Member Info for HarChris

That's because there was an amendment agreement last year and the price was decided then: 'In addition, the Company has entered into an agreement (the "Amendment Agreement") with Asian Investment Management Services Limited ("AIMSL") to extend to 31 December 2025 the standstill period in the Standstill Agreement dated 29 December 2023 relating to the exercise of certain of AIMSL's rights under the gold loan agreement entered into with the Company on 19 June 2020 ("Gold Loan Agreement"). Pursuant to the Amendment Agreement, AIMSL has also agreed to accept settlement of the interest accrued under the Gold Loan Agreement to 31 December 2023 by the issue to AIMSL of 101,803,680 new Ordinary Shares (the "Conversion Shares"). '

52m was issued last May, the other 49m today. I think it was an agreed price of around 1.2p both times hence the disconnect you see.

That’s fair. I like the fact we have all this news to come with the gold price tailwind firmly with us.

Next set of Segilola drill results in coming weeks, dividend or buyback update, full year results April, q1 operational update April, Q1 financials May, more Douta West drill results? And then lithium progress update in June. I think we’re in a good position and whilst it’s rampy to predict something like 60p we have a bit of a perfect storm here.

It's a terrible shame that the debt is suddenly front and centre of investors minds when in reality it's now finally manageable. Back last July when suspension was lifted GRL were haemorrhaging cash and cash-strapped, they were needing to place to keep the lights on and they had £2.7m CLN deadline looming that needed careful renegotiation. And yet the share price was bobbing about at ~1.25p.

Today that CLN has been converted at 3.25p(!) and the overhang has already been cleared. Gold has risen to over $3000/oz and we're on the precipice of another step-change in production that will see the debt issue rapidly fade away. And yet negativity persists and the share price is lower than eight months ago when the risk was multiples more than today.

Completely irrational but the disconnect won't last forever.

Genghis if your saw my previous posts they said something similar. The case I make is for the 36p the broker now attaches to Segilola initial mine life alone ie 225k ounces at $2k margin + some risk discounted. So it's possible to argue for still being undervalued even if we don't factor in an additional ounce found, which isn't realistic whatsoever. Addressing your three points:

1. Yes Segilola MLE needs fleshing out but the drilling has been ramped up recently as stated in yesterday's interview and more results are due imminently. It will probably be six months til we have all the info to fully value it but we at least know there's additional ounces from satellite deposits and Segun has stated anywhere from 2-10 years extension is his expectation so we can tentatively expect upside from Segilola.

2. We couldn't really ask for a better financial position to be in when it comes to Douta. Sure the necessary steps have to happen, PFS into DFS into FID but there won't be any doubts over this funding - by this time next year the cash position at THX will be considerable and they have a very supportive partner in the AFC, a partnership that will have only strengthened after meeting every payment on time following the previous senior loan facility. Nothing is certain but we can be just about as confident as possible about securing funding for Douta construction in 2026.

3. As Balanced stated below this will be a natural development as milestones are met and ticked off but we should at least feel incredibly relaxed that management will navigate all this successfully considering they're going to be seeing $40m+ cash flowing into the business with none of it spoken for now the debt is eliminated and other liabilities vastly reduced.

The above are the sorts of things you worry about when there is material uncertainty re finances, not when your sitting on a balance sheet like Thor now are.

Job 1 of keeping the business afloat and finding a credible payment plan to navigate the debt without becoming swallowed up by dilution has been achieved. The next step is reaching that 1000 ounce target. I break it down like this: at current gold price 425-450 ounces should bring them to cash flow break even so at 1000 ounces could easily take big chunks out of that debt monthly and gradually build the cash position alongside.

Essentially it's 2k ounces of debt against a 600k ounce resource, a resource that can be mined with rather modest capex costs. The hardest part (the initial survival) has been navigated, the next steps should be a lot more manageable and that's where the upside shows itself.

Does have the feel of a latent Serabi. They were completely out of favour and then rose gradually from 20p to 180p over thirteen months or so. Thor’s been doing just that from its fall to 14p… I wouldn't rule out steady continuation here all the way to 60p. this year.

Many seem to think they can find 10 baggers with no risk attached but that just doesn’t exist. What we have here is that sort of potential with gradual reductions in risk as the gold backdrop becomes ever more supportive. I say gradual but added up it’s an enormous amount over the past six months and the share price hasn’t moved an inch.

That’s what amazing risk/reward looks like.

What you don’t realise loyal (or don’t care to be educated) is that GRL are now at about break even and the next ramp up once they transition to their new pit will deliver enormous cash flow relative to their mcap / debt.

