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The more I witness your contributions and method here T073 the more I think you are a disgruntled investor in the scam that used Thor Exploration's name to dupe a great many unfortunate Nigerians.

A horrible set-up but one that had nothing to do with Thor Exploration.

You have reached your peak with this one.

They don't convey how much gold has been sold in the production report. That comes in the MDA report. The next one is due in August.

THX had $2,7m in cash as of 31st March 2024 and managed to pay off $8m in senior debt + fund exploration on multiple projects in Q2 + maintain mining at Segilola. How do you think that was possible without selling their gold?

I am only answering when I can because I don't want less informed shareholders who have stuck it out this long to be shaken out of their holding based on incorrect information.

Are you really trying to raise no gold sales in Q2 as a concern?

Working capital deficit was $52.84m as of 31st March.

By the end of June, it will be down considerably.

$8m in debt paid off and 9,034 oz of stockpile added at c. $1,653/oz (Q2 recorded cost figure) = $14.9m.

There's c. $23m in asset additions straight away before payables even begins to be eaten into. You are using out-of-date figures and not digging deep enough into the available information before posting your conclusions.

They likely won't update the technical report they will update the reserves instead and I would expect this sometime in Q1 2025.

Honestly, I find a good number of the concerns being raised on this BB strange when the gold price is trading at $2,400/oz and the company is trading at sub £100m MC.

As I have repeated several times the FY24 production includes the GIL. This means they have 'produced' 41,300 oz and will likely add at least another 7,000 oz from the circuit this year = 48,300 oz.

That leaves them 46,700 oz over two quarters. A period when for the first time the plant upgrades are fully commissioned = 23,350 oz per quarter.

That really isn't all that big a task.

In addition, THX has already identified 140,000 oz of inferred resources below the existing pit which already includes some of the best intersections the company has ever found. Prior to this year the company never had the cash to explore under the pit. They do now.

The current open pit was designed at $1,600/oz. If it was being designed today it would be at closer to $2,000/oz and therefore would have included more ozs.

I will be shocked if THX does not add at least 200,000 oz on this first pass. The CEO has also said that the satellites are 20,000 oz here and 10,000 oz there. A bit of a throw away comment but an indication that they will add to the mine life also. Like the underground drilling an updated report on these ozs is due by the end of this year. Then blend in the 38,000 oz of stockpile that is rising and will likely be closer to 60,000 oz by YE and we can see a mine life that should at least extend to 2029 if not beyond. First pass.

One day some investors will look back and wonder why they ignored THX at 14.5p.

Important not to forget that the gold inventory is measured at cost to produce...

"At no time have I heard the CEO mention that accounts payable are being addressed."

I gave this answer last week.

Investor meet FY23 presentation dated 1st May 2024 Q&A answer No.4.

Senior debt has been the main focus but payables were signalled to begin being paid down in Q2.

The working capital deficit was a concern for me but increased inventory + senior debt pay down + cash build up + payables pay down will soon see it reduce.

Important not to forget that the gold investor is measured at cost to produce and not the sale price. At 38,289 oz and counting that is a significant unaccounted difference. However, the overall grade of the stockpile is fairly low which lends itself to it being blended in once THX has established a larger mineable resource under the current open pit. That way they won't have to suffer a large drop in production.

The whole discussion around the resignation of BDO (UK) LLP looks like a complete waste of time.

Read the RNS. It couldn’t be clearer when it says BDO (UK) LLP and not BDO Canada LLP. BDO (UK) LLP cannot continue as auditor to THX because they aren’t British Columbia registered.. This could be a law change in Canada or a strategic decision for the UK BDO business. I don’t truly care because that RNS doesn’t get signed off by the nomad unless BDO is in full agreement.

“Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", "Thor" or the "Company") announces that BDO (UK) LLP ("BDO"), the Company's auditors since October 2017 have notified the Board of Thor of its decision to resign in relation to the Company and its subsidiaries.

BDO has confirmed that the reason for the resignation is due to a regulatory requirement in British Columbia, Canada which requires that locally registered companies retain a British Columbia registered auditor.”

These things happen all the time because the business and regulatory environment are continuously evolving.

THX will require an auditor for the FY24 accounts review which will start around Feb 2025 but could be as late as April 2025. So they have plenty of time to get the right auditor on board and so conclude a new appointment. I am sure the CFO is working on this but it will sit within a wider set of priorities and deadlines.

Hounding the company and attempting to create doubt just because the auditor has resigned is out of order. Some investors may be unnecessarily shaken by such insinuations and it isn’t the only one being thrown around this BB of late.

Apologies 6,116 oz not 6,612 oz.

Meaning they would have needed c. 120,000 tons of mined ore at 3.1g/t average to meet Q2 production of 18,090 oz.

They mined over 491,000 tons of mined ore in Q2. It is not difficult to produce 120,000 tons of higher-grade ore and still average 1.78g/t when so much material is being mined.

I would dearly like to see more higher grade elements given the fact they are now going to push to 260,000 milled tons but I am also aware that they are likely going to introduce c. 200,000 oz of new higher grade resources from next year.

Why? Because they already know they've got a minimum of 140,000 oz under the existing open pit and it is there that they have hit their highest grade strikes to date. They just need to drill it and convert to probable ozs.

