Thor Explorations : Earnings Document

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three months and year ended December 31, 2023

Amounts in United States Dollars

Thor Explorations Ltd. ("Thor" or the "Company") is a gold production, development and exploration company focussed on West Africa and dual-listed on the TSX Venture Exchange TSX-V (THX: TSX-V) and the AIM market of the London Stock Exchange (THX: AIM).

TABLE OF CONTENTS

1	OVERVIEW	3
2	HIGHLIGHTS AND ACTIVITIES - FOURTH QUARTER 2023 AND YEAR ENDED DECEMBER 31, 2023	6
3	NON-IFRS MEASURES	14

• SUBSEQUENT EVENTS………………………………………………………………………………….……………………………………………………………………….12

5	OUTLOOK AND UPCOMING MILESTONES	17
6	SUMMARY OF RESULTS	18
7	RESULTS FOR THE YEAR ENDED DECEMBER 31, 2022	19
8	LIQUIDITY AND CAPITAL RESOURCES	20
9	FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS	21
10	RELATED PARTY DISCLOSURES	24
11	OFF-BALANCE SHEET ARRANGEMENTS	24
12	PROPOSED TRANSACTIONS	24
13	CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION	24
14	DISCLOSURE OF OUTSTANDING SHARE DATA	25
15	RISKS AND UNCERTAINTIES	26
16	CAUTIONARY NOTES	31

This Management Discussion and Analysis ("MD&A") of the financial condition and results of operations of Thor Explorations Ltd. ("Thor" or the "Company") should be read in conjunction with the audited consolidated financial statements and notes thereto for the quarter and year ended December 31, 2023. These audited consolidated financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

This MD&A contains "forward looking statements" that are subject to risk factors set out in the cautionary note contained herein. The reader is cautioned not to place undue reliance on forward looking statements. All figures are in United States dollars unless otherwise indicated. Additional information relating to the Company is available on the Company's website www.thorexpl.comand under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

This MD&A is prepared as of April 27, 2024.

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CHAIRMAN'S STATEMENT

Dear fellow shareholders, I am pleased to report that 2023 was a year in which Thor Explorations successfully navigated through a technically challenging year and delivered its target gold production of approximately 85,000 ounces. 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 have also recognised that we need to take a long-term view of building a local mining skill-base, and as a result, we have invested in youth, undergraduate and graduate programmes as well as post-secondary school apprenticeship schemes in our host communities and regions. We remain committed to labour excellence through managing employee job satisfaction in the local community.

We have also continued to enjoy a healthy and cooperative relationship with our host communities. In 2023, we completed our first two livelihood restoration programs which had 135 direct beneficiaries. In total, 4,479 community members have benefited from our Community Development Agreement programs and an impressive 11,122 people have directly benefited from our Corporate Social Responsibility programs.

Following the regrettable loss of life of an individual as a result of our operations in 2022, we are reassured that the measures put in place to guarantee the safety of all our employees and stakeholders we interact with during our operations, continue strictly prioritised and effected. This resulted in a fatality free year with our employment practices being recognised and rewarded with the Labour Award at the 2024 Mining Indaba, selected by the Mining Indaba Sustainability Committee.

Operationally, we continue to be strategically driven. The addition of our early-stage lithium licences to our portfolio demonstrates our ability to move quickly and with flexibility in-country to capitalise on value accretive opportunities in Nigeria.

Looking ahead, 2024 promises to be a year of delivery. With upgrades to the Segilola processing plant complete and completion of the pushback of the west wall of the Segilola pit, we are confident that the Company is well positioned to grow through gold production and value creation through exploration success in Nigeria.

We are confident of our strategy in Nigeria and West Africa in 2024 and thank you for your support for Thor Explorations in 2023. Please be assured that the Board and Leadership Team are resolutely focused on delivering our strategy and creating value for our shareholders and all of our stakeholders.

Adrian Coates

Chairman

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CEO'S STATEMENT

The end of 2023 marks two calendar years of commercial gold production at our flagship asset, the Segilola Gold Mine. Thinking back to the original mine plan in the Definitive Feasibility Study, we knew as a management team that the second year of production was going to be an operationally challenging year, requiring the pushback of the western wall of the pit and mining of waste material in order to access the orebody efficiently in the subsequent years.

