THX.V · 2025-04-08

Upon the publication of this Announcement, this inside information is now considered to be in the public domain. THOR EXPLORATIONS ANNOUNCES AUDITED FINANCIAL AND OPERATING RESULTS F OR THE FULL YEAR AND THE UNAUDITED THREE MONTHS ENDING

Production Results Financials

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

08 April, 2025 TSXV/AIM: THX

This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.

THOR EXPLORATIONS ANNOUNCES AUDITED FINANCIAL AND OPERATING RESULTS FOR THE FULL YEAR AND THE UNAUDITED THREE MONTHS ENDING DECEMBER 31, 2024 AND MAIDEN DIVIDEND

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", “Thor” or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte d’Ivoire for the three months ending December 31, 2024 (“Q4 2024”) and the audited financial results for the year ending December 31, 2024 (the “Year” or “FY 2024”).

The Company's Consolidated Audited Financial Statements together with the notes related thereto, as well as the Management’s Discussion and Analysis for the year ending December 31, 2024, are available on Thor Explorations’ website at https://thorexpl.com/investors/financials/.

All figures are in US dollars (“US$”) unless otherwise stated.

FY 2024 Financial Highlights

84,965 ounces (“oz”) of gold sold (FY 2023:73,356 oz) with an average gold price of US$2,288 per oz (FY 2023:US$1,907).
Cash operating cost of US$575 per oz sold (FY 2023:US$1,006) and all-in sustaining cost (“AISC”) of US$765 per oz sold (FY 2023:US$1,313).
FY 2024 revenue of US$193.1 million (“m”) (FY 2023: US$141.2 million).
FY 2024 EBITDA of US$133.3 million (FY 2023:US$55.3 million).
FY 2024 net profit of US$91.1 million (FY 2023: US$10.8 million).
FY 2024 cash and cash equivalents of US$12 million (FY 2023: US$7.8 million)
The Group made a final payment of $4.1 million towards its senior debt facility with Africa Finance Corporation (“AFC”). Following this repayment, the Group has fully settled its senior debt obligations.
Net cash of US$11.2 million (FY 2023: Net debt of US$15.9 million).
Maiden dividend payment and dividend policy of minimum of C$0.0125 per share per quarter (C$0.05 per year)

Dividend

The Board has adopted a dividend policy to be applied for at least the next two years. The dividend policy reflects the Board’s aim to strike a balance between the Group’s growth ambitions and returning money to the Group’s shareholders.
Dividends will normally be paid on a quarterly basis at an amount of C$0.0125 per share each quarter, with the ability to increase the dividend amount based on the Group’s cash reserves at the end of each quarter.
The first dividend will be payable on 16 May 2025 for shareholders on record at 02 May 2025.
It is currently intended that the dividend policy will be reviewed in two years, taking into consideration factors such as the extension of the Segilola Mine Life and capital commitments to near term development projects.

Proposed timetable:

Event Date

Ex-Dividend date May 1^st 2025 Record date May 2^nd 2025 Last day for currency election May 3^rd 2025 Date of exchange rate used for Pounds Sterling May 14^th 2025 Announcement of exchange rate in Foreign Designated Currencies May 15^th 2025 Payment date May 16^th 2025

FY 2024 Operational Highlights

Segilola Production

FY 2024 gold poured of 85,057 oz.
78,002 oz recovered with an average recovery rate of 90.75%.
858,966 total tonnes (“t”) of ore processed over FY 2024 at an average grade of 3.14 g/t Au grammes per tonne (“g/t”) of gold (“Au”).
Total FY 2024 ore mined of 1,697,044 t at an average grade of 2.04 g/t Au.

