Earnings call transcript: Thor Explorations sees record Q2 2025, stock rises

Thor Explorations Ltd. reported a record-breaking second quarter in 2025, showcasing strong financial performance and operational milestones. The company has transitioned from a net debt position to a net cash position, significantly improving its financial health. According to InvestingPro analysis, Thor maintains an EXCELLENT financial health score of 4.22 out of 5, with particularly strong metrics in profitability and price momentum. Following the earnings announcement, Thor Explorations’ stock saw a 2.4% increase, reflecting investor confidence in its robust performance and future prospects.

Key Takeaways

• Thor Explorations achieved a net cash position of $53 million, up from a net debt of $38.5 million.
• The company maintained its production guidance of 85,000 to 95,000 ounces annually.
• Thor paid its first dividend and announced plans for a second of similar value.
• The company is advancing several projects across West Africa, with promising drilling results.

Company Performance

Thor Explorations reported a record quarter, driven by strong gold production from its Segalolo gold mine in Nigeria. The company has effectively managed its operations, resulting in a notable shift to a net cash position. With an impressive revenue growth of 72% and an attractive EV/EBITDA ratio of 2.17, the company shows strong operational efficiency. Additionally, Thor has made significant strides in its exploration efforts, particularly in Senegal and Cote D’Ivoire, which are expected to enhance future growth prospects. For detailed analysis of Thor’s valuation and growth metrics, check out the comprehensive Pro Research Report available on InvestingPro.

Financial Highlights

• Net cash position: $53 million (from a net debt of $38.5 million)
• Dividend: First dividend of $5.8 million paid, with a second planned
• All-in sustaining costs: $915 per ounce
• Working capital: $65.5 million

Market Reaction

Following the earnings call, Thor Explorations’ stock rose by 2.4%, closing at $47. This movement reflects investor optimism about the company’s strong financial results and strategic initiatives. The stock has delivered impressive returns, with a 254% gain over the past year and nearly 138% in the last six months. Trading near its 52-week high of $49, the stock shows sustained positive sentiment. InvestingPro subscribers have access to 16 additional ProTips and real-time valuation metrics for Thor Explorations.

Outlook & Guidance

Thor Explorations reiterated its production guidance of 85,000 to 95,000 ounces annually. The company plans to spend $21.5 million on exploration, with a preliminary feasibility study for the Duta project expected by year-end. Thor is also exploring potential mine life extensions at Segalolo and evaluating project financing for future developments.

Executive Commentary

CEO Shagan Lawson highlighted the company’s strong cash generation and growth prospects, stating, "We still believe we are a significant value proposition. There is still a lot of upside to come." He emphasized Thor’s strategic focus on building its second mine and enhancing exploration efficiency.

Risks and Challenges

• Gold price volatility could impact revenue and profitability.
• Operational challenges in West Africa may affect project timelines.
• Exploration results may vary, influencing resource estimates and future production.

Thor Explorations continues to position itself as a key player in the gold mining sector, leveraging its strong financial position and strategic initiatives to drive growth and shareholder value.

Full transcript - Thor Explorations Ltd (THX) Q2 2025:

Moderator, Thor Explorations: Good afternoon, and welcome to the Thor Explorations Investor Presentation. Throughout this quarter, 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 in the right corner of your screen. Just 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.

However, the company can read all the questions submitted today and publish responses where it’s appropriate to do so. Before we begin, I’d like to make the following poll. I’d now like to hand you up to Shagan, Lawson’s CEO. Good afternoon to you, sir.

Shagan Lawson, CEO, Thor Explorations: Good afternoon. Thank you. Good afternoon. Good day. Good morning.

It depends where you’re logging in from. I am pleased to be here to be presenting our second quarter financial and operating results for the three months ending 06/30/2025. There’s a disclaimer here. There will be some forward looking statements with full details. This presentation would be made available on our website, so you can refer to this disclaimer if required.

I’ll start off with my usual overview. You know, we’re advancing projects in three jurisdictions in West Africa. We’re very well positioned for organic growth through exploration in all three jurisdictions, and our value is underpinned by our 100% owned Segalolo gold mine located in Ocean State in Nigeria, where we are now in our fourth year of production. We have consistently been producing between eighty five and ninety five thousand ounces per year at a, you know, a very, very competitive in global terms, all in sustaining costs below $1,000 per ounce. We have a guidance this year, which we maintain at the half year point of 85 to 95,000 ounces per year, and we also maintain our cost guidance of below $1,000 per ounce, roundabout between 800 and a thousand dollars per ounce.

