Good afternoon, ladies and gentlemen. Welcome to the Thor Explorations Ltd investor presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that is just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish our responses where it is appropriate to do so on the Investor Meet Company platform. Before we begin, as usual, we would just like to submit the following poll, and if you could give that your kind attention, I am sure the company would be most grateful. I would now like to hand you over to CEO, Segun Lawson. Segun, good afternoon, sir. Good afternoon. Welcome and thank you. I am pleased to be here again, presenting our Q2 2026 financial and operating results. For the benefit of those who are new here, I will start with an overview. Thor Explorations is a West Africa-focused gold producer with a presence in three countries. In Nigeria, where we have what I would describe as our flagship project, the Segilola Gold Mine, which is now in its fifth calendar year of gold production, and forecast to produce between 75,000 oz and 85,000 oz of gold this year. Our second project is the Douta project in Senegal, where we are at the final stages of reaching our final investment decision. That involves finalizing our negotiations with our financiers and with the government of Senegal for the Mining Convention. 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. Finally, we are in Côte d'Ivoire, where we have assembled a prospective portfolio of five exploration licenses now, and we are advancing exploration, particularly on our two priority licenses and low-cost exploration on the other three. To recap that, in Nigeria, our production in 2025 was just about 92,000 oz. This year, we expect to produce between 75,000 oz and 85,000 oz as an all-in sustaining cost guidance of between $1,000 and $1,200 per oz. In Senegal, our project there is 100% owned by us. We have a global resource of just under 2 million ounces and a reserve of 1.2 million ounces grading over a gram per ton. We were very encouraged by the preliminary feasibility study, which we released earlier this year, which showed a pre-tax NPV 5% of $908 million using a $3,500 gold price. In Côte d'Ivoire, as I mentioned, we are pushing ahead with exploration on what is very prospective and exciting ground of uranium and greenstone. From a capital markets perspective, we are listed on both the AIM market of the London Stock Exchange and the TSX.V 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 in terms of price targets on our coverage, it is not just my opinion, it is the consensus opinion that we are undervalued and there is significant upside potential in our valuation. How did we perform in Q2? It was a steady and strong performance. I think the process plants and the mining operations have been in a steady state for quite a while. We mined just over 1 million tons as we get towards the final southern end of the open pit. That was a mine grade of 1.54 g per ton. That has been steady over the last, should I say, through the course of this year. I still see a big takeaway here really in the terms of the ore stockpile. Ore stockpile has been growing as we continue to maintain a throughput head grade of just over 2.5 g per ton. We now have about 58,000 oz of gold on our stockpile, grading at 0.74 g per ton. 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 around about $260 million of gold just sitting on the stockpile at the moment. In terms of our processing performance, that has been steady through the course of the last five quarters as well, processing about 240,000 tons per quarter. As a grade, as I mentioned earlier, we are maintaining about just over 2.5 g per ton head grade. The recoveries have been stabilized as well, coming in at 93.3%. We recovered 18,500 oz of gold and poured just over 19,000 oz of gold during the quarter. Financially, it has been another very strong quarter. We are in a steady state of production. We have been very disciplined with our costs, and we are continuing to produce in a very high gold price environment. The gold price has come down from the previous two quarters, and we still managed to generate revenues of $77.6 million, of which it was a $48 million in profit for the quarter. 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 $218.6 million, with a working capital position of $230.8 million. We have been continuing to strengthen our balance sheet, grow our cash reserves, and we have done this all whilst maintaining our dividend policy and returning money to shareholders on a quarterly basis at a rate of one and a quarter Canadian dollars per share. Since we announced our policy in April last year, we have returned $38 million back to our shareholders, and we will continue to do so on a quarterly basis. Another big takeaway from this quarter was, even though we had this strong performance, we did have over 7,500 oz of gold which remained unsold in the period, and we will be, or should I say, we have sold immediately subsequent to the end of the period in Q3. To summarize that in a snapshot, we sold over 17,000 oz of gold from the 19,000 oz we poured. If we look on a half-yearly basis, it has been an excellent start to the year. In terms of revenue, $151 million over the first six months of the year is a record. Our EBITDA of $108.4 million over the first six months of the year is another record. Our net profit for the first six months of the year, which was $95.5 million, of which $48.7 million was in the quarter, is also a record. I guided you towards our stockpile at the end of Q2 of 58,400 oz, which is roughly at the throughput rate we're going now is about two years' worth of plant supply. We finished this with an adjusted net cash position of $218.6 million. The company continues to perform well operationally. The mine continues to produce. We have no issues with our costs. We are continuing to produce gold at a very high margin. Our balance sheet continues to grow. Our liquidity position continues to improve. Our net cash position is forecast to continue to grow through to the end of the period. The reason I emphasize on this is I would like to discuss for a couple of