Hello everyone, and welcome to today's webinar with Investor TV. I am Moneer Barazi, your host. Thank you for joining us. Gold has been in focus for investors this year, with prices reaching record levels before making a correction. In that setting, TRX Gold, listed on the TSX and the New York Stock Exchange American under the symbol TRX, has reported record average realized gold prices during its 2026 fiscal year. TRX is a gold producer operating the Buckreef Gold Project in Tanzania, and it sits in an interesting position. It has an operating mine and is now working on expanding it. Joining us is TRX Gold's Chief Executive Officer, Stephen Mullowney. Stephen will walk us through the company's story and what to watch next. A quick disclaimer before we begin. This webinar will contain forward-looking statements from TRX Gold Corporation. Investor TV is not a registered broker, dealer, or investment advisor and is serving solely as a host to this event. This webinar is disseminated on behalf of TRX Gold. The recording will be made available shortly on the company's channels and hours after this session. If you have any questions, please submit them through the Q&A box and we will get to as many as we can. Steven, welcome, and thank you for joining us today. Yeah, thank you, Moneer. It's great to be here. I hope my reception's good for the webinar. I'm currently in Dar es Salaam in Tanzania. Actually, I had to step out of a Buckreef board meeting to do this, so it's very topical. So you're on site and where the action happens then? Well, I'm not at the actual mine site, but I'm in our corporate office in Dar es Salaam today. Well, good to have you here with us today. I have a lot of questions for you, but first, I would like to put those questions in context. If you have a presentation, and if you could tell us briefly about the company's journey, we'll be glad to hear it. Excellent. I'm going to share my screen. Who are we? We are TRX Gold, and Moneer went through the disclaimer, so I won't go through the disclaimer. As you mentioned, we are operating the Buckreef Gold Project in Tanzania, in the Geita region. It's a region that has a lot of gold mining history. AngloGold Ashanti started its mine in the Geita mine complex, historically, which produces over 400,000 ounces. Our goal really is to rapidly advance our project, the Buckreef Gold Project, through disciplined high-margin production. We're utilizing that cash flow then to reinvest into the business to grow it even further. Right now we have a 2,000 ton per day plant. We're putting in place an additional circuit for 3,500 tons a day, bringing capacity to 5,500 tons a day. The mine plan will determine throughput rates, but it'll certainly be a lot larger than our 3,000 ton per day study that we put into market in April 2025, which had some robust numbers, almost a $2 billion NAV and $4,000 gold. I'll get into that in a second. But underpinning the ability to do this is in the last year, we did almost 30,000 ounces, had record revenues and record EBITDA. Our current run rate EBITDA is approximately $80 million. You take the Q3 results of $20 million, times that by four. We're underpinned by 1.5 million ounces in the M&I categories at around 2.5 g a ton. Our last study had around an 18-year mine life, 60,000 ounces average production with a cash cost of around $1,000 and all-in sustaining costs around $1,200. A very robust project, and we're currently expanding it to be much larger than that particular study. The focus really for the company is on the underlying valuation metrics. We know markets value companies based off of the EBITDA, net asset value, and your resource base, which then feeds into your EBITDA as well as your net present value. Our focus is increasing the plant, which will increase production. We expect it to be over 80,000 ounces once we get the expansion done and our new study into the market. That will be, again, a high-margin business. We've expanded three times already, so we're quite comfortable that's well underway. TSFs are being constructed, ball mills have been ordered, ADR plants are underway. We're quite comfortable in our rapid EBITDA growth. As I mentioned, run rate EBITDA is approximately $80 million today. Once that expansion comes online, as per our study, which is at 3,000 tons per day, and we're going to be larger than that, EBITDA on the current gold price, we expect to be over $200+ million in the next three to four years. Quite a significant growth as a result of that expansion. Obviously, when you revise mine plans and you do your exploration program, your net asset value or underlying value of the business will increase as well. As I mentioned, the ounce profile will be larger, thus the cash flows will be larger, thus your net present value will be larger going forward. We're currently executing on putting a new study into the market to update a new business plan, essentially. We should be done that by towards the end of the year, early next year. That'll predominantly complete it, and we'll have results of that. What will be contemplated there is a much larger open