by the time we pour our first gold, we're going to be looking at something between sixteen and twenty years in terms of my life, and this continues to grow. We're extremely excited by it. We are very well positioned with our EPC partners to get on the ground and and and and get this project up and running, and we're very confident that we will be pouring our first gold within two years. Thank you very much. That's great. Well, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. You can do so just by using the q and a tab that's situated on the top right hand corner of your screen. Just while the company take a few moments for the questions that have been submitted today, I'd like to remind the recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboards.

22:46 Shagan, as you can see, we have received a number of questions throughout today's presentation, and thank you to all the investors for submitting those. At this point, Shagan, I'll hand back over to you, and I'll pick up from you at the end. Sure. Thank you. Okay. So I will start. I'll read these in order. I'll read the questions out, and then I'll answer them. Great job so far in execution. While THOR related, so did many other exploration and developers. While being a producer, we expect it to be more leveraged. How can we get more traction from Wall Street, deep pocket investors? Any plans on upgrading to other exchanges unless a three minutees and five years growth plan is made clear and acknowledged widely, I'm afraid, may not receive due share price appreciation. Thanks.

23:37 Yeah. Look. We we we believe we continue to lock value through what we're doing. Obviously, producing in Nigeria and then bringing the second project on on stream. Once we've, I I believe, once we get to that final investment decision at Senegal and officially have updated the secular mine life in whatever form it looks like, whether it's additional open pit or underground. And once we're officially a longer term producer, which is hopefully just a matter of time, then we we we've had these conversations internally, then we will consider looking at ourselves to other exchanges. Can you please provide some feedback regarding the possibility of implementing a share buyback program for 2026?

24:30 At the moment, you know, we we're returning money to shareholders. I think our our we do our four our four budgeted dividend payments this year. We'll be returning roundabout $25,000,000 to our shareholders. And then, you know, the we we have looked at the option of share buybacks previously. The fact that we are listed on AIM and TSXV has additional restrictions on AIM, which includes and are really governed by your your daily volumes, the amount of shares you can buy back. At the time when we looked, it was deemed extremely inefficient to to slowly buy back, you know, tens of thousands of shares over the course of a a a quarter.

25:28 We we thought that wouldn't be the best use of our cash or very impactful. However, our volumes have increased on both the AIM market and the TSXV market, and it's it's not something at the top of our priority list right now. We do believe we have much more, should I say, valuable allocations of our capital, but it's not something we're completely closing the door on. Can you put into context 40 the 40,000 meters of drilling plan for this year versus historic drilling today? Additionally, can you expand on the district scale potential? What sorts of blue sky potential does management see? Yes. Look. The the the 40,000 meters of drilling I mean, okay. Let let's look historically.

26:17 If we start with the drilling we've done today, those have been over 95% of that has been done in in Mocosa and, you know, the remainder in Baraka 3. We've now on the ground seen signatures that are very similar to the discoveries we already have. We have a team that's had a a very high success rate at a very low cost. We're very confident this 40,000 meters drilling is going to increase our resources from what we've seen on the ground. Right now, we're looking at indicated resources of 1,700,000 ounces. I certainly think by the time we pour gold, we are definitely positioned to be well above well above 2,000,000 ounces or somewhere between that two and two and a half million ounces. The 40,000 ounces is targeted at adding an initial 200 to 500,000 ounces.

27:10 That would mean the extension of the oxide phase by two to five years of very low very sorry. Low all in sustaining cost of under $1,500 per ounce, producing north of a 100,000 ounces per year. And also considering that that that phase of the project is already paid back at $4,000 gold $4,250 gold price in nine months is literally just generating very strong free cash flow north of $300,000,000 annually to the bottom line if the gold prices stay above 4,250. So you can see how value accretive it is and why it's such a priority to complete this 40,000 ounces.

