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https://www.kereport.com/2022/11/23/thor-explorations-comprehensive-exploration-update-at-the-douta-development-project/
Segun Lawson, President and CEO of Thor Explorations $THX $THXPF, joins us for a comprehensive #exploration update at the Douta development Project in #Senegal. The Company is continuing to expand the resources at the Makosa ore body, which now has grown to a 7km strike length, and incorporates the Makosa Tail zone and has been connected to the main deposit. In addition to the step-out drilling and infill drilling at the Makosa deposit, the exploration team has been further drill testing around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets.
Because of the continued drilling success finding new zones of mineralization and infilling key areas of interest, the exploration program was extended again with drills scheduled to keep turning through late December. At that point, the plan is to get all the new drill results released and then put into an expanded resource estimate update in Q1 of 2023, and then after that to wrap some economics around the Douta project in a Preliminary Economic Assessment for the market to evaluate.
The goal is to expand the resources well beyond the recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit, and show the economic viability of the new satellite deposits at Mansa, Maka, and Sambara potentially feeding into a central processing plant in a hub and spoke strategy. We wrap up by also highlighting some of the key near-term exploration and #production catalysts at the producing Segilola Mine in #Nigera.
Yes, still undervalued and underappreciated. It's a shame but it requires a bit of a song and dance to get market attention. Will be interesting to hear what is said at the AGM: "In order to attend the virtual AGM, shareholders are asked to register their interest by email at info@thorexpl.com. The Company will reply to those authorized to attend the AGM with a link to the AGM and the applicable Meeting ID and password."
Yeah, would be nice to get a catalyst to push us on... Div, share buyback, Segilola extension, positive Douta news, renegotiate debt repayment, etc. or all of the above. AGM is quite soon so maybe some news to come then. Gold price is disappointing but the margins here are still fantastic and the debt is small. News, news, news and drive some interest and volume! If investment is coming out of Tech/growth and looking for positive cashflow and profit - look no further!
Great stuff: https://www.kereport.com/2022/10/20/thor-explorations-recapping-q3-operations-that-exceeded-guidance-and-a-comprehensive-exploration-update/
We review the Q3 operations metrics, where production came 26,523 ounces of #gold produced exceeding guidance for the quarter of 23,000 – 25,000 oz. This outperformance beyond guidance was due to rising head grades, optimal recovery rates at 95.5%, and higher throughput at the processing plant at Segilola performing beyond the nameplate expectations. The average head-grade has also risen to around 3.63 g/t gold, and mined grades, which will show up in Q4 metrics has risen to 4.43 g/t gold. All-in sustaining costs are still on track for the annual guidance for between $850-$950 AISC, so there are fantastic margins, and due to outperformance the Company has raised full year guidance to 95,000 to 100,000 ounces of gold.
Next we discussed the continued progress in the repayment of debt, where the Company repaid an additional tranche of US$10.3 million of its Senior Debt Facility in the Period and has now reduced the facility by almost 50% in nine months of commercial production. This provides the company options with restructuring the remaining debt, or just pushing more revenues and cashflows towards exploration and expansion for 2023 and beyond.
Strange, huh? Wasn't so long ago someone put 500k on the bid at 20p a share... couldn't get filled. The same week the price dropped below 15p (from memory) and you could buy relatively easily. There seems to be very little real free float out there to trade or MM interest. It's still not available to buy on all platforms, as far as I am aware. Maybe there is no money in it for brokers, so little old THX is ignored. Need some noise and volume to get back up to true value. Will be interested to hear what is said at the AGM in terms of shareholder value. They are doing a great job producing, paying the debt down, etc. so how the company has remained around pre-construction valuation is baffling. If they need to raise cash to develop Douta (or other) a stronger valuation would no doubt be beneficial. Shame gold has taken a hit with the strengthening dollar but there's still an awful lot of money to be made from Segilola.
It seems they took notice so great work by him. Just got to keep pounding the pavement to drive the volume. Shame it pulled back a little but on lower volume and I'm sure there is always appetite to sell into a good rise in Toronto, due to the historical ups and downs. Once the word is out and there are continual good trading volumes; it'll settle down. Great drill results and Crux interview. Hopefully lots to come here!
Great stuff and great to see a little 'pop' here this morning - well deserved! Will be interested to see how Toronto responds!
Done :)
Really tough market!
Volume looks to be getting on for 1 million, which is over 10x the average volume and the price is moving up. THX loves volume - just got to drive it!
Didn't see this! Would still like one, obviously :D
Disappointing price action in Toronto but all low volume, as per usual. The likes of the above would help drive some traffic! Gold price ticking back up the last few days as well. Need those Segilola drill results and some PR!
Another good discussion and great to hear things very nicely on track: http://www.kereport.com/2022/07/15/thor-explorations-q2-operations-update-at-segilola-and-exploration-update-at-douta/
Interesting idea - worth a question at the next AGM, perhaps? With Segilola operating pretty optimally and on track (if not slightly ahead, based on the narrowed guidance range); we're likely at the mercy of the low volume until we get extension news, which would hopefully be the catalyst to push the narrative to the wider market.