Segilola Near-Mine and Regional Exploration

Near mine exploration focused on testing depth extensions of the Segilola deposit, with a diamond drilling program targeting the continuity of high-grade shoots down-plunge to the south. Early results confirm mineralisation below the current final pit design.
Drilling returned encouraging high-grade intercepts both north and south of the existing resource, indicating the potential for extensions and new target areas beyond the current limits of the Segilola resource.
Regional exploration efforts concentrated on geochemical sampling targeting structurally complex zones within the Ilesha Schist Belt identified through geological modelling as prospective for gold mineralisation.
Stream sediment sampling continued across the region, delineating a 10 by 5 kilometre (“km”) area of gold anomalism approximately 52 km due south of the Segilola operation. The Company secured new exploration tenure covering the area. A follow-up exploration program commenced late in the period over selected geochemical targets and has continued through 2025.

Douta

Workstreams in support of a Preliminary Feasibility Study (“PFS”) were advanced during 2024 on the metallurgical test work, process flow sheets and resource update.
Exploration at the Makosa Resource focused on expanding the resource base along the 6km strike from Makosa Tail to the northern extent of the deposit, with RC drilling targeting increased oxide resource definition at the parallel Makosa East Prospect.
At the Makosa East Prospect, drilling conducted confirmed continuity of gold mineralisation at both ends of the trend with several higher-grade intersections
The discovery of the Baraka 3 Prospect following the end of the Period had implications on the timing of the Douta PFS. The drilling intersections delineate a wide, near surface oxide layer on a structure that extends for approximately 3 kilometres.
Baraka 3 discovery has justified an accelerated drilling program as the Company believes that should this mineralisation continue, Douta-West may present a new source of early years production that may merit incorporation into the PFS which, if included, would have a positive impact on the economics of the Douta PFS.
The Company aims to update the timing of the PFS completion once the drilling programs have been completed.

Côte d’Ivoire

During 2024 Thor also expanded its operations into Côte d’Ivoire following the signing of a binding agreement with Endeavour Mining Corporation to acquire a 100% interest in the Guitry Gold Project.
The Company entered into two additional option agreements to acquire an 80% interest in the Boundiali Exploration permit, an early-stage gold exploration project located in north east Côte d’Ivoire and to acquire an 80% interest in the Marahui Exploration permit, an early-stage gold exploration project located in north west Côte d’Ivoire.
At the Guitry Project, the Company is currently assessing the legacy database and planning for target-generative geochemical surveys.
Initial soil geochemical sampling was conducted at the Boundiali Project as part of due diligence, identifying a 1km by 5km gold-in-soil anomaly in the eastern sector. Further infill sampling is planned.

• Initiated exploration activities at the Marahui Permit in Q4 2024, including detailed mapping and soil geochemical sampling, defining a 4km long well constrained soil anomaly with drilling planned for Q3 2025.

Lithium Exploration

Thor has secured over 600km² of granted tenure in Nigeria that forms Oyo State, Kwara State and Ekiti State Lithium Project Areas.
Exploration activities during 2024, comprising geological mapping, stream sediment sampling, and detailed auger soil sampling, focused on generating targets within its exploration permits.

Environment, Social and Governance

Published inaugural Sustainability and ESG Report (2023) in November 2024, aligning with GRI standards, and continued consistent data collection throughout 2024 for the forthcoming 2024 report due Q2 2025.
Maintained monthly environmental compliance monitoring across operations, with Q4 2024 results showing air, noise, and water emissions broadly in line with the 2008 EIA baseline, aside from elevated dust levels due to seasonal Harmattan winds and dry conditions.
Initiated optimisation measures to improve output from three 1.6 Mega Watt (“MW”) compressed gas generators, aiming to lower GHG emissions from power generation and reduce overall energy costs.
Sustained strong employment at the Segilola Project, with over 1,700 workers in Q4 2024 including 32% from host state Osun.
Advanced Community Development Agreement (“CDA”) commitments in Q4 2024 through continued educational scholarships (26 students) and quarterly palliative distributions for elderly residents.
Progressed baseline data collection for the Douta Project’s Environmental Impact Assessment (“EIA”) and incorporating findings into the Preliminary Feasibility Study (“PFS”). The EIA was submitted in late Q1 2025.

