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Why not buy THR directly and get 100% exposure to multiple assets with lot of near term news flow. MTR got just under 11% of Thor. I envisage MTR to lift their equity stake in THR to 15% very shortly, may be more while THR share price is still too low. Imho.
All kinds of arbitrary figures are applied across the industry. Litmus test is the DFS to validate project economics. Revised DFS for the much advanced Molyhill project already underway and due in this current quarter. This is to incorporate further cost reductions & capital estimates. Also reserve figures quoted in 15 Jan RNS are from 30 Jan 2014 report and derived only from the 'Indicated' category. Excludes anything from 'Inferred' category. So would expect further Upside on the Tonnage also in the revised DFS. Current estimate of Tungsten Cost / kilo is $11 for Molyhil and only $8 / kilo for Pilot Mountain Vs market price at 4x times.
Molyhil cost estimates expected to decrease further in the revised DFS this quarter. Thor planning to bring Molyhil online sometime this year unless it's sold prior to the Chinese Or any other highest Bidder. Thor is in transition from explorer soon to be producer.
Gold price analogy probably not the best comparison. Most producers have such high AISC costs around $1050-$1100 per Gold oz leaving lot less profit margin. Gold is safe heaven metal with no industrial use with Central banks & jewlers as the main buyers.
Tungsten has multiple industrial uses. Not to mention the other deposits, Nickel, Copper, Moly, Cobalt, Lithium. Thor is significantly undervalued any which way you look at it.
Revised DFS just for Molyhil would be a very good metric for Valuation for starters.
Imho. Good luck to you.
I follow some of them but for research purposes only..In this case I bought a couple of months ago..Not because they told me too or ramped it, but because based on it's mcap,funding and projects on the go this has huge potential over the next couple of years and it will play out regardless of if there in it for a quick buck or not...I'm not saying MTR isn't a good prospect either but after spending a few hours looking at them If I was to be a buyer again between the two, It would certainly still be here tbh..
I think if you base your investing on what Twitter says then you may have problems, however Thor is a solid prospect with plenty of good news flow coming. With GGP everyone expected big news and when it wasn’t the news they wanted there was mass hysteria it seems. I for one am down a small amount on paper with GGP but have no doubts it will come back to where it was, the prospects remain the same which are very good.
"..gold's current price is 1350 dollars per ounce, but a typical value for in-ground gold resources is 40 dollars."
With average gold explorers'/developers' estimated OPEXs of some 2/3rds of the present $1400 odd gold price amd Thor's OPEX estimate for Pilot Mountain being only 1/4 that of the present realised metal price.....your comparison is obviously worthy of analysis, but falls on going deeper.
Thor will rise to reflect the project value potentials that come from the large differential between OPEX/t and selling price/t when (I don't think it's an 'if') partner/builders come in.
Anticipation of that is apparent.
You don't value a resource at current prices.� There are all sorts of factors that need to be considered.� For example gold's current price is 1350 dollars per ounce, but a typical value for in-ground gold resources is 40 dollars.
If we apply a ratio of 40/1350 to your figures we get
32720 * 31500 * 40 / 1350 = 31.5m
10200 * 31500 * 40 / 1350 = 9.5m
4300 * 27200 * 40 / 1350 = 3.5m
That gives 44.5m.� However that assumes a ratio that I suspect is too high since it applies to a precious metal, not an industrial metal.
If you half the ratio you get 22.25m.
Now none of these ratios have any significance except as comparison, but are better than valuing on pure metal prices.
On top of this you have to factor in the risk and the time involved for this to be proved over the years of turning an explored, indicated resource into produced metals.� So a good idea is to try to find a similar company.
One could have a look at Wolf Minerals, WFLE on AIM, for a company comparative evaluation: 35.7mt Tungsten reserves and a producing mine currently valued at 46.12M pounds market cap.� Let's say you apply a 50% discount to an explorer compared to a producer then were Wolf to have resources but no producing mine, you might value it at 23M pounds.
None of this is meant to make any valuation of Thor but simply to get people thinking about being more analytic and quantitative in their valuations.
"Looking ahead, Knick Exploration President and CEO Jacques Brunelle said that just like graphite or cobalt, tungsten will be the �flavor of the day, most likely in mid-2018,� supported by a major increase in space development."
�Shareholders will be on rendezvous when the market picks up, and it will be a very bullish market when they understand that America holds strategic minerals like tungsten without foreign intervention. That�s something China doesn�t know,� he added.
THOR Mining probably sitting on one of the best most valuable 100% owned Tungsten deposit in Nevada (USA). Cost / Kg only $8...........Just awesome.
* Metal Tiger, reflective of the premium price paid for Thor stock, will receive a 90 day right of first refusal to participate in any new joint venture, acquisition or similar transaction undertaken by Thor during this period;
* The right of first refusal shall not automatically include any current discussions or negotiations with third parties in relation to existing Thor projects held or projects already under review, however Thor may extend an invitation to Metal Tiger to participate should this be considered appropriate to all parties.
...."CURRENT discussions or negotiations with third parties in relation to existing Thor projects"...
"#THR - 1m buy - this trade isn't your normal PI's accumulating this to me is a hedge fund type and the buying along with #MTR is shrinking the free float which if a commercial deal is announced will see a MASSIVE uplift