Thor Explor Share Chat (THX)

P.s. I've taken the opportunity of the recent share price weakness to add another 50k to my holding over the last few days; rude not to really!

The extensive drilling campaigns across all our jurisdictions is within the company's control, however the testing of the drill cores is not - and we've been told before that they are frustrated by how long it takes to get the results back from the testing labs, which are typically extremely busy at present.

The results will come when they're ready, and there'll be quite a few of them in the pipeline.

As for the company's current financial performance, hopefully another 20k ozs (or there abouts) will already have been produced/sold in Q2, adding another large sum of cash to the coffers! (We should hear about that in a couple of weeks or so.)

Patience.

We're all hungry for news, but if Segun thinks it worth delaying to optimise the MLE plan, he has the info on which to make that call and we don't. The market mb impatient for it, but I'm sure Segun+ BoD will be weighing up the remaining lfe vs pit ext vs u/g transition and stockpile processing to give a timely update.

I'm actually more keen to see DFS/FID on Douta. We may not know the deatils of Segilola MLE, but we know there will be one, and that production will reach well past 2030. Let's see that Douta timeline and the path to 2 mine production of 200k +ozs pa.

No news.

What is the point of all this digging around Segilola, if no results are published?

Lucain you need to chill. It is not about getting news quickly. It is about THX continuing to be a great company until the market cycles that are beyond our control swing back again.

Next step, lower 50s, unless we get news quickly.

After that - ?

It would be nice to get some news, but I ain't holding my breath.

Opinions on PoG are two a penny and i distrust all the forecasters. Imho there are trends to drive th price higher medium term but ST is anyone's guess.

Oil is different, a consumable rather than (mostly) a store of value. Imho, based on some pretty respectable people who analyse demand /supply but also, critically, have industry experience of oil flow, production and shipping. IE, how much is coming out of Hormuz, how quickly it might normalise if peace breaks out, etc, oil is goimg higher . My take, fwiw (mb not much!) is that PoO is artificially low due to stockpile release and unsanctioning Russian and Iranian oil, + Trumpian BS about flows.

As always, we must wait and see!

Thor moving ahead at speed on all fronts but the market is hungry for news on Segilola and all activities hence the large overdone fall in the sp.

28/6/26. Martin Armstrong. Q. "So, what’s going to happen with gold and oil, which have had big corrections?" Armstrong predicts, “The Middle East is a mess, and oil is going to take off again after a July low. Gold may be bottoming this week. . .. Then, it will be heading up through August.”

THX Q2 production report due in about 2 weeks (14/7 last year).

Drilling news due/overdue across all fronts.

Douta, Senegal will be Thor's second 100k oz pa and first long life gold mine. Mining licence and finance agreement July with mine construction to start. First gold pour H1/28.

Approx 15th August: 3rd quarterly dividend for 2026 iro FY 25/26 to be paid. Amount of C$0.0125 per share.

It's also worth remembering that Thor's MRE uses a long-term gold price of $3,000/oz as the foundation for all mining area valuations. That's the floor they're working to. Gold at $4,000 today, even after the correction, is 33% above the assumption underpinning the analyst targets (average 2.41 CAD, 93p). The analyst price targets aren't breaking; they're based on a deliberately conservative number. This is all sentiment.

Oh absolutely, and all anyone has to do is look at the macro, with the way inflation is going, etc. and then Trump opens his mouth and we get a reversal. Like the strong reversal, yet again, recently. Up and down we go with "Truths". But the inflation damage has perhaps been done and won't be so quick to change, if we have even had the peak yet. But sentiment might. We need the war behind us, else we continue to move leveraged to PoG momentum. But the underlying value of the company is in the NAV, etc. and when two mines are producing, it should re-rate. Then again with the Ivory Coast, granted - all being well with PoG. Then we have all the news to come to add to that NAV, for a shot in the arm. I have been here so long, from so low, I may never sell a share, which means if it impossibly (IMHO) goes to zero any time soon (how?), I've had something around half my initial investment back in dividends already, so I'll see it play out through 2030 and beyond. Appreciate it is not the same for many but the majority of Thor's shares, since Segun's RTO, really haven't changed hands, so the majority are almost certainly not sweating these "drops" (to a mere 10 bagger). Other people will try and trade it, watching charts and try to grab some cheap shares but, as with those of us investing over the long run, it's because the company foundations are so solid, cash in the bank is huge, land bank/leases with proven oz ready to go, etc., etc. that keeps 'em coming back. Thor is going nowhere and only growing IMHO. Let's see what the peace deal throws up and if the ME are not bound to the Petrodollar, I am not sure the the US has changed trajectory, arguably hastening its decline. Happy to be 'long' gold/Thor for years to come as the war is just a transient in my view. Working in O&G and being distinctly middle aged... I've been here before. I added 'too early' (some might say) throughout this year but... meh... I am not trading. We'll all probably look at our pension pots over the next year and think our pension advisors added everything too early ;) but I don't worry about anyone 'trading' that either. Thor was cheap at £1, let alone 50p, vs. my expectations for the coming years, with what has gone on with the world, etc. in this recent period and with how I think things will shake out. It was something like 3p equivalent 10yrs ago... let the transients play out and zoom out on the graphs or sit it out and wait for some more global stability. Sorry - rambling as usual! I'll just keep adding, virtually irrespective of price, as I am confident what comes 'after'.