In Senegal, we have our Duta project where where we have assembled two licenses, which are contiguous to form the project. We’re advancing this through to a preliminary feasibility study that’s has the most recent work been done on that, which will be in spoken about later on in this presentation is the completion of a 12,000 meter drill program. And we are now combining that and awaiting the final results and incorporating that into a PFS, which we believe will be more economic than where we were prior to adding this new project. And lastly, we’re in Cote D’Ivoire on the gold front where we have three licenses. We press released a couple of weeks ago the initial drill results from the license where we which we acquired from Endeavour.

We’ve got some early stage exploration, which has turned up some very encouraging results in our project called Marahui in the Northeast of the country, and we have the Bundiali license as well. Lastly, we have a very early stage lithium portfolio, which we have put on hold for the time being. We I will say we have brought our own drilling rigs into the country, and we will be revisiting our entire exploration portfolio and how best to flexibly carry out exploration across all our portfolio in Nigeria. From a corporate point of view, we’re listed on the TSXV and also the AIM market of the London Stock Exchange, TSXV market of the Toronto Stock Exchange. We’ve had a very good share price performance over the last twelve months and through the course of this year.

That’s, I I believe, really been cat catalyzed by being completely deleveraged from our senior debt with the Africa Finance Corporation, strengthening of our balance sheet on a month by month basis. And, also, we are also currently returning money to shareholders in the form of a of a quarterly dividend, and this is all being done in a very high prevailing gold price environment. And we’ve noticed, you know, our shareholder base being broadened both on the particularly on the institutional front. As you can see, we’re getting a lot of interest institutionally. And, also, our volumes are increasing on both the TSXV and on AIM in terms of daily trades.

So we we are also getting, I would say, a lot of retail interest. So we we hope that, you know, with the continuation of strong operational performance and good exploration results, we believe, you know, our share price can continue to perform very strongly. This presentation is just characterized by what was a record quarter for us financially. We performed very strongly. I would say, you know, we early in the quarter or the previous quarter, we unwound all our hedged gold positions.

So we are fully exposed to the gold price. There were a few final sales from q one that fell into q two, and you would note that we sold roundabout 25,000 ounces versus the 22,700 ounces we poured. We did all this as an all in sustaining cost below a thousand dollars, and that meant that our balance sheet has gone through a very transformational period over the last six quarters. And at the same time, in parallel, we’ve been advancing exploration in Nigeria, in Senegal, and in Cote D’Ivoire. And, you know, the the the big milestone outside Nigeria, which we’re aiming for, which I believe will be the next big catalyst is completion of the preliminary feasibility study, which we’re in in the process of advancing and hope to have that complete in the next couple of months.

Looking at our financial highlights, like I said, you know, it’s been a very transformational four to six quarters. You know, I mentioned earlier in the presentation, we’ve completely repaid our senior debt facility. If you and this has been coincided with gold getting to all time high positions. If you look at our our liquidity and cash flow generate generation, that’s been very strong. You look at our net debt position.

You look at where we were at the end of q two last year where we had a net debt of 38,000,000 38 and a half million dollars to where we are at the end of q two this year, the net cash position of about $53,000,000 and still strengthening, you could see that, you know, it it has been a trans transformative period whilst in that q two this year already paid a first dividend of about $5,800,000, and we’ll be paying our second quarterly dividend tomorrow, in fact, of round about the same. Our dividend policy is for an initial two years, after which it will be reviewed and can be extended and hopefully will be extended based on exploration results and extending the my life in in Nigeria. This is also a minimum dividend payment, so, you know, we we will constantly review the quantum of the dividend that’s being paid out to shareholders. The other thing to note here would be in the top right hand corner of the graph there, we we are continuing to keep our costs in extremely competitive regions on a global perspective and also an African perspective. This quarter, we had an all in sustaining cost of $915 per ounce, and we feel confident that through the course of the rest of the year, we will be able to maintain our costs below a thousand dollars per ounce.

