Member Info for Danger_Mouse

Shorts had stopped adding and will need to close. Valuation based on growth, hope this works:

| Company | Forward P/E | Growth | PEG-ish |

| ------- | ----------- | ------ | ------- |

| Sage | ~17–18x | ~10% | ~1.7 |

| RELX | ~22x | ~7% | ~3.1 |

| LSEG | ~23x | ~7% | ~3.3 |

There’s increasing talk from some of the major investment banks about “upside risk” to gold, and that’s where things get interesting for Thor Explorations Ltd. A higher gold price doesn’t just boost margins at Segilola, it can actually extend the life of the mine, which is still perceived as relatively short and priced that way. As prices rise, lower-grade material becomes economic, pit limits can expand, and underground ounces that once looked marginal start to make sense.

That means stronger cash flow today and potentially more years of production tomorrow, all using infrastructure that’s already built and paid for. If gold surprises to the upside while Segilola drilling confirms continuity at depth, you get margin expansion and life extension at the same time, a combination the market rarely prices in early. With THX trading at a discount relative to broader markets sitting near record highs, this setup offers an opportunity to rotate profits into a stock where sentiment is still cautious, ahead of the Segilola update landing.

Canada deducts 15% withholding tax at source under the UK–Canada tax treaty, which means UK retail investors pay this rate on dividends from Canadian-incorporated companies. This applies regardless of whether the shares are held in a General Investment Account, an ISA, or a SIPP. For most UK retail investors, that 15% withholding is effectively unavoidable.

If the shares are held in a General Investment Account and you are a higher-rate taxpayer, the dividend is also subject to UK dividend tax. The higher-rate dividend tax is 33.75%, and while you receive credit for the 15% already deducted in Canada, you must pay the difference to HMRC. This results in a total effective tax rate of 33.75%. For a higher-rate taxpayer, a GIA is therefore clearly less efficient than an ISA or SIPP, where only the 15% Canadian withholding applies. I suspect at least one person here is a higher rate tax payer with a GIA.

DYOR etc...

There is no asset without risk. Not even short-dated inflation-linked gilts. They’re just lower on the risk spectrum for a very specific objective of preserving purchasing power over a short horizon. The "risk" for many is a deep sustained correction to the gold price at under $2,500 levels when Douta base case uses higher values (partly in year 4 of Douta production - but that is a long way off), and if you thought that you would not invest in any gold company. So the risk for gold bulls is the single-asset concentration in Segilola and for that reason you diversify by having PAF and owning the junior gold mining index.

If you can look past the wide spreads (we do), you are buying a cash-rich, debt-free gold miner at a 30% discount simply because it’s hard to trade. For a long-term holder, that structural issue is a reason what keeps the entry price so attractive. It can take more effort and costs to sell for day traders so even less volume. This is not an issue if the share price jumps 20-30% and just sell in small batches if you have too. It looks to me like volume is low and we have a small seller who trades are reported after hours... Toronto is recovering some with buys.

Not related to THX but at least 37 killed in Nigeria mine carbon monoxide poisoning. Terrible. May explain the selling.

It is dangerous to "wonder", more likely some healthy profit taking. The underground drilling programme is targeting mineralisation beneath the existing pit at Seligola. Early commentary from management has been encouraging enough to justify accelerating deeper drilling. That tells you they’re seeing continuity, not just isolated intercepts.

* If the upcoming update confirms economic underground ounces, the implications are significant:

* Mine life extends beyond current expectations

* Existing plant and infrastructure continue generating cash without major rebuild capex

* Fixed costs are spread over more ounces

* Free cash flow visibility increases

Even a modest extension of three to five years would materially change how the market values Segilola. If the update shows grade continuity and outlines a clear path to resource conversion, then I would think valuation for THX steps upward without waiting for Douta.

I have added a small amount today at just 81.38p so many will be disappointed that I managed a price so low given the gold price and news flow. But the markets are complex when we don't reality now what is on the MM books... for example a drifting price lower often causes private investors to sell and get spooked.

Agree ValleyLad, lets just hope they do it later and allow us to accumulate cheap shares on the buybacks.

You_Having_a_Laugh why do keep saying that as everyone knows this is not a momentum stock like the others we all own, but a strong contrarian one. I added again on the dip.

Right now everyone should be watching Segilola. The gold price wont matter too much if this is good. Everything else is supporting noise unless it materially alters cash flow visibility:

1. Segilola underground drilling update – before end-March 2026

2. FY 2025 audited results – expected April 2026

3. Q1 2026 production update – April 2026

4. Mining Convention finalisation (Douta) – H1 2026

5. Douta financing package + Investment Decision – H1 2026

6. Magnolia Coast exploration results (Côte d’Ivoire) – expected Q1 2026

7. Updated Segilola resource (if underground drilling converts) – timing dependent

8. Douta resource update (expansion drilling) – Q3 2026

1. Segilola underground drilling update – expected before end-March 2026

2. Mining Convention agreement for Douta (Senegal) – expected H1 2026

3. Douta financing package + investment decision – expected H1 2026

4. Q1 2026 production update (Segilola) – expected April 2026

5. Updated Segilola resource statement (if underground drilling converts to ounces) – likely after drill update, timing TBC

6. Douta resource update (expansion drilling) – expected Q3 2026

There are only 2 buyers. The institution setting the price. And buybacks. Both benefit from a low price. When there is a sniff of growth multiples could expand to 18+

Plenty of potential buyers like me on the side lines looking in. This is a high quality business.

I see shorts have halved on Friday!? Can someone check?

And that means operating as a PaaS rather than SaaS, this model is not only more resilient to AI disruption but also serves as a fundamental requirement for AI development.

Hi Yumeria,

The modest downward pressure on the share price is positive for long-term holders. A lower price increases the efficiency of the buyback programme, as each pound deployed retires a greater proportion of the share count than it would at 930p. The volumes being executed are meaningful, and with a consistent buyer in the market, short-term weakness can occur as part of the process as the large buyer wants a cheap price similar to the buybacks.

The other driver behind the recent softness is factor rotation. Capital has been moving out of quality and into value, which has weighed on many strong, cash-generative businesses. GAMA has arguably already endured much of that de-rating and now trades on historically compressed multiples. RELX is undergoing a similar repricing. Both are clearly aligned with the quality factor, whereas value is currently attracting the majority of flows.

Factor leadership does not persist indefinitely. Value may remain in favour for some time, but rotations tend to overshoot in both directions. Both long time frames and short time frames. When earnings growth remains intact and valuations become more reasonable, quality businesses typically reassert themselves.

I have a big amount of my account in a value index and cherry pick extreme low quality stocks.

GAZKING Under the UK Market Abuse Regulation the directors are currently in a closed period. This starts 30 days before the results. With Gamma's Annual Results scheduled for March 24, 2026, the window officially slammed shut around February 22nd. We can raise questions as to why they have not at the AGM on expected to take place in mid-May.

Long-term holders actually need a period of sideways movement so that more shares can be bought meaning the buybacks can be more effective increasing EPS!

Lse2000 should have switched to long yesterday!

No... RELX guides and is judged primarily on underlying growth, not reported GBP growth. On that basis, +7% is actually strong and in line with — if not slightly ahead of, its typical 5–6% trajectory.