Quite. Tho oc if gold falls further THX sp will likely follow at least ST. But my overall conclusion from my re evaluation is the same as yours.

On a 1, 2, or 3 year view this looks a very solid hold.

Not sure PoG falling to the massively higher than at any time in history, except for a recent transient bubble, has many "revisiting the investment case", does it? We see how PoG reacts to the possibility of the end of war, or equally negative sentiment around IRs and alike. PoG is way above the level of profitability and the PE is still low. PoG has averaged around $4500 this quarter - Thor are making profit hand over fist, with an enormous new mine to come and 2/3 more after.

Looking back on InvestorMeet Marahui drill results are "targeted" for Q2, so a week to go, with luck.

More Senegal drilling updates also due "Q2".

Also "aiming" to have Segilola u/g drilling results by end June, and more on satellite deposits at some point.

Marahui initial drilling results "this quarter"

Then mid July we will get Q2 ops.

I suspect like many here the falling Pog has had me revisit the investment case and ask myself if it's time to move on.

But lots to come here, even if gold were to fall further....and, of course, it may well rebound higher in no time. So much news to come, I'm holding long.

Douta mining licence in "5 to 6 weeks" ...said 3 weeks ago, so late July.

Douta FID Q3.

Then £5 incoming :D

Sorry for the delay. For someone who has such a long term outlook on THX, i'm surprised you took my 'incoming' comment as such short term prediction. Gold moves in months years and decades, not just a few days. Shame I was right, hey ;)

Even a stopped clock is right twice a day.

Hehe were all friends here, hold for GOLD

Hey buddy! When you made that prediction, during a slide back in March, the market reversed, almost to the second, and went on a run! Lots on here predicted the "incoming", imminent reversal! And they all got paid a dividend in between, as well! Suspect some people hoovered shares at 66p, when the "incoming" 55p prediction was made, and sold out in the 80ps, where Thor went in the "incoming" days! Sorry, I meant coming days! "Incoming" is too broad a timescale, I now understand! What a fantastic, fast return! Wonderful! So much opportunity to be out higher than 66p, or indeed 55p, since then! Lobster, caviar and champagne on those March "incoming" price traders! Fingers crossed for the same this time! Will ice the Dom Perignon! But, hang on... you haven't been waiting all this time for that "incoming" prediction to be right, have you? That must have been eating you up inside! Sorry bud! Hopefully you have been trading it better since! 50+ trading days since, and the evolving macro, the outlook has changed, so you'll get one right! I believe in you! Thinking of you! Chin up, Bud! xx

Theres actually minimal spread on HL today, 10k sell is 63.8p and 10k buy 64.35p, and all the trades at 64.35 are coming up as sells despite me getting that as buy quotes as the same time they are showing as sells

Thor trades on SETSqx on AIM - Altyngold is main market LSE. You can rest your case that you don't know what the difference is.

Actually altyngold was half the market cap of thor a few months ago and is now two thirds of the market cap of thor, 1rest my case again.

Altyngold has half the market cap of thor having considerably higher liquidity and very small spreads, i rest my case.

For Thor as with all shares, especially those thar are not too liquid, you can usually trade within the spread.

For selling and buying Thor the actual price you pay or receive is somewhere in the middle of the spread. When we place an order we are given the actual price being offered and in most cases this is not the spread price unless you are buying/selling 1 share or less than c.100!

