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Oh absolutely, and all anyone has to do is look at the macro, with the way inflation is going, etc. and then Trump opens his mouth and we get a reversal. Like the strong reversal, yet again, recently. Up and down we go with "Truths". But the inflation damage has perhaps been done and won't be so quick to change, if we have even had the peak yet. But sentiment might. We need the war behind us, else we continue to move leveraged to PoG momentum. But the underlying value of the company is in the NAV, etc. and when two mines are producing, it should re-rate. Then again with the Ivory Coast, granted - all being well with PoG. Then we have all the news to come to add to that NAV, for a shot in the arm. I have been here so long, from so low, I may never sell a share, which means if it impossibly (IMHO) goes to zero any time soon (how?), I've had something around half my initial investment back in dividends already, so I'll see it play out through 2030 and beyond. Appreciate it is not the same for many but the majority of Thor's shares, since Segun's RTO, really haven't changed hands, so the majority are almost certainly not sweating these "drops" (to a mere 10 bagger). Other people will try and trade it, watching charts and try to grab some cheap shares but, as with those of us investing over the long run, it's because the company foundations are so solid, cash in the bank is huge, land bank/leases with proven oz ready to go, etc., etc. that keeps 'em coming back. Thor is going nowhere and only growing IMHO. Let's see what the peace deal throws up and if the ME are not bound to the Petrodollar, I am not sure the the US has changed trajectory, arguably hastening its decline. Happy to be 'long' gold/Thor for years to come as the war is just a transient in my view. Working in O&G and being distinctly middle aged... I've been here before. I added 'too early' (some might say) throughout this year but... meh... I am not trading. We'll all probably look at our pension pots over the next year and think our pension advisors added everything too early ;) but I don't worry about anyone 'trading' that either. Thor was cheap at £1, let alone 50p, vs. my expectations for the coming years, with what has gone on with the world, etc. in this recent period and with how I think things will shake out. It was something like 3p equivalent 10yrs ago... let the transients play out and zoom out on the graphs or sit it out and wait for some more global stability. Sorry - rambling as usual! I'll just keep adding, virtually irrespective of price, as I am confident what comes 'after'.

Not sure PoG falling to the massively higher than at any time in history, except for a recent transient bubble, has many "revisiting the investment case", does it? We see how PoG reacts to the possibility of the end of war, or equally negative sentiment around IRs and alike. PoG is way above the level of profitability and the PE is still low. PoG has averaged around $4500 this quarter - Thor are making profit hand over fist, with an enormous new mine to come and 2/3 more after.

Then £5 incoming :D

Yes, almost certainly buys based on where Toronto opened and went, above the lse price at the time. There seems to be some talking Thor down at the moment. The company is in rude health. The company can do very little about the macro. The PoG reaction tells you all you need to know about where gold goes when the war ends... and it will end. Maybe not today, maybe not tomorrow but... quite probably before Douta is operational and Thor is producing maybe 150koz/annum or so. News is coming on Marahui and elsewhere and if we get +500koz (or anywhere near), the company is in rude health for another decade or more, from today. For the first time I was actually disappointed it went up, yesterday... I didn't have a buy ready to go! I see this as a fantastic opportunity to accumulate. Others will see it different but I don't mind paying more today because it will be multiples in a couple of short years.

Hey buddy! When you made that prediction, during a slide back in March, the market reversed, almost to the second, and went on a run! Lots on here predicted the "incoming", imminent reversal! And they all got paid a dividend in between, as well! Suspect some people hoovered shares at 66p, when the "incoming" 55p prediction was made, and sold out in the 80ps, where Thor went in the "incoming" days! Sorry, I meant coming days! "Incoming" is too broad a timescale, I now understand! What a fantastic, fast return! Wonderful! So much opportunity to be out higher than 66p, or indeed 55p, since then! Lobster, caviar and champagne on those March "incoming" price traders! Fingers crossed for the same this time! Will ice the Dom Perignon! But, hang on... you haven't been waiting all this time for that "incoming" prediction to be right, have you? That must have been eating you up inside! Sorry bud! Hopefully you have been trading it better since! 50+ trading days since, and the evolving macro, the outlook has changed, so you'll get one right! I believe in you! Thinking of you! Chin up, Bud! xx