Post FY 2024 Highlights

In March 2025, following a notice served by Osun State authorities in September 2024 regarding a disputed tax claim of ₦98.3 million (approx. US$61,900), a fact-finding committee commissioned by the Minister of Mines concluded that the Group had complied with all legal and regulatory obligations, and that the allegations were unfounded.
- The Group continues to engage with the Osun State Government through the appropriate legislative processes to ensure that tax assessments are conducted in accordance with applicable laws.
- No material financial impact is expected, and updates will be provided once a final and undisputed assessment is agreed upon.
Further positive results from its ongoing diamond drilling program at the Segilola that targets the down-plunge potential beneath the current open pit extent. The results further highlight the potential to extend the Segilola resource both along strike to the south and at depth.
Discovery drill holes drilled in Senegal at the Baraka 3 Prospect on the Douta-West Licence confirm near-surface gold mineralisation over a 3km trend.
Appointment of Mr. Franklin Edochie to the Company’s Board of Directors.

Outlook

Production guidance of 85,000-95,000 oz for 2025 with an AISC guidance of US$ $800 - $1,000 per oz.
Exploration expenditure guidance of US$7.5 million – $10 million in Nigeria and US$5 million – $7.5 million across West Africa for 2025.
Advance exploration programs across the portfolio, including near mine and underground drilling program at Segilola.
Drilling and infill programs at Douta, with an accelerated drilling program at Baraka 3.
Advancing exploration in Nigeria on newly acquired concessions and joint partnership options on potential targets.
Continue to advance the Douta project towards PFS incorporating results from Baraka 3 drilling with the Douta PFS timing to be provided on completion of the drilling program.

Segun Lawson, President & CEO, stated:

“I am pleased with our performance and progress as a Group in 2024 where we generated record revenues from our Segilola Gold mine whilst being disciplined in our cost control and focusing on our ESG commitments.

Our primary objectives in 2024 were to fully repay our senior debt facility and strengthen our balance sheet. This was achieved whilst also expanding our exploration portfolio in Nigeria, Senegal and in Côte d’Ivoire. The Group is now strongly positioned for a new dynamic phase with big increases budgeted in our exploration expenditure around Segilola and also across our entire portfolio, all funded by strong cash flow at Segilola. Since the end of 2024, we have continued to strengthen our balance sheet and grow our cash balance whilst making further material improvements on our accounts payable position.

We are pleased to announce our dividend policy and maiden dividend. The announcement is a major milestone for Thor in our company’s evolution and validates our confidence in the overall strength and sustainability of our business. Our dividend policy demonstrates our dedication to returning part of our strong cash flow generation to shareholders without forgoing our ability to self-fund our growth.

In 2025, the Group’s strategy will be focussed on increasing shareholder value by extending the Segilola mine life and advancing the Douta Project in Senegal. At the same time, we are encouraged by the early exploration results on our newly assembled portfolio in Côte d’Ivoire. We look forward to advancing these projects through 2025.

The Douta Gold Project, which now consists of two prospective licences, remains a project which we aim to build from within our organic portfolio. We look forward to advancing this key project of ours through 2025.

Furthermore, in 2024, we continued to capitalise on our first mover advantage in Nigeria through the acquisition of prospective exploration ground in Ondo State, approximately 55 kilometres due south of Segilola. We are well positioned to carry out exploration at a faster rate than ever before and without the constraints of servicing our senior debt facility.

At the forefront of our operations, Environmental, Social and Governance (“ESG”) standards have not been compromised with the Group winning a number of awards in 2024. Thor published its maiden Sustainability and ESG Report 2023 in November 2024. We invite our stakeholders to review this report. The information within the report is in alignment with GRI reporting standards. ESG data has also been consistently gathered during 2024 with the 2024 Sustainability Report due in Q2 2025.

We were pleased in March 2025 to receive a copy of the report of the Inter-Ministerial Fact-Finding Committee on the dispute between SROL and the Osun State Government. This report affirmed our compliance with all our legal and regulatory obligations. We continue to pride ourselves on maintaining best practice standards across all our operations.