Yes, almost certainly buys based on where Toronto opened and went, above the lse price at the time. There seems to be some talking Thor down at the moment. The company is in rude health. The company can do very little about the macro. The PoG reaction tells you all you need to know about where gold goes when the war ends... and it will end. Maybe not today, maybe not tomorrow but... quite probably before Douta is operational and Thor is producing maybe 150koz/annum or so. News is coming on Marahui and elsewhere and if we get +500koz (or anywhere near), the company is in rude health for another decade or more, from today. For the first time I was actually disappointed it went up, yesterday... I didn't have a buy ready to go! I see this as a fantastic opportunity to accumulate. Others will see it different but I don't mind paying more today because it will be multiples in a couple of short years.

Hardly massive - in any case TSX is up 7% so should see us back in the 60s at least. If the deal holds back on track pre douta

Don't know if they are all sells, you could buy large amounts at 55.75 early afternoon.

Obfuscation is what MM,s do best.

140k, 50k, 50k, 140k, all just over 56p, all after 4pm.

The Segilola update really should be published this quarter. Only a few weeks left now.

I wonder if nervousness about triggering a bid, if the numbers are good, may be a factor?

If so, delay is a dangerous game.

Gold down another 2.5% today. Recovery coming but when?

Thor down another 4% today. Recovery coming but when?

Markets are forward looking. The past is of less interest.

For Thor there are 3 main issues: Segilola, Douta, Ivory Coast.

The last two are way off in terms of significant market moving news.

But Segilola not so. The market wants to know about mineable resource for next year (just 6 months away) and beyond and the plan to extract this resource. It will give credit to the sp here if there is good news on this front. In the meantime there is uncertainty which adds to the sp weakness due to the sell off in PM's and market fears of the AI supported peak being past and rates and economic outlook likely to cause some level of retreat. It's likely the market has now peaked and is in the early stages of losing steam which will cause weakness in the st across the board.

Sell gold/miners? Buy SpaceX? Not for me! $1.75 trillion valuation. Four times over subscribed. This one IPO shows what a valuation bubble exists in the US markets which is totally unsustainable.

GDXJ Junior Gold Miners ETF is -23% in 1 month, -12.5% last 5 days. GDX is down 20.5% in the last month. Barrick, arguably the king of gold miners with huge production is -17% the last month. And these aren't even 'open' for trading yet today, as PoG hits a quarterly low. Segilola production guidance is known for the year, and has been reiterated. We have had results for a quarter, this year, to confirm we're on target, with another quarter coming in approx. 1 month. This has to be a wind up now. Thor is dropping as gold is dropping and interest rates are expected to increase. Whilst Segilola Extension may give a small respite, it is not the reason we are dropping, have dropped or will drop. An end to the war, oil and gas getting back to a new normal, etc. will do more for Energy prices, IR expectations and PoG than any Segilola news. I am sure everyone is 'disappointed' with the market and their portfolio the last few weeks, but if you believe in the investment and holding an investment, these drops present a fantastic opportunity to accumulate IMHO. I don't care if we go to 1p this year if we're £5 in 2030. Opinions my differ but the 'facts' are out there.

Lucian, you’re being obtuse.

The drop is primarily because of gold, which is why other miners have also fallen back. Certainly that’s the belief of most us.

There is no imminent announcement coming for Segilola, he’s been clear about that. So if you think it’s going to drop much further whilst we await clarity, your decision should be straightforward on selling.

Btw this years figures on production are well known. 75k 85k oz, announced in January and restated last month. Given we also know the forecast AISC $1000-1200k, we can infer another year of serious cash build. That makes it easy for me to expect a very material price recovery.

We know what the production will be this year? we've had the guidance? and we know next year and the year after would be absolutely worst case scenario 30k for 2 years with a 500 asic if they just use stockpile? then doutas up

In case you haven't noticed, we are now back in the 5's.

I repeat: we need firm information about anticipated production this year and next.

Otherwise, it's anybody's guess where it might go.

This is going to be a serious bargain once the market negativity eases off.

