Member Info for HarChris

Wahey!

I think we can all agree that the tinpot state officials haven't strolled in this morning and sealed off an entire mine, at most they've shut the country manager's office and are posturing.

Seeing as Thor are yet to respond they are likely in discussions now and aiming to present this news and diplomatically and prudently as possible so as to minimise the medium term damage here.

That's what we need most, something that draws a line under this completely so that attention can turn back on the financials and the upcoming news in the weeks and months ahead.

It seems prettt clear that there’s no communication between the State officials and the State Internal Revenue Service ("OSIRS") - the latter has climbed down to $62.5k which I’m sure Thor were ready to pay / have paid the former is trying to keep the issue in the headlines.

This must be frustrating for THX management if it’s all false / blown out of proportion because responding to each and every claim pours more fuel on the fire.

I’m sure they were hoping yesterday’s rns would be the last they issued.

They can’t respond to every low ranking official that goes to the press.

No rns means it’s nonsense / immaterial

They claimed it last week in some random twitter post / it’s all clearly nonsense or the company would have addressed it on Monday

And if the bullrun just doesn't come does Argo simply fade out to nothing? It's amazing how they just limp on recording loss after loss each month whilst waiting for the inevitable switching off of the lights.

Really? It doesn’t sound like Thor did anything wrong and instead the officials tried to twist their arm by going to the press.

What now? A bit of time for the dust to settle and back to business? Plough on as if nothing happened and let any small payment be but a footnote in the full year results next year?

I can assure you in a few months time a couple of years added to Segilola mine life and an exciting outlook from the PFS at Douta plus another three months financials to absorb and this will be but a distant memory.

And following the slight pullback in gold price it’s worth remembering that POG is now beginning Q4 a good $300 higher than it began Q3.

Whilst there was always jurisdiction risk here I have to admit that I initially felt that this ‘event’ might weigh heavily on THX for some time, possibly right through the rest of 2024.

The robust and professional rebuttal since + the enormous walk down in claimed tax liability (~$1.9m to $62.5k) has me quite optimistic that, like you say, this might actually turn out to be a positive.

That this company are well capable of managing the risk in Nigeria is a big deal.

This will blow over quickly but right now we’re in the ludicrous situation where $25m is wiped off the market cap due to a $62.5k tax liability - sure it highlights the risks of operating in Nigeria but we already knew that, otherwise THX wouldn’t be trading close to a PE of 1 to start with!

Crazy valuation.

Yeah they’re real as the response from Thor’s subsidiary gave the exact figure of ₦3,250,598,513.

Happy with Thor’s response though, will be interesting to see if we get an rns Monday or whether they don’t consider it material.

I don’t think a few days FCF is material personally.

I know Bobby. See the first one, it just casually says 60B Naira! It’s like they’re just making it up as they go along.

I don't think so Adw. The first anyone saw of it was 16:18m, twelve minutes before the closure of markets for the weekend. Those selling will likely not have even read the article in full and certainly won't have fully digested it, they'll have just sold in a 'better safe than sorry' fashion - especially as most would be traders selling profits.

Panic selling with ten minutes til market close is no surprise but since, with discussion on here and time, it's clear that it isn't material in terms of the numbers being discussed as well as top management choosing to avoid putting their name to the rebuttal like you said.

Trading in Toronto was always going to be the big clue as to what will happen Monday (assuming no morning update) and thankfully with a bit more time to digest there has been no sell off with it looking like it'll close just one Canadian Cent down.

More like $30m if you count it as the reason for the sudden selling at 19.5p this week. Which it likely was.

Yeah adw, as my biggest holding by a country mile I must admit I felt a tad sick when the price started sinking and I first glanced the article - I had a split second chance to dump some at 16.5p and opted against it and I’m relived now I didn’t.

Fireworks one way or the other you say? Well I really can’t see anymore than the already ridiculous $20m being slashed off the mcap for what is at most a $1.9m payout. Even in the short term.

It’s not even a week’s FCF right now so obviously Segun and the management have decided it’s worth standing their ground in order to prevent further bullying and demands for cash in the future - like T073 said.

I’m sure it will affect sentiment in the short term as it highlights jurisdiction risk but the cash and upcoming news should speak for itself.

There’s been no further panicked sell off on the Toronto exchange, recovered a little and is currently above the close on LSE.

They are probably regretting the tax holiday they have dished out to incentivise Thor and looking for other avenues to share in the profits - missing out on tens of millions of $$$ per year because of it right now!

Barely any fall on the Toronto Stock Exchange, this is just all the traders that saw the news first dumping as a risk averse precaution.

Also explains all the selling this week, some got the heads up and knew it would cause a temporary sell off. Grrrr

How irritating.

Loose change but enough to crush sentiment for a little while.

So when it comes to the inventory on the balance sheet ($80m split between current and non current) this will be marked at cost and likely able to generate many times that at a very low cost? I know that will vary between raw materials, work in progress, finished goods etc

But in other words with POG soaring are the assets on the balance sheet undervalued?