Lastly, I would probably just quickly highlight on our working capital position, which continues to strengthen. And, you know, again, as I say, it’s also demonstrates the the transformation the company is going through with a working capital position now around about 65 and a half million dollars. So, you know, I I I do believe we’re we continue to generate strong cash, and we will at these current gold prices. However, you know, we still believe we are a significant value proposition. There is still lot of upside to come to be triggered by a number of catalysts through exploration, through completion of a pre pre feasibility study, and through the exploration upside we have in our earlier stage projects in Cote D’Ivoire.

Operationally, we were pleased with how we performed this quarter. You know, we we we mined 4,600,000 tons of material this time last year. It was much lower this year. However, we’re getting into a a richer zone. The grade of the material we mined was just over three grams per ton versus, you know, 1.78 grams per ton in q four last year.

And, you know, we’re we’re seeing this grade sort of stabilize at these levels as we’re we’re getting deeper in the in the pit. We do have ore stockpiled, and that’s roundabout 40,000 ounces. That’s a significant amount of gold on the stockpile that will be passed through and also passed through the processing plant at the end of the envisaged mine life at the moment. However, we do, at certain in certain quarters, call on that or stockpiled to blend with some very high grade material so we can have a a steady rate that’s being throughput through the mill. So, you know, from an operational point of view and on with our processing plant, we’re very happy with our performance here, and we believe based on this, there’s no need to change our guidance for the course of the year.

At the midway point in the year, we’ve poured around about 45,000 ounces annualized. That would land us right in the middle of our guidance between eighty five and ninety five thousand ounces for the year. Very important for us, and we continue to prioritize this, is our social responsibility and community development. This quarter was no different. We continue to to prioritize this.

We we we pride ourselves on maintaining the social license to operate in in in the area. Our community projects this quarter alone store us commission community hall, donate nine mini buses to the communities, which are now being used in a transport cooperative between us and and and the the local communities, a football competition, which is always a a a very popular calendar fixture. In Senegal, where we’re increasing our spend and moving towards development, we’re also increasing our community projects there as well where we have scholarships now being rolled out. We’re also very proud to say, you know, in our in our workforce, we we continue to hire locally and try and procure locally as much as possible. 99% Nigerian of which, you know, 48% are are from the state itself.

Itself. On the environmental side as well, we we we we’re keeping track of our greenhouse gas emissions. We’ve improved our our water intensity by reclaiming water from from the tailings management facility and using that in the process plant. And, also, we’ve seen improvements on energy intensity and emissions intensity. And lastly, on the health and safety side, we also continue to maintain best practice standards there.

So I I I did mention that, you know, we we are underpinned by very strong cash flow. However, I I do like to emphasize that we believe this is still a growth story. I am very conscious that, you know, we we have been drilling through the course of the year, and we do have backlog of drill results which have been going into various interpretations as the drilling program has evolved. We believe that, you know, there is significant value to be unlocked underneath the pit. We completed 12 holes during the quarter.

This was following a proof of concept drill program that had been done prior to this. And these were built on, you know, the the initial drill results that we had early in the year. So we look forward to getting these results out to to the public. They will be made public this month, and the drilling here is ongoing throughout throughout the year. One thing I would say is the rate of drilling in Nigeria around and underneath this pit is increased is going to be increased between now and the end of the year.

We have purchased our own drilling rigs, two reverse circulation rigs, and a diamond rig, And that would have a positive effect in in two ways. Number one, will certainly increase the rates at which we drill. And secondly, it will decrease the the cost of our of our drilling. So we should after this rainy season and once these rigs are commissioned towards the end of this month, we look forward to upping the rate of of drilling and also regularly updating the market with our true results. So that was a priority for us in Nigeria.

I’ll now move on to Senegal. A quick update here is that, you know, obviously, this is a project that we’ve been working on for the last few years on these two licenses that form the the Duta license. We we the license is very well located. Should I say the project is, you know, five kilometers east of Massawa and having a significant amount of gold shows and deposits around it. You know, we have a a resource that has the a global resource of 1,780,000 ounces that hasn’t been updated yet.

We are very advanced in our preliminary feasibility study work streams. We completed further drilling on the main deposit, which is Mecosa, Mecosa East, and Mecosa North to convert the inferred material that’s indicated to use in our our preliminary feasibility study. However, as we were getting on the home straight to wrap up the preliminary feasibility study earlier this year, we did drill two discovery holes at a new prospect called Baraka. And the reason why these holes are so important and material to us was because they were on a mineralized structure that we could see extended for a couple a few kilometers, two to three kilometers in in the soils. And when we drilled them, you know, the they were wide, high grade drill results.