minutes on our valuation, which we don't normally do. I would like to probably turn attention to this really based on our recent share price performance despite our strong financial performance. If we look at our P/E multiples compared to our peer group, we are trading at a material discount given the cash we have in the bank, our net cash position, and the fact that we continue to have exploration upside. Same with our enterprise value to EBITDA ratio as well. Compared to our peer group of 3.5%, we're trading at 1.3 on a one-year ratio or 1.4x on a two-year ratio. If we look at our price to net asset value, again, we're in the bottom quartile compared to our peers. I say this prior to moving on to the exploration section because if we look at our valuation of, let's say CAD 740 million-CAD 750 million or $ 500 million, we have a net cash position of about $220 million and the stockpile sitting there with an additional $250 million. 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, this year we would have the same amount of cash as our market capitalization. Obviously, that is a very unrealistic scenario. We have material exploration upside to deliver to our shareholders. I'll talk you through that through our exploration potential. Last week, we press released a set of drill results. We've been drilling away underneath the Segilola 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. 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 m below the final pit design. As a strategy now, as mentioned on our last couple of calls, we are chasing a minimum number of ounces prior to updating our, should I say, mine life and mine plan, and that number is round about the 300,000 oz mark. We believe that is a good number to plan from even at a reduced throughput rate that would actually add material mine life to the end of the open pit. We are getting some traction with this strategy and we are continuing to push ahead. We have four rigs currently operating that we own ourselves. We are able to drill at a low cost, flexibly, and we are able to even as the drilling campaign continues, one of the conversations we are currently having internally is to add to our fleet of drilling rigs to see how we can accelerate our drilling activities. If we look at our drill results in cross-section, you can see in these three different cross-sections ranging from the north of the pit to the south of the pit, the final pit design, we are intersecting wide, high-grade gold mineralization at hundreds of meters below the final pit design. For me, it is not a question of if there is more gold here or if this mine life will be extended, it is how much there is and how much the mine life will be extended by, and that is what we continue to work towards. These intercepts are strong, high-grade, ranging between 5 g and 11 g per ton. We have had our widest intersections at depth, 19.5 m, grading at over 3 g per ton, and that remains open. We are truthfully excited to keep infilling this mineralization both down dip and also working our way back up towards the bottom of the open pit. This is all going ahead. We will be continuing this and looking to make these underground development decisions over the next three to six months, and that is the timeline we are giving ourselves to reach this minimum number of ounces of mineable extractable gold underneath the pit. Moving over to Senegal, we have a project where we have been drilling and advancing through various stages of development. It has been organically developed by ourselves right from grassroots. We drilled the first discovery hole in 2012. We drilled a significant amount of meters here, over 133,000 oz. With the reserve and resource sitting where they are, we have had a very low discovery cost of round about $8.50 per oz. This deposit is in the Birimian rocks in the Kéniéba Inlier in Senegal. I think for us now we have established our land position there. We have continued to grow it with prospective ground by adding what is a very prospective addition, the Bousankhoba license, which has generated 14 km of gold and soil anomalism, which we have been spending the course of the year drilling and we are now looking to first of all, release the results, and then secondly, add whatever discovered ounces here to our global resource at Douta. I think at the moment we have a reserve, should I say, of 1.2 million ounces grading over a gram per ton, and a total global resource of just under 2 million ounces. What is encouraging about this is that prior to making these additional discoveries and adding this additional ground, we completed our preliminary feasibility study, which was economically robust. It showed a 12. 5 year mine life, with a CapEx requirement of $254 million, and a $3,500 gold price, a payback period of under one year with a post-tax IRR of 61%. The project is designed in two phases, a very low-cost initial oxide phase of four years, which would produce 400,000 oz, and then extending beyond that. Part of the activities we have 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 ore phase running approximately another eight years. This will generate very strong cash flow with the oxide phase all-in sustaining costs below $1,500 per oz. If we look at a higher gold price of $4,250, the project's NPV goes up to $1.4 billion. This project is a project which we have been advancing through the course of the year. I will come to a small progress update later on in this presentation, but it is 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 Makosa resource with the Makosa Tail and the Baraka resource, and the completely prior to the PFS undrilled 14-km strike length of mineralization in Bousankhoba. Looking at Baraka 3, when we completed the preliminary feasibility study, one of the things we noted was there was scope for growth in the oxide and in the fresh. There were areas within the pit shell and along 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 Q2 was to convert the inferred ounces into indicated, and this was a successful venture which we will also be incorporating into our updated resource. We did the same with Makosa East and Makosa Tail, where we had previously inferred material within the pit and down dip. We have now drilled and looked to convert that to additional resources and reserves as well. We think the upside here which changes this to, should I say, the district's to-go project will be the drilling out of the acquired Bousankhoba license. We kicked off a 40,000 m 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 are collating and putting together in a series of press releases as we receive all the drill results, which will continue to be released through the course of this quarter. We have the exploration ongoing. We are currently completing this 40,000 m 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 the required funding from our. 