Despite the operational challenges, we are pleased to have produced approximately 85,000 ounces of gold in 2023 versus the original mine plan projection of 72,000 ounces. This was achieved whilst carrying out certain plant upgrades which would also optimise gold production for the remainder of the Segilola mine life. In addition to this, we were able to deliver our operations in a safe and responsible manner, with an improved safety performance in 2023. We continue to prioritise safety and best practise standards and aim to continuously improve.

Personally, I am pleased we managed to achieve our operational objectives. We refreshed the leadership at the mine site with the appointment of a new General Manager in October 2023 and executed necessary upgrades to the process plant whilst ending the year having achieved an all-in sustaining cost ("AISC") for the Segilola Gold Mine of $1,313 per ounce.

The Company is now strongly positioned for repayment of the Company's long-term debt during 2024 and growth, primarily coming from strong cash flow at Segilola, and also through exploration and the development of the Douta Gold Project in Senegal.

We are also continuing to prioritise our Environmental, Social and Governance ("ESG") standards, particularly as we are in a country where we must set an example as pioneers in the industry.

Furthermore, in 2023, we began to capitalise on our first mover advantage in Nigeria through the acquisition of over 600 square kilometres of lithium-bearing ground. We believe our first mover advantage allows us to quickly and professionally assess value accretive opportunities for our shareholders. Having successfully carried out early-stage exploration on our lithium portfolio, we are able to provide our shareholders with significant value optionality that can be funded by the Company's existing cash flow and human resources in Nigeria.

In 2024, the Company's strategy will be focussed on growth. The first priority is to extend the Segilola Mine life where there is currently an underground resource of over 100,000 ounces that has not been incorporated into the existing mine plan. At the current prevailing high gold prices, we aim to assess our options in re-optimising the Segilola Pit to produce gold from this resource prior to transitioning into an underground mine. We also aim to carry out further exploration at depth aimed at increasing the existing underground resource which has not been closed out.

In Senegal, the Douta Gold Project continues to provide blue sky exploration upside potential. The Douta Gold Project is undergoing a preliminary feasibility study ("PFS") and subsequent to the year, we acquired additional contiguous ground with potential to scale the Douta Gold Project.

Our strategy in Senegal in 2024 is to focus on increasing the oxide component of the existing Douta resource in parallel with the PFS workstreams. We will be carrying out drilling programs across various geochemical targets on both the Douta and Douta-West licences. The aim is to increase the oxide resource, where high recoveries are metallurgically straightforward, to a target of 500,000 ounces.

We ended 2023 with our Segilola gold mine well positioned to produce approximately 100,000 ounces per year for the next three years. The Company will also be completely deleveraged in 2024 and will continue to strengthen its balance sheet in the historically high gold price environment.

Looking further ahead, our ambition to continue to grow through mine life extension at Segilola and exploration across our entire portfolio remains unchanged, and we will also be well-positioned for future opportunities that may accelerate our growth into a more mature gold producer.

I am proud of what we achieved in 2023, which is all the result of the hard work and commitment of our people. I am equally excited about the opportunities we have in front of us as we continue to build a uniquely positioned African-focussed gold producer.

Segun Lawson

Chief Executive Officer

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• OVERVIEW

Thor Explorations Ltd. (the "Company"), together with its subsidiaries (collectively, "Thor" or the "Group") is a gold production, development and mineral exploration company focussed on West Africa and dual-listed on the TSX Venture Exchange TSX-V (THX: TSX-V) and the AIM 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 and Burkina Faso.

As part of the Group's strategy in identifying high-value mineral resource opportunities, Thor, through its wholly owned subsidiary Newstar Minerals Ltd ("Newstar"), completed the acquisition of significant tenure in south-west Nigeria that covers both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt.

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.

Figure 1.1: Thor's Properties in West Africa

SENEGAL

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NIGERIA

Segilola Project

Proterozoic Pan African

• Recovered 84,609ozAu in FY2023
• DFS Base case open pit reserve of 518,000 oz @ 4.2g/tAu

Lithium Exploration Portfolio

• Over 600 sq km land package
• Initial rock chip assay 1.3% to 9.3% Li2O
• Ongoing exploratory drilling program

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• HIGHLIGHTS AND ACTIVITIES - FOURTH QUARTER 2023 AND YEAR ENDED DECEMBER 31, 2023

Operating results for the year were highlighted by the selling of 73,356 ounces ("oz") of gold during the period at a cash operating cost of $1,006 per oz sold, with an all-in sustaining cost ("AISC") of $1,313 per oz sold.

