Member Info for HarChris

Last comment from me but Noel you have never ever said one positive comment about THX, you have posted dozens of times about the risks of Nigeria and mentioning Ashanti alongside as some sort of comparator and just the other day (yesterday?) you were going on about the opportunity cost of holding here even if it does trickle up.

Is it therefore any surprise that people are jumping on you for suddenly claiming to also be making money from this rise?... I guess it's just lucky that Pedro has such a strong influence on you, that despite all your reservations you bought in when he mentioned it!

Yeah, still, I just wonder why a trader like you sees a potential 5p fall near term and then goes and buys. And if you held shares already at that point I’m surprised you didn’t sell… but as I said glad you’re also making money here too!

Noel, you foresaw a 5p fall from 20p a few weeks ago and yet chose to buy instead? Seems an odd tactic but each to their own, hope you did actually buy and are sharing in the profits with the rest of us.

Only the start of this very news rich period, I'm hoping to see the 30s in the near future.

'Mind you, the average price of bitcoin for 2024 was about 2.5x that of 2023, so their 2024 results might end up back to profit.'

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Difficulty is now more than double the average in 2023, so that essentially wipes out the BTC rise.

Https://www.lse.co.uk/rns/THX/osun-state-dispute-fact-finding-committee-report-c6gl2e4v793ayc0.html

'Watching, if there is no deal or material outside income, within 6 months there will have to be a RI.'

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I'll answer this, yes, fully agree, of course. It's also fortunate then (if you want to call it that) that there's going to be more data produced within this said 6 months than there was in the past 3 years, and targeted at the patients with highest chance of response.

I think timing is spot on for a deal, personally.

Here comes the grim reaper… actually no that’s about the best I could have imagined Argo pulling off. Sure it’s massive dilution but was it ever going to be any better than this?!

If it goes through they live to fight another day… well until the debt is called in in late 2026. Fair enough Argo management!

Here it is for you LS: https://x.com/char101091/status/1904810343722803473?s=46

Revenue has already exceeded H1 2024, by mid March... before the transition to pit 1 and a doubling of production - this is a totally transformed business with a realistic path to self funding their way to reaching those 6g/t grades in the future and becoming a cash cow.

I would think this is the hurdle management wanted passed before announcing dividends/buybacks, so that news will likely come soon.

No dilution here just to be clear, just the shares that have been part of the TVR with no preferential rights. No dilution and exonerated on every other claim Osun made.

Gold price looking very positive alongside… should be in for a move north soon.

And just to be clear this was agreed in October. There have been no concessions to Osun State since, this is a diplomatic way of fully exonerating THX.

They have been granted the shares they were originally owed, they haven't suddenly received more. I can tell you for certain the governor would be shouting that from the rooftops!

But yeah let's give THX management some time to get their RNS out, they aren't ever as rash as the state and media with their releases.

Exactly CLSK. The only 'justification' for such a low valuation right now would be if further funding was needed short term to reach group profitability. with gold at $3000/oz GRL will be well supported in this ramp up and should actually be generating cash.

Fully funded and steady progress to what will be a highly profitable business in just a few months time.

We have to remember that the rise in gold price means cash flow break even will be around 400 ounces now, 500 tops, so there's actual cash build up whilst this ramp up goes on rather than cash burn. Cash generation at 1000 ounces is going to be significant.

I too expected a dip this month to sub 500 so another record pour is fabulous news. I think share price gets moving now.

By wrong I meant we do actually know the amount, it was discussed on here back in late October.

This means the total cost of this dispute was $62k and 5m shares and they were already owed them. So really $62k.

My word has it held down the valuation, maybe as much as $150m when you consider what might have been as momentum was building. Let's hope we see some of that reflected in the coming trading days at least.

No TimeLord you're wrong, the shares were resolved in October, this is just the certificate of proof. The tweet from october: https://x.com/Osun_State_Gov/status/1850902369971937426?t=wknXrycYHYWEVL5m0idA7w&s=19

The total is 5 million shares in case you weren't aware. 5 million shares is about 0.7% dilution.

Speaking during a mediation parley with Osun State Governor, Ademola Adeleke, and representatives from Segilola Resources Operating Limited (SROL) at his office in Abuja , Alake emphasized that solid minerals play a central role in the federal government’s economic diversification agenda.

A statement by his Special Assistant on Media, Segun Tomori on Tuesday said that the Minister noted that efforts in this regard would be jeopardized in a sector riddled with conflicting policies and strained relations between operators and state governments.

“In a business environment with multiplicity of regulatory authorities, foreign investors are discouraged,” said Alake. “Investors prefer countries where regulations are clear, streamlined and consistent. It is trite to emphasize that solid minerals belong exclusively in the federal government’s purview but when sub national governments issue conflicting directives, it deters the critical investments needed to grow the mining sector.”

Positive article. RNS from company in coming days then we can move on from this sorry saga. Bravo!

'If it is a not a lifestyle company what would you call it?'

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A lifestyle company very much refers to one where directors are unincentivized to take risks and grow the company and instead ensure they can take home a hefty salary for as many years as possible. I don't see how that applies here just because growth isn't happening as quickly as we'd like. Yates and Hands have enormous holdings in the company, with 7.7m and 13.2m shares respectively. You think they're just sitting back and looking to take a salary for a few more years whilst they can with no interest in how successful or not the business is? You don't think they'll be working their butts off to try get back to say 50p and rake in £££m's each?

Have a proper read through the interims and you'll see there's still lots to be positive about, there are post period events that will show through and make H2 financials look much better (and possibly cash flow positive), they are still on a growth path even if they'd veered off slightly.

I think the odds are still good for us here with no need for further financing if all goes to plan over the next twelve months.

Thanks for that info Pacifico. Management informed me four weeks ago that the PFS was complete and was to be released for definite in Q1. Of course we now know that the strategy has changed but that surely tells us something, that the project had solid enough economics as it was? What you have said about the issues seems evident but on the positive side it would seem to me that they held back release of the PFS until these initial Douta West results landed and felt that there was a net benefit to upgrading the resource and pushing back the PFS once again.

Overall it leaves me with little doubt that we are going to have a mine here that adds significant value to THX at an average gold price across over the mine life well below the current elevated level. When brokers are valuing THX at 36p for Segilola and its initial mine life alone that leaves me feeling satisfied that THX is undervalued with worst case scenarios and wildly undervalued with MLE at Segilola and Douta greenlit as expected.