pit that goes on a much longer time than in the last study, which is around three years, and then going underground. The pit will go on a little bit longer and defer the underground development. That doesn't reduce ounces over time. It actually increases ounces over time. At the same time, we are drilling now. We have drill rigs on site on the exploration side, and we increase the resource profile over time through exploration drill bits. You can never be assured of what you're going to find, but we're quite confident that we'll find a lot more gold on this property over time. Our best assay results have been in Stamford Bridge and Anfield, and we'll start to drill in those areas as well as other highly prospective targets. We're doing this on our self-funded business model. Just going through budgets here right now, and over the next year, we'll spend around $45 million-$50 million expanding the project as we continually execute that expansion as well as exploration. As you can see here in this particular slide, this is the ramp up from basically what we had. It was a test plant and three mill expansion since to get to 2,000 tons per day. Now we're doing a real big step change and adding another 3,500 tons per day of capacity to the existing plant circuit. We're doing that over the next 12-18 months, and we'll have that up and running. As I mentioned, TSFs, ball mills, and ADR plants and other upgrades are happening as we speak. That sets the stage for a rapid rise in both production revenues and in EBITDA. You start to see those in the numbers here. A lot of people ask me, "Well, you got a lot of sales growth over last year. Must be all gold price." Well, no, it's not all gold price. Most of that comes from underlying production increases. We expect it will level off this year because the 2,000 ton per day plant can only take so much ore throughput. Then we'll have that step change as that expansion comes online in our fiscal 2028 year. We've done this from the beginning with an original $20 million capital raise. Once we did the first couple of plants expansions, we then utilized the free cash flow to continue to expand. We've invested around $90 million in free cash flow since then. That's currently the business model and continues to be the business model. With regards to the study that I mentioned was put out in 2025 in May, that contemplated 3,000 tons per day. We're now contemplating a capacity of 5,500 tons a day. Mine plan will determine throughput. This study created a lot of cash flow and a pre-tax NAV of around $1.9 billion at $4,000 gold, $1.2 billion after tax. Had 62,000 ounces over 18-year mine life. As I mentioned, we expect production to be higher and thus all of the underlying numbers to be just as good or better than what we see on the slide. Here, we took that mine plan that was in that 2025 study and put it into production and revenue in EBITDA terms, as you mentioned. You'll hear me have a large focus on cash flow. I think cash flow is always king in these type of businesses. As you can see here, EBITDA gets quite healthy in years four and five. Year three, essentially, and gets it to well over $200 million over that particular period under a reduced throughput scenario. We're going to have an increased throughput scenario going forward. With regards to where we are, we're in the Geita region, as mentioned. What I like about Tanzania currently here today is there's just a lot of mining activity and the ability to get things done on the ground. We've done this with a lot of local contractors, have really good support from government to move this asset forward. We have well over 1,000 people on site. When I joined just under five years ago, it was probably around 15 employees. So it's grown quite rapidly, and we'll continue that growth over time. There's a lot of well-established miners in the region. Perseus is investing half a billion dollars in Nyanzaga. Geita has one of its largest mines here. AngloGold Ashanti in the Geita mine. Barrick has a large complex here. There's other miners such as Shanta around on the gold side. So very good to draw talent from and to build a mining operation. The service sector is around to support that and to work with local content to grow the business. On the exploration side, this got me excited, especially as we're starting to really turn our attention to this, as well as the expansion. We did really the first in-depth geophysics study on the property over the last year. That identified 10 highly prospective targets, which we're going to start to drill out. Some of those targets are in Stamford Bridge and Anfield, which have our highest resource value on a gram per ton meter basis. We had to drill those out to define them a little bit better. We're finding some good stuff in the Eastern Porphyry, as you can see a dot there. The Porphyry main zone itself, and that's when I talk about expansions and EBITDA, et cetera, has some good targets around it. Eight goes down to 750 m is our last drill result. It's open along strike and depth. There's probably a lot more gold to be found in there as well. We