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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!

The DB note: https://www.dbresearch.com/PROD/IE-PROD/PROD0000000000625515.pdf

AI (sorry) 5 point summary:

- Gold is rapidly replacing the USD in global reserves, with the dollar’s share falling from ~60% to 40% and gold rising to ~30%. “Gold’s share… has doubled in the past four years.”

- The shift is driven by geopolitics, not economics: the return of great‑power rivalry, sanctions risk, and declining trust in US fiscal/monetary stability. “The end of history has itself come to an end.”

- EM central banks are the sole buyers of gold, adding more since 2008 than DM central banks sold in the 1990s.

- The 1990s decline in gold’s reserve share was caused mainly by a surge in EM USD reserves, not by the end of Bretton Woods.

- If EMs target a 40% gold share, gold could reach $8,000/oz, even if EM FX reserves fall sharply.

My thoughts exactly, Chaebol. Segun and the team have been very clear about the plan, they're banking leases and hitting pay dirt. I post far less these days because the next 'milestone' for me is Douta in 2028 and then Cote d'Ivoire in 2030, perhaps even a couple of mines in the latter. We don't need the Segilola extension RNS to know, with absolute certainty IMHO, Thor is a much bigger company in 2-4yrs, with far higher revenue and much greater absolute profit... all being well with PoG. And how low could that realistically go with the mess the US/currencies/world is in, the next few years? It's very much a 'sit back and relax' share for me. I know we all have different timelines and horizons but I've never been more confident than today and I am ~10yrs into this investment, initially just a punt on the TSX.V, having been working in Nigeria. Other opportunities for fast cash will come and go and other goldies will grow as Thor has done but, in the words of Private Pyle "This is my miner. There are many like it, but this one is mine. My miner is my best friend. It is my life." ;)

Q2 will be huge for news! You can bookmark this and throw your rotten veg at me, if not. People are still too wedded to the formality of the Segilola extension RNS, IMHO. Segun was very clear; whilst we may not get that 'piece of paper' yet, it's happening, they're already producing more this year than the original mine plan and they're already converting an exploration satellite to a mined operation. It has been extended. It will continue to be extended. Brokers are upgrading because of this. The opportunity is not waiting for the 'paper', the opportunity is accumulating, while others wait. Douta is going to be HUGE. There will be a number of upgrades to that resource, in the next two years. Multiple Cote d'Ivoire mines will be HUGE and the maiden resource is coming. This is all available for a company valued at just ~£535M. Yes, it might bob around a bit here, it often does, and that means others shares may well outperform. But this is not an 80p company. £2 by the end of the year with all the news is my realistic target. And when it moves (yet again) it will move quickly. Remember all those smart traders who exited in the 30s and 40s with their riches? Comedy gold. I won't be selling, per Will, I am only accumulating. If PoG simply maintains, I am targeting far in excess of £5 by the end of the decade. And with the clarity Segun gave via his "personal" views (I guess being regulatory careful) about maintaining the dividend through to Douta operation, across construction, we're getting 'paid' to hold this.

That's a nice statement we haven't heard before (to my recollection) on the IMC call!

I don't think Segun is the squirming type :D

I am interested in the 4koz agreed to be sold this quarter. Guessing that may be some sort of hedge, potentially at a strong PoG. $4,829 per ounce sales price is excellent and pretty much bang on the average for the quarter. The stockpile increasing to 54,057 oz.... it's getting big! That's some buffer, with much of the AISC absorbed, so maybe around a year of expected (in a 'normal year') FCF-worth?

Yeah but I heard that would just open the pit up, including the underground, dropping the AISC to $500/oz so... It's difficult to de-ramp! But I am sure a certain President Trump will try his hardest in the coming days!

Conservative, not non-conservative - durr!