Member Info for colinzeal

I wondered if anyone who watched yesterday's Crux Investor interview ([LINK REMOVED] picked up on the detail around some of last year's production being left in-circuit.

A lot of emphasis has been placed on the fact that 2023 was an operationally difficult year for Thor due to the 'push back' of the Western wall at Segilola, resulting in the lower production figure of 85k oz. (compared with 2022's 98k oz. figure) materially contributing to the poor share price. Segun stated that there was 10-11k oz. of gold last year sat 'in circuit' due to plant modifications. He stated that production in 2024 should be markedly improved, with a forecast of 95-100k oz. However, included within this year's target is the 10-11k oz. of in-circuit gold.

I'm struggling to make sense of this. If the 10-11k oz. gold in-circuit was produced last year but not counted in last year's production figures, then last years production was actually in line with that of 2022. In which case it was not a bad year at all and management could have avoided all talk of challenging production. So it strikes me that's not what happened — my feeling is that the 10-11k oz. was included in 2023 production figures.

If the in-circuit gold was included in last year's production figures, then including it again in this year's figures to attain the 95-100k oz. forecast is surely double counting, and means that there is only 85-90k oz. of new production this year, which is in the territory of last year's "challenging" output and is a long way off the '100k oz. per year' figure that's often cited as being the expected production level.

Can anyone make sense of this? I feel like I'm missing something.