only report what's mine-able gold at this point in time under the new rules. Thus, as our mine plans expand, some of these amounts just come in as a result of that, but also as a result of hopefully the drill bit going down because the structures are intact to be very deep and a long strike. I mentioned Stamford Bridge. There's some great drill results here, 200 g per ton meters for this type of deposit are great. This is a bridge between our main zone and Eastern Porphyry. It was discovered originally by seeing the shear zone go through the main pit, and then we put some drill bits in it and sure enough, there was some good intercepts there. We're going to be really focusing on this over the next 12-18 months to drill this out as well now that we have an increase in drill rigs on our site. With regard to stakeholder engagement and communication, have good local relationships. We invest a lot in CSR projects. We've developed schools and clinics and things of that nature. We're going to put an increasing focus on vocational skills, supporting local industry such as the subsistence farming industry and others. We've done a comprehensive study with community leaders in order to determine where our CSR plan can go and how it can complement an increased standard of living and our quality of life in that region. We're finding a few new things as well as beyond community schools and clinics, which we'll start to focus on. We are in front of the government engaging with them around a joint venture agreement and moving towards their Framework Agreement. That's taken some time, but that's normal government procedure. Currently, we have a 55/45% relationship with them. 45% is dilutable on the government side. Their Framework Agreement has a 16% non-dilutable interest. We're in constant discussions with them to try to move towards more of a Framework Agreement methodology with the 50/50 economic share with the government side. Account for taxes and royalties and things like that in that 50/50 economic share. We have a good, visible, highly communicative, constructive relationship with the government, local communities. With regards to valuation, I never say we're undervalued or overvalued, as you heard from me, there's a large focus on underlying valuation metrics. Say your underlying valuation multiples remain the same. If you grow EBITDA, you should have a higher valuation, even if your multiple stays the same. Same with P/NAV, same with ounces. If you grow in underlying metrics, you should get a better value. Hopefully, you can grow both the underlying valuation multiples with the metrics at the same time to create value. Certainly that is the focus of our company. I get less concerned about where we fit, and more concerned with actually growing the underlying metrics of the company so we can move up that curve. As you can see, we are listed on New York Stock Exchange and TSX. Volume has been quite healthy. We are a predominantly retail-held stock, a lot of U.S. stock. We trade well over 2 million shares a day in New York, around 300,000 in Canada, a very liquid stock. We also are debt-free with approximately $30 million of cash on the balance sheet. The only debt that we have are leases on Yellow Steel, and thus we have positioned the company very well to execute on its CapEx plans as a result, and we are covered by four analysts, with AGP, H.C. Wainwright, Roth, and Zacks Small Cap predominantly New York market, U.S. investment banks. The key investment highlights is business as usual, growing the business organically, focusing on the valuation metrics of EBITDA, P/NAV, and resources. We have a proven operational track record of doing this. We are doing it again. We have a robust study in the market, which we are updating, which values and underpins a good business plan to grow this company. We are very comfortable operating in Tanzania and believe we can grow this asset well beyond where it currently is. As I mentioned, we have an experienced management team that has had success on this before. Thank you very much. Back to you, Moneer. Would you like me to stop sharing or would you like me to continue to share? Yeah. Thank you. Okay, I'm going to stop sharing, and it's back to you. There we go. Now people can crunch you with questions. Yeah, I will. I just want to comment that there are a lot of good things to say about TRX Gold. I like the expansion potential on multiple fronts. You're working on upgrading the plant, building the resource base. You have the right team. The jurisdiction is a great place to work in. There are so many things, and what really caught my attention is also the consistency. Four consecutive quarterly production records. That is not luck. Yeah. What has actually changed at Buckreef over the past 18 months to make this kind of consistency possible? Yeah. So look, we always have a focus on our cost metrics and performance and things of that nature. So one of the things that grade has helped, and optimizing the plant has helped as well get those consistency. So I look at, we kind of run this business, you can impact grades so much, but you run