Thank you, and welcome everybody to today's Q3 corporate presentation of results. Richard is not on the line yet.

I was just talking to him on top of the TSF, and he is making his way back to the office. So he should join us in about 5 to 10 minutes time.

he is at Buck Reef today. Also, as Julia mentioned, Michael and Kalaf are here with me as well.

We are coming back in Toronto today. I was in Tennessee and Texas last week.

I should have stayed there given that I came home to 38, 40 degrees. Now we have yellow skies in the big campfires up north have blanketed us with smoke.

So anyways, it was pleasant to be down in The United States last week. So without further ado, Julia, can you no.

Here's Richard. Richard is joining us now from Buck Reef.

How are doing today, Richard?

Yeah. Afternoon, everybody.

Apologies for being late. Just got back from a little bit of an inspection.

So, yeah. Exactly.

I tell them that you were talking to me on top of the TSF. So if we can go to slide number 4.

Excellent. So oh, no.

No. You are skipping all the way down.

Yes. There we go.

Obviously, we are going to--a prior slide with forward looking statements. There will be some forward looking statements today and in this presentation.

So with regards to Buck Reef Gold, we had a great third quarter. We have had a good start to the year, 9 months of the year.

Our goal here at TRX Gold is to rapidly develop the Buckreef gold project into a world class mining operation. It is today a world class, Mining operation.

And is expanding quite rapidly. And we will get through the details of that now in a few minutes with the mill expansion, TSF expansions and other enhancements that are going on at Buck Reef as well as the exploration programs.

But a little summary on the year to date we have done almost 28 thousand ounces for an LTM period. that is starting Q4 of last year.

The end of Q3 this year. With a $115 million of revenue and a healthy $66.8 million of adjusted EBITDA.

This is what gives us confidence in funding our expansion projects. In that time period, we have made significant capital investments as per the press release this morning.

We have made almost, I believe, $47 million, $48 million of investments over the last 12 months. Both in working capital, which we have normalized now.

That investment will no longer go forward in around $70 million to $80 million and the rest on CapEx. The focus now going forward is on CapEx and exploration.

The Buck Reef project is anchored by 1.5 million ounces at around 2.5 g/t. We are online with the PEA that was released last year.

With first year production of around 27 thousand ounces. As I mentioned in the press release, we have already achieved our guidance of 25 thousand to 30 thousand ounces.

As of today. And expecting to be within that range as we get through Q4, more than likely towards the top of that range.

With regards to the CapEx program that was in that PEA, the first part of that PEA was mill expansion. The mill has been ordered, Richard will get into that in a few minutes.

And that capital project is well underway and planning is done. And it is now starting to be executed.

I will remind people, I know I am going to get a lot of questions around stock price. We are going to address that later in valuation and things of that nature.

The pretax NPV on the study that was released in May of last year was $1.9 billion at $4 thousand gold. That study is now being updated with the new capacity as well as the new mine plan.

The mine plan will drive the throughput rates We expect to have excess capacity. And then it is going to be up to us to figure out how we are going to fill But it is certainly going to be well above 3 thousand tpd.

That were in the prior PEA study, What does that mean? That more than likely means a higher NAV.

It also, with the increase in gold price, should drive higher resources, but that work is yet to be finalized. And it will be finalized in the next couple of months.

We expect that PEA to be released in Q4 of calendar 26. Can we go to the next slide, Julia?

So as I said, our focus is growing the underlying valuation metrics. So valuation works by having certain multiples The multiples go up and down depending on markets.

Multiples are compressed, on EBITDA basis with a gold price defined in this last couple of months, we expect those to get to normalize over time. And what the market does is say, okay.

You have a little bit of a decrease in gold price, so EBITDA will be coming down in minor, so we have to adjust the forward multiples. that is typical of what happens in a market adjustment.

Our EBITDA will continue to grow, It will grow as a result of an increase in production over time. We are very comfortable at today's gold price of $4 thousand an ounce.

As I mentioned, the expansion is under way, so there will be a new 3.5 thousand tpd SAG and ball mill. That will operate with the existing optimized and upgraded plant operating alongside of it.

We expect emergent or cost reductions, particularly on the processing side of things, which Richard will get into that in a minute, with this improved scale, as well as the enhancements that have been made. For instance, say, we put in place an oxygen plant, that reduces chemicals such as hydrogen peroxide to get oxygenation up.