Douta will be operational within 2yrs. What is the expected cashflow benefit to any "Segilola extension" before Douta is operational? Not massive? Perhaps very little? So, what is being requested is news to drive sentiment. Sentiment that won't 'beat' negative gold sentiment (war, inflation, USD strength, IRs, whatever term of the equation you want to use). Segilola sentiment (market reaction) should be a lot less than any sentiment (market reaction) related to +500koz of oxide at Douta, so Douta news has a better chance of improving things. Segilola extension does not mean dumping all ounces into the mining plan in the next 18 months. So, I'd like +500koz at Douta before half of that at Segilola, please, especially if over 5+ years. And maybe a few million oz in the Ivory Coast. Adding say another 50koz to Segilola production over the next two years is welcome and material but the only way for the Thor share price is wherever gold goes 'pretty much'. Patience is required. I see a huge opportunity for accumulation as we move leveraged to PoG, based wholly and solely on a war (and consequential effects) that absolutely will end. Plus, I think there will be construction acceleration at Douta. I'd stop short on betting the house it is operational in 2027 but we're very much only 18 months away from the point the SP ought to 'see' the majority of the benefit (all being well with PoG, as always, not forgetting that $4k PoG is very, very, very good, historically). Noting that Thor has HUGE cash in the bank and the NAV of the other leases. It's unbelievably cheap considering PoG is only down ~20% or so from peak. Nothing otherwise negative has happened since the SP breached £1. I shall continue to fill my boots for 3/4 mines in 2030 or so, as I believe PoG doesn't lose all its value and will appreciate again post-war. DYOR and measure your own risk, etc.

Quite right. Even under £4k gold THX prints a LOT of cash. And while the Segilola extn plan would be nice to see, we know there's plenty of production from stockpile, we know there are economic satellite deposits, we know there is more gold in the pit, we know there is more gold u/ground. It's not like Segun is wildcatting to keep the crushers fed, we know from drilling there's years of production left, we just haven't seen the plan yet.

It shouldn't be hard to be patient when cash is building up by over $4.5m every week (80k ozs x $3k margin/365 x7) less c. $500k exploration costs.

So many reasons oft documented on here and elsewhere. Not least the forthcoming updates in all the jurisdictions, not all imminent but coming.

Cash last quarter stood at just less than $180 million. With another quarter of printing money, that rises to almost a quarter of a billion $$$

Last time I looked our market value was less than double that. Bonkers.

I don’t think anyone is saying it’s not important. But you’ve gone much further, saying the only way is down when the MCAP is already crazily low. If you know of any other stocks who should have half their MCAP in cash by year end, as well as 3/4 exploration licences then I’d love to hear about them…

The fact is, we are at least two years away from income from Douta.

For the stock market, two years is a lifetime.

The only income this year and next will be from Segilola extension, plus stockpiles.

Hence the importance of the Segilola extension numbers.

H

It would be helpful, but as others have said, the main drivers of sp weakness are PoG and macro issues.

Segilola extn wont solve that

We need numbers from Segilola, soon. Even if they are not great, better something definite.

Otherwise the only way is down.

Correct Will and ADW - it has ALREADY been extended, though the market is somewhat being forced to put 2+2 together on actual amounts. But that data is coming. As was pointed out, those indices and other miners who were also down... were they not putting out Segilola news? Oh, yes, they weren't! We may be onto something here! So, could well be the lack of Segilola news that knocked Barrick 7+% on Friday! Someone get in touch with pretty much all miners and get them to put out Segilola news! Strong job data, war, high energy prices, inflation... PoG being controlled by IR bets and USD strength, as has been the case for months now. All miners without some sort of exceptional milestone news are suffering the same. My belief is Segilola news won't be the dramatic re-rate people think as IIs are major holders are almost certainly deep into an investment thesis that focuses on Douta and Cote d'Ivoire. A few little traders on the lse board are inconsequential. It will be multiples in 2yrs IMHO. DYOR, etc.

To add to your point ADW around that bear case of not finding any more gold, i think "more" is the main word there, we have seen initial drills and we know there is some amount of gold underground, segun just wants a minimum before releasing an updated plan to market, he also wants to know about the viability of cutting back the current open pit more, hence why they currently have consultants in as per last update assessing this.

When they know if its a pure underground/ satellite play, they will firm up and release

Im not sure how seriously to take your comment Lucien, but to my understanding the position is that after this years 75-85k production the initial mine life is pretty much done, or certainly when you add the 50k oz on the stockpile.

So by year end we’ll have somewhere between $250m - $300m cash, plus the circa $200-250m gold on the stockpile.