Gold recovered for the quarter was 21,798 ounces. The Group has set its production guidance for 2024 to 95,000 to 100,000 oz, while AISC guidance for 2024 is set at US$1,100 per ounce to US$1,200 per ounce.

Table 2.1 Key Operating and Financial Statistics

	Three months period ended		Year ended
December	September	June	March	December	December	December
31, 2023	30, 20231	30, 20231	31, 20231	31, 20221	31, 2023	31, 20221

Operating

Gold sold

Gold recovered

Average realised gold price2

Cash operating cost2

AISC (all-in sustaining cost) 2

EBITDA2

Financial

Revenue

Net (Loss)/Profit

EBITDA2

Au	11,930	19,021	20,852	21,553	24,918	73,356	92,489
Au	21,798	19,104	23,078	20,629	26,523	84,609	98,006
$/oz	1,927	1,910	1,971	1,832	1,657	1,907	1,767
$/oz	1,451	1,193	628	961	342	1,006	685
$/oz	1,706	1,392	916	1,408	610	1,313	954
$/oz	266	624	1,227	683	1,035	755	911
$	22,998,429	36,594,900	41,364,169	40,287,830	43,251,204	141,245,328	165,174,531
$	(8,847,842)	2,270,508	14,458,095	2,988,685	10,715,034	10,869,446	37,996,903
$	3,175,024	11,862,271	25,589,910	14,722,672	25,800,397	55,349,877	84,277,983

		December	September	June	March	December
		31, 2023	30, 2023	30, 2023	31, 2023	31, 2022
Cash and cash equivalents	$	7,839,757	8,264,796	11,149,491	4,505,071	6,688,037
Deferred Income	$	11,838,898	-	865,173	-	6,581,743
Net Debt2	$	15,926,289	19,374,507	16,807,972	24,940,762	31,650,722

1 The figures for the production costs and net profit have been restated in connection with the restatement of the financial statements. Refer to note 25 of the financial statements for further details.

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

2.1 Segilola Gold Mine, Nigeria

Mining

During the three months ended December 31, 2023, 5,483,291 tonnes of material were mined, equivalent to a mining rate of 59,601 tonnes of material per day. This was higher than the mine plan due to some resequencing of mining areas and demonstrated a maintained increase in material mined since the end of Q1 2023 in order to efficiently mine the required waste material in the west wall of the southern end of the pit.

In this period, 451,360 tonnes of ore were mined, equivalent to a mining rate of 4,906 tonnes of ore per day, at an average grade of 1.93g/t. Completion of the west wall pushback has meant production areas are increasing, which allows maintaining higher production rates than was in the annual plan. Grade was lower than Q3 2024 due to increased low grade material identified during grade control drilling increasing the stockpiles for processing at the end of the mine's life.

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The stockpile balance at the end of the period increased by 59.8% to 541,151 tonnes of ore at an average grade of 1.04g/t. This comprised 1,003 tonnes (8.47g/t) at high grade, 18,648 tonnes (2.15g/t) at medium grade, 521,501 tonnes (0.99g/t) at low grade and 4,563 tonnes (3.34g/t) on the coarse ore stockpile between the crusher and mill.

The Group ended the year with a gold recovery of 84,609 oz vs the year end guidance of 85,000 oz. Gold recovered during the year includes approximately 11,250 oz of Gold In-Circuit ("GIC").

Processing

During the three months ended December 31, 2023, a total of 262,439 tonnes of ore, equivalent to a throughput rate of 2,852 tonnes per day, were processed with no significant downtime periods. The process plant maintained the Q3, higher than design, throughput rates with all the main operating units continuing to perform better than expected.

The Q3 2024 mill feed ore tonnes were maintained and recovered ounces of 21,798 were achieved at an average grade of 2.77g/t gold and at an improved recovery of 93.4%.

A leach circuit tank upgrade was ongoing during the period with a projected full commissioning during Q2 2024, to improve processing recovery and efficiency which will reduce the gold in circuit through 2024.