So we are going to continue to be a low cost operation going forward, our margins are quite healthy. With regards to NAV, we have just discussed that with regards to updating the PEA to give a good sense of what the main zone can be, and it will be revised, and that will be put into the market in Q4 26.

And also, we will get into an exploration programme, the geophysics study is done, we now are going to start to just drill out some targets there, as well as go back to prior targets such as Stamford Bridge and Anfield. To hopefully grow the resource base.

There are some significant good targets around this property, and that drill bits will start to really start to ramp up soon. And assays will start to flow into the market.

Shortly. Thereafter.

We have a proven track record, of doing these expansions. This is our fourth expansion We are a self funded model with a very improved balance sheet, $27 million of cash, significant EBITDA, significant working capital buildup, and undrawn credit lines.

We could go out and get further credit lines and credit facilities if we want to, they are offered to us every day. We just do not see the need to do that today.

it is very easy to get a credit facility in the $50 to $100 million range at Buckreef at this point in time. But it is right now, we do not see a need to put that onto the balance sheet.

We are located in Tanzania where we where we are able to get things done. there is a lot of geology in the area.

We are also looking at other properties in the area as well as we have discussions with the government. We have right now a large high quality resource base.

Next slide, please. So now I am going to hand it over to Mike and Richard will also poke in on some of the things around processing costs and some of the other items around operations.

So Mike and Richard, over to you guys. And Mike, please take the lead.

Well, Stephen, good morning, everyone. Thanks for joining us here today.

Richard, looks like you may have some connectivity issues, so I will I will do my best to talk to the process and cost improvements that you, touched on earlier, Stephen. But, Q3, I mean, you mentioned it at the outset.

It was it was a very, very strong quarter for us, both operationally and financially. The plant as you will have seen, achieved record quarterly throughput of 1.69 thousand tpd of throughput and that was not only an increase last year's prior year comparative but also last quarter.

We also achieved a grade of 1.96 g/t for the quarter, but importantly, recovery continues to improve. And year over year, you would have seen recovery increase from 67% last year to almost 85% this year as we make some of those metallurgical improvements that, that Steven touched on.

As well as upgrades to our 2,000 tpd plant. We commissioned things like a thickener, an oxygen plant, and a machin reactor this quarter.

We are bringing online additional improvements like an ADR plant and gold room in the coming quarters. So we expect both recovery and throughput to improve.

But those benefits that we saw this quarter through the mill drove gold production of over 7.4 thousand ounces this quarter, and that is up almost 60% relative to the prior year comparative period. You couple that with a with a Q3 realised gold price of over $4.7 thousand an ounce, was up 50% from the prior year, and we recorded revenue of almost $33 million, which obviously is a significant year over year improvement on the back of both higher production and higher gold price So the company continues to demonstrate leverage to that high gold price environment.

Illustratively Buck Reef continues to show that it is a low-cost, high-margin operation. Stephen touched on it early.

But at average cash cost, on full year basis, is $1.4 thousand and $1.6 thousand and have been able to produce gross profit margins of almost $20 million for the quarter, running at about a 60% gross margin ratio. With that all said, there is an opportunity for margin to continue to improve as we go.

You will see mining costs at just over $3/t, That started to normalize this quarter from about $4/t last quarter following the signing of a new contract mining arrangement. And on the processing cost per tonne side, we are up over $25/t, as Steven mentioned, using things like hydrogen peroxide and other consumables and reagents.

To maximize recovery and consequently produce more gold. But as these plant improvements and enhancements continue to come online at a nameplate normalised capacity, we expect that cost per ton to come down and consequently, margin to improve and expand.

With that all said, I mentioned that we show leverage to the gold price. We did record a record, GAAP net income number of $8.4 million for the quarter, and very importantly, a record adjusted EBITDA number of almost $21 million.

that is a record for the company. And if you annualize that, I know Steven touched on the last 12 months, it would be about $66 million.

But if you annualize this quarter's EBITDA, you end up at over $80 million, which puts us in a really, really good position to fund and execute our growth plan and our capital plan. And you couple that with our working capital position, we reported working capital of 2.2x or over $36 million We got a cash position of almost $27 million.