I am incredibly proud of what we have achieved in 2024 which is the result of the hard work and commitment of all our employees, leadership team, board and stakeholders. I would like to take this opportunity to thank them for their continued support, dedication and commitment. I look ahead to 2025 with confidence that we have the right strategy, a portfolio capable of unlocking significant values, cashflow to support our activities and the right team to deliver on our objectives.”

Investor webinar to discuss FY24 results

Thor is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor session via the Investor Meet Company platform on Thursday 10 April 2025 at 2:00pm BST.

The session will discuss in detail the announced FY24 results.

The presentation is open to all existing and potential investors. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00 am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Thor Explorations plc via:

https://www.investormeetcompany.com/thor-explorations-ltd/register-investor

Investors who already follow Thor Explorations on the Investor Meet Company platform will automatically be invited.

Whilst the Company may not be able to answer every individual question, the aim is to address the issues raised by investors Responses to the Q&A will be published at the earliest opportunity on the Investor Meet Company platform following the presentation Investor feedback can also be submitted directly to management after the event to ensure the Company can understand all investor views.

For further information, please email: [email protected]

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”.

THOR EXPLORATIONS LTD.

Segun Lawson President & CEO

For further information please contact:

Thor Explorations Ltd Email: [email protected]

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O’Connor / James Asensio / Harry Rees

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

Yellow Jersey PR (Financial PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel: +44 (0) 20 3004 9512

Management Discussion & Analysis for Q4 2024 and Full Year 2024

CHAIRMAN’S STATEMENT

Dear fellow shareholders, I am pleased to present the 2024 Annual Report for Thor Explorations Ltd. We mark 2024 as a milestone year where the Group delivered its revised target gold production of approximately 85,000 ounces and, in doing so, completed the repayment of its senior debt facility to the Africa Finance Corporation.

The Segilola Gold Mine, our wholly owned flagship project continued its solid performance in 2024, slightly disrupted by severe weather conditions in Q3 2024, generating $193.1 million revenue from 84,965oz of gold sold at an average realized price of US$2,288/oz. We generated Group net profit of $91.2 million. Segilola’s strong performance is anticipated to continue in 2025 with a production guidance of 85,000 to 95,000 ounces at an all-in sustaining cost (AISC) of US$800-1,000/oz per ounce.

We now look to transition to the next phase of our strategic evolution generating value creation through advancing our portfolio in the three jurisdictions in which we operate. Having repaid our capital costs and associated borrowings and improved our working capital position, we can now devote much greater cashflow and resources to our exploration activities.

In Senegal, at the Douta Project, progress was made towards the next milestone of a preliminary feasibility study (“PFS”). The Group acquired the contiguous Douta-West licence. We reported recently two initial discovery holes in Douta-West in what appears to be a thicker oxidised layer and drilling there has been accelerated. We believe that Douta-West may present a new source of early years production that may merit incorporation into the PFS.

We were also excited to expand our activities into Côte d’Ivoire where we believe we have assembled a prospective early stage portfolio and we look forward to advancing these licences through exploration in 2025.

I would like to thank all our employees, Leadership Team and Board for their continued hard work and dedication in the year, and our investors for their continued support.

In Nigeria, where we are a pioneer in the mining sector, we were pleased in March 2025 to receive a copy of the report of the Inter-Ministerial Fact-Finding Committee on the dispute between SROL and the Osun State Government. This report affirmed our compliance with all our legal and regulatory obligations. We continue to pride ourselves on maintaining best practice standards across all our operations.

We continue to build a local mining skill-base, investing in youth, undergraduate and graduate programmes as well as post-secondary school apprenticeship schemes in our host communities and regions. We remain committed to the host communities in which we operate, where we have continued to enjoy a healthy and cooperative relationship and where our livelihood restoration programs continue to thrive.

The next 12 months are significant in our evolution as a Group with important milestones. Extending the Segilola mine life is our utmost priority. The Group is now in a much better position to fully investigate this potential with the underlying support of the cashflow from Segilola in a strong gold price environment.