GDXJ Junior Gold Miners ETF is -23% in 1 month, -12.5% last 5 days. GDX is down 20.5% in the last month. Barrick, arguably the king of gold miners with huge production is -17% the last month. And these aren't even 'open' for trading yet today, as PoG hits a quarterly low. Segilola production guidance is known for the year, and has been reiterated. We have had results for a quarter, this year, to confirm we're on target, with another quarter coming in approx. 1 month. This has to be a wind up now. Thor is dropping as gold is dropping and interest rates are expected to increase. Whilst Segilola Extension may give a small respite, it is not the reason we are dropping, have dropped or will drop. An end to the war, oil and gas getting back to a new normal, etc. will do more for Energy prices, IR expectations and PoG than any Segilola news. I am sure everyone is 'disappointed' with the market and their portfolio the last few weeks, but if you believe in the investment and holding an investment, these drops present a fantastic opportunity to accumulate IMHO. I don't care if we go to 1p this year if we're £5 in 2030. Opinions my differ but the 'facts' are out there.

Douta will be operational within 2yrs. What is the expected cashflow benefit to any "Segilola extension" before Douta is operational? Not massive? Perhaps very little? So, what is being requested is news to drive sentiment. Sentiment that won't 'beat' negative gold sentiment (war, inflation, USD strength, IRs, whatever term of the equation you want to use). Segilola sentiment (market reaction) should be a lot less than any sentiment (market reaction) related to +500koz of oxide at Douta, so Douta news has a better chance of improving things. Segilola extension does not mean dumping all ounces into the mining plan in the next 18 months. So, I'd like +500koz at Douta before half of that at Segilola, please, especially if over 5+ years. And maybe a few million oz in the Ivory Coast. Adding say another 50koz to Segilola production over the next two years is welcome and material but the only way for the Thor share price is wherever gold goes 'pretty much'. Patience is required. I see a huge opportunity for accumulation as we move leveraged to PoG, based wholly and solely on a war (and consequential effects) that absolutely will end. Plus, I think there will be construction acceleration at Douta. I'd stop short on betting the house it is operational in 2027 but we're very much only 18 months away from the point the SP ought to 'see' the majority of the benefit (all being well with PoG, as always, not forgetting that $4k PoG is very, very, very good, historically). Noting that Thor has HUGE cash in the bank and the NAV of the other leases. It's unbelievably cheap considering PoG is only down ~20% or so from peak. Nothing otherwise negative has happened since the SP breached £1. I shall continue to fill my boots for 3/4 mines in 2030 or so, as I believe PoG doesn't lose all its value and will appreciate again post-war. DYOR and measure your own risk, etc.

Correct Will and ADW - it has ALREADY been extended, though the market is somewhat being forced to put 2+2 together on actual amounts. But that data is coming. As was pointed out, those indices and other miners who were also down... were they not putting out Segilola news? Oh, yes, they weren't! We may be onto something here! So, could well be the lack of Segilola news that knocked Barrick 7+% on Friday! Someone get in touch with pretty much all miners and get them to put out Segilola news! Strong job data, war, high energy prices, inflation... PoG being controlled by IR bets and USD strength, as has been the case for months now. All miners without some sort of exceptional milestone news are suffering the same. My belief is Segilola news won't be the dramatic re-rate people think as IIs are major holders are almost certainly deep into an investment thesis that focuses on Douta and Cote d'Ivoire. A few little traders on the lse board are inconsequential. It will be multiples in 2yrs IMHO. DYOR, etc.