Steven touched on the undrawn credit lines. So again, really well positioned to fund our capital plan.

And just sort of looking forward, we did report record buildup in circuit inventory in CIL tanks this quarter as we, worked on metallurgical improvements and enhancements. We have got almost 1.6 thousand ounces in those tanks at, the end of Q3.

Coupled with a ROMPAD stockpile of, over 19 thousand ounces. The expectation in Q4 is to draw down on some of that inventory to help supplement and benefit production into Q4.

Looking at our full year guidance numbers, we have reported full year guidance of between 25 and 30 thousand ounces. We have already achieved the low end of our guidance range as of today.

So we achieved our full year guidance numbers, but you know, the next 6 weeks, we expect to continue to produce at, at these levels, drawdown in inventory and what we hope is to have a record production quarter for Q4. And finally, I will just touch on the cash cost continue to be right in the middle of that, $1.4 thousand to $1.6 thousand an ounce cash cost range, which again is in part what is driving that significant gross margin we are seeing this quarter.

So all in all, a record quarter both financially and operationally, and, the cash flow and EBITDA that we are we are generating positions us very, very well to fund our capital plan and growth plan going forward. Stephen, back to you.

Excellent. Thank you.

So with regards to the next slide, Julia, or Mike. So with regards to rapid EBITDA growth, as I mentioned, the project is being expanded again.

So obviously, with higher throughput, you are going to get higher results and higher EBITDA. Going forward.

This is our fourth expansion. With regards to the CapEx plans that we have around this over the next 12 to 18 months, We have roughly a $50 million budget, which includes $30 million for the new mill.

That includes the actual mill and all the other workings. TSF will be around $10 million.

That will be a plan for predominantly the life of the mine, which is great because we are currently doing it in pods. And we have state sustaining capital over at $10 million.

Of that $50 million, about you know, I would think, around $6 million to $8 million has already been spent. And the rest of it will be paid for over the next 12 to 18 months out of cash flow.

If we do have bulges in that CapEx, which we do not anticipate too many, we have those undrawn credit lines to smooth out any of those bulges. So we are quite comfortable with that and we are quite comfortable that we are going to get to do much higher EBITDA number as a result of executing that plan in a very reasonable plan, and it is well planned out and it is starting really rapidly.

Mike, anything to add to that and I will Richard's not on the line.

No. I think you summarized it pretty well.

I mean, again, hopefully, you folks get a sense you know, annualized EBITDA run rates of, you know, $80+ million. Against the capital profile that you have just mentioned, again, positions us very, very well to fund it over the next 12, 12 to 18 months over, you know, using cash flow from, from operations.

And thus, the forward EBITDA is going to be very as per the PEA that was released in May 2025. In the next couple of years in, say, 4 to 36 months, you are looking at well over $200 million of potential EBITDA.

So a significant, significant increase in profitability. Next slide, please.

So with regards to this same slide, is not it? Yeah.

Okay. With regards to the PEA, I will just go over some of those numbers.

Like I said, the PEA is being updated, so we expect these numbers to be better. A look at the cash cost with scale.

Cash cost comes down. Mike is referencing around $1.4 thousand Cash costs in the study were around $1 thousand but it is going to be expanded even larger net now.

So I would expect cash cost to be around the same as well as all in sustaining cost in the preproduction sorry, the pretax MPVs. Hopefully, goal is to get these significantly higher as well, with annual production hopefully ranging in the range of anywhere from 80 thousand to 100 thousand ounces over time.

Next slide, please. So as I mentioned, look, we are on track with our PEA, particularly in the capital build around the expanded plant.

If you look at Year 1 here, you had 27 thousand ounces of production. We have already into that range.

Year 2 has around 38 thousand. So we are well on track with regards to the profile of the PEA.

The PEA always contemplated doing the plant first. Expand that.

Expand your mining operations at the same time, particularly open pit. It was originally envisioned here 3 years.

We expect that to go on longer. and then go into your underground development, all self funded.

that is why we did not release an IRR because it is infinite. You want to put an IRR on that $1?

Then it would be exponential. So it you know, it is a very good plan here that is been put in place by Richard and the team.

And they are well through the execution on that. And can we go to the next slide?

