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Not a holder here but large in MTR so have an interest in proceedings; I get the love for Billing and some of your comments are absolutely hilarious including this one here. !!
I recon enough for a drill program on the gold tenements...and yes I recon some extra ‘runway’ and a ‘little while’ extra time !
GLTA we need it !
Please don't keep us in suspense, do tell ?
looks like that royalty will pay off quite nicely if I think who it is.
GLA
Are bidding for up to 2.5m shares at 0.25p so far this morning but try buying...………………...absolutely no chance !
Good luck if you can.
a placing is an inevitable as night following day here. Mick et al continuing to destroy shareholder value...
This said... Covid travel restrictions in Aus are being eased earlier than anticipated so that Spring Hill royalty deal might catch out a few...
Can't see any tweets on Thor by the usual suspects over the past few days despite the dire financial position . Tells me the feelers are out fron SI capital for a fund raise. Just as before.
Different sectors but Thr and Val operate the same, lifestyle companies who have a circle of insiders that continually dilute and shaft investors. I found that out the hard way! Only way to win in these companies is to try and catch the bottom and sell into the slightest rise. Some big names like PJ connected to companies like this who ‘in my opinion’ are clearly on the inside working with the BOD and MM’s. The promotion and promise of the assets being realised attract new blood but it always has the same ending! I lost nearly £80k in Thr and Val and it would of been 3x that if I still held! If they were going to deliver, they would of done it by now.
Inept, unfocussed, ineffective, lifestyle CEO.
This was part of my concern, a total lack of urgency to get anything started in the face of any future economic downturn or black swan event. There was just a continual chasing of a brighter horizon just further down the line to the point THR became overstretched and unfocused.
Now China are Australia's biggest trading partner for raw materials and look what is happening now!
I finally sold at .31 yesterday and with the money I am indeed going to chase rainbows.
I think you are right Krimh. Inept, unfocussed, ineffective, lifestyle CEO. Questionable assets, with no money to find out. Last placing was complete evidence of inside mates pillaging shareholders, for personal gain. I've decided at 62 I won't live long enough to see material gain. Molyhil 11 years on and not a dime.
https://au.finance.yahoo.com/news/asx-plunges-start-may-001133673.html
The sooner Mick goes the better, we have next to nothing and he is going after another asset, WE CAN'T even get one concluded !
It rose on low volume for the most part so rise fragile. At the same time, I have a watchlist of 20 miners, mostly gold or some gold within their portfolio like Thor, some of them tiny, some in the middle and some huge market caps. Every single one is showing red today and FTSE 100 having dropped 3.5% yesterday is down 1.9% again today. Whole market is down...reality of COVID19 fallout on economy sinking in imho.
Well, those gains were short lived, am I the only one who feels like the directors of this company manipulate it up, them and all their mates long It, cash out, then short it on the way down, whilst we're here hoping for some honest news/prospects ?
Lets see what reaction comes out over the next few weeks and further more any results!!
***Offers have been received, and due diligence is in progress.***
The short term game is to keep going. Personally, I'm attaching a bit of weight to the above statement with regards to this. I could be wrong ofc...
The long term game is to make a success of SOMETHING...there are a few different ways for that to happen already in the pipeline...but of course it is a possibility that none of them will come good...
I have investments with both Thor & MTR. Be interesting to see how much involvement and incentives they put towards Thor. I don't see MTR putting any more assets there way.
Well yeah, it could be a placing and that would be way preferable and much more likely to happen than going bust, I reckon...
Personally, not worried and just bought in although I've derisked a little on the recent rise. But others who have been here longer and are understandably feeling frustrated may take a different view....
RNS point 8.8
Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
Answer: Thor holds a production royalty entitlement, from the Spring Hill Gold project, of $13.30 per ounce of gold produced while the gold price is above $1,500 per ounce (otherwise $5.70 per ounce). The owners of the Spring Hill project have advised that they are progressing mine permitting, and also that the treatment plant for toll processing the ore has been refurbished and is production ready. Thor has engaged with several royalty companies who have expressed interest in acquiring this royalty entitlement from Thor.
********Offers have been received, and due diligence is in progress.********** (my highlighting)
3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: The Company expects to continue operations and to meet its business objectives on the basis of the imminent finalisation of the sale of the Spring Hill royalty, together with other alternatives being considered to raise funds.
Do we have confidence that they can turn a corner or is this a dead end?
Sweepstake for when the lights go out...end of Jun at this rate...
So A$ 154k at the end of March which they say in the report will last one month , to end of April. . Royalty sale due end of June. ( if completed) . Its bust folks unless....
Royalty sale deferred another 2 months , despite Billing saying it would be done in March , then April. No change there then . Where are the gold assays ? The acquisition he did say they were looking at another copper project in trucking distance to bolster Molyhill. So more shares to issue no doubt. Cash must be running extremely low with the royalty sale deferral and seeking Govt. Assistance. A placing certainly possible. . They also want to increase stake in Enviro Copper. They need to be offloading for cash but instead seem to be taking on more....and at what cost to shareholders. ? The whole thing seens to have turned into a debarcle. Even if Thor continues what can shareholders expect ? Answer : zero !
https://www.investegate.co.uk/thor-mining-plc--thr-/rns/quarterly-report-january-to-march-2020/202004300834074666L/
Mr Mick Billing, Executive Chairman, commented:
"Challenging market conditions prevail, & we have taken further steps to reduce overheads, along with taking advantage of Australian government COVID-19 initiatives aimed at meeting some employment costs. We expect also that we will be able to complete the sale of the Spring Hill royalty shortly, and we look forward to providing details of our exciting potential new asset acquisition when finalised."
Interesting 5eights making this a haveiron nearology play. I would actually like to see THR keep an interest of some form in the tenement if that's the case. Good luck here and in GGP!