Why? It lookslike there were much higher than expected payroll numbers and the market now reckons it's certain that interest rates will have to increase and PoG fell off. Nothing THX can do about that. Some drilling/oz at Segilola won't change the reaction much. They still make >$3000/oz margin on what they have. Douta will probably add oxide in a ~2 x ratio to anything Segilola adds, in a few months. It'll be a 2 mine company in under 2 years, 3 not long after. There appears to be a floor here and it appears to be ~70p at $4500/oz gold and reacting only to PoG momentum, leveraged, as miners always seem to be. News will provide some bumps but a few oz at Segilola are nothing in the context of Douta and Cote d'Ivoire. Much of the Segilola extension will only bear fruit after Douta is up and running, anyway. Announcing a Segilola extension of 50koz/yr through 2032, for example, is dwarfed by the idea that Douta will be producing 6-fig ounces for say 10yrs. I really don't get all this noise around Segilola. It's already producing, yes. It is the 2nd most productive mine in 18 months or so. It's 3rd most productive after, then 4th, etc. This is about investing in the future of a company who will be producing multiples of their best ever year, in a few short years. Segilola is great, all that cash flow, great. But the company is no longer Segilola. PoG dropped today - who cares. I'm sure the BoD won't be rushing Segilola news, in the knowledge it won't fight any PoG tide. Trump will no doubt do something over the weekend, which will make PoG react again for Monday, one way or another. I bought more in the 64s. Will add again next week on weakness and continue to. I've had reinvestments bought in the 90s. It's fine. Thor is an investment, not a trading share. Spreads were wild at times today. I couldn't get buys at times, yesterday and today. If it's 50p next week - I'll buy more. It will be a number of pounds in 2030 and the difference between 50p to say 90p in buys will not be a concern. Other opinions will vary, of course, but the only way is certainly not down if Donald took out Segilola with a strike. Cash in the bank, Douta basically in the bank, smashing CdI results in the bank. It's in a strong, strong position unless PoG halves.

Mirrors my views, pretty much: "we can all choose what glasses to wear I guess. Let's just disregard anything they're saying about satellites etc on Segilola and strip it to the bones. Two years of processing on the stockpile, 30k per year at low AISC (remember hearing Segun say something about sub 500). That gives you 120m USD per year at todays GP or 240m over the two years leading up to Douta. +cash and bullion balance of 173m. Closing in on 600m CAD. So wait what? I can buy Thor for 900m CAD, take home 600 and just wait for Douta? I'm getting Douta inc optionality + CDI operations for 200m US?? Dirt cheap through that lens"

Gold down today but still hovering around that $4,500/oz figure, so one month left of Q2 and the Segilola margin is still tremendous! That'll be the end of the half and cash in the bank should be huge! Q3 then hopefully adds 500koz to Douta and we move into construction phase. Very exciting couple of years ahead.

Like my good friend Johnson Bellweather said in the Willz of Wolf Street - "If you ain't buyin', you ain't tryin'"

Solid update as always with Segun and the team. Pleased to see with a month left of the quarter, he is maintaining "targets" for drill releases, news, etc. in Q2. Interesting question about how much they were targeting for Segilola extension (250-300k/oz) and reconfirmation of the +500koz Oxide target at Douta, throw in the impending Cote d'Ivoire updates and Thor have a very rich pipeline indeed. Without re-watching (yet), I believe he said they "continue to intercept mineable deposits" at Segilola. Perhaps not verbatim. Whilst we have a long way to go, seems clear how they will be at 100s of 1000s oz per year come ~2030. Marahui drills in a few weeks will tell us more and firm up the initial, stunning grades and then there is Guitry, which has already shown very positive results. Almost regardless of where PoG may be (realistically), barring some other unpredictable event, Thor seem to be right on track to be a big player in West Africa, come the end of the decade. I continue to add here with the very real expectation of a multi-pound SP by the end of the decade. It'll look very cheap today if they do bring in another ~800oz between Segilola and Douta, by year end.