an underground ton business. And it only has so much capacity in throughput. But we've really focused on recovery rates. Recovery rates have come up really well over last year, now we're mid-80s, and we'll continue to do that. In the next year, we're going to really focus on some of the cost metrics around processing. So we've had to use some contractor crushing, which now we've upgraded the crushing plant again, and that will bring down some of the cost around crushing, probably about $5 a ton or so. We are focused on power as well. We do get power from the national grid, but it is inconsistent quality is what I would say. The diesel generators are on a little bit more than we would like. We are putting in place, in the next couple of months, battery systems, because the battery can take any quality and current to charge itself. Then on the other side, it will distribute consistent quality current to the plant. A crushing circuit, there is less downtime to run the generators as a result. It is not that we are not getting power, it is the consistency and quality of power. That is going to also turn off the diesel gen sets as well, considerably in order to reduce costs. We are constantly working with the mining contractor to reduce costs there too. We are growing, but still have a very keen focus on mining costs and processing costs at the same time. We keep our G&A light. I had not told anybody that. That was on one of our slides. I would say we are not hiding any of our G&A in exploration or in capital assets or stuff like that. What you see is what you get on the income statement, and it is pretty low compared to a lot of companies. That is a key focus. You always hear that from me in costs. Yeah, no, I remember the ratios and the capital expenditure to the, I believe the gold production, if I remember correctly, and you showed a couple of ratios. They were very impressive, and they have worked well throughout the years. We have a question from one of our attendees. I believe you have answered it, but maybe you could shed some light on it from another angle. You just had a record year of production. What do you think has been the biggest reason for that improvement, and how much more room is there to grow from here? Yeah. The biggest reason was, one, the mine plan, so we optimized the mine plan. That's one. The grade profile was decent, and also, their recovery rates improved from mid-70s to mid-80s, and then they all contributed to the increase in production. The plant is pretty much optimized at its 2,000 ton per day level. What's required now is the expansion, so there's another 3,500 ton per day parallel circuit that will go in alongside the 2,000 ton a day circuit, giving a theoretical capacity of 5,500 tons. But we had to figure out how much we can reasonably mine in what period of time to optimize what that throughput's going to be. But it's certainly going to be larger than the 3,000 tons per day that we had in the study. And- Won't quite be 5,500 tons, though. But don't bottleneck at 5,500. Okay. As I said, it's a great model. There's a lot of expansion potential, and you already have an impressive track record. But a question is on our attendees' mind, and mine as well is, why is share price so depressed? What doesn't the market really get still? I think the market is changed over time. This is a show-me market, always has been, and nobody believes that we can expand and not go to the market to issue capital for that expansion. Nobody believes that you actually do it. I think if you look at our share price, it had a step change when we started executing on this particular last expansion and recapitalized our balance sheet from cash flow. I fully expect it to do the same when the new plant comes online again. This is an industry where investors have been burned in this industry. Nobody believes you until you do it. Yeah. If, again, a question from one of our audience, if gold prices remain strong, how does that change the way you think about investing in exploration versus expanding production? I think you invest in both. If you have the luxury. Most of our free cash flow will be used for expansion this year because that's the best return. If I can increase EBITDA from the run rate, which is around $80 million today, to over $200 million for less than $50 million, that's a no-brainer. That is what we're doing today. But the drill bit's still going to turn, because that provides hopefully cheaper ounces and finds. It also hopefully will fill up the mill from the expansion. It adds to long-term value. So you do both. All right, so it's balanced in a way. Yeah. A question from Chris: I think the presentation stated $59 million in capital costs to complete the current phase of expansion. With $27 million in current cash, how is expansion and exploration funded? Out of free cash flow. As I mentioned, there is $80 million run rate of EBITDA. Obviously, that is not free. To get down to your free cash flow, you got to take your CapEx and the taxes and stuff like that. But it gets funded out of free cash flow. Now that question is directly related to the