Member Info for HarChris

'From a shareholder's point of view this is madness as the company's valuation takes no account of Douta and keeps the focus on mine life at Segilola which as it stands is a huge negative for the valuation (although we know better!).'

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Agreed, madness on the face of it but management have been afforded this luxury due to the cash generation they saw throughout 2024 and are even more so in 2025. Whilst almost all AIM companies need a strong share price to keep equity as a funding option THX is the opposite... with buybacks on the horizon weakness in share price means more shares bought back by the company, if anything.

Segun has taken such a conservative and prudent approach over the past twelve months, eradicating debt and liabilities off the balance sheet first, expanding the PFS like you've said and putting the business of share price management aside until all the i's were dotted and t's crossed - frustrating for those of us hoping to see THX get caught up in the buzz of rising gold prices but at least we are there now, right at the precipice, and this time the picture is even better as news is being released all in the shortest of periods, back-to-back, choregraphed for maximum impact.

I've been saying for ages that THX will have rerated by 1st of April, once this quarter is out. I stand by that more than ever. Finally it's starting to look credible to the naysayers.

Remember that NPV is the value of a project, discounted to today after subtracting the costs. Considering the debt free, net cash positive position THX already have + continual ginormous profit being generated at Segilola the NPV that we see forecasted at Douta in the PFS (released in the coming weeks) should be the new share price target.

I'm expecting new broker notes and upgrades once the PFS lands.

I’ll avoid crowing til we’re well past 24p, still think we might need the news we’re waiting for to really kick on but it *is* ‘imminent’ now with three RNS’ due, back-to-back this quarter (this month).

Next week it is.

A hell of a lot of attempts to break through this 23p resistance but I think this time is the one, finally everything has aligned - news flow and $3000/oz gold is about as ideal as it gets, are traders really going to sell at the resistance as if it’s business as usual? Nah I don’t think so.

So news flow is:

Committee report (anytime but out of management’s control)

Douta PFS - this month

Buyback/dividend announcement- this month

Further Segilola drill results - this month

Full year results - April

Q1 operational update - April

Q1 financial - May

Lithium maiden resource - June

Ivory Coast update - Q2/Q3

Douta DFS? No timeline but implied will swiftly follow PFS so late Q2/Q3

I mention it still. This was what management said to me… they have had numerous meetings with the government and have their full support, however they aren’t in a rush to admonish the state officials for (ostensibly) looking out for the country’s interest and would prefer for this all to be swept under the carpet. THX however want the committee report published and released publicly.

It’s very clear to see that the Osun state officials have moved on. They were incredibly outspoken from the end of September news leak to around the end of October and then they fell completely silent. That’s five months without trigger happy and loud mouthed officials uttering a word.

Behind the scenes they will have been told in no uncertain terms that they have no authority to intervene in Thor’s business activities and to back off. Whether we ever get anything public is still unknown.

There’s another reason jammin, this is AIM and investors don’t like silent periods, they get nervous. This has been a long time without news. This management team however have had no need to panic, they don’t need a high share price ST as an option for funding, they have huge amounts of cash accumulating and have buybacks at their disposal, they have had time to expand the Douta PFS etc etc

Now they can fire the starting gun with back to back RNS’ leading us into April with all the financial releases to follow. And they’ve got $3000/oz gold alongside - investors will rush back in and traders will chase it up much further.

Rerate is coming.

It’s the triple combination of the financial metrics, the $3000/oz gold price and, most importantly, entering the richest news period possible.

Reminder, we’ve had no significant RNS in eight and a half weeks and now we have three landing in three weeks and likely seven or eight before Q2 is out.

All is on track for this quarter, the releases are being choreographed for maximum impact. It’s the perfect storm.

Actually let’s not bother, it’s only a suspicion on your part. Mines a bit more concrete as we’re entering a rich period of news.

Will get back to pointing out what’s coming as gold sits just below $3000/oz.

This week I’ve been predicting ATHs by the 1st of April whilst you’re seeing (shall we say over a similar period?) a 5p fall to 15p. I hope whoever gets this wildly wrong has the grace to come on here and admit it. All the best.

Well you stuck your neck on the line this week as you shared what you saw as a potential 5p fall coming from 20p - can’t get them all right I suppose?