With regards to increasing the resource base, you know, Tanzania has a lot of resources. And we are in 1 of the better resources in the inner arc of the Lake Victoria Greenstone Belt and a lot of other major assets in the area.

Khalaf will get into it in a second with how we discuss these sort of things with government. But 1 of the things is there are a lot of resources that may or may not become available over time in Tanzania that we would not mind taking a look at.

Next slide, please.

Richard, I am going to turn this over to you with regards to exploration and we are planning there was never a geophysics study done at Buck Reef. But now that there is 1, you now have a much better sense of where to go.

Thanks, Steven, and hi, everybody. Well, there were geophysics studies done in the past by IAMGOLD and Anglo.

Over the past 20 or 30 years. But for 1 reason or another, a lot of the raw data was missing.

A lot of the test work that was done was looking very shallow deposits and, you as we found in main zone, and Stamford Bridge, these things are a lot deeper. So we came to a conclusion that starting again with pretty much the standard geophysical approach to most of these arcane gold systems would give us some new targets and probably confirm some of our existing targets, and that is exactly what is happened.

We have over the last 3 quarters, we have done a detailed magnetic survey, followed up by an electoresistivity pole to dipole survey followed up again with overlaps on the highs and anomalies from those 2 on a dipole to dipole survey. And from that, we have now given ourselves about 9 or 10 strong targets that we have developed through programs for, and the first of those targets will be drilled in next week, basically, where it should be hopefully moving the drill on there about Monday.

So, yeah, we are pretty excited to see all of that. And we have got to do a lot of strategizing now with the resources we have We have 2 exploration drill rigs on-site at the moment.

A third has been delayed at our port, but it is in country, and we are expecting it any week now. And that will immediately go to work on Stamford Bridge.

And then a fourth drill rig is sitting in China at the port ready to come over to us. And we have got an option now on a fifth.

So, yeah, we are pretty excited about getting into these new targets and getting into some of the stuff that was never really drilled properly at Anfield. And a few other areas as well.

So there is a lot going on with exploration in the coming months, and we expect that we will start getting some assays back on some of these 9 anomalies from the geophysics starting in August and we will probably have our first round of drilling done would suggest in September with results out in October. So there is a lot of drilling to happen coming up.

With 4 to 5 drill rigs on-site potentially. Turning which is great.

And part of that will be you know, with regards to ongoing operations, part of that is on the exploration program. With regards to Stamford Bridge, I will not go over this again.

As Richard mentioned, it will be subject of the new drill rig that is in country. We will get started on this area again.

Expecting to see, you know, a robust program over time in and around Buck Reef and Stamford Bridge to deliver the best asset results thus far. With regards to stakeholder engagement and communication, So this 1, we are going to bring it over to Khalaf and I will add a few bits and pieces as well.

Yeah. Thank you, Stephen.

Good morning to everybody in North America, and good afternoon or evening to us in Tanzania. Just a short discovery of discussion update on what I would say is 3 focus areas for us.

We designed to reduce our risks, improve operational efficiency, and just basically avoid business disruption. And increase our opportunity for opportunities in the future.

So when it comes down to the 3 main areas we have been focused on, community development, which is essentially all the projects that we are doing in and around our sort of mine site with the immediate communities around us. The wards that neighbor us.

We have done quite a lot of work, and we have been doing for a number of years. In health and education.

Supporting schools and some of the health centers. Obviously, we do look as at the local procurement by the immediate community to what can be supplied and or what services can be provided immediately, which supports the development in our area.

And we work very closely with the local government authority in Gaeta and maintain very good relationships with them. Government engagement, as you can imagine, is hugely important in our part of the world.

Relationships are important. We existed, I would say, over overly regulated in so maintaining and keeping good relations with government gets the mine operating better.

So we have maintained very strong relationship with central government authorities I personally attend all of the meetings with the team here. Various meetings on especially on regulatory matters so that we can provide our input.

And advocate for change where we find that there are things which are difficult for us to work with. And obviously, as I think, Stephen, you might want to say a little bit more about the current negotiations ongoing with the government of Tanzania.

I think we have mentioned this a few times that we are quite I believe, advanced And the prospect and the outcome that we want is basically better terms. And more investable terms for TRX gold.

I am sure you will you mentioned that. And the last bit that I would I would like to just sort of mention is the we have enhanced our communication.