I'm done now debating this. I thank you for making me revisit the numbers in such detail because it has confirmed that the market has not understood where THX is at. It has taken the Q2 numbers at face value without diving deep enough into them. Perhaps in part because the gold price has reversed somewhat this week.

But it won't pull back that far because rate cuts are coming in Sept and historically golöd prices react well to this. So a few weeks of pullback perhaps but then we could go much higher. In the meantime, THX is making very good money.

It doesn't work like that.

Please see my first post this afternoon that started this thread.

Even if THX somehow managed to use all of the 6,612 oz of high-grade stockpile in Q2 they would still have to mine c. 115,000 tons of ore at 3.1g/t to achieve their Q2 production total of 18,090 oz.

The stockpile is lower-grade material only.

In Q2 they mined nearly double what they required normally. A lot of that would have been low grade which drives thre average grade down to 1.78g/t. But within that total amount of mined ore there will (as there has always been) a higher grade element and it is that which would be processed first of all.

Ask yourself how the average grade of the stockpile could never be higher than 1.48g/t yet quarterly milled grades have run as high as 3.66g/t.

Link to the Q&A which was dated 1st May.

https://www.investormeetcompany.com/meetings/investor-presentation-627

Are you for real?

GIC = GIL.

Item 8.1 clearly states 12,255 oz. Listen to Q&A answer 4 in full and there you will hear the CEO state that GIC (GIL) rose from 11,000 oz in Q4 to over 12,000 oz in Q1. That is because they began drawing it down only in March 2024.

I have helped you as much as I can. Read the info properly. A large drawdown of gold in circuit is still due and it has a significant affect on overall gold output this year.

Accounts payables come down when you pay off more than you spend.

They are current and so can stretch over 12 months.

It is in the Q1 FDA, not the production report. Available on the company's website.

https://thorexpl.com/site/assets/files/2733/thx_2024_q1_mda.pdf

Part of that answer to what was an accounts payables question was this,

"From Q2 onwards we expect this (accounts payables) to start coming down rapidly, particularly at this increased gold price."

Hence why I have said previously that the August financials (exploration success aside) are the first real information point where THX balance sheet progress will be properly demonstrated.

The answer to question 4 in that same Q&A clearly states that the gold in the circuit will be drawn down over the course of this year and Q1 2025.

I know this because this was my question and one of many I tabled that day.

@T073,

I have no problem with a negative leaning towards an investment but one can go too far.

You have misunderstood what the CEO said about 1,500 gold in CIL.

The Q2 production report clearly states how many ozs were released in Q2. It was 3,652 oz. No more no less.

The Q1 MDA clearly states how many ozs were in the circuit on 31st March.

This confirms that another c. 7,000 oz should be released throughout H2.

From the Q1 MDA page 5,

"A leach circuit tank upgrade aimed at reducing the gold in circuit through 2024 was completed in the period with full commissioning occurring in Q2 2024."

From the Investor Meet FY Results Q&A No.8,

"We will be looking at drawing down the gold in circuit at a rate of 1,000 to 1,500 oz per month."

This ties in with my 7,000 oz calculation and the c, 3,650 oz draw down in Q2.

If you can get your head around that then you may see that the actual production figure required to meet minimum guidance is well below what you have calculated as being possible in H2. Even with lower grades. Meaning something close to 95,000 oz (unforeseen circumstances aside) is possible.

Ignore that last sentence from me. It was a double-up.

In response to your post T073.

"Ore grade: 3.14 g/tonne ( this is assumed from an average of H1. it is likely to be lower grade in H2 or else SL would have been sure to mention it if otherwise)"

In essence, he has mentioned it by restating the existing guidance at a minimum of 95,000 oz in mid-July. The point at which they will know which area of the mine and therefore resource they will be extracting from in H2. Given the expected grade of 5.4g/t vs 3g/t required, there is every chance they could deliver a higher average grade in H2 because somewhere in the mine plan that higher grade exists.

"Tonnage milled: 662,500 tonnes ( this is maximum capacity at the optimistic projection of the CEO. He said it can mill, not that it is milling)"

My understanding was that the guidance was 120 tons per hour and they planned to work 24/7 in H2. This ties into c. 260,000 tons of milled ore which has been achieved as recently as Q2, Q3 and Q4 2023.

So I don't understand this whole maximum of 662,500 tons milled argument.

I demonstrated earlier that c. 250,000 tons milled at 3g/t would deliver enough production (when added to c. 7,000 tons of Gold in circuit) to meet the bottom end of guidance.

If they end up being 5,000 oz short I really don't care because they will be generating a lot of cashflow. But the numbers say 95,000 is plausible and the decision to maintain guidance is justified.

Lastly, according to the Q1 MDA THX had 12,255 oz of Gold in CIL and 3,652oz was reported to have been released in Q2.

This leaves around 8,600 oz of which 1,500 oz remains steady state although some more will have been added back in during Q2.

But even without that there is a path to pouring around 7,000 oz of gold in CIL by YE which the CEO has stated was the plan for this year.

The CEO stated they wanted to maintain a stable level of 1,500 oz GI