first question, and most miners can not do this. They do not have the luxury, so they have to go to the markets in order to get the capital to expand because they are not profitable enough to make those internal expansions, particularly small to mid-size miners such as us. It is different, but that is how we have done it in the past, and that is how we plan to do it in the future. That is part of what you mentioned in stock prices and valuations being depressed. Because people do not believe that. They go, "Oh, you got $50 million of CapEx. You only got $30 million of cash on your balance sheet." But everybody forgets the cash that you are generating. Yes. No, you have organic growth, and it addresses a lot of the concerns about potential dilution and going to market and all of that, so you can focus more on growing production. Which brings me to the next question. You have mentioned also recovery rates, you focusing on recovery rates. What is your gold production forecast for 2027? Yeah. For 2027, our current year coming up, we are just going through that. I would say it would be slightly higher than what we did last year. The 2,000 ton per day plant can only do so much, right? That is in line with that. Then the expansion will come on into the 2028 year, fiscal 2028. Another question, under what conditions would TRX consider buying back its stocks? One, you have to have the cash flow to do it. Look, I think if the share price were depressed further, then it may be something that's entertained, maybe. But as long as we don't need to go to market to issue capital to fund our expansion, I would think we'd get through the other end of our expansion before we start to make that decision, where we have significant amounts of cash flow. And certainly, if the market doesn't reward it at that point in time, that's something that would come onto the table after the expansion's done. I don't know if you have the exact number, but what is NAV per share? I don't have that exact number off the top, and that's a changing number given what we're into study, so I'm not going to do that. I could do it off the last study, but I would be hesitant to do that at this point given that's a changing number in a positive direction. Okay. But if you can look at the past, how has the net asset value changed throughout the- Well, for instance, we didn't have a study in the market since before I joined. Now the new study has a $1.9 billion net asset value. We wouldn't have had a metric like that before. Okay. Impressive. What impact do you expect being part of GDXJ to have on the company and its share price? Yeah. I expect when other investors go and look for investments, they follow that index, some of them. They follow constituents into that index. So I expect to see a larger institutional shareholder ownership over time as a result. We started to see that particularly over the last three to six months, a lot more institutional ownership come into our stock of buying in our stock that way. I expect in combination with getting on other indexes. We qualified for four this year, so four new ones. We would expect to see that institutional ownership continue to tick up. Okay. There's actually a question here that I received about exactly that, about what progress has TRX made in bringing in new investors, institutional and high net worth over the last year. Yeah. We have a couple of firms focusing on both retail and institutional investors. If you look at just following the 13Fs, you will start to see some real new institutional investors establishing positions there. You can do that research on your own. On the retail side, we have a very large retail investor share base currently. We are always at small and micro-cap conferences where we find a lot of high net worth retail investors as well as family offices, which some of them I would qualify as quasi-retail. We are constantly courting those type of investors. U.S. markets are really focused on cash flow. All right. How long until we have initial drill results? I would say they will be in the next couple of months. When will the new plant expansion be operational? It will be our fiscal 2028. So I would say roughly, probably by the end of calendar 2027, mostly. I have a few questions from my end now. Yeah. I think you've addressed many of those points, but it would be good to be more specific as well. Your throughput hit 1,833 tons per day in the third quarter, up 25% from the same quarter a year ago. What is driving that improvement, and how much more can we get out of that current plant? Yeah. It is maintenance, and it all depends on where the ore comes from. We have some softer ore. You can increase that. If you have harder ore, it will go down. But certainly maintaining it and rebuilding them all the time. That is part of what we have done there and just increase the throughput, and the load factors because we have been constantly doing better maintenance on it. You have covered this in your slides, and I believe still there is a lot of perception risk around the jurisdiction, Tanzania. Yeah. Let us talk about that. Yeah. Luna is