Basically, just to raise the image of TRX Gold as an investor in Tanzania communicating different media channels about all the various benefits that come as a consequence of our investment. Particularly in creating jobs obviously paying taxes, the procurement that has been generated from all the good work that we have done at the mine site and we have communicated this across all different media.

Targeting all different levels of government and public. Right?

Some direct, some obviously using various channels, social media, and traditional media. So we are we are, I would say, very visible We have been very consistent with our with our messaging.

So, you know, we are I believe we are in a very good position and are looked at in Tanzania as a thought leader. Industry, I would say, to follow the more high profile operators in Tanzania.

Yeah. Basically, that would that is my sorry.

Go Yeah.

Yeah. Anybody who would have seen is particularly on our latest video that Richard and I did with Isaac.

it is becoming a substantial operation. It has around 1 thousand employees and contractors in and around site, particularly with the builds.

At this point in time and it is profitable. As everyone can see.

And with profitability, there is royalties, taxes, and a lot of jobs. And so that leads well into government relations as well as we are very keen on local content as well.

We would like we have a lot of good suppliers that we utilize in country. And work well with them.

And they are very supportive of the development that is happening at Buck Reef. So we have an overall good relationship, and that is leading into what I will say is negotiations around joint venture and go forward.

Are further along. I still cannot give a definitive timeline on those sort of things.

Given it is in the political realm and politics takes a little longer. As, you know, as an African saying that, we have the watch, but they have the time.

And so it is a, it is an ongoing process. But we are more confident in a successful outcome.

that is a win situation. Next slide, please.

With regards to valuation, I will answer this more substantially in the Q&A portion. Obviously, valuations across the sector have come off.

Not only our valuation stock price decline, but it is come across the entire sector. This gives it an idea of we have fallen down versus where we were before, given I believe our decline has been further than others.

With regards to that. But as I said, we are constantly onto these valuation metrics of growing them.

Particularly the EBITDA and PNAS and resources. Those are all part of the business plan, the plant expansion, is EBITDA.

The PNAV, is new studies and better mine plans. And the resources is on exploration.

So all 3 of these buckets is being looked after in the business plan, and eventually someone will recognise them. Eventually someone will.

But you have got to be patient. And eventually, we will get there.

Next slide, please. With regards to capital structure, the capital structure is now clean.

And there is no warrants outstanding. there is $27 million of capital or cash on the balance sheet.

Very little debt. there is a few leases outstanding.

that is about it and undrawn liquidity line. So we are in extremely good position with the cash flow that we have.

As well as liquidity lines of cash to execute our business plan. Around CapEx to get this plant expanded.

And once this plant gets expanded, Richard will be all smiles. He likes building it, but he will be all smiles with all the cash flow that comes out of as well, particularly with the higher, mining.

Next slide please. So the key investment highlights you know, we are growing.

We are going to continue to grow. We are very confident in the growth.

We are going to grow EBITDA. We are going to grow NAV.

We are going to grow resources. that is the business plan.

Quite simple. Grow, grow, grow.

We are internally generating cash flow. We have a proven operational track record.

You know, robust exploration potential. We can operate in the jurisdiction that we are in, we have leadership team to do it, and they are very confident.

And if you look at the last 4 quarters, really good quarters, and we expect that to continue going forward. So now I will hand it over to the Q&A.

So with regards to the joint venture agreement and how it is set up, is the current joint venture agreement. it is 55%/45% equity ownership.

So what does that mean? That means that the cash flow is generated at Buck Reef can be reinvested to grow that business and grow the value of that business.

In the board structure, the TRx can determine whether there is any dividends or not. Right now, the choice is to put the capital that is being generated by the business back into the business to grow the business.

And the rationale for that is to increase the value of the overall business. When I get on to the valuation metrics, if we achieve EBITDA numbers like our net PEA, in 3 to 4 years' time, you will get the EBITDA multiple on that.

So if, you know, that $4 thousand gold is projected to be $250 million of EBITDA, you are running a evaluation multiple on that. that is a good $50 million investment.

For that increase in EBITDA. The same with the price, the net asset value and revising the mine plans.

And putting money into exploration to increase resources. That all increases the value of the overall business, which is a benefit to TRx shareholders.