Table 2.2: Production Metrics

	Units	Q4 - 2023	Q3 - 2023	Q2 -2023	Q1 - 2023	Q4 -	Q3 - 2022	Q2 - 2022	Q1 - 2022
	2022
Mining
Total Mined	Tonnes	5,483,291	5,673,193	5,633,688	4,194,689 4,296,494 4,018,431 4,031,584 3,759,524
Waste Mined	Tonnes	5,031,932	5,370,279	5,355,105	3,996,264	3,974,073	3,793,249	3,747,504	3,533,610
Ore Mined	Tonnes	451,360	302,915	278,583	198,425	322,421	225,182	284,079	226,314
Grade	g/t Au	1.93	2.44	2.43	2.85	3.51	4.43	3.63	2.68
Daily Total Mining	Tonnes/Day	59,601	61,665	61,909	46,608	46,701	43,679	44,303	41,772
Rate
Daily Ore Mining	Tonnes/Day	4,906	3,292	3,061	2,205	3,505	2,448	3,122	2,515
Rate
Stockpile
Ore Stockpiled	Tonnes	541,151	338,558	297,060	270,215	300,531	229,909	249,281	179,758
Ore Stockpiled	g/t Au	1.04	0.99	1.06	1.14	1.48	1.19	1.46	1.23
Ore Stockpiled	Oz	18,141	10,756	10,124	9,904	14,300	8,796	11,701	7,109
Processing
Ore Processed	Tonnes	262,439	261,671	255,231	231,001	254,824	241,434	211,582	221,900
Grade	g/t Au	2.77	2.46	2.99	2.95	3.38	3.58	3.66	3.18
Recovery	%	93.4	92.3	94	94.1	95	95.5	95.5	94.1
Gold Recovered	Oz	21,798	19,104	23,078	20,629	26,331	26,523	23,785	21,343
Milling Throughput	Tonnes/Day	2,852	2,844	2,805	2,567	2,770	2,624	2,325	2,466

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2.2 Environment, Health, Safety and Social Summary 2023

Nigeria

The main achievements with respect to the Group's environment and social activities for Q4 2023 were the delivery of community projects and Livelihood Restoration programmes in the 3 host communities around the Segilola Gold Mine. Major projects included the refurbishment of a secondary school, installation of a 33kV transformer, opening of a commercial fish farm and vegetable farm, commencement of a free medical outreach programme, and training (and provision of equipment) for youth and women. Over 11,000 community residents benefit from these programs.

Thor Explorations' flagship project, Segilola Gold Mine has faced many challenges in sourcing skilled mining personnel locally, as Nigeria continues to expand its talent pool of skilled and competent mining professionals. Thor continues to build a technical mining knowledge and skills base locally in Nigeria with extensive training through mentorships (ex-pats to Nigerian nationals) and extensive on-site training programs at the Segilola project site. With around 1,770 staff on the project, our wholly owned subsidiary Segilola Resources Operating Limited ("SROL") has created a more inclusive workforce (gender, upskilling host community's workforce) and, by proactively coordinating with community leaders on employment opportunities and employee relations, generated host community employee levels in excess of those set out in Community Development Agreements ("CDA"). Regarding gender diversity, the Group targeted training and upskilling programmes to transition women into traditional male roles such as driving dumper trucks and is including competent female CVs in each shortlisted candidate interviews. These actions enabled SROL to achieve; 98% Nigerian workforce; 2% expatriates; 20% of the workforce from the local communities; employ 37 youth interns (6-month & 12-month workplace programs for undergraduates and university graduates); deliver 25,508 hours of training; have zero lockout/strikes; and attain a 50% increase in Nigerian new hires in 2023.

Regular environmental monitoring occurred throughout the year as required by Nigerian environmental impact assessment ("EIA") and regulations with air quality, dust, noise and surface and ground water generally complying with Nigerian standards and environmental parameters similar to those recorded in the project EIA baseline compiled in 2010. Quarterly summaries of the environmental monitoring are shared with the Federal Ministry of Environment and Ministry of Solid Minerals Development. An annual biodiversity study occurred in the dry season in 2023 and the overall biodiversity account of the 2023 survey showed better biodiversity parameters than that of 2021 and 2022, indicating an increase and improvement in overall biodiversity and water quality status.