Importantly, they were in the oxide, which is a very easily recoverable material. So we initially set out to do about 8,000 meters of drilling. We ended up completing 12,000 meters of drilling, and with we expect to have all the assay results back this month. We’re we’re very encouraged by by what we’ve seen there to date. We look forward to releasing these results to the market.

We’ve also sent off a significant portion of our samples for metallurgical testing in Australia. First round of metallurgical tests we’ve done on on these samples have been very encouraging. What we’re trying to do here is target an initial half million ounce oxide easy process material as part of the project, and that would greatly enhance the project economics as a whole. And, you know, we we’re we’re pretty confident that we’re on track to do that. So like I said in in when we were talking about Nigeria, we are conscious we do have backlog of drill results that will be coming out.

Once these results start coming out, Nigeria and here in Senegal, we do expect a a constant stream of news flow. Here, I’m just showing you the the initial two discovery holes that triggered our decision to drill the structure at Baraka 3 prior to completing the preliminary feasibility study. And as I mentioned, you can see, you know, 20 meters at 1.3 miles per ton, 19 meters at 2.46 miles per ton. Strong rock chips and along the entire structure, which based on what we’re seeing has definitely justified the decision to move ahead and and drill this structure out. So in Senegal, you know, where we look forward to updating the market with our drill results and then updating the resource and then coming up with the preliminary feasibility study.

And I do expect that we will have all the the drilling results back through the course of this month and shortly after the the resource and subsequent to that, shortly after that, the preliminary feasibility study. I I will stick my neck out and say, look. We we we’ve expect to have this preliminary feasibility study completed certainly before the end of this year. Moving on to our last jurisdiction in Cote D’Ivoire where we have three licenses. This is our most advanced projects in Cote D’Ivoire, the Gucci project.

Some of you may have seen we had drill results out a couple of weeks ago. This was our first initial results in. We couldn’t have asked for a better start in the country. This was a great entry into the country, getting this project as low cost. It was characterized by an area which was eight and a half kilometers by five kilometers of soil geochem anomalies and historic drilling.

We spent a lot of time reinterpreting the drilling and came up with a hypothesis where we we had these northwest, southeast trending parallel loads. So we set out to drill them. We ended up drilling just over 3,000 meters in q two. We got our first set of results, which we released to the market. We have a second set of results pending, and, hopefully, we’ll, in fact, we are scheduled to get them through the course of August as well.

But like I said, we couldn’t have asked for a better start. The hypothesis proved to be right. High grade wide loads, parallel loads, which remain open in both directions. So, you know, looking at some of these drill results, 14 meters wide at 2.6 grams per ton, 17 meters over two grams. Our best hole in terms of gram meters, 10 meters, 10.3 grams per ton.

Very strong encouraging starts to what we’re doing in the country. And we look forward to coming back here after the rainy season in early September and seeing how much bigger this thing can get. We have a a milestone in Cote D’Ivoire to get to a maiden resource here by the end of the year, and we’re targeting between half a million ounces and a million ounces. And that certainly starts putting us on the on the map in the country, and it also gives us a great pipeline organic pipeline of projects where we have production in Nigeria, production and growth in Nigeria, a development project in Senegal, and a maiden resource in Cote D’Ivoire. Staying in Cote D’Ivoire, our second project sorry.

The these are the drill results which not only remain these are drill results from Vuitti, which not only remain open along strike, but also if you look at them in cross section as well, we certainly haven’t closed these resource sections out at depth. So part of what we do when we come back is also to test the strike, but also to see how how much deeper these drilling results, these mineralized structures go. So our maiden resource of between half a million and a million ounces targeted for the end of the year is very much our priority here. So sorry. Staying in in Cote D’Ivoire, I was very excited about this project, which is why I I got slightly ahead of myself.

We we also have kicked off our early stage exploration on the Marahui project, which we are very excited about and very excited to move forward. We’ve done all the work necessary to define 6,000 meter drill program, which will commence towards the end of q three. This program has been delineated through soil geochemistry, which has also been reconfirmed with rock chip anomalism, which has been very high grade over a strike length of about five kilometers in very good rocks in terms of geology in the Permian Greenstone. And prior to drilling during the rainy season, we will also be flying our AeroMag and geophysics over over these licenses to a to aid the targeting of the drill program. There’s all the community work is also being carried out at the moment, so we hit the ground running once the rainy season finishes.