If they don’t find another Oz from underground or any of the satellite pits (including the one they’ve already got a licence for and intend on trialing) most the MCAP is covered, with zero value assigned to Douta or Cote D’ivoire.

He’s spoken of targeting another 250k-300k ounces so most of us think some form of extension is nailed on.

It’s fair to say it’s a bit disappointing how long it’s taking to guide the market but I suspect it’s not straightforward combing all the different deposits and making a concrete plan. Perhaps he’s also being slightly coy to help the negotiations about extending the pioneer status. Again, he referenced applying for an extension which further implies they’ll be busy at segilola for a few more years.

So against all that how low do you see us going and why?

Canaccord lifted its target to 150p less than 4 weeks ago...

"Its the (gold price) stupid..."

To misquote a well known phrase or saying...

In Trump we trust...then WHOOOOSSSSHHHH!!!!

Fully agree with ISA. The big picture is the driver here for the next few weeks. Gold is down 3% today, GDXJ the best proxy for junior gold miners is down 8.5%. It’s nothing to do with THX. The US got spooked by a sell off of Chip manufacturers because Broadcom missed its revenue forecast- if tech fails everything fails. We are invested in THX because we are contra investors so don’t panic when the reason you invested manifests. Nothing will happen here and then all off a sudden in a few months it will happen very quickly

3/5/26. Analysts have lifted their fair value estimate for Thor Explorations from CA$1.98 to CA$2.38, citing updated assumptions that include higher revenue growth, a slightly stronger profit margin, a lower future P/E multiple, and a modestly reduced discount rate.

Valuation Changes

Fair Value: CA$1.98 to CA$2.38, a modest increase in the analyst fair value estimate.

Discount Rate: 7.83% to 7.63%, a small reduction in the assumed rate used to value future cash flows.

Revenue Growth: 2.06% decline to 2.01% growth, indicating a move from a contractionary to a mildly expansionary revenue outlook.

Net Profit Margin: 49.46% to 50.18%, reflecting a slight uplift in expected profitability.

Future P/E: 9.58x to 8.73x, representing a lower assumed valuation multiple applied to future earnings.

https://simplywall.st/community/narratives/ca/materials/tsxv-thx/thor-explorations-shares/s2kub7wn-thx-margins-will-widen-as-full-project-ownership-unlocks-upside/updates/18-analysts-have-lifted-their-fair-value-estimate-for-thor-expl

The PE multiple will jump when THX is a 2-mine company and again when it's a 3-mine owner.

Bring it on.

Mirrors my views, pretty much: "we can all choose what glasses to wear I guess. Let's just disregard anything they're saying about satellites etc on Segilola and strip it to the bones. Two years of processing on the stockpile, 30k per year at low AISC (remember hearing Segun say something about sub 500). That gives you 120m USD per year at todays GP or 240m over the two years leading up to Douta. +cash and bullion balance of 173m. Closing in on 600m CAD. So wait what? I can buy Thor for 900m CAD, take home 600 and just wait for Douta? I'm getting Douta inc optionality + CDI operations for 200m US?? Dirt cheap through that lens"

Gold down today but still hovering around that $4,500/oz figure, so one month left of Q2 and the Segilola margin is still tremendous! That'll be the end of the half and cash in the bank should be huge! Q3 then hopefully adds 500koz to Douta and we move into construction phase. Very exciting couple of years ahead.

Solid update, nothing majorly new but some interesting snippets and the 250-300k segilola figure stood out as that’s the short term catalyst.

Original reserve base was 517k…

produced to end 2025 369k, stockpile 54k oz, forecast this year 80k = 503oz, so in theory nothing really left at year end.

Whilst we all think / know it’ll be extended, the continued lack of concrete confirmation to the market is constraining us imo. Or giving a chance to top up low!

He’s sounds very bullish on Douta - the previous target was between 200k -500k oxide ounces which was yesterday described as a target of 500k, ie the lower range wasn’t referenced.

Sounds like it’s going to be a super busy time with all the drill results and Douta financing / government updates.

Just a matter of letting it play out.

Unfortunately I was unable to log in your address a Q yesterday, but I would like your have seen Segun set out some sort of schedule of Segilola production profile as far as possible, with perhaps indications of degree of certainty as that timeline goes forward.

I appreciate drilling goes on and the mine plan is not finalised. But mb it's time to give the market a better indication of the possible production profile for the next 5 years, even tho it will be subject to later revision.