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 project financing, combined with project financing. There will be no shareholder dilution required to build this project. The other key requirement for us is receiving our Mining Convention with the Senegalese government. I am pleased to say we have had very progressive talks with the government of Senegal and the Ministry of Mines, who have been extremely supportive. We are at the final stages of that. We have 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. We are looking to make that final investment decision this quarter and push ahead with this build in Senegal. That would be our second mine to add to the ounces we are producing in Nigeria. This is a long-term production mine, which at the moment is designed to run for 12 years. However, the 40,000 m 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. Finally, I will move on to Côte d'Ivoire, where we have our early-stage portfolio of now five licenses. I will not give too much of an introduction to the country. It has been a success story in terms of gold discoveries and gold mines being built. We added the Loudiba license last quarter, and we have focused our exploration on the Guitry and the Marahui projects. The Guitry project, which we own 100%, we have had an initial successful drilling campaign last year. This quarter, our focus was rather than prior to drilling out the, should I say, the discovery we made last year, we have carried out a permit-wide auger drilling campaign, which has been successful in delineating six mineralized drilling targets. As you can see from the picture on the right-hand side, these range from 1.5 km in strike length to 400 m in strike length. What we are now doing now in the current period is closing off the auger drilling in the untested areas to see if there is any connectivity between all these six targets. We are extremely encouraged to have these. Where we are positioned now is to come at the end of the quarter and the beginning of Q4 to drill out all these different targets. If we can repeat the success we had last year and at the beginning of this year, which was our initial discovery at Krakouadiokro on any of these additional targets, we are onto something very exciting for us as a company, and also for a company our size. We very much look forward to that. Lastly, in Côte d'Ivoire, we have our Marahui license, where we had the extremely encouraging starts with the soil geochemistry and the rock chip geochemistry on the pyrrhotite greenstone. 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 am pleased to say we are well stuck into that now. I do not have results in this presentation, but there will be results out this quarter in the next few weeks. This is a very important project for us, really because of how excited we are of the initial exploration results. This project has a strike length of a 5 km mineralized zone in terms of soil and rock chips and a parallel 3 km mineralized zone. We are very encouraged by the mapping that has gone on, the geophysical surveys that has gone on, and the initial drilling that we have carried out here. Without saying too much prior to the results being released, we look forward to updating the market with our drilling results here in Marahui, which will be in the next two to three weeks, certainly. I will finish off by saying we continue to produce gold at a high margin. We continue to generate very strong cash. Our balance sheet is growing now materially on a monthly basis. We maintain our guidance, 75,000- 85,000 oz, and we maintain our all-in sustaining costs of $1,000-$1,200 per oz. We are 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 is another two years, or should I say over $250 million of gold, of which the costs have already been sunk, sitting on our stockpile to go through the process plant. We are finalizing our permitting approvals for Douta to reach a final investment decision this quarter and commence construction still on time in this second half of the year. We are very much looking forward to pushing forward with our second mine as a company. In Côte d'Ivoire, we are very encouraged by the exploration results we have had, both at Loudiba and Marahui, and look forward to updating the market with these results as we continue to progress. 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. That is everything, and I am happy to proceed to the Q&A session now. Thank you. Perfect, Segun. That is great. If I may just jump back in there, thank you very much indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that is situated on the right-hand corner of your screen. Just while Segun 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&A, can all be accessed via your investor dashboard. Segun, 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 Segun, at this point, I will hand back to you to address those where appropriate, and if I pick up from you at the end, that would be great. Thank you. Okay. Okay. Yeah, there are quite a lot of questions. I think there are 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 for Segilola, how should investors think about the floor for the annual output over the next three to four years? So, I think that is a good question. I think 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 oz, which we have already exceeded. We have 75,000 oz this year, and then we are looking at a stockpile of, should I say, 60,000 oz over the course of the next two years, which would be 30,000 oz a year at a very low cost of production. Now, obviously, we intend to add to that. It is not just a stockpile we intend to produce. 