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Everyone I have spoken to want to show him the door -not just a grilling. His intransigence beggars belief -he must be replaced as the CEO.
The answer for Thor has to be whatever will rescue the SP in the short term before further fund raisings are required, because without an asset sale , MH funding agreement or new exciting blue sky gold assets this downtrend is likely to continue.
I dont know the answer which is why Billing needs a serious grilling at the AGM to find out the exact state of play rather than his continual spin of over promising and under delivering
I hope disgruntled holders find the time to attend.
You are divorced from reality as most investors still are in the UK. The Australian gold sector is in an emerging gold bull market with maybe 50 -100 juniors which have multi bagged - I could name ten of them I am board and right now I am accumulating MEI .
Thor have Panorama adjoining GGP which has a lot of potential -if you don't believe me check out Novo Resources with a $540 million market cap. That's Pilbara gold mate -not tungsten and copper. Then cast your eye over Capricorn Metals with a $390 million market cap. Thor have large exploration licences with laterites and schists adjacent which have the potential to emulate CMM.
Thor hopefully will have new management -Thor hopefully will change focus to gold - endless talk about tungsten and copper is counter productive. It will have its time but not now -we are in a bull market for gold and every Thor shareholder needs to raise their voice -as the major shareholders are doing because no one is going to put up with Billing and his spin any longer.
That's easy have some more placings,
i get your reasoning m8.
get the copper project up and running,so you have a revenue stream.
but to do that,a few million dollars would be needed,so that 500k,wouldnt go far
Troajan,
I was referring to the environmental copper project, it could be scaled up quicker than flushing the money down the toilet on molehill...
cash burn and working capital is down to the comp m8.
other comps wont contribute to that.
.
as for the copper project,it;ll probably cost a few million to unmothball that and get it back in production,so only the molly sale can fund that m8.
If our potential partners are sincere about their advances they should put their hands in their pockets instead of going through ours.
the manufacturing sector is in recession and as been since early last year
the mining sector,is cyclical and is at the bottom,of the cycle m8.
I am afraid this is now the norm. Delays and funding issues. We are in a bear market. They are lucky to raise ATM and have to apply a heavy discount. No wrong doing but if you study the market you can sometimes recognise where a discounted placement will land.
Or redirect funding it to the insutu copper project to speed it along
Fire the board, and put the project on care and maintenance. If the suitors are that engaged with us they would happily pay the small price for shares AT MARKET RATES, we are been strung along ....ROBBED. I would put money into a gold project rather than carry on with this charade !
There is no way they would have got this placing away at 0.35p . I live in the real world unlike some on this board.
The price went down before the placing when the company stated they where funded until next year. The placing should be forced to market rates not at a massive discount.
Whilst I agree the BOD have performed poorly I cannot see any evidence of criminality .Shareholders had been aware that a placing was required around the end of the year and with the climate for such placings becoming more and more difficult its best done early. Once brokers circulate possible investors news leaks . This is probably why Mike informed the market so then it became public.
A 50% cut in entire BOD pay and remuneration must be carried out.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
"We are deeply disappointed with the performance of Thor and have maintained our pro-rata holding in order to protect our investment. We see Thor management (excluding Mark Potter who was only recently appointed) as having failed to deliver on their targets and believe that it is essential that cost cutting measures are taken urgently in order to reduce Thor's ongoing administrative costs. We do believe there is investment value that can be realised from Thor and agree that drilling at Bonya could improve the viability of Molyhill and is therefore important. We also believe that management needs to actively start considering new strategic assets to help drive shareholder value and improve market sentiment."
According to the accounts as of 30th June circa £100k was owed to 4 directors.
https://www.argusmedia.com/en/news/1998407-tungsten-2019-demand-to-fall-may-improve-in-2020
It’s beyond embarrassing.
As I said earlier, next raise 0.1p. I think the only time to buy will be after the next consolidation. Probably after we've got back to placings at .025p in the billions.
Last year Thor's outgoings were £1.7m . ( 700k corporate + £1m exploration ). So £500k will last about 4 months. As cash was due to run out in Dec it will take them now to end of April 2020. With a 2 month window ( as per this raise ) the next raise should be late February 2020. They are drilling Bonya + kapunda in this period so there will be drilling costs to pay. No mention of the acquired Gold assets but exploration costs could also be spent on this if HMWI + MTR have their way.
Billing has now said no Bonya resource until Jan 2020. Assuming that happen s ( !) and MH deal discussions dont enter any final phase until after this , there will only be a small window to complete a MH deal in February before another raise is needed. I maintain he wont give away a % of MH without confirmation of the Bonya deposit first.
My point being it is very easy to see the same scenario of speculation / shorting repeating itself in Jan/Feb next year as nothing will have materially changed. Every chance the next raise at an even lower price.
Big changes needed here and urgently else Investors end up with nothing.
Comment est la vie ?
You'll get them at 0.1p next placing.
Not buying any till 0.18 ! Far too many millions @ 0.20 for comfort !