28:01 But due to strong PFS results and recent share price performance, is management focused on organic growth through resource expansion and development, or are you open to strategic opportunities such as to take over to maximize shareholder value? I think we've got a fantastic pipeline. They you know, we continue to draw strong cash in Nigeria. To generate strong cash in Nigeria, I think when Duta comes online, that's going to be obviously at a scale much bigger than we've operated in Nigeria. And like I mentioned, you know, after this, the drilling program over the next six six months, I think we'll demonstrate an even longer mine life than twelve and a half years. And then one thing we haven't spoken about in this presentation because it's been focused on data is the complete blue sky opportunity we have in Cote D'Ivoire as well, which I think will also unlock a lot of value for our shareholders.

28:55 So right now, you know, particularly given the gold price environment and the fact that we can fund everything ourselves, I think we've gotta we're in an excellent position in terms of our organic pipeline, and we look forward to delivering that. Bonus dividend is very much appreciated. Can the board take another look at share buy share buybacks? Buybacks are highly earnings per share value accretive and tax efficient for all shareholders. Look. We've we've had a we just had a very similar question, so I think this is this is noted, and we will take this away. Management have previously indicated 500,000 ounce oxide resource target. Can management spell out what each additional 100,000 ounce oxide would mean for the due to projects economics?

29:48 Yeah. Look. I think I answered that question before you asked it, but I'll just reiterate that, you know, an additional every additional 100,000 ounces is usually value accretive. The the the minus fully paid off in year one. If you we're using a a $1,500 all in sustaining cost of the oxide phase and the $4,250 gold price, we're looking at just under $3,000 margin per per per year. The oxide phase can produce between a 100 and $110,000 100 and a 110,000 ounces per year, and that will equate to the bottom line of $300,000,000 per year. So we can certainly hugely increases project NPV over the next six months, and we intend to do so. And that's why this updated feasibility study is such a priority.

30:41 In saying that, you know, we still have huge confidence in the project as it stands. The economics of the project is derisked enough that we we're going full speed ahead on the development pipeline, and that includes ordering the mills in the very near future even before financial close. If data exploration begins to show a significantly larger resource, will management consider increasing the plant's throughput size thereby reducing the all in sustaining costs? Look. At at at the moment, we we believe we've sized the plant, you know, optimally. You know, it's a it's a one gram Is it at the moment? You know, obviously, in second layer, we we've been blessed with very high grade. It's not quite the same here. It's a it's a lower it's just simply a lower grade deposit.

31:38 So we we we believe the the plant is optimized. The the the nameplate capacity of three and a half million tons per annum, you know, if we look at what we the nameplate capacity in in Nigeria versus what we actually end up producing, I think we we've constantly, for the last four years, produced at about 25% above nameplate capacity. So, look, not not to directly ex extrapolate, but using the same same EPC contractors and the same mills that apps, you know, we can we will be able to push ahead of the nameplate capacity that we have. By how much? I don't know, but I certainly think we it's something we'll be able to to do.

32:26 Why does the Baraka 3 resource contribute relatively little to the total resource? Could this change with further drilling? I think that's an excellent and and very important question. You know, we we build out Baraka 3. In terms of geological continuity, we still believe even within the pit shell, there's significant upside that we we had an infill in terms of geo statistics, so just close to spacing drilling. So there's there's resources that lie within the pit, very easy winds, very low low cost low hanging fruit, shall I say, as part of this 40,000 meters to be converted into indicated resources and correspondingly into reserves. We expect the Baraka 3 contribution to increase significantly over the next six months.

33:17 Look. After having delayed the the PFS, last thing I wanted to do was to announce another delay to to complete this infill drilling. The project as it stands looks has excellent economics and to only improve once we complete this drilling of of Baraka 3 as well as the other targets I showed in the presentation. Where does the process plant expect to be located and why? The process plant is expected to be located just in the Southwest of the Mucosa deposit. We need to guess this is where most of the high grade ounces currently are and the mucosa tail is and we we do expect additional upside coming from Busan Koba as well as due to West.