Great update, good volume in Toronto but a C$0.215 close, a VWAP of C$0.1957 and a low of C$0.18... We must need to clear a big seller who is shifting volume incredibly cheaply. C$0.18 was what I was paying 5yrs ago. You can't really ask the Thor team to do more when it comes to production at Segilola but the SP is sitting <50% of the pre-production high and that most certainly needs addressing. Absolute bargain here as it never sustained what looked like the over-due re-rate but it still lacks the retail and institutional buyers and general interest. Look how quiet it is here and on CEO.CA, these days. I can't remember the last time the single day volume exceeded my personal holding. Not much any of us can do about the price of gold but it's still 'good' and will hopefully pick back up. Let's get that mine extension news we've been waiting for and that may well attract the institutions.
Any thoughts? There is just no volume at all now. What do we need to drive value here?
Welcome! I think 50 shares or C$12 were traded in Toronto yesterday (unless it is some sort of artefact and the markets were closed) so some work to do to drive the volume to move the share price but the company is performing fantastically and is well undervalued. I believe we should already be seeing new highs but let's see how future results are received!
Couldn't agree more. Could see a resurgence in holding gold now and some new investors will be looking for bargains. I would hope no one is discouraged by their investment here as the company have done fantastically to take this to production, we know they'll be cash positive soon and we very much expect positive extension news soon. So I am sure it will come good but it would be nice to 'address' the issue of engaging with retail and institutions, perhaps at the next AGM.
Thor Gold Producing Cash Cow, TGPCC, would be my attention grabbing name change ;)
Not sure why Toronto has been pummelled recently but with the markets the way they are, I suspect there are some early investors still 100-200% up on their investment and likely taking pain elsewhere, etc. who may need to liquefy some capital. The belief on this chat board is to wait it out and it'll come good but with such low volume, it'll always be buffeted by sellers (and possibly buyers, in a good way). Need to drive traffic here, sell the story, etc. Fair value is realistically 2-3x the current SP, in my humble opinion. I expect record breaking production weeks and months ahead in 2022 as the head-grade improves and then there is the AISC coming in lower than expected for 2022. The profit margin is getting better, the SP is dropping - go figure. Let's get news of Segilola extension and go from there, I guess. Think my earliest buys were C$0.18 (currently C$0.255) ~5yrs ago, when it was neither funded, constructed or producing. It's due a re-rate but you need the volume buyers to achieve that and you need to attract them...
Great to see it more busy in here now! Good cross-posting, Golden.
http://www.kereport.com/2022/06/06/thor-explorations-financial-production-and-exploration-update-at-segilola-ongoing-exploration-at-douta/
We review the Q1 metrics around All-In Sustaining Costs “AISC”, head grades, recovery rates, and production output at the Segilola mine of 21,343 gold ounces produced, right in the middle of Company guidance, and is seeing throughput beyond the nameplate expectations and improved higher recovery rates closer to 94-95%. The average head-grade has also risen from to around 3-4 g/t, and now that the operations team accessing higher grade sections of the ore body. With all-in sustaining costs for Q1 around $799 per oz sold ounce, and annual guidance for between $850-$950 AISC, there are fantastic margins, with full year guidance unchanged at 80,000 to 100,000 ounces of gold.
At Segilola, the 7,500 meter drill program is well underway with the goal to expand resources and mine life as well as find nearby accretive potential open pit satellite deposits that can feed the mill, with more drilling planned after that at depth in the pit for the potential of higher grade underground mining opportunities down the production pipeline.
Next we moved over to the ongoing 6,00 meter exploration at the Douta Project in Senegal, looking to extend the Makosa ore body, successfully connecting it to the Makosa Tail, and expanding it to the north by 1 km, as well as doing further drill testing around the new mineralized discovery at the Mansa target. As the exploration program progresses the goal is to expand the resource to over 1 million ounces, beyond the recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit, which was announced November 17th, as well as to conduct and release a Pre Feasibility Study by year end.
The hedging of the gold price was a good initiative, especially since we've seen a fair amount of price volatility. It also gives THX some stability and makes some of the unknowns, known, which allows the market to value the company, at least short term, much easier. According to my spreadsheets, the YTD gold price high (close) is US$2043.94/oz, the average (close) is US$1885.68/oz and the low (close) is US$1791.91/oz. So, the commodity price protection (CPP) is (unsurprisingly) just below the average and since we roughly know monthly production, it enables cashflow, profit, etc. to be more accurately calculated by the market, at least for 55% of production. It's a good thing as it provides a floor and I think the market is responding a bit to this initiative now and it's nice to see some accumulation and price ticking back up. However, simplistically, there is the potential to miss some 'upside' and there is still the 'downside' potential on the 45%. It's all a balance. I, personally, 'like' the 'certainty' it brings today, removes risk and supports the growth of the company as they'll have a better handle on the cash they have going forwards. That money can and will be spent on Segilola extension and Douta, which returns value to the company and makes THX more valuable. My personal view is that gold will reach new highs this year, so caps will kick in but it's difficult to predict when. Perhaps it won't. Between pandemics and wars; clearly anything is possible and for a young, junior producer - it's a mature decision to secure CPP on a zero cost basis with a tight cap. Thor is the sort of company you take a long term position in. It's clearly not a day trade vehicle. Gold price will affect investment decision making due to long term price sentiment, specifically for institutions, who I'd like to join the party. Even if current Segilola production is 'protected', there are the future developments to consider, the spend required on them, the returns (based on gold price), etc. So, we are "at the mercy of the gold price" from a long term growth perspective. But I am bullish gold, so this is a great opportunity to get in with a junior producer, developing a stronger and stronger track record each month, with more potential projects in the pipeline. The future is very bright here and I am sure Segun will have plenty to update the market with soon - hopefully positive Segilola extension news.