Like my good friend Johnson Bellweather said in the Willz of Wolf Street - "If you ain't buyin', you ain't tryin'"

Solid update as always with Segun and the team. Pleased to see with a month left of the quarter, he is maintaining "targets" for drill releases, news, etc. in Q2. Interesting question about how much they were targeting for Segilola extension (250-300k/oz) and reconfirmation of the +500koz Oxide target at Douta, throw in the impending Cote d'Ivoire updates and Thor have a very rich pipeline indeed. Without re-watching (yet), I believe he said they "continue to intercept mineable deposits" at Segilola. Perhaps not verbatim. Whilst we have a long way to go, seems clear how they will be at 100s of 1000s oz per year come ~2030. Marahui drills in a few weeks will tell us more and firm up the initial, stunning grades and then there is Guitry, which has already shown very positive results. Almost regardless of where PoG may be (realistically), barring some other unpredictable event, Thor seem to be right on track to be a big player in West Africa, come the end of the decade. I continue to add here with the very real expectation of a multi-pound SP by the end of the decade. It'll look very cheap today if they do bring in another ~800oz between Segilola and Douta, by year end.

Unless it’s 5 quid a share before douta is up I don’t see Segun selling, imagine he would be like Jason Belmont during the wolf of Wall Street seen “I ain’t find leaving” haha

It's important to note, everyone has a price. We are in m&a season, so don't be surprised by a buy out.

Https://www.youtube.com/watch?v=iOmsg2psYgM

It is looking very good going forward.

Https://www.investormeetcompany.com/

Investor webinar to discuss Q1 2026 results

Thor is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor session via the Investor Meet Company platform on Tuesday 26 May 2026 at 14:30pm GMT.

https://www.investormeetcompany.com/

Q1 2026 Financial Highlights

· 15,417 ounces ("oz") of gold sold (Q1 2025: 22,750 oz) with an average gold price of US$4,820 per oz (Q1 2025: US$2,720).

· Cash operating cost of US$672 per oz sold (Q1 2025: US$711) and all-in sustaining cost ("AISC") of US$936 per oz sold (Q1 2025: US$950)

· Revenue of US$74.3 million (Q1 2025: US$64.0 million).

· EBITDA of US$55.8 million (Q1 2025: US$43.6 million).

· Net Income of US$46.7 million (Q1 2025: US$34.4 million).

· Adjusted Net Cash of US$177.9 million (Q1 2025: US$24.7 million).

· Quarterly dividend and bonus dividend of CAD$0.0275 per share paid.

Seems to be just a generic seasonal public safety message, no new or specific issue.

Https://x.com/i/status/2058947902043513229

Yeah all the indicators are pointing to stagflation = lower real interest rates which historically is good for gold. It depends on non G7 central banks - gold sell off by Turkey and Russia to fund FX but others seem to still be buying to decrease dollar reserves

I had a very interesting chat with a c-suite hedge fund guy last night (personally holds THX) about PoG... He doesn't see it as a 'drop' (ok, it is in absolute terms), he sees the war as having put in a much higher floor i.e. around this $4500 level. He reckons the run up to over $5k from the $3k level was a lot of froth and would likely have pulled back below where we are today. Thus, we may be off highs, but we now have a much higher floor going forwards or in his terms... PoG has actually 'increased'. Only an opinion, he could be wrong and his specialism is bonds but an interesting observation none the less, from a fellow investor.

Morning

Segen said he expects $300m cash by the end of this calendar year. Obviously it can flex up or down a bit depending on production and Gold price but it’s fairly easy to see the basis for that figure.

Even if we only sell 50k Oz across Q23&4 at $4200 using $1200AISC that’s another $150m profit. Appreciate we’re spending circa $30m on explorations but they are very very pessimistic figures too.

60k sold at a $3500 margin obviously gives $210m profit.

The war has been a surprising negative to Gold but I think medium term it just means Gold stays elevated for longer.

$153 million added to cash in the past 12 months.

We can expect a similar amount of $150 million to be added in the next 12 months. So $300 million added in 2 years.

Cost of the new mine and processing facility at Douta is $254 million so the part finance to be agreed soon will be more than covered by this tsunami of cash being generated each quarter. With plenty over for development of the mine at Segilola and continuing proving up of additional resource and exploration in 3 countries.

Great numbers as expected - the AISC a real positive.