This is a project where we’re extremely excited about to to come back and drill, and, you know, has got significant potential. So all all the initial results have been very encouraging, and we look we look forward to coming back to to drill this between now and the end of the year, between September and the end of the year. So I will wrap up with some key points. We’re on track for our guidance for the year. We’re keeping it.

We’re we’re we’re tracking right in the middle of the ’85 to 95,000 ounce guidance we gave at the beginning of the year. We’re also tracking in the middle of our costs for the year, round about $900 per ounce at the moment. We have a robust free cash generation. Our net cash position is growing very strongly on a on a monthly basis, and we’ll be updated to updating the market on a quarterly basis with with our financials where we’ve demonstrated our commitment to return funds to shareholders in a sustainable manner, and that’s ongoing. Based on the early results we’ve had in Nigeria, in Senegal, and we are increasing our exploration expenditure across our entire portfolio.

The upper end of this is about 21 and a half million dollars we’ll be spending on exploration this year. And this will be deployed in all three countries where we’re advancing exploration, prioritizing our near mine and underground drilling at in in Nigeria at Segalola, where we believe we will be the most impactful in terms of value creation. We are continuing to advance our diesel project towards PFS. We’ve that will be incorporating the drill results from Baraka 3, and we have kicked off our we’ve we finished our first phase of drilling in Cote D’Ivoire, and we will be kicking off two drill programs there, a 5,000 meter budgeted drill program at Guitri and a 6,000 meter drilling program at M’Arahui. Thank you very much.

I will now hand over for the q and a.

Moderator, Thor Explorations: That’s great. Well, Shagan, 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 corner of your screen. But just while Shagun takes a few moments to review the questions that have been submitted today, I’d like to remind you 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.

Shagun, as you can see, we have received a number of questions throughout today’s presentation. What I’ll do now is I’ll just hand back to you for you to read through the questions, and then I’ll pick up from you at the end.

Shagan Lawson, CEO, Thor Explorations: Thank you. I’m just going through the questions, quite a few, but I’ll get through as many as I can. Okay. Alright. I’ll read out the question, and then I’ll answer it.

So first question, regarding DITA. Thor has announced that a minimum 500,000 ounce of oxide ore has been established from recent drilling. Given the likely 2,000,000 ounce mineral resource estimate to be announced, can it be assumed that 1,500,000 ounce is in transitional refractory? Look. I I I think until we have the official resource update, I I can’t speak too much about this, but, you know, we we do have a target of having half a million ounces in the oxide.

We believe we’re very well on track to do that. We historically, we’ve had a global resource of 1,780,000 ounces of which the indicated component was round about 900,000 ounces. For the PFS, I think we will certainly have a material uplift on the indicated component. When will Thor release drill and assay results from the drill program conducted at Segoloto in q one and q two? Like I mentioned in the presentation, we will be we will start releasing these results this month in in August for the underground.

Will satellite deposits be included in the revised mine life? Yes. They will. The satellite deposits aggregated well, individually don’t make a huge impact, but aggregated, they certainly will, and that that will be part of the studies where where we’re carrying out how to aggregate them and incorporate them into into the MyLife. For Sagalola resource upgrade and reserves, will there be more announcements regarding drill results or just an upgrade later in the year?

There will certainly be announcements with the with the drill results. I you know, I think through the since the beginning of this year, there was a lot of exploratory drilling. There was a lot of testing of hypothesis. We had to get fully on top of that and then drill out what we wanted to drill when we had some comfort before releasing the results. So there is a a backlog.

We we are drilling now in a a more systematic way, and I think that will correspond to a more timely release of results as they come in. Cote D’Ivoire seems like a great country to operate, and Thor have a mine operating there before Senegal. Oh, Cote D’Ivoire is certainly a great country to operate in. It’s been a success story in terms of gold discoveries, project development, and taking into production over the last ten years. I think we have way more of a head start in Senegal than in Cote D’Ivoire.

And because of that, I I even though the projects we have in Cote D’Ivoire are looking extremely exciting, I think it’d be very difficult to leapfrog the project. Are there any actual plans or ideas in mind regarding shareholder returns after the two year dividend period, particularly if gold becomes cheaper? For example, keeping specific cash reserves short term external investments, ETC. Yes. Yes.