The answer is that they won't, Segun won't, and while people quote his ~5% (by memory) holding, if you Google around the Lawson family trusts, etc. it is highly likely they now own over 20%. Thor is the family project and setting up generational wealth, any offer now, even a ridiculously high one, will not be nearly as ridiculously high as the natural MCAP in a few short years and Segun is what, only 46-ish? He isn't ready to sit on a yacht, he wants the fruits of his labour, mostly funded by the family at the outset. There's no short term play here, they're in it for the long term and no one else is paying say 10x for the company now. 100s of 1000s of ounces per year are coming and even at $3.5k PoG, the cashflow will be serious and the profits plenty substantial. Ultimately, maybe it is them who take over others as they become a very serious player in West Africa and even further afield, as was indicated in a call last year. Douta oxide 'extension' to come within 6 months, Cote D'Ivoire maidens are coming, could be 3 mines there alone, all whilst Segilola continues to produce at huge margin. Management now strengthened with the new appointment... suspect they're looking to be the shark, not the prey. Unless there is a serious crash in PoG (and I believe, talking around this with the City Boys, the floor is now higher because of Iran, despite the recent 'drop'), I think this is a 'sit back and relax' for the next ~5yrs. Reinvest the divi and build a position, retire happy - IMHO, etc.

I had a very interesting chat with a c-suite hedge fund guy last night (personally holds THX) about PoG... He doesn't see it as a 'drop' (ok, it is in absolute terms), he sees the war as having put in a much higher floor i.e. around this $4500 level. He reckons the run up to over $5k from the $3k level was a lot of froth and would likely have pulled back below where we are today. Thus, we may be off highs, but we now have a much higher floor going forwards or in his terms... PoG has actually 'increased'. Only an opinion, he could be wrong and his specialism is bonds but an interesting observation none the less, from a fellow investor.

That's how I read it: we might give you something if you indemnify us for any wrongdoing [but we don't actually have to do the first bit]

Cracking job maintaining the AISC lower than $950/oz and, lower even than Q1 2025, with the average sales price over $2,000/oz higher! That's some margin! Net Cash of almost US$180 million already, which probably guarantees relatively pain-free Douta construction and maintenance of the dividend, IMHO. Lots of news to come and all developments progressing nicely. Solid update. Very comfortable here going forwards. Whilst it feels like PoG has taken a hammering during the war, it's maintaining $4500/oz+ and look what those margins are doing to the balance sheet! There is an incredibly bright future here, considering that every day that goes by, we're a day closer to breaking ground at Douta and defining the Cote d'Ivoire Maidens. Good work by management as always.

"Expanding The High Margin Gold Footprint at The Douta Project": https://cdn-ceo-ca.s3.amazonaws.com/1l0fpic-Douta_Gold_Project_Expansion.pdf

"The Gold Paradox": https://cdn-ceo-ca.s3.amazonaws.com/1l0knpr-The_Gold_Paradox.pdf

Top up time :D

It happens and exactly why I only ever add here. The long term prospects for Thor tell me we'll laugh at how low the SP was now, in a few years. Segun said Q2 would be a banger and we're not even halfway through, so they seem to be on (the new/updated) target. I have some shares to move from account to account and won't touch them this quarter. 2 RNS in 2 days... anything can happen here and there seems to be a high probability it will be good news. Time in the market for a miner on this trajectory IMHO.

Sounds like a strong addition to The Board for a growing miner!

Cote d'Ivoire is going to be the company-maker - I think the indications so far are merely the tip of the iceberg. THX may have a number of parallel operations there in a few years, with Douta providing a base load to support the financials/development, and Segilola pottering on, paying our divis. Thor will be a real player in the coming years, in this sector. Never worry about the MCAP today because gold will gold, Trump will Trump and Thor will keep picking up leases, exploring and developing. Hundreds of thousands of ounces are there to be produced, every year through the 2030s and beyond. I'll retire on this one investment - full conviction!