We are also pleased to announce our dividend policy and maiden dividend.

We look forward to 2025 and thank you for your continued support for Thor Explorations. The Board and Leadership Team remain resolutely focused on delivering our strategy and creating value for our shareholders and all of our stakeholders.

Adrian Coates

Chairman

CEO’S STATEMENT

I am pleased with our performance and progress as a Group in 2024 where we generated record revenues from our Segilola Gold mine whilst being disciplined in our cost control and focusing on our ESG Commitments.

Our primary objectives in 2024 were to fully repay our senior debt facility and strengthen our balance sheet. This was achieved whilst also expanding our exploration portfolio in Nigeria, Senegal and in Côte D’Ivoire. The Group is now strongly positioned for a new dynamic phase with big increases budgeted in our exploration expenditure around Segilola and also across our entire portfolio, all funded by strong cash flow at Segilola.

We are pleased to announce our dividend policy and maiden dividend. The announcement is a major milestone for Thor and validates our confidence in the overall strength and sustainability of our business. Our dividend policy demonstrates our dedication to returning part of our strong cash flow generation to shareholders without forgoing our ability to self-fund our growth

Segun Lawson

Chief Executive Officer

OVERVIEW

Thor Explorations Ltd. (the “Company”), together with its subsidiaries (collectively, “Thor” or the “Group”) is a West African focused gold producer and explorer and is dual-listed on the TSX Venture Exchange TSX-V (THX: TSX-V) and the Alternative Investment Market of the London Stock Exchange (THX: AIM). The Group’s main assets include its flagship producing Segilola Gold mine in Nigeria and the advanced exploration project, Douta, in Senegal. The Group has a growing portfolio of prospective exploration licences on the unexplored Ilesha schist belt in near proximity to the Segilola gold mine and further exploration licences in Nigeria. The Group, in 2024 expanded its operations into Côte d’Ivoire following the signing of a binding sale and purchase agreement with Endeavour Mining Corporation to acquire a 100% interest in the Guitry Gold Exploration, entering into an option agreement with Goldridge Resources SARL (“Goldridge”) to earn up to an 80% interest in the Boundiali Exploration Permit, located in north-west Côte d’Ivoire and also entering into an option agreement to acquire an 80% interest in the Marahui Gold Exploration licence located in north-east Côte d’Ivoire.

Our strategy is to operate, develop and explore mineral properties where our expertise can substantially increase shareholder value. The Group operates with transparency and in accordance with international best practices and is committed to delivering value to its shareholders through responsible development, providing economic and social benefit to our host communities and operating in a manner where health and safety and the environment are integral to our operations and development approach.

With a deleveraged balance sheet and strong cash flow generation, the Group has scaled up its exploration programs across its entire portfolio. This includes the acquisition, via option, of further geologically prospective tenures in Nigeria where we continue to assess potential targets.

Figure 1.1: Thor’s Properties in West Africa

DIVIDEND POLICY

The Board has adopted a dividend policy to be applied for at least the next two years. The dividend policy reflects the Board’s aim to strike a balance between the Group’s growth ambitions and returning money to the Group’s shareholders.

Dividends will normally be paid on a quarterly basis at an amount of C$0.0125 per share each quarter, with the ability to increase the dividend amount based on the Group’s cash reserves at the end of each quarter. The first dividend will be payable on May 16, 2025, for shareholders on record at May 2, 2025.

It is currently intended that the dividend policy will be reviewed in two years, taking into consideration factors such as the extension of the Segilola Mine Life and capital commitments to near term development projects. The maiden dividend will be paid on May 16, 2025, in Canadian Dollars, with an option for shareholders to elect to receive the dividend in Pounds Sterling. The exchange rates for payments in Sterling will be fixed by the Company on May 14, 2025, and subsequently announced.

