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Just saw the post by Aussiebattler on CEO:
That was the October pour. It was 36kg - about 1,250oz. See the photo and subsequent post here https://twitter.com/segunlawson/status/1453711058909151238 The November pour only happened this week. The grade has doubled to 4g/t post commissioning problems and the plant is operating at/above nameplate which is encouraging. Segun is sticking with 90-105koz production for 2022 at AISC <$700oz which is great news as it shows he is confident the 'teething' issues have been overcome.
Looking good! Price looks very cheap then IMHO - DYOR!
Wow ! Thanks a lot, well appreciated.
I listened to last interview (from the link reposted below), and I was quite please to confirm your thoughts and positive notes from it.
http://www.kereport.com/2021/12/01/thor-explorations-a-maiden-resource-estimate-at-douta-a-new-discovery-at-mansa-and-an-operational-update-at-segilola/
In brief (and for other posters acknowledgment), all issues have been resolved since the end of October, and the plant has been running at over capacity in November. That's probably why they could gather and pour 8.5k ounces in such short period of time during the month.
Do you think that the last shipment made on November 30th was excluding the 4k onces produced and mentionned in the last news release ? If so, we could be looking for 4k ounces in October, 8.5k ounces in November, 10k ounces in December, so a total of 22.5k onces versus 30k ounces initialy expected ? That's not too bad to me !
There is still some news and clarity to obtain, good or bad as you say, about the drilling at Segilola' surrounding. As they've mentionned that the results are pending from the drilling, why they couldn't wait for them before spending money on other claims...
Time will tell I guess. I remain very positive and long term investor in THX, lots of strong indicators tell me that patience will be greatly rewarded.
Thanks again ISA, great pleasure to chat with you and read your posts.
Goldenboy
That's a long one! With respect to:
"When they mention that the operations during the period and issues encountered could not feed the plant with more than 2g/t, is it correct to say that it's not the ore that doesn't have the richness expected but rather that the richer ore was kept on the side until the plant is totally operational ?"
Yes - I believe that to be the explanation, while they were ramping up and having their teething troubles, they were not putting the 'good stuff' through. It is certainly NOT correct to say that there is suddenly 2g/t at Segilola instead of 4g/t meaning there is now only half the gold. The gold is there - just need to ramp-up to full efficiency. As I understand it - DYOR.
With respect to the drilling programme; if there is materially positive OR negative news... I am sure they would have to say. The 3rd quarter results, with the forward looking statements, would have perhaps been the right time. Thus, I am not worried about those at all. I suspect all the attention/effort has been going into the current Segilola plant and fixing those 'issues', the majority of which are stated now to be fixed. Suspect that has kept the small team busy. I'd argue the RNS could have been clearer and a bit more 'positive' but I am not expecting a bad news update any time soon. In fact, with the additional gold pour and some strong statements about the plant being ship-shape - I'm rather looking forward to the next comms from THX.
Look at the share trades the last 4 AIM trading days; 500k buys (not all acknowledged as such on LSE) above the Bid and SP shown here, so we have had an accumulator in the UK and hopefully this points to THX gaining some interest. Volume was also high in Toronto, yesterday (compared to recently) and although the price dropped, it was less than -10% and the selling volume was all eaten up, as we see the price tick back up today. This is worth multiples of where we're at today. 2022 is the year to prove it and return investors value. Good luck to the team - they look like they're working hard to deliver on the expectation!
Hi ISA,
Thanks for your great posts.
I am slightly disappointed as well. I thougth from what I've heard from previous interviews with Segun that all issues were resolved and that the mine was opperating smoothly.
What I like from how they structured the deal and the construction of the mine, is that the contractor won't get fully paid until the mine is full operating at the level of performance it was designed for.
When they mention that the operations during the period and issues encountered could not feed the plant with more than 2g/t, is it correct to say that it's not the ore that doesn't have the richness expected but rather that the richer ore was kept on the side until the plant is totally operational ?
Also, I am wondering a lot on the fact that Segun mentionned couple times of that 4 or 6 000 meters drilling program was on going around truckable distance from Segilola. We haven't get any news from that program (nor it was to be extended to 10 000 meters), but otherwise got information that Thor was acquiring other licenses and exploiting other sites and claims. Should we be worried that those new targets won't be at near distance from the actual mine, and that the news aren't good from the drilling program that was made ?
Thanks again for your thoughts on this.
Best Regards,
Goldenboy
Slightly disappointing (see RNS) that the Segilola grading is much lower than expected due to some ramp-up issues and teething troubles. It's still good though. Probably to be expected as a brand new producer, to be honest. So, the share price is perhaps explainable but still looks low to me based on the fact that they are profitably producing the shiny stuff! No large volume sells, so all the big boys are holding. Hopefully 2022 is our year as they learn the ropes on the new plant and increase efficiency.