Https://www.linkedin.com/posts/nicola-gubb_africas-tech-moment-why-sam-altman-is-paying-activity-7303416268194258949-debn?utm_source=share&utm_medium=member_ios&rcm=ACoAAEF8FNAB_aQt-bxX7NfSTJJPvogLrACz15U

Africa’s Tech Moment: Why Sam Altman is Paying Attention

Sam Altman, CEO of OpenAI, sees Africa as a major player in the future of global technology:

"Africa is going to be the fastest-growing and most important market over the next coming decades for many companies."

And he’s not just talking-he’s taking action:

- Backing African startups -He’s an investor in Wave, Senegal’s fintech unicorn transforming mobile payments.

- Exploring new tech adoption - His project, Worldcoin, saw massive engagement in Kenya, sparking discussions on digital identity.

- Engaging with local innovators - Lagos, Nigeria was one of just 17 global stops on OpenAI’s listening tour, a recognition of Africa’s growing influence in tech.

During his visit to Lagos, Altman said:

"The energy here is great for innovation. People are pushing the limits of technology and coming up with new ideas we haven’t heard before."

His recognition reflects what many in Africa already know—the continent’s young population, rapid digital adoption, and thriving startup scene are creating an unparalleled wave of opportunity.

As this momentum builds, exciting questions arise:

- What industries will see the biggest transformation—AI, fintech, clean energy, or something entirely new?

- With growing global interest, how can Africa turn this attention into long-term, sustainable growth for local businesses and communities?

I love to see global leaders not just acknowledging Africa’s potential, but actively engaging with and investing in it!! 🚀 Thanks, Sam.

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Not specific to THX but good to see someone of this stature visiting and talking up Nigeria.

A great post that really gets to the point. As it happens in one of my recent messages to Segun I asked something along the same lines, I said 'if there is nothing bad behind the scenes you must be really pulling your hair out and scratching your head at the current valuation, especially seeing the cash flowing into the accounts without barely a reaction re share price. Surely if the disconnect is actually as big as it appears you're going to do something about it?!'

The response was very encouraging. Essentially it was 'I hear you Chris and it's coming I assure you. We are initially looking at buybacks to take advantage of the low share price and then shareholders will have cash returned to them via regular dividends but we are now going much further than that too. We are increasing our presence at big investor events, we have recently upped our PR budget significantly, we will be getting the message out there right across the UK, North America and Europe. Douta PFS will bring a lot of attention to Thor, the feasibility study is as detailed as they come and will show excellent economics, so will the financials that we release in April and then May. We are confident that all these measures alongside our news releases will see the share price rerate soon'

I don't think that oddball is worth our time.

As for this finance deal it can be assumed that talks were happening in January when bitcoin was over $100k and looking lively, now after this retrace I imagine bitcoin mining is suddenly looking far less attractive to the potential funder.

Looking at the rns it states that they entered into the non binding agreement on the 25th February, that means the 20 day exclusivity period is up on Monday...

They’ve already sunk considerable millions into the ground at Segilola to get this close to putting out the mine life extension plan (H2) and have ounces from the satellite deposits to add for starters - I don’t think it’s going to cost a whole lot more at all to get to 150k ounces which at current prices is $450m additional revenue, at a bare minimum.

It’s possible, clsk, that Feb comes in just under Jan’s figure because of the lower grades and short month but unless Emma was simply lying yesterday in the interview when she said ‘I don’t think we are far off’ in relation to the 1000 oz target, we are soon to see a material improvement alongside an ever better gold price… which is the first key step to a complete 180 turnaround here.

Corrumpo, that would be wonderful but I am absolutely certain you won’t wait til next month to discuss those numbers and will instead jump on the February numbers when released to question the investment horizon here.

Prove me wrong.

The poster below either doesn’t understand your sensible and logical rationale or they are intentionally obfuscating to put others off - the rest of us fully grasp why this is an obvious buy whether or not GRL hits that 1000 oz mark soon, due to the margin protection afforded to GRL by the current gold price environment.

The set up here is just obscene. Next week i think we'll get the Douta PFS, it's going to show something like $170m cost, an amount that THX will easily make this year into 2026 meaning when they start mining at Douta they'll probably be back to debt free with 10-12 year mine life and $150m profitability per year... whilst still having Segilola (MLE) running alongside for an extra three years or so.

This is a near future debt free $200m a year profitable business at a $170m mcap - it's crazy.