Event Date

HIGHLIGHTS AND ACTIVITIES – FOURTH QUARTER 2024 AND YEAR ENDED DECEMBER 31, 2024

Operating results for the fourth quarter 2024 were highlighted by the selling of 23,087 ounces (“oz”) of gold achieving an average gold price of US$2,414 per oz at a cash operating cost¹ of $664 per oz sold, with an all-in sustaining cost (“AISC”)¹ of $818 per oz sold.

The Group made a final payment of $4.1 million towards its senior debt facility with Africa Finance Corporation (“AFC”). Following this repayment, the Group has fully settled its senior debt obligations and at year end 2024 held a net cash position of $11.2 million (see Section 3.4).

Revenue for the fourth quarter 2024 was $65.7 million with an EBITDA of $46.2 million and net profit of $34.9 million. The Group reduced its accounts payable and accrued liabilities by $17.2 million since the end of the previous quarter.

At the Douta Project, the workstreams for the Preliminary Feasibility Study continued and focussed on the metallurgical test work, process flow sheets and resource update.

Table 2.1 Key Operating and Financial Statistics

					Three month periods ended											Year ended
						Decembe			Septembe		June		March		December		December			December
						r 31, 2024			r 30, 2024		30, 2024		31, 2024		31, 2023		31, 2024			31, 2023
	Operating
	Gold sold		Au		25,790			18,167			23,588		17,420		11,930		84,965			73,356
	Average realized gold	$/oz		2,414			2,328			2,309		2,033		1,927		2,288			1,907
	price1
	Cash operating cost1		$/oz		664			585			585		418		1,451		575			1,006
	AISC (all-in sustaining	$/oz		818			766			802		632		1,706		765			1,313
	cost) 1
	EBITDA1		$/oz		1,747			1,506			1,596		1,337		266		1,570			755
Financial
	Revenue		$		65,720			40,222			53,876		33,312		22,998			193,130		141,245
	Net Profit/(Loss)		$		33,742			17,500			27,505		12,425		(8,850)			91,172		10,869
	EBITDA1		$		45,056			27,368			37,645		23,290		3,175			133,359		55,350

		December	December
		31, 2024	31, 2023
Cash and cash equivalents	$	12,040	7,840
Deferred revenue	$	4,463	11,839
Net Cash/(Debt)1	$	11,180	(15,926)

1 This is a non-IFRS measure. Refer to the non-IFRS measures section.

Segilola Gold Mine, Nigeria

Osun State Tax Dispute

On September 30, 2024, the representatives of Osun State served a notice to the Group`s subsidiary, Segilola Resources Operating Limited (“SROL”) from a state magistrates court to seal the Segilola Mine site over unpaid outstanding taxes amounting to N98,347,105 (approximately US$61,900). SROL paid the full outstanding amount, under protest, despite not being given the stipulated 30 days to review. There was no disruption to operations at Segilola.

Following this, the Minister of Mines in Nigeria commissioned a fact-finding committee (the “Committee”) to look into the claims made by the Osun State Government.

Subsequent to the period, a meeting was held on the March 25, 2025, in Abuja with all relevant parties, the Committee’s report was formally released to the Group. Importantly, the Committee’s report affirmed the Group’s compliance with all its legal and regulatory obligations, and that all the allegations of wrongdoing were unfounded. The full report can be found on the Group’s website.

SROL continues to engage with the Osun State Government through the appropriate legislative processes to ensure that tax assessments are conducted in accordance with applicable laws.

Management does not expect any material impact on the Group’s financial statements as a result of these ongoing discussions. Updates will be provided once a final and undisputed assessment is agreed upon.

Mining

During the three months ended December 31, 2024, 3,781,881 tonnes of material were mined, equivalent to a mining rate of 41,107 tonnes of material per day. In this period, 383,699 tonnes of ore were mined, equivalent to a mining rate of 4,171 tonnes of ore per day, at an improved average grade of 2.30g/t. Mining rates were lower than Q3 due to a severe weather period resulting in excessive rain (>415mm) over a 12-day period in late September that still impacted October mining. The aging fleet of the mining contractor experienced low availabilities of its truck fleet and 5 new trucks were purchased and were delivered in early 2025 to address this bottleneck.