But it is also a benefit to government stakeholders. In fact, there is more jobs, royalties, taxes, cash flow the government as a result of that much larger operation.

So regards to 55/45, that comes into play after our capital loans are repaid and if we just care to give dividends out of Buckreef. Excellent.

What is the status of the 55/45 deal? The status is, as I mentioned, and I mentioned this throughout the presentation, we are in discussions with government.

I had discussions last week actually, in The United States, not elsewhere. And so we are well advanced in what we desire.

Now it is for the government to go back and talk to their stakeholders in what can be done. And so those discussions are moving towards that stage.

Is what I would say. Obviously, I have been quite clear that we would prefer to be into the framework agreement like Barrick Perseus, and others have, which have ranged from 84% to 16% non-dilutable.

16% non-dilutable on the government side, agreements are 80/20 With 20% non-dilutive on the government side. In those agreements and in their law, it is a 50/50 economic split which then acts as a stabilization mechanism.

Khalaf, anything to add to that?

No. I think you summarized it well.

And I would say that they understand the I mean, they understand the concept and I think that they are appreciate they are starting to appreciate, right, the importance of them working with us so that we get obviously much better evaluation for all of us including themselves. Yeah.

Richard provided a good summary of that in the presentation. Yeah.

The drill rigs are arriving on-site, like you said, we will have 4 to 5 drill rigs in the next couple months once we get shipped from China and others to the country. there is 3 outside right now.

We should start to see, you know, drilling programs going to ramp up now, and we should start seeing assays in the fourth quarter of calendar 2020. Excellent.

Look. I love that question.

I will tell you why I love that question. That tells me that is a shareholder that is very in tune with everything which is great.

And has read the details that we put out. So and I have answered a lot of those sort of things in the in the presentation itself, but I will provide a summary.

So recovery rates have gotten to around 85%. that is correct.

And we expect them to go higher as a result of the new mill. Into more of the study ranges of 88% to 90%, maybe even a little bit higher.

We expect cost to get those recovery rates come down as well as we stop using as many, as much reagents as we have. We put in place a new ADR plant Our crushing costs will come down as well, given that it will be a SAG and ball mill followed by a ball mill.

So that is that is that is good. We are also going to have theoretically, you know, a 3.5 thousand tpd SAG, ball mill combination as well as the existing 2,000 tpd plant, which gives us a theoretical capacity rate of around 5.5 thousand tpd potential.

But you gotta feed it. Right?

So the good news is that they are gonna be separate circuits with multiple ball mills in the existing circuit. So there is a lot of flexibility in feeding.

And so the mine plan review right now that is being done is to figure out what is a good number to feed it, an achievable number to it. There will be excess capacity.

We will not get to 5.5 thousand tons tomorrow. When it is turned on because it takes time to ramp up mining.

And a pit is only so large, and you only have so much room to move around. So right now, yes, there will be additional cutbacks to the pit.

In theory, it will go deeper. It will go longer.

Thus the underground and the related CapEx will be deferred at least a couple of years. that is what we are looking at this point in time.

And we have made those statements, before. We would not be doing this if we did not think it led to increased profitability.

On the last, study was done in $1.9 thousand gold obviously, it is gonna be done at a higher gold price. So we do expect some more resources to come in.

That were not in the last study because now they become economic in the study. But in order for them to become economic, they are lower grade and they are in than in the current study.

But they are still, but then profitable with profitable resources. So I think that you know, answers all the questions.

So, yeah, there will be more recoverable ounces, if you bring in more resources that are now economic. As a result of your gold price assumptions in there given we do expect gold prices to continue to increase over time.

And the recent 1 recent gold price pullback reverse at some point in time. Think that answers all the questions.

Mike, did I get all of those answered in 1?

I think you hit all the highlights. And, certainly, you know, look forward to getting that updated study into the market in the coming months for, folks to see what, improvements and enhancements in value that we hope to add.

Yeah. And I think the last part of that is can you go underground?

While expanding your open pit? And the answer is yes.

there is optionality to do that. Particularly if we deem it to be beneficial to the mine plan such as Stamford Bridge, etcetera.

And, also, given that we are going to have excess capacity, we find any resources as a result of the new drill program, they can be added in pretty quickly as well. Excellent.