I also noted the slightly limited reference to Guitry. Perhaps that’s not delivered any material drill results as it has been quite a while without any drill results / updates.

I think Douta is going to be the real company maker here because we know the base case is already super compelling with good reason to think it’ll get bigger and better. The only question appears to be how much better it’ll get.

Very speculative on my part but I wouldn’t be shocked with a Tuesday RNS ahead of the Investor Meets the same day. Possibly an update on HOT re financing - he seemed to imply both that and mining licence approval was close.

Yeah I agree, Segun has always seemed very bullish. In my eyes i think they will likely progress them in parallel, they will have the capital to do both given doutas potential but also the fact that Segi will more than likely still be driving good cashflow at the same time douta is (hence why production has been maintained at a higher level this year than forecast.

I am looking forward to asking some questions around the cutting back of the open pit, as i thought they already had some consultants in end of last year to start looking at this. Also keen to understand how many oz's from both the cutting back, satalites and underground that they consider material enough to release to the market. He used the this wording multiple times in the last webinar, but it would be good to have a steering as to how many oz's he considers material, Given his ambition and delays to the douta PFS and the level of oz that were added.

Willz, yes, that caught my eye too.

Perhaps (or not), more significantly, Segun DIDN'T mention Guitry in his summary at the end.

Bearing in mind Thor's RNSs tend to be very carefully considered IMO, I reckon that the Marahui drilling results may be quite exciting, and Marahui may be leapfrogging Guitry in the eyes of management.

Obviously that is all speculation, but we know how excited Segun has appeared to be over Marahui in the past, and I think you and I have been of the same mind on Marahui since the initial soil and rock-chip sample results.

Cracking job maintaining the AISC lower than $950/oz and, lower even than Q1 2025, with the average sales price over $2,000/oz higher! That's some margin! Net Cash of almost US$180 million already, which probably guarantees relatively pain-free Douta construction and maintenance of the dividend, IMHO. Lots of news to come and all developments progressing nicely. Solid update. Very comfortable here going forwards. Whilst it feels like PoG has taken a hammering during the war, it's maintaining $4500/oz+ and look what those margins are doing to the balance sheet! There is an incredibly bright future here, considering that every day that goes by, we're a day closer to breaking ground at Douta and defining the Cote d'Ivoire Maidens. Good work by management as always.

This caught my eye in Seguns comments. In Côte d'Ivoire, the early exploration results from Marahui continue to support our view that the project has significant exploration potential

Fwiw my own view agrees with that set out in that gold paradox link. BUT...I fear the sell off may have furher to go as PoO inevitably rises further in the next months barring a miraculous return of peace in the Gulf.

It's hopeless trying to trade it tho imv, I'm just holding on thru the dip but holding a few oilies too.

"Expanding The High Margin Gold Footprint at The Douta Project": https://cdn-ceo-ca.s3.amazonaws.com/1l0fpic-Douta_Gold_Project_Expansion.pdf

"The Gold Paradox": https://cdn-ceo-ca.s3.amazonaws.com/1l0knpr-The_Gold_Paradox.pdf

.... 15% tax WHT on the dividend taken by ii, so that's something I suppose 🤔

Noel, I just checked and ii have now deposited the dividend. Good luck with the AAU investment 😎

Halifax / BOS have still not paid this dividend either, and I expect them to take their usual 25% tax.

Credit to AJ Bell who paid up on time and only deducted 15% tax.

Hi Kat. This morning I'm even more annoyed about it because I had been planning to spend the money on AAU shares. They are due to release drilling results and I'm hopeful of good results.

This morning I looked at the AAU price it was up by 10.8% this morning. Because of II I missed out on that. However, I'm trying not to get angry. The AAU price has since dropped back a bit and buying AAU is a gamble. The results might be a flop and the price could drop.

Hi Noel. If it's going to happen today it's usually around 11-12 o'clock. But yeah, they used to be better than this at getting the dividend out a few years back.

I prefer Knorr.