saying, "I hear Tanzania's government is increasingly unstable." What is your comment? Yeah. I look at jurisdictions two ways. I look at two risks. One is your national risk or your federal-level risk, and the next is your operating-level risk. When I look at segregating those, the operating risk is great. We are able to get everything done on the ground and things like that. National risk, look, that is always constantly changing wherever you are in the world. We have good constructive dialogue at the national level. It certainly has no impact or relatively minor impact on what I see at the operating level, which is comforting to me. But you are always going to have, in countries, a little bit more nationalistic bent, a little bit more investment bent, and then it comes across and balances, and you manage that. Look, I have no issues with operating in this country. I feel quite comfortable. How many drills are planned to be working now and over the next six months? Currently it is eight. Let me go through that. We have got one, two, three. We will have four or five over the next six months. Okay. That will be doing partially grade control and operational stuff as well as exploration. And the- So we'll have four, and then there's another one on the way. Yeah. So five. Yeah. I believe that answers it. Yeah. Yeah. And the gold environment is still favorable, despite the correction. Yeah. Your May 2025 preliminary economic assessment was built on $1,900 gold. Yeah. Gold is sitting above $4,000 today, per ounce. Yeah. So in plain terms, what does that gap mean for how much cash Buckreef is actually generating right now? Oh, it's a lot more, and that's why we're able to do the type of expansion that we're able to do. Look, I think in just my general view, the gold market in and of itself is, interest rates have gone up, so gold prices have gone down from their highs as a result. That's what commentary would say. I think the U.S. government and elsewhere are still running record deficits that need to be financed. Which means inflation, which should be good for gold price. You have a lot of geopolitical risk out there. You have a movement attempting to try to get away from the U.S. dollar, and central banks buying more gold. I think the underpinnings of gold make a really great runner there. I haven't been this bullish in a long time, despite the recent pullback incident. Because just everything fundamentally underlying what usually moves us is there. It hasn't gone away. It is. I think we're going to see maybe these aren't elevated prices possibly, I don't know. But certainly I don't run a business based on hope. We run a business based on actual and downside risk. We do stress test these gold prices to make sure we can still execute our business plan. No, many analysts actually agree with you, and there are rational arguments for why gold could be at even more elevated prices than now. I am not sure, but maybe it was Morgan Stanley predicting $6,000 at some point. $6,000 per ounce, and potentially we have even higher forecasts, but the case is strong. The upside- Yeah. The case is strong. Yeah. I cannot run a business based on that input I do not have any determination over. I run the business much more conservatively than that price because I can control cost and gold and business plans, but I cannot control the price of gold. Yes, and even there you are doing quite well. Yeah. Considering the margins and the consistency- Correct. Yeah. You've achieved. So that's very good. I have a question here. Why do you feel there is a lot more gold than the current resources show? You said you were confident, so where does it come from? Yeah. Look, the company's had prior resource statements that were higher, then they didn't make it into the mine-able gold this time. Gold price goes up, so now we move in. Plus, the structures are there that are gold-bearing. We don't have a mine plan that goes down 750 m, but we have drill hole results at 750 m. When we drill out other spots of the property, there are structural integrity to the Buckreef Main Zone, as well as we need to drill out the other spots around the property in Stamford Bridge and Anfield and other highly prospective targets. I expect there to be a lot more gold along those trends. We haven't done a lot of drilling in the last year and a half to two years, so we'll start to turn our attention to that. Still a lot of untapped potential, really. Yeah. I would think, yeah. I'm pretty confident in that. Four or five rigs on site, and I heard 10 different sites to drill from another presentation. Should we- Yeah. The 10 highly probable targets is what we call them. We can't guarantee it, but certainly the geophysics said that there's a higher probability to drill there than to drill elsewhere. Okay. Should we expect drilling only at Stamford and Anfield in the near future? No, it'll be some on some of those targets, too. Okay, good. Yeah. Broader coverage. Yeah. I want to go back a bit to the PEA. Besides gold prices, what are other variables that the study, the economic assessment, is sensitive to, and how does the bottom