Thank you both for that. Anyone who knows me knows that I like optionality.

Regarding supplies of diesel for running the plant slash equipment and sulfur oxide for leaching purposes, both products being affected by the Strait Of Hormuz. How are the procurement of these necessary supplies being affected by the Iran war?

What are the cost implications going forward? Do you see a problem with having enough diesel to continue processing and running mining equipment, trucks, digging machines, etcetera, without significant disruptions to production over the next 6 to 12 months, What effect do you expect on future costs slash profits you have any hedging in place for diesel supplies?

Do you have the ability to source supplies from The United States? And if so, at what increased cost for shipping?

So Richard and the team has recently redone the contract. So look.

What we expected to see just like the market expected to see, you know, a squeeze on potential oil and fuel supplies. But we are not seeing that.

So when Richard and team sat down with the fuel supplier to renegotiate the contract, Tanzania has ample supply. Actually, I believe they are at full of refined diesel stock.

So we were surprised to hear that. Tanzania diesel is refined.

It predominantly comes in from The Middle East, and India in into the country. And there is ample supply there now, I think the market also sees that, and that is reflected in the global oil price.

That despite the Iran war, there appears to be ample supplies, and that is currently what we are experiencing in Tanzania. So we have not seen any squeeze on supply at this point in time.

Richard, anything to add to that?

Just give me a thumbs up if I predominantly got it right.

There we go. There we go.

Yes.

Yeah. Thank you, and apologies.

that is a fully loaded question. So what was the first part of that, Julia?

So with regards to dividend slash buyback, So with regards to dividends, I think the cash being reinvested provides a lot more value for shareholders at this point. The reason why I say that is that is the cash within Buck Reef, it is reinvested in Buck Reef to grow the value of the asset.

Declare dividends out of Buck Reef currently under a joint venture agreement, need 55.45 but there is lot more value to be created in the actual asset itself. The returns on that capital are significant.

So if you can increase EBITDA from $80 million to over $200 million for less than $50 million and not raise a dollar to do it, then that is what is gonna be done. So with regards to then around potential buybacks, I am gonna defer that question because I am gonna answer that question more broadly in what we kind of see happening in markets.

And I will answer that question as part of that, but certainly it is 1 tool that is out there. Help alleviate what we are seeing going on in the market.

Next part of the question.

Yeah. So we did get into, and Mike got into this, on the processing cost per tonne side.

Richard and team continually have a pulse on lowering operating costs. As you can see, mining costs are going to come down with scale.

Processing costs will come down with scale as well as the enhancements that have been made. So, yeah, we do have a pulse cost.

1 of the reasons we are very profitable and have good margins is that we do. Is because Richard and team are constantly on cost.

And a lot of the enhancements that are being made increases availability, or increasing throughput even in the existing plant which lowers overall cost per ton and ounce as well.

At this point in time, we are on the New York Stock Exchange American and the main board on the TSX. I have not evaluated whether to graduate to the Nasdaq or the New York Stock But if I feel that it attracts more potential investors, and demand for the stock.

It certainly can alleviate some of those things we have seen in the market. It would be a consideration.

Yeah. With regards to partnerships, look, we have you know, cat equipment on-site and other equipment.

I would not say there is formal partnerships. But we work with a lot of the firms that you just mentioned in procurement of equipment.

Yeah. I do not see and envision, you know, the necessary to have strategic partnerships with those type of firms.

it is know, they provide good service, and so I am going to, you know, work with them. with.

After-tax did. it is still reported.

that is the financial statement. You got no choice but to report that.

Yeah.

So we did report $8.4 million of after tax net income. So, again, a record GAAP result for the company.

Okay. So I now I will answer the question more broadly because we have been asked this by a lot of shareholders, and I got quite a few pings on this last night.

Around great operating results. Great forward outlook, management team that can execute but it seems the stock price is in perpetual fall.

Like other stocks that are out there. Steven, you try to address what I am seeing as a disconnect?

And so some shareholders are of the view that there is a big disconnect between what potential valuation is now and what share price is. And to give you a sense of what we do, so we look at the shareholder registry on a quarterly basis to see whether there is movement in our shareholder group.

And we have a very good shareholder group. Not a lot of change there, but we will get the results of that for June.