The stockpile balance increased by 10% to 1,469,370 tonnes of ore at an average grade of 0.94g/t. The stockpile comprised of 8,865 tonnes (4.21g/t) at high grade, 69,608 tonnes (2.08g/t) at medium grade, 1,384,782 tonnes (0.84g/t) at low grade and 6,116 tonnes (4.24g/t) on the coarse ore stockpile between the crusher and mill.

The significant stockpile available (more than 1 year of process plant supply) offers flexibility and low risk for future process plant production. The mine will continue to feed higher grade material in preference to low grade material and the lower grade material will be processed later in the mine life and during periods of reduced or minimal mining activity. The stockpile is reflected on the balance sheet under inventory and is reflected at mining cost per tonne.

Processing

During the three months ended December 31, 2024, 247,075 tonnes of ore were processed, a 22% increase on Q3, equivalent to a throughput rate of 2,686 tonnes per day, at a mill feed grade of 3.08g/t with no significant downtime periods. The process plant achieved a further reduction of the gold in circuit (“GIC”) by 2,835oz of Au in Q4 to sell more gold than recovered from mining during the quarter.

Table 2.2: Production Metrics

Q3 – Mining Units Q4 – 2024 Q2 –2024 Q1 - 2024 Q4 – 2023 Q3 - 2023 Q2 - 2023 Q1 - 2023 2024

Total Mined	Tonnes	3,781,881 4,024,002	4,663,057 4,939,647	5,483,291 5,673,193 5,633,688 4,194,689
Waste Mined	Tonnes	3,398,182 3,668,487	4,171,122 4,473,752	5,031,931 5,370,278 5,355,105 3,996,264
Ore Mined	Tonnes	383,699	355,515 491,935	465,895 451,360 302,915 278,583 198,425
Grade	g/t Au	2.30	2.01 1.78	2.07 1.93 2.44 2.43 2.85

Daily Total Mining Tonnes/Day 41,107 43,739 51,198 54,282 59,601 61,665 61,909 46,608 Rate Daily Ore Mining Tonnes/Day 4,171 3,864 5,347 5,120 4,906 3,292 3,061 2,205 Rate

Stockpile

Ore Stockpiled	Tonnes	1,469,370 1,332,924		1,179,693	861,254	541,151	338,558	297,060	270,215
Ore Stockpiled	g/t Au	0.94	0.94	1.01	1.06	1.04	0.99	1.06	1.14
Ore Stockpiled	Oz	44,300	40,392	38,298	29,264	18,141	10,756	10,124	9,904

Processing

Ore Processed	Tonnes	247,075	201,958	174,000	235,933	262,439	261,671	255,231	231,001
Grade	g/t Au	3.08	3.22	3.42	2.85	2.77	2.46	2.99	2.95
Recovery	%	89.2	88.5	94.6	90.7	93.4	92.3	94	94.1
Gold Recovered	Oz	21,827	18,496	18,090	19,589	21,798	19,104	23,078	20,629
Gold Poured	Oz	24,662	20,110	21,742	18,543	16,361	16,579	21,518	20,017

Milling Tonnes/Day 2,686 2,195 1,891 2,593 2,852 2,844 2,805 2,567 Throughput

NON-IFRS MEASURES

This MD&A refers to certain financial measures which are not recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been derived from the Group’s financial statements because the Group believes that, with the achievement of gold production, they are of assistance in the understanding of the results of operations and its financial position.

Average realized gold price per ounce sold

The Group believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, the average realized gold price, which takes into account the impact of gain/losses on forward sale of commodity contracts, is a metric used to better understand the gold price realized during a period. Management believes that reflecting the impact of these contracts on the Group’s realized gold price is a relevant measure and increases the consistency of this calculation with our peer companies.

In addition to the above, in calculating the realized gold price, management has adjusted the revenues as disclosed in the consolidated financial statement to exclude by-product revenue, relating to silver revenue, and has reflected the by-product revenue as a credit to cash operating costs. The revenues as

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