There are, Luke, where where we have our treasury management policy, which is being constantly reviewed by by the board. Our dividend policy is set to two years and will be reviewed at the end of two years Depending on the the mine life, we will possibly extend it. And also for we we will retain a significant portion should I say a sustainable portion of our balance sheet for our equity component for data for the data project in Senegal. We we we believe that we can based on our existing pipeline, we can develop all the projects we need, return money to shareholders without any shareholder dilution. And that’s one of the one of the things we’re priding ourselves on and we’re hoping to achieve.

Congratulations on an exceptional journey thus far on second level extension. Do you see an underground operation or is there potential for a continued open pit mining? First of all, thank you. It has been quite quite a journey, and we’re we’re very pleased with the share price performance over the last twelve months and seeing seeing that recognition in the share price performance. Regarding the operation, look.

We when when we did our initial feasibility studies, gold was trading a lot lower than it is now. So we we had looked at the my map extension in the underground. However, given where the gold price is now, you know, one of the studies we are carrying out now is the ability to cut back and make the open pit deeper in certain areas and recover some of that gold. It’s worth remembering, it’s not a very wide ore body. It’s, you know, one to two meters wide and a significant portion of the strike length.

And, you know, it’s with a with a very high strip ratio. So a lot of studies have to be be done in that regard to make sure it is economic. Obviously, our preference would be to to continue as an open pit, but we we’ll only know once the the economics have been fully evaluated. Any possibility of starting a share buyback in addition to paying a dividend? Look.

We’ve we’ve looked at a share buyback before. It wasn’t the right fit for us based on our our volumes. I think at the moment, you know, we’re we’re comfortable with the level of dividend, and we we will continue to review this. It seems like there have been a few repeat questions on on the mine life extension and the drill results. So I I’ve already stated what we’re doing there.

Will externally source finance be required to fund production programs at all existing projects we own and manage. All the exciting projects we own and manage. Yes. We’ll we’ll be looking at project finance, certainly, for for Duta. We will be in a position where we have a strong enough balance sheet to provide the equity component of that without going out to the market.

But, certainly, project finance will be required. And the emphasis is that we will be trying to develop our entire portfolio without any further shareholder dilution. Do you expect to pay down payables at a similar rate, and what is the current remaining my life of cellulola? Yes. We do expect to to continue paying down.

In fact, we expect it to be slightly accelerated between now and the end of the year. The gold stream to the Africa Finance Corporation is is been fully invoiced now at the June. So going forward, we don’t have that accrual. In fact, by the end of the year, we expect all the payables to be no greater than 5 or $6,000,000, and that’s just based on current invoices. So I think that’s all the all the questions I I have.

Moderator, Thor Explorations: That’s great. Well, Shagan, thank you very much for answering those questions from investors. Of course, the company can view all the questions that have been switched today, and we will publish a response to that on the investor meet company platform. Just before redirecting investors to give you their feedback, that’s particularly important to yourself, Shagan, Let’s ask you for a few closing comments.

Shagan Lawson, CEO, Thor Explorations: Yeah. Thank you. I would close out by saying this is has been a a fantastic first half of the year for us, our best ever in terms of both operationally and financially. The company is in a very strong position with a balance sheet that’s growing and strengthening Despite the very impressive performance in the share price over the last twelve months, I still believe we’re we still have a lot of value to unlock, and I still believe we’re we’re undervalued, to be quite honest. We’re underpinned by real cash flow, real strong free cash flow.

We have a big catalyst coming up for a project in Senegal, which we are not just doing a feasibility study a preliminary feasibility study for for academic purposes. We we are looking to build our second mine, and we’re already working hand in hand with our EPC contractor on in in that regard. And in addition to all of this, we have fantastic optionality in all three jurisdictions. There’s a lot of exploration upside in Nigeria where we’re looking to extend the mine, in Senegal where we’re we’ve drilled this new discovery at Barakta 3, and in Cote D’Ivoire where we have two great exploration projects that have turned up very encouraging initial exploration results.

Moderator, Thor Explorations: That’s great. Well, Shagun, thank you once again for updating investors today. Could I please ask investors not to close the session as you’ll be automatically redirected to provide your feedback, and all the management team can better understand your views and expectations. On behalf of management team of Thor Explorations, we’d like to thank you for attending today’s presentation, and good afternoon to you

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