line move with those variables? Yeah. One is throughput, so getting the throughput up as high as possible to get the ounces. The other part is on your mine plan, getting your mine plan optimized to get the highest throughput grade through that particular mill. Those are the biggest variables that you're really looking at, and constraints you're going at. I'm not as worried about capital because we have that well under control. I think a lot of studies worry about capital. Recovery rates now we know the metallurgy of this deposit, so pretty comfortable on that angle. So those type of risks, a lot of the operational risk is taken out of it. It's just basically updating the business plan. Okay. Maybe someone here is an English League fan. Are Stamford Bridge and Anfield names based on Chelsea and Liverpool football stadiums? We have a whole site of EPL fans that love Liverpool. They didn't really like Chelsea, but I said, "You've got to choose something else." That one was an in-between, and when I mentioned Old Trafford, I didn't get a good reception. Okay. The first one was named Anfield, and so I had a running joke that you will never explore alone. Well, we know where the audience stands on that. Well, I know where the people outside. I am a hockey guy. I am from Canada, but the guys outside are all football or soccer fans and any new discovery I am sure will be after another stadium somewhere. Okay. So let us go back again to the PEA. The updated PEA is coming in Q4 2026. The last one was built on 3,000 tons per day and 1,900 n either of those assumptions reflects today's reality. What should the investors actually expect to see in the new study? Yeah. The mine plan will be pushed out on the open pit, and then we'll go underground again. I would expect higher throughput rates now, given the expanded plant that's being built, and thus better off overall numbers, particularly around net asset value, and probably more resources than that. Yeah, that's really just an update of those numbers. Okay. To go back to some of those targets mentioned earlier, Stamford Bridge produced 37 m grading 6.86 g per ton. Yeah. The best intercept in Buckreef's history. Yeah. You're ramping up to potentially four or five drill rigs with assays due in Q4 2026. What are you most excited about, and what would a major result there mean for the mine plan? Well, I'm more excited to find more gold. That's always exciting. But what it does mean for the mine plan is hopefully, the higher-grade material is better for your mine plan. It creates more gold, even with the throughput levels. So ultimately, you want to find those resources that are cheaper than your deeper resources. Okay. At higher grade, it would create much better cash flow and EBITDA and production profile. Right. To go back to, I really liked the way you framed it, that you focus more on the metrics that underlie the valuation rather than the valuation itself, which is a very sound approach if you ask me. Every analyst covering TRX has a strong buy rating, with price targets well above where the stock is trading today. Yeah. There's clearly a gap. What doesn't the market really understand? More importantly, how are you working on closing that gap? Yeah. I don't think the market understands that we're actually going to do this again. You didn't see the stock price really come out of the doldrums until we actually executed last time. I think we're going to need to see that execution. The easiest way to close that gap is just to execute. I do not think you can market your way out in this market. You have to execute your way out to close the gap. You have the right team, I imagine, for that execution. Yeah. Yes. Yes. Let's talk about risk management and your joint venture. The 55/45 structure with STAMICO is the most discussed topic among TRX investors, and the one that generates the most questions, that is. Yeah. Discussions about restructuring that arrangement are going. So where do things stand today, and what does a good outcome look like for shareholders? Yeah, I think, look, ultimately, you have to put in place in any of these negotiations a win-win-win structure. And so right now, that 45% is dilutable. Dividends are controlled to the Buckreef board. I would say we get our capital loan back first, and those are all things under the current arrangement. They implemented Law 2022 that has 16% free carried interest in an economic share, and the economic shares they entered into with other miners were 50/50. And so on one side, it would be government share of royalties taxes, excise taxes, all those sort of things, dividends, and then on TRX's side will be dividends in excess. So I think getting to that Framework Agreement that's been accepted by the market would be a good outcome for shareholders. I think anything that can create value on the TRX side as well as value on the government side would be a good outcome. Anything that puts in place the ability to continue to grow above and beyond where Buckreef is today and where it's going to, and perhaps new properties and things of that nature, would be a benefit to