Member Info for HarChris

It finished 16% down with an equivalent UK price of well under 3p.

Well I didn’t expect to see a new one year low reached today after that news - shows the market just isn’t buying it anymore.

Further debt investment in the bitcoin mining space when Argo have failed to ever turn a profit and are already up to their eyeballs in debt isn’t credible.

So we’re now at the bottom of the trading range that we’ve been in for yonks. As has been stated numerous times we will be stuck at 23p resistance until the news we are all waiting on starts landing - a number of us in conversation with management were informed that yes all is on target for Q1 delivery. That means three to four potential catalyst RNS’ this month unless something changes.

Great opportunity right now at the watertight support just as POG shows strength and urgency to get back over $2900/oz - I think we’ll all be much happier holders by the end of March.

Nick don't confuse him with technical words about this sector, that's just mean.

That’s what I meant CLSK, it’s not inconceivable to enter into a deal like this in bad faith to create exit liquidity then just pay the $150k fee to pull out of the contract - as long it provides a better exit value much more than that $150k it makes economic sense.

Obviously not saying that’s what’s happening but I struggle to think anyone funds Argo at this stage in genuine good faith.

My genuine guess is that the deal never even goes through but in the meantime a share price pump and raise.

Argo have so much debt to be repaid in 2026 as it is, I struggle to understand even more good money being thrown at bad again here. It never stops and yet the company never grows with any of the extra proceeds.

I agree with you SS and I think that’s the plan. Give it a few more weeks and see what’s announced.

Willz I think we’re now at the stage with gold $1900/oz above all in costs and the cash likely at ~$45m where starting a buyback is not that much of a risk. Let’s say THX also hedges some of their future gold at this level then there is serious cash virtually guaranteed for the next 12 months, for starters.

SS, the plan was always to announce buyback/dividend in early to mid 2025, it makes sense to see the cash position that little bit higher before the buybacks start. End of year ~$20m wasn’t enough, now with (I presume) around $45m and rising is likely the time when that announcement comes.

I reckon it will be one of the next RNS’ this month.

Management put it this way to me - from the government’s perspective what matters is that no action is taken, THX go on to reap all the benefits of the pioneering scheme and future investors will see that and gain confidence from that. They are also going to publish the report but they feel they have a duty to both appear somewhat sensitive to what the state were at least ostensibly doing (trying to collect revenue for their state) whilst also supporting foreign investment. And it’s not that the government won’t finish the report/publish, more than anything they don’t see the rush, they aren’t sensitive to THXs short term trading issues.

Management of course want that unwavering support made public and vocal and asap, but also need to be sensitive and maintain healthy relationships.

So really what I was told is don’t worry, we won’t see any of the mad claims go against THX and the company will keep investing and looking to the future in Nigeria… and whilst we are gently pushing for that support to be made public asap it’s not in our hands and it will happen when it happens.

And the difference is I didn’t claim that the risk was overblown when the Osun state stuff first reared its ugly head, I took it very seriously but still leaned in favour of the rewards being worth the risk. As time has gone by I’ve had reasons to believe more and more that yes the risk is now overblown.

Again that’s not to say zero risk… there will ALWAYS be more risk mining in west Africa than tier 1 jurisdictions, although these destinations also come with many economics benefits.

Even the worst case that you tend to imply basically puts Thor back in line with absolutely every other profitable miner globally. I don’t for a second believe even you, with the facts that are out there (ie a government using incentive schemes to attract foreign investment and THX management schmoozing with mining ministers) think THX is going to slapped with 50% taxes, at the absolute worst (and I think won’t happen) we’re talking a windfall tax that aligns with other nation’s tax policies.

And so there’s no realistic scenario where THX suddenly looks overvalued at $150m mcap. And I have been told in no uncertain terms by management that the federal government is fully behind them and the only reason that we’ve not received any confirmation of this is because the government wants to be diplomatic rather than publicly slap down the state officials - ie if we hear nothing again re the Osun state matter that’s why. Surely that stands for something, even if it’s the nature for executives to paint a rosy picture?

It’s why I still think, without a shadow of a doubt, the biggest risks to this investment are the same as any other miner - the risks are price of gold suddenly falling way back and execution risk ie MLE extension & Douta construction issues.

I’d go as far as saying jurisdiction has proven to be one of the biggest investment selling points here and facilitated the strongest balance sheet of any AIM company out there rather than it being a major problem.

Some of us have made very strong arguments for why the jurisdiction risk is overplayed here and they are never rebutted, instead the claims are simply repeated further down the line so here goes again with a comparison to Resolute mining:

Resolute are based on Mali with western executives that have no link to the nation. Mali is a country that’s seen a civil war since 2012 with insurgencies springing up all over the place - executives being effectively captured and held to ransom occurred due to a combination of the above factors.

Thor is a Nigerian based company with Nigerian executives. The board is littered with individuals with strong business connections in Nigeria, with a history of success and commitment to the country and therefore have developed relationships with senior figures in the government. Additionally there have been no coups in Nigeria for decades.

So as you can see it’s light and day despite Resolute (poster boy for the risks used on here, alongside Barrick) and THX both operating in the general West Africa region.

That’s not to say Nigeria isn’t still a riskier nation to operate than say, Canada, or Australia, but in return THX have some of the lowest costs of any gold producer globally and have been saving $20m+ a year in corporation tax due to the holiday given to them as an incentivise and ‘pioneer’ in the country.

So on surface yes risky, dig a bit deeper and there’s easily an argument to be made that the risks are way overblown.

“ And by the way, my purchase of 20,000 shares at about 16:15 hasn't yet appeared on the Trades screen so don't call me a deramper.”

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Bottom of the trading range just in time for news - you’ll do well from here. Maybe time early next week to build that position too, much more upside than SRB at this point.

‘‘ it’s clear the current assets are worthless, lets go and bark up another tree, to see it this one sticks....

These two clowns are clearly way out of their depths,’’

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Wait so which is it? The assets are worthless or the ‘clowns’ are out of their depth? If the former like you claim what’s the link to the latter?

Win/win? Really?! You feel equally towards making a very good return on your own money as seeing people you don’t even know on an investing forum lose money?

You’ve had ‘strong sell’ on here for two months from 16p, that means that all those following your lead have missed out on a 40% gain.

These trolls will find their voice til news drops soon, hopefully the rest end up being that little bit more patient so they’re in when the big move happens.

As has been discussed on here for weeks THX is at a very stubborn resistance, resistance that’s never been broken. I’ve said it myself that it’s unlikely to break through without positive news to give it that final push.

Fortunately news is very, very overdue now so hopefully won’t be long… might even be tomorrow.

It is perfectly acceptable for a CEO to tell you that news is going to land as previously stated - which is Q1 on a whole number of fronts.

Because some investors have got impatient waiting for long awaited news here, yet those messaging the CEO are being informed in no uncertain terms that it’s all about to land. And 30% up YTD is not exactly awful.

When THX breaks this resistance in the coming days/weeks and goes on to rally 100%+ I bet you’ll be no where to be seen.

The pressure for news gets greater and greater with each day that passes.

If not this week then four big updates in March at a time when gold is finally in focus - bring it on.