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    Mike Niehuser

    Research Analyst at ROTH

    Mike Niehuser is Managing Director and Senior Research Analyst at ROTH Capital Partners, specializing in equity research coverage of the metals and mining sector, including firms operating in precious, base, and rare earth metals. He covers companies such as Perpetua Resources (PPTA) and Lion One Metals (LIO), with his reports cited for notable industry milestones and advancements. Possessing nearly 20 years of equity research experience, Niehuser began his career in banking before transitioning to roles at R.F. Lafferty & Co., Scarsdale Equities LLC, Beacon Rock Research, The Robins Group, and The RedChip Review, joining ROTH in November 2021. He holds a B.S. in Business and Finance from the University of Oregon and attended Pacific Coast Banking School, is a founder of Beacon Rock Research, and is recognized for his contributions both as an analyst and a mentor in the sector.

    Mike Niehuser's questions to TRX GOLD (TRX) leadership

    Mike Niehuser's questions to TRX GOLD (TRX) leadership • Q4 2024

    Question

    Asked for confirmation of the company's disciplined capital allocation strategy focused on using cash flow for growth, and inquired about the development timeline for the new Stamford Bridge zone and the potential shift to underground mining.

    Answer

    The executive confirmed the current business plan is to reinvest cash flow rather than raise equity, unless a very high-return opportunity arises. He explained that the Stamford Bridge zone requires significant infill drilling before it can be added to the resource, a process dependent on cash flow. The shift to underground mining is projected for when open-pit stripping costs become uneconomical, likely in 5-7 years, and may not be significantly more costly due to the wide ore body minimizing dilution.

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