everybody. It's slow, though. It's more political. Slow, it's political. You got to keep that in mind as well. But it sounds like a win-win, and you have good relationships with- Yeah. Yeah. Is there any reasonable time frame to expect a change in the 55/45? I wish I could tell you that with definitive things. On my end, we can execute quite quickly. The other side has to agree as well. There, governments are much slower than companies. True. I want to go back to capital discipline. You've shown a lot of capital discipline, and you've highlighted how you plan to fund the expansion. You currently have no equity raises, no shareholder dilution, funding a 3,500 ton per day SAG mill entirely from operating cash flow. That's a great commitment. You've shown complete class. Let's talk about one contingency and its impact. What happens if gold prices pull back hard? Everybody asks the same question. Yeah. Here's the luxury that we have. We already have a 2,000 ton per day plant operating that creates cash flow. If it creates less cash flow, which is lower gold price, then you can just delay your capital expenditures. Everybody tries to get me into the question around, "Well, you might not have enough money." I am still generating money. It does not matter I am not generating as much. Then I have a decision, or we have a decision whether we want to keep on the same track or take our foot off the gas pedal a little bit and still execute. That would be a decision if gold prices go down. If gold prices go up, you might be able to do things a little quicker. You will focus on the variable you have control over then? Yes. I don't have very control over the gold price. True. That's correct. About competitive positioning, you've shown where TRX stands in relationship to its peers and your focus on metrics underlying the valuation. Let's talk about the different ways in which people invest in gold. There are a lot of ways, royalty companies, major producers. Yeah. Junior miners in different jurisdiction. How do you make the case for Buckreef? Why here and why now? We're putting in place a $50 million expansion that takes cash flow up significantly. I'm not sure a lot of gold miners have that type of growth in them. You got that growth coming through. It's exponential growth, then the drill bits will turn and hopefully find a lot more gold at the same time. I don't think there's another as compelling investment thesis out there in the gold mining industry on those type of metrics. We may be small relative to some gold mining companies, thus a little bit more risky as a result, but certainly the growth profile is there. Yeah, I know. And there's a lot of leverage. If you find gold and the prices are still elevated as they are today, then that offers you a lot of healthy margin, that is. Yeah. Is there a point in time where you might hold gold on the balance sheet rather than selling it in the market? You never say never, but that's not really in the plans at this point in time. We're focused on what we can control. I'm not looking three years out at this point. I'm looking 12- 18 months in expansion time. Okay. That'd be a good problem to have, to make that decision. Right. Yeah. But I don't need to make it today. My last question is about the vision, the future. Three to five years from now, if everything goes according to plan, what does TRX look like? And what would tell you personally that you got the job done at Buckreef? Yeah, I think Buckreef is well and on its way, and expansion is done. And it's finding more resources, and then I would hope that we would have one to two other projects that we're executing a similar type of business plan that we executed Buckreef on. I think it's pretty simple. And we have a question here, how large is the area TRX controls? It's around 16.5 sq km, but that's more than plenty to do what we need to do. All right. I believe we have no more questions from the audience or from me, but maybe I'll give you the chance to convey any final messages to both current shareholders and future ones. Yeah. I always like to say that we're a lot more boring than we used to be, but boring is good. We have exceptional growth plans ahead of us that are supported by a team that has done this before, so I feel very, very comfortable in our growth profile and the value creation that's going to come along with it. A substantial increase in EBITDA, NAV, and resources will be a good start. Absolutely. You're working on multiple fronts to expand this, and the potential is really clear to see. I mean, at least from where I'm sitting. You've highlighted it very well by focusing on the metrics underlying the valuation. Yeah. Thank you for that, and thank you for your insights as well, Stephen Mullowney, Chief Executive Officer at TRX Gold. Thanks to our audience for insightful questions and for enriching the conversation. We'll follow TRX story closely, and hopefully we'll talk soon about upcoming chapters and hopefully future successes as well. Thanks again, Stephen and the audience, and we'll see you again very soon. Have a pleasant evening forward. Thank you. Thank you.