Member Info for HarChris

I have been informed of that by Segun personally.

No, accounts payable will stay roughly where it is after this quarter, there’s no need to pay it right down - look at the broker notes, cash is expectedly to balloon through 2025.

A year ago I held equal amounts of SRB and THX when the former was 35p and the latter 14.5p. I ended up selling SRB around 55p and buying more THX at 14.75p, an obviously bad decision with hindsight as SRB is now 112p.

I still have every confidence though THX will see the same 200%+ gains over the coming news-rich months.

TGR are six months further down the road since AGM and now three weeks away from going into administration if they don’t sort these accounts out and raise £1m to cover cln debt due.

I’m sure the requisitioners could have pulled off something in that space of time. But of course we’ll never know for sure.

Wow, just wow.

Great news without a doubt for holders, just a shame the requisitioners didn’t win out all those months ago with all this time wasted.

A slim possibility of a turnaround now with this far stronger board of directors.

Still can’t believe some voted for the board to remain Shishir, Puruvi and Al!

Why don't you also go back and watch all the previous post quarterly presentations and Q&As and tell us if they were nay different? Here's the FY 2023 results one for example: https://www.youtube.com/watch?v=DKRpKruwkCA

There was always talk of growth but it was always pie in the sky. All management has down for over a year now is survive and pray to god that bitcoin pumps hard and they can raise big off it - bitcoin has pumped but Argo hasn't followed leaving Argo's chance of ever properly recovering hanging in the balance.

I think it’s important to acknowledge that AIM is very much f***ed so we aren’t the only ones complaining of a severe undervaluation, almost every shareholder across the index is.

However Thor is somewhat unique for the fact that their cash position will start catching up with the market cap, something no one can deny is absurd. And also whilst there are tons of AIM companies with attractive PFS’ and DFS’ they tend to have big question marks over how their projects are to be funded - Thor doesn’t whatsoever. Thor can essentially just start construction immediately after DFS because they will have already built up half the capex needs in cash by h2 2025 and will likely still be seeing $10m+ a month flowing into the accounts to fund the entire thing if debt financing failed to come through (it won’t).

So yeah undervalued shares left right and centre but THXs is arguably the most extreme of all considering they are now able to produce profit equal to the market cap (with no debt repayments and at $2700/oz net income of $35m per quarter in 2025 is possible). Despite the State issues THX is a low risk AIM play at this valuation.

A few years back Argo held close to 3000 bitcoin. Today you can remove all those zeroes because they own 3.

Not a cert but pretty sure it was mentioned in the last IMC so very much expecting an update before Christmas.

Made me chuckle that, good work.

Latest from CEO: https://www.linkedin.com/posts/davidwhelan1980_ai-llama-mixedreality-activity-7271877689949437954-1dzI?utm_source=share&utm_medium=member_ios

Trading update expected before Christmas ie 5 or so trading sessions max.

I consider myself a reasonable and balanced commentator on here. Whilst i continue to see no investment case whatsoever there is clearly less risk in the short term for a trade below the 5.5p placing price and at roughly 50% of where it was trading for almost all of 2024.

Argo isn’t going under anytime soon thanks to this placing and the fact the bulk of the debt doesn’t mature til 2026.

I don't think there's much risk of an unfavourable outcome from this committee report, I do think however that we need to see unambiguous public backing from the federal government in order to put the jurisdiction issues to bed for the medium to longer term.

For me it won't be enough for the federal government to sit on the fence with say a compromise in tax liability payment ($1m?) and a lack of a firm slap down of the state's actions. We need unequivocal support if we're to see market confidence fully return and the valuation catch up with the fundamentals, leading to the sort of 50p+ levels I've talked of recently.

Possibly but there’s no business case here currently, just a load of (relatively) inefficient rigs altered for immersion that will have virtually no use by the end of the month and a small operation in Quebec… whilst still holding onto a fair whack of debt.

My guess is that virtually all the money raised recently will go into winding down Helios operations and working capital over the coming three months or so only to raise again to attempt to diversify into HPC.

They likely survive until the loans mature but without a bitcoin operation they won’t benefit from the crazy share price appreciation that other miners see in the bull market and will eventually settle instead at a valuation closer to fair value, ie something like 1p with hundreds of millions more shares in issue thanks to further placings.

All I keep saying is that the difference between Resolute and Thor is stark but the market reaction quite similar.

(i) Nigerian government using incentive schemes to attract foreign investment with THX as the poster child for gold, Mali is doing the opposite by taking a bigger stake in mineral projects

(ii) Thor’s management team have numerous Nigerians in it with strong business connections in the country, Resolute’s is whiter than the cliffs of Dover.

These two points alongside the numbers actually involved currently ($160m vs $1.9m) makes my ‘worlds apart’ comment fair in my opinion yet both have suffered similarly.

I think the jurisdiction risk is more than baked in now.

I’ve stated numerous reasons why. Even the simple fact that THX has a management team of Nigerians to me is a meaningful factor, rather than white faceless executives that likely never set foot in Mali.

Do you not agree that it’s a bit mad that the falls in share price are somewhat similar (very little different in 1 year chart) when Resolute have their executives detained with a $160m ransom fee attached whereas the Nigerian federal government are deliberating over a $1.9m tax claim? And have you seen any Mali officials publicly backing Resolute in the way the Nigerian official did re Thor?

I don’t doubt Nigiera is highly corrupt but the situations are worlds apart

ShareSleuth, give it another three months or so of huge cash generation and if the share price is still as stubborn we’ll see the sort of buybacks you’re hoping for.

I’m sure by then the SP will have moved though.

I think you’re right about 2022 but that still makes them about 2 and a half years old - how long do the machines last before they start losing efficiency and rapidly downgrading? Three years? If so they are on the way out even if there’s a few years left or potential use out of them (ignoring the immersion issue).

Argo’s assets are worth less than its debt - add in the cost of relocating away from Helios and the company is essentially worthless. A speculative investment if valued at sub £10m, not at current mcap.

And let’s look at the difference from what we know so far - Resolute executives have been detained by Malian junta and are paying $160m to have them released, sorry I mean tax* cough whilst the federal government in THXs case are mediating a dispute over claimed tax liabilities of $1.9m.

Yes I get that the broader theme is similar but so far the situations are worlds apart despite the market reactions being somewhat similar.

They may be geographically close but to me Mali and Nigeria are light and day when it comes to gold mining jurisdictions. The former has written legislation to enable their government to take a bigger share in mining projects whereas the latter has enacted sweeping incentive schemes to encourage the likes of THX to enter the country.

Hopefully the committee report will unambiguously show the federal government’s support for THX