34:12 So right in the middle of all the resource targets we have. Will mining be done in house or by contractor? Currently, the we we've done our PFS based on using a a a mining contractor, but, obviously, that that could change over over the next twelve months, but currently, the plan is to use a contractor. I'll keep going. Are you considering a TSX listing for the current Mhmm. Fiscal year? No. Not for the current fiscal year. I think this is also this also ties into the question I I just answered about promoting ourselves into a a larger exchange.

35:10 Negotiation with the government in regards to tax will likely take place. Again, that was covered in the presentation. We hope to have this put to bed by the end of June this year. What is the current royalty rate being paid at Segolola has risen? In Nigeria, the currently current royalty rate status quo remains, which is round about $15 per ounce. We are talking with the government. We do expect a rise to about between 30 and $45 per ounce. When do you anticipate filing the n I forty three one zero one technical report for the due to PFS?

35:59 Like to file it within forty five days of yesterday. A lot of questions on Segli here and and life where where, I say, drilling is ongoing there. So I'll just group all these questions into one. Drilling is all ongoing then. There are various studies being carried out as well, and we will be looking to update the market around the end of the quarter. Can you clarify comments about the possibility of running with oxide at primary stages concurrently? Can this done within the capacity of the planned CapEx? Will this require a plan to upgrade?

36:48 So yeah. So what I what I was saying is right now, the oxide phase is designed to run from years one to year four, and then then the primary phase is designed to come on stream from five to twelve and a half. However, if we do extend the oxide phase from years one to eight and we are sitting on surplus cash, the primary phase of the of the roasting can come in. Doesn't have to wait for the oxide phase to to end. So rather than producing 100,000 ounce a year from the oxide and then waiting for that to finish and producing 60,000 ounces from the primary, if we are sitting on sufficient cash and we do have the comfort confidence, we can bring the primary phase on stream to produce an additional 60,000 to the 100,000 we're producing from the upside phase.

37:41 It's it's a circuit that can be the the primary output can be added on to the once it's been through the roasting once it's been through the roasting circuit into the it can be added into the CIL circuit, and then the output then increases as a whole. But, obviously, for us, the focus right now is how to extend that oxide phase, and these are great options to be to be to be to be contemplating in a few years' time. Stick to dividends rather than share buybacks. Yeah. I think wait for the update to for the update on the lithium project considering the price increase of lithium.

38:33 Yeah. Look. We're we're obviously, as a top priority in Nigeria is exploration to extend the mine life. We've put a lot of money into the the plant. It's fully repaid. The ounce we produce there is extremely valuable. So that's taken our top priority, but we we are continuing to advance our exploration on our lithium portfolio at a much lower cost and a much lower rate than we have gold. One of the things we did do last year was purchase our own drilling rigs, which has enabled us to to drill at a much more cost effective rate. We are considering that whole whilst exploration is going, we're probably just waiting for a window where we can relieve one of the rigs from the gold to to advance the lithium.

39:19 Well, in the background, the drill targets are being delineated and a lot of work is being done on them, which includes mapping and geophysics. When we do come around to to drill them, hopefully, we we will be ready, we will have a good runway ahead of us to to drill. Can you explain why you selected the discount rate of 5%? Yeah. We looked at comparables in Burkina, in Cote D'Ivoire, in Guinea, and we looked at what discount rate they used. And they used 5%. And we thought Senegal was similar if not less risky than the other jurisdictions. However, we have included a sensitivity table, so, you know, you can you can see very clearly the discount rate at 5% and at 10%.

40:21 Okay. Are you going to Endava? Yes. I will be. We have a stand at Endava, and I'll be pleased to to be anyone who comes to the stand and answer any questions, yeah, or even to to meet socially. Yeah. Look. I think I've I've covered as much as I can here. There there's some repetition in the questions. If there's anything I haven't answered, I'll be happy to follow-up by email. Thank very much. That's great. Well, Shagun, thank you very much for your time and for updating investors today. Can you please ask investors not to close the session? It should now be automatically redirected to provide your feedback, and all the management team can better understand your views and expectations.

41:06 On behalf of management team of THOR EXPLORATIONS, we'd like to thank you for attending today's presentation, and good afternoon to you.