The rest will quickly be paid down via cash generation / at a much higher share price, if equity. That’s what we’re invested here for. It’s not a certainty but the investment case is there and if achieved will see GRL back at 5p.

***even with all this faux outrage and negativity today the share price holds at this 1p floor.

‘It’s terrible news’

That part isn’t even news ^^^

Hit management’s target and it’s no exaggeration to say that debt would be cleared in barely a quarter… and then it’s blue sky growth once balance sheet is cleared up.

No that’s not right Ian, the ounces are agreed at a low price than today’s spot.

Sure BBN will give you the exact figure but I believe it’s something like $1500/oz ie 2266 x 1500 =$3.4m.

Half of what you quoted.

Well for both. AIMSL will do very well as their holding grows and GRL is managing its debt successfully now.

The biggest risk here has always been debt related but it’s being managed and worked down and if ramp up happens as planned the rest of the debt will be cleared via cash with ease this year. The opportunity is there now with gold above $3000/oz like it never was before.

Granted it's a different case, their communication is shocking and that's why it's retraced all the way back (+ likely fundraising coming) but all holders got a chance to sell or hugely reduce.

Here's a very good example as a comparator to GRL- Serabi. Completely out of favour and overlooked back in 2023 reaching a low of 21p - suddenly sentiment picked up as production steadily grew and the gold environment became more favourable and over 16 months SRB made it all the way to a 180p high in February. A nine bagger.

GRL could easily see something similar.

CLSK, if i've learnt anything about LSE small caps over the past few years it's that share price disconnects grow and grow and grow before suddenly going pop when you least expect it, usually when majority have thrown in the towel. I had one recently, EXR, that just stayed unbelievably low relative to their position in the VR space and then suddenly one bit of (actually quite fluffy) news and it went pop and rose from 0.6p to 2.4p in a couple of trading sessions.

Of course this only applies when fundamentals are improving... for now GRL looks like a candidate for such a situation in the months ahead so despite risks remaining i'll continue to add down here and keep faith in my research and accept that the break out will come when I least expect it.

I'm wondering if there's a pivot when it comes to buybacks due to the recent share price appreciation. I know for a fact buybacks were being worked with CG and a month ago in my correspondence with management it was implied that the next news we would receive would be buyback related. When I first spoke to management about buybacks the share price was 15p though and then 19/20p more recently and the feeling was that the buyback announcement would close the disconnect somewhat... it's possible now that dividends are back on the table. If that's the case they'll be announced alongside the full year results I think.

As for the next Segilola drill results I was told they were also due back end of Q1 so they must be close, even if they end up landing slightly later in early April.

Obviously when a company like Thor Explorations starts out there’s a limit to how much resource they can investigate, limited by the amount they can raise. Once they have a defined resource that is economic focus turns to PFS and then financing.

What we’re seeing with Douta is a good example. The time and resources are there to build out the resource from the outset and add indicated ounces to the initial mine plan, hence the delays we are seeing. And even with Segilola we heard today that there’s now a step change in the amount of work going on, a situation that is only now there due to the strength of the finances and balance sheet.

The share price might not be unrecognisable to 2023 but there’s business certainly is.

Segun has previously mentioned up to 10 years more mine life at Segilola once they go underground but it was very much emphasised as speculation and too early to say for certain.

He’s generally conservative with his language so we won’t see much hyping now before official plans are released but there’s a realistic chance that in a decade’s time Segilola is still operating and churning out gold.

Marc, I guess the update yesterday could be interpreted two ways. For me it was a further derisking event and confirmed (via own calculations) healthy revenues and cash flow breakeven (worst case) as GRL now transition to pit 1 and (hopefully) ramp up to 1000 ounces in the months ahead.

To some traders it will have been the cue to sell and come back in a month.

I can see the logic of the latter but with absolutely no share price appreciation attached to this phenomenal gold backdrop as it is it doesn’t feel like there’s much lower this will go, with 1p forming a rock solid floor.

As POG hits another all time high right now I’m adding more.

Resharing your link Schmidt: https://youtu.be/rinbLhSOiOI?si=FGNLvTGZfPEdvaDd

Adds much needed colour to topics we’ve been discussing recently, most notably Segilola extension and Douta. Highly encouraged after watching this, will share my notes this evening if others haven't already.

It’s more to do with the fact that some on here argued that there’s no scenario where the government won’t take their share now Thor is making so much money. The idea that they would just keep to this incentive scheme and tax holiday and forego $100m+ was an impossibility to many.

Those people had no faith in the current Nigerian government seeing the bigger picture here…. that is something worth acknowledging.