Shore capital target estimate details https://uk.finance.yahoo.com/news/thor-explorations-coming-age-moves-145600398.html

I found one, shore capital issues 125p today. https://www.google.com/search?q=broker+targets+for+thor+exploration&sca_esv=55e9f3c856495c1e&sxsrf=ANbL-n4aoDcbf8_wkiB_UvWbKIC0CHv2SQ%3A1776277285978&udm=50&fbs=ADc_l-aN0CWEZBOHjofHoaMMDiKp0UJuhqwKhR0QUhF54-6jIZ4fQLFxpd-X3cjBjwn-bveLSQ0MOFHPcMNWOFtM3Oht-Ld5UQiZDJxFm5djcleO6y5YbCTrzMIwsKQJ_trRbYyXlcYb7kUsRwJ_oGv2ZocG_o6yxMh0igbwL0WjtErUBYGI5oTliHvoNlxjCHHHt_Oj655Z6xaVczQIF-B5XaFa39LXtQ&aep=1&ntc=1&sa=X&ved=2ahUKEwil3ZzFvPCTAxXwdUEAHYIuADUQ2J8OegQIEBAE&biw=1920&bih=919&dpr=1&mstk=AUtExfBe9Cm0EoXH0mmcHspHzIInm7fm3UGC2m8oUPeLX7fwa9j6uZONLLTJWYazS3p6XSBfyIc2rEIM6RgBKssfdL6azO2muo2TjmEqJJd_HuCCjrTGc-FGFjGjPDyErghMc7CGgHB6hdY2gpWyJ1WFE-UJVzOQYsHaeNw&csuir=1&mtid=KNffaduCLrC9hbIPsumXwA0

The 3 brokers listed in the full year conference call , canaccord, hannam & partners, Alternative Resource capital, all provide paid services to thor, so these are not independent. Does anyone know if there are any independent brokers who have given share price target above current price ?

Douta, Thor 100%, but expected Government free carry 10%. It has a current estimated reserve of 1.2 million oz at 1.03 gm/t, a resource of 1.97 million oz of gold at 1 gm/t with an initial mine life of 12 years.

This area in eastern Senegal is characterized by an extensive gold mining industry with a large number of open pits that in total host or have hosted 12 million oz of gold. Douta lies within this rich gold landscape with the possibility of multiple million oz of gold from multiple open pits feeding in to a central processing hub.

Exploration here has proceeded over a number of years but there are many targets. Further exploration and drilling along a 15 km mineralised corridor and new licences contiguous with the original licence should increase the 2 million oz resource substantially.

26/1/26. Pre Feasability Study Summary.

Production to average 111 oz pa for the first 3 years of mine life at an AISC of US$1,469/oz.

The estimated cost of building a 100k oz pa mine at Douta is $254 million.

Pre-tax project NPV5% of US$908 million and IRR of 73% at a gold price assumption of US$3,500/oz – Payback 11 months

Project is to be entirely funded from the Company’s cash reserves and project financing.

Project financing is to be arranged in H1/26. Construction is likely to be by the Chinese company who were contracted for the build of Segilola. Commence 2 year build H2/26 with first gold pour H1/2028.

54Moz of gold surrounding Douta in Senegal and Mali.

Nearby gold properties are:

Massawa. Endeavour. In production. Douta is adjacent E of Massawa.

This is a huge licence area with many open pit gold mines.

It had reserves of 2.6 million oz at 3.94 gm/t and a resource of 4.4 million oz on sale from Barrick.

The ore is partly oxide and partly refractory with processing at Sabodala processing facility via CIL and a new BIOX.

It was acquired (90%) by Teranga Gold Corp from Barrick for US$380 million in cash and shares in 2020 (then Teranga was subsequently acquired by Endeavour Mining in 2021).

Sabodala-Massawa. Endeavour. This is a Tier 1 world class mining complex, the largest in Senegal.

Douta is aprox 30 km SE of the processing facility.

Sabodala has been in operation snce 2009.

Historic production. Over 4 million oz of gold.

2025 Reserves of 2.7 million oz at 2.01 gm/t. M&I resources are 5.2 million oz at 2.02 gm/tTotal endowment. Over 9 million oz.

It has production from mostly open pits in the region with some underground at 273k oz at 2 gm/t in 2025 with AISC $1248 oz.

Map: https://www.endeavourmining.com/our-portfolio/sabodala-massawa-mine/

Makabingui gold project. Bishop Resources. Resource of 1 million oz at 2.6 gm/t.

Located immediately to the east of the northern part of Douta's licence.

Other properties in the region include:

 Mako Gold Mine. Resolute. Resource of 1.3 million oz, located approx 35 km SW of Douta.

Loulo (W Mali) - 12.5Moz. Barrick.

Goukoto (W Mali) 5.4Moz. Barrick.

Sadiola (W Mali) -