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 oz. So depending on what the throughput rate is of those 300,000 oz supplementing the stockpile production, that can range from the base case we have of 30,000 oz up to between 50,000 and 60,000 oz per year. It is too early to say, and it is probably not a good idea 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. Nevertheless, we will have an updated resource statement for the underground at the end of the year, and we have the target number in mind. However, regardless of not if making this a 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 have this question pretty much every time. I think it is something that is also for discussion internally, given the really cheap valuation versus our peers, it would make sense. 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 regulations guiding the buybacks on the AIM market. So one thing I will say, since we first looked at it, our volumes have massively increased, and it is something we can keep discussing internally. We have not made any decisions on this. I think at the moment, the mechanism we're using to return money to our shareholders is the dividend policy which we believe is sustainable. However, look, the more we believe we're undervalued, which we are. If you think we have a project which we are aiming to be fully funded this quarter, and has an NPV of around about a $1 billion, and we can build that without any shareholder valuation, we do think the share price is extremely cheap at the moment and a re-rating would almost be inevitable. At this stage, do you have a sense of the potential CapEx costs might be for any extension of Senegal, particularly if the mine moves underground? At this stage, we are carrying out studies. Third party consultants are carrying out these studies, so I can't give you a definitive answer on the CapEx yet, but we do believe we have sufficient provisions for this as well. What's holding up the Douta final investment decision? Is it expected in Q3 2026, or will it be Q4 2026? The Douta final investment decision, like I said in the presentation, on the financing side, we believe we're pretty much there in our issues. I would say the main delay has come in getting our Mining Convention finalized. There has been a change in minister in Senegal as well, which obviously had a period of delay through that. I'm pleased to say myself and the team have had a very good, should I say, correspondences and series of meetings with the new minister and his office and with the government, and this has progressed very quickly since he's been in office. We do expect this Mining Convention to be finalized over the course of the next few weeks. We are targeting and we do expect realistically a final investment decision on Douta this quarter, Q3 2026. When can an updated MRE be expected? I'm guessing this is Douta. We are aiming to update the Douta MRE once we have all the results of the 40,000 m drilling program and the infill drilling which we've already carried out, and we are aiming to have that out in Q4 this year. The next question is the buyback question, which I've just addressed. What are the risks you're most concerned about at Douta? Look, we've been very pleasantly surprised with how the negotiations have gone with the government. 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 price environment, so we remain very encouraged. However geopolitically, globally there continue to be a lot of risks. There's a risk of price escalation and there's risks of escalation in global oil prices as well, which could have an effect on our AISC as well. Like any project in the world of this size, of this magnitude, there is a risk. There is the underlying execution risk. Like I say, look, we try to mitigate what's in our hands. We have the mine building team, good experience, and I think most comforting, 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 is still under the Pioneer Status Incentive and has no corporate tax to pay on Segilola in 2027. When can we expect some clarification on the company's gold production target and sources of that gold for 2027? Yes, as per our guidance, the gold production is 75,000 oz- 85,000 oz 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 g per ton. Can you expand on the gold stockpile, where it comes from? Is this ore that is lower grade and therefore hasn't been put through the plant? Yes, that's exactly right. The lower grade material, sub 1 g mostly is put on the stockpile. There are some very high-grade areas of the ore body, so we try and blend low grade and the higher grade material to get our throughput head grade of 2.5- 3 g a ton. What we can't put through to when we blend, we put on the stockpile there. Obviously, when we started producing and when we did our DFS, gold was trading sub $1,500 per oz. So the stockpile has got increasingly valuable and a lot more economic for us. When are you targeting the updated Segilola 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 Segilola? Well, the AISC for anything in the pit remains between $1,000 and $1,200 per oz. If we are referring to the underground, we will get those numbers as part of the ongoing studies that 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. In Q1, 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. We will be looking to update our results there as well. Does the 300,000 oz target include the satellite deposits? No, this is what we're targeting underground. Does your AISC quoted for Segilola include drilling costs? If so, which drilling costs? Yes, it doesn't include the exploration drilling, but it includes all the drilling required for development and during, should I say, ongoing operations, so drill and blast, for example. Thor Explorations appears inexpensive relative to cash it's generating. What do you think the market is getting wrong about the company, and what specifically will