Extensive community consultation occurred in 2023 to address a range of community concerns and to provide transparent regular project updates to host communities. The SROL Communities team held 140 public meetings with ~2,850 people in attendance. The main topics discussed were; community benefits within the CDA renewal negotiations; timing and delivery of CDA projects; compensation for one of the villages for temporary relocation whilst mining activities are active in the blasting safety zone near their dwellings; sensitisation meetings with community leaders in exploration areas; project updates; delivery and operation of livelihood restoration projects, and discussion of grievances. We have been successful in completed the renewal of two CDAs with the host communities, while the others are in their final stages with expected completion in Q2 2024. The existing CDAs were all due for renewal in 2023 (renewed on a 5-year basis). The CDAs are required by Nigerian legislation to transparently deliver mutually agreed host community benefits from the project.

Throughout 2023, SROL have been very active in delivering 26 community projects through either CDA, Corporate social responsibility ("CSR") or Livelihood Restoration ("LRP") - the latter geared to those Project Affected Persons ("PAP") who lost land and or assets (crops and trees) within the Segilola Mine footprint. Apart from the projects mentioned above, other community projects delivered in 2023 include; a women's' initiative project (30 recipients) and youth training programs (41 recipients) who received training and equipment to assist in establishing their own businesses; 34 students from vulnerable households received scholarships to help them stay in school; and donations of palliatives given at Christmas time. A further three key LRPs were delivered in 2023 - including construction and operation of a fish farm (45 PAPs, with a further 55 PAPs to benefit over the next 12 months); opening of improved species vegetable farms (40 beneficiaries) and provision of improved species of cocoa seedlings (50 beneficiaries). CSR activities included sponsoring a "Shun Violence" campaign in the lead up to the national and state government elections, donations for each host community's local festival; palliatives for 250 elderly residents; and sponsoring a popular intervillage/SROL staff football competition.

There has been significant momentum in gathering data for the 2023 Sustainability Report. Data is being gathered aligning to information requirements in the Global Reporting Initiative's ("GRI") environment, social and governance standards. The 2023 report is being prepared with around 80% achievement of the GRI standards. The material topics chosen to report on are corporate governance, people, health and safety, environment, social and community, and cultural governance.

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Senegal

In Senegal, an area Biodiversity Survey (March 2023) was completed for the full Douta Exploration License area and confirms there are some sensitivities regarding flora and fauna. Quarterly water quality (surface and ground) monitoring occurred during 2023. Groundwater impacted by sewage and surface water had elevated levels of chromium and cadmium but not cyanide or mercury. Thor's operating subsidiary in Senegal, African Star Recourses ("ASR") has been assisting with economic development of local communities and provided funding to a women's initiative programme (vegetable market garden) and provided awards for academic excellence at the local high school. Environment and social baseline data is being captured for use in the preliminary economic assessment for the Douta Gold Project expected in Q3 2024.

2.3 Exploration Activity Summary Q4 2023 and year ended December 31, 2023

In Nigeria, the Company continued to expand its portfolio through the acquisition of new licences, whilst also entering into agreements with existing licence holders. Exploration activities were carried out on all the Company's licences, consisting of Reverse Circulation ("RC") drilling, ground geophysics, auger drilling and soil sampling.

In Senegal, the Company completed a 26,000 metre RC drill program which resulted in the announcement of a materially increased mineral resource in Q1 2023.

Nigeria

Introduction

The high grade Segilola gold deposit is located on the major regional shear zone that extends for several hundred kilometres through the gold-bearing Ilesha schist belt (structural corridor) of Nigeria.

The key objective of the exploration strategy is to extend the life of mine ("LOM") at Segilola. Approximately 80% of the Group's Nigerian exploration effort is concentrated within a 25km radius from the Segilola operation such that potential gold- bearing material can be easily trucked to the existing plant. In areas that are further from the mine, generative exploration is targeting potential new stand-alone operations.

The Group's exploration tenure currently comprises 13 exploration licenses and four partnership agreement exploration licenses. Together with the mining lease over the Segilola Gold Deposit, the Group's total exploration tenure amounts to 1,542km².

Exploration Activity

During 2023, the Group announced the expansion of exploration tenure to a total area of 1,542km2. This tenure comprises 16 granted permits that are 100% owned by the Group, together with nine granted permits held under options agreements with seven third parties.