In the next couple weeks, and I expect to see a similar type of pattern in it. What does that tell us?

That the share price decline is not a result of a lot of current shareholder trade stock. So it is on the periphery.

it is best way I could say that. So supply that is coming onto the market I do not believe is created by a significant shareholder turn.

Given the data that we have. Where does supply come from?

And who is trading the stock and who can be incented to bring it lower? Over time.

And then we are getting into a much more of a lack box. it is a very opaque market in The United States.

There are various market makers. That do have shares in our stock, We do have a lot of hedge funds in 12 f's as well.

And now we are starting to see some institutional investors which I will call non hedge fund institutional investors, show up in 12 S as well. What I find very interesting is market makers who create liquidity legally, they are able to naked short a stock.

Cover with options, and things of that nature. I think there may be potential around that.

I cannot confirm that. But, certainly, trading wise, you can do it.

And create liquidity. there is also others that are incented.

You know, I look in this morning, I think, Mike, when we are looking at it, the October options were really high. Right?

I am out of the money options. Like, there must be at least 15 thousand to 20 thousand contracts.

In October? Yeah.

Almost unprecedented levels based on what we thought. Unprecedented contract levels that are out of the money on call options.

And so, you know, obviously, that is used as a tool for something. And that sort of thing.

So I am getting the sense that a lot of our trading is not based on fundamental value. it is based on others who make money from the stock existing.

And that are incented on the downside. And that is not only for us, and that is across the sector at this point in time, and across other sectors, as buyers have fled the sector, over the last couple months.

I believe you know, my theory is that firms take advantage of it. And we are caught up into that.

So how do you reverse that? Is create a good business, which we have done which we are doing.

It also that creation should get buying, to overturn the negative sentiment, and we are gonna continue to grow. And 1 tool may or may not be a potential buyback in that.

The mop up some of the whether it is real selling or fake selling, that is occurring.

I will take that. So to acquire land within I would say, the radius of the existing plant is there may be some opportunity.

I should not say there is none, but I would say it is it is more limited. Is there opportunity to acquire other lands in Tanzania?

That have a similar profile to Buckreef that could be built out in the same way Buckreef and provide a win-win solution. Yes.

And can we have discussions around that? I think we can.

And so that is just giving you a little bit of insight into our thinking around how do you diversify operations. Khalaf, anything to add to that?

You are all over this stuff. So Yeah.

No. Sure.

I think there are as you say, opportunities, but a lot of it has been divided into very small land parcels. So you literally have to go through hundreds of small owners to get a significant size of land for it to be meaningful for any development here.

So we need to figure out a business strategy around that. And we have started that sort of what I will say, thinking around potential business strategies to consolidate.

Richard can answer that. We like shallow resources.

We do not mind high grade deeper resources either.

Sure. Can you hear me okay?

Yeah. You are good now.

Fantastic. Great.

A bit of both, I think, is the right answer. As Stephen has explained, our mining plan for our existing resource resources, of which we have about 1.5 million ounces, is probably going to be limited somewhere around about the 3.5 thousand maybe 4 thousand tpd range, and it will still leave us capacity for, you know, maybe 1.5 thousand tpd of other material.

So finding oxides near the surface with our across the non sort of exploration targets we have got plus these new 9 targets. That is an important priority for us.

And having said that, we cannot ignore the opportunity to get a quick underground mine going, small underground mine, but hauling very good grade gold. To supplement our larger open pit operations, and that is something we are looking for in the new PEA to try and see if we can get down onto Stamford Bridge either through the expanded open pit or from the surface.

I suspect we will be able to get from through the from the final wall of the of the of the open pit and save ourselves a bit of money and time to get there quickly.

Yeah. No.

I would like to thank shareholders for being very supportive of us. And we have a great growth business plan in place.

And we are hopeful that the valuation will catch up to our growth profile. We are gonna have significant increases in EBITDA, a new study in the market, and lots of exploration.

So we are well aware of what drives value of mining companies. And have a business plan in place to drive those valuation metrics.

So stay tuned. Lots of exciting things happening.

We are quite comfortable at $4 thousand gold. Quite comfortable operating at those levels, even quite comfortable operating at lower levels.

So we are well capitalized, and we are going to just keep on putting our heads down and Move forward. Thank you.