you cause the valuation discount to close? Like I say, we're trading very cheaply compared to our cash. I think 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 the mine life extension. I am sure once we have a definitive statement on that in the public, that will be a major catalyst to how people see the cash generation here. I think the next significant milestone will be the Douta final investment decision. This is a real mine at $4,200 gold, over $1 billion worth of money to return to our shareholders, in which $400 million will be in the first four years of production, all to be built from our own resources and without any shareholder dilution. I think these will be these are major catalysts that will close that valuation gap. That would be Nigeria and Senegal. We also have a portfolio which is completely not looked at in Côte d'Ivoire and has the ability to deliver multiple multimillion resources based on what has been discovered in the country and based on the size of mines we are chasing given our land package and our initial exploration results. These are our targets. We think there is a lot of value to be unlocked. We think our value is not just future forecasts. Our value is underpinned by existing cash and cash flow development in Senegal and what I can only describe as a blue-sky opportunity we have in Côte d'Ivoire. The next question I believe I have already answered. CMC, which you included in your comparable valuation slide, has had multiple director buys. Why are Thor Explorations directors and management not buying shares at these 52-week low levels? Look, I think it is well-publicized. Thor Explorations' board of management have significant skin in the game, owning well over 14% of the company. Very supportive shareholders, and they have bought shares on numerous occasions, even after the payments of dividends. I think those are all personal decisions by the directors and management. If you processed the stockpile at 0.74, what do you estimate the ore sustaining cost would be? Like I said, 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 oz. What is the percentage split you are aiming for at Douta between project financing and your own cash? Right now we are 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 also been answered. Also, do you know if Thor Explorations is subject to the 15% top-up tax for 2026, or does the Pioneer Status Incentive override that? The Pioneer Status Incentive is our governing regulation on this. Great work, good luck with everything. Thank you very much. I have answered the Douta financing questions. Could you remind us how much the upfront cost of Douta will be, and what proportion will be funded from the existing balance sheet loans? I understand there will be no share dilution. Yes, the total Douta project cost is, our PFS was $255 million, 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 Segilola? The current royalty rate at Segilola is 15% of the ad valorem price, which is prescribed by the Ministry of Mines, which works out to around about just over $25 per oz. I've answered. There are a lot of repetitive questions here. What work is required before construction can begin at the Douta? When do you expect to realistically begin construction? We expect to commence the project in Q3. When I say commence the project, that means begin the EPC contract, ordering of the long lead items, and starting the initial civil works. We expect to start in Q3 and construction activities throughout the course of the rest of the year. If you're going to fund 45% of Douta and the rest debt, you should have about $150 million-ish spare. Can we expect a special dividend? Look, we haven't considered that just yet. I think it would be prudent to keep a continuity 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 Douta CapEx? Yes. Look, a lot of it is, as I mentioned, 45% of the Douta funding is coming from our own cash reserves, so we're going to push a lot of cash towards the Douta CapEx. In the longer term, once we de-risk Douta, who knows what our scenario will be. Ideally, we're aiming to build another mine after Douta, and hopefully that will come from our Côte d'Ivoire portfolio. We don't know what might be out there that we might be able to have inorganic growth through an acquisition. I guess the cash gives us the optionality. I think I'll do two more questions. I've answered these CapEx again. More buyback. When is the first. I think I've answered that. Marahui, you mentioned rock chips. Was there any artisanal mining before? There was artisanal activity in the area. Nothing semi-mechanized or extensive on our existing targets, no. More buyback. Seems buyback is a lot of It's very topical and we will discuss that internally again. Yeah, I think I've covered everything. With the additional questions, we'd be happy to respond as a company by email. Thank you very much. Perfect, Segun. If I may just jump back in there, thank you very much indeed for being so generous with your time then addressing all of those questions that came in from investors this afternoon. Of course, if there are any further questions, we'll make those available to you after the meeting. Segun, 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 with, that'd be great. Yes. Look, like I mentioned and I made a bit of a theme of this presentation, we do believe we're significantly undervalued. Not overly. We do believe we're significantly undervalued. We are generating strong cash. We're returning money to our shareholders. We're building a project that's worth over a billion dollars in terms of NPV, which we own 100%. We have growth coming from exploration in three jurisdictions, and we have blue sky exploration potential in Côte d'Ivoire. We're diversified by stage of development and jurisdiction. We are continuing to unlock value. Personally and as a company, we're very excited by the next six months and the next 18 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. Thank you. Perfect, Segun. 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 for attending today's presentation. That now concludes today's session, so good afternoon to you all.