In addition to near-mine exploration, activities on the ground have focussed on these main areas:

• Western Prospects - Igila, Aye-Ile
• Central Prospects - Kajola

Western Prospects

The Western Prospects are located approximately 15km directly west from the Segilola Gold Mine and cover mostly amphibolitic rocks that contrast with the more gneissic terrain that is developed at Segilola itself. The prospect comprises several exploration permits that are held under exercised option agreements. The area is easily accessed through a series of sealed roads and gravel tracks.

To date, exploration has comprised grid-based soil geochemical sampling using a hand-held auger drill and rock chip sampling of exposures located mostly inside shallow abandoned artisanal diggings.

In the central parts of the Western Prospects the sampling has defined an area measuring approximately 3km along strike and 1km wide that is oriented in a north-westerly direction.

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Initial results from the soil geochemistry program returned values of 6.50g/tAu and 10g/tAu towards the southeast portion of this area. These values are typically located towards the base of a 1-2m thickness transported laterite profile. Close-spaced soil sampling is continuing.

Rock chip sampling returned high grade values including 65.1g/tAu in the central part of the area and several samples in excess of 30g/tAu located towards the northwest.

Based on these results, an initial drill testing program comprising both diamond core and reverse circulation (RC) drilling was completed in 2023. The significant intersections from the Western Prospects are listed in Table 2.3.1. A typical cross section is shown in Figure 2.3.1.

Table 2.3.1: Western Prospects Significant Results (0.3g/tAu lower cut off; maximum 0.5m internal dilution)

Prospect	Hole ID	X	y	Depth	Dip	Azimuth	From	To	Interval	Grade
							(m)	(m)	(m)	(g/tAu)
Aye-Ile	SGD275	684222	836862	111	-60	230	80.5	81.1	0.60	3.06
Aye-Ile	SGD275						81.6	82.6	0.96	8.31
Aye-Ile	SGD279	684243	836875	125	-60	230	45.7	46.5	0.80	0.15
Aye-Ile	SGD280	684233	836886	122	-60	230	111.4	112.3	0.95	2.46
Aye-Ile	SGD280						112.3	113.0	0.70	3.83
Aye-Ile	SGD280						113.0	116.0	3.00	3.62
Aye-Ile	SGD281	684204	836910	125	-60	230	117.0	117.9	0.90	3.87
Aye-Ile	SGD282	684220	836926	158	-60	230	149.5	150.5	0.98	2.67
Aye-Ile	SGD282						150.5	151.5	1.02	2.95
Aye-Ile	SGD285	684195	836950	164	-60	230	153.9	154.7	0.84	1.82
Aye-Ile	SGD250	684182	836855	110	-60	320	40.7	41.8	1.10	0.64
Aye-Ile	SGD266	684219	836824	84	-60	320	36.2	38.1	1.90	8.34
Aye-Ile	SGD272	684246	836842	101	-60	320	70.1	73.1	3.00	6.84
Igila	SGD235	683308	838018	50	-60	230	27.9	31.0	3.10	14.32
Igila	SGD236	683310	838020	90	-65	222	10.0	13.0	3.00	1.25
Igila	SGD236						15.5	17.0	1.50	0.99
Igila	SGD236						46.5	48.5	2.00	6.24
Igila	SGD236						50.2	54.4	4.20	0.52
Igila	SGD237	623325	838042	140	-60	221	81.2	82.7	1.45	0.38
Igila	SGD238	683265	837997	80	-60	90	80.0	82.0	2.00	226.88
Igila		includes					81.0	82.0	1.00	310.00
Igila	SGD239	683236	837999	140	-60	90		Nsr
Igila	SGRC146	683352	837981	50	-60	230	59.0	60.0	1.00	0.61
Igila	SGRC147	683374	388009	100	-60	230	71.0	73.0	2.00	17.47
Igila	SGRC148	683255	838042	100	-60	90		Nsr

Southern Prospects

The southern prospects cover an area that is located to the south from the Segilola Gold Mine. Regional stream sediment sampling located an area of interest at what is now referred to as the Kola target. Kajola (previously referred to as Kola) is located approximately 20km from the Segilola Mine. Drill testing of this greenfield target intersected several zones of interest including 11m grading 22g/tAu (Table 2.3.2, Figure 2.3.2). Ongoing exploration is focused on generating additional targets in the general area.

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