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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!

I like that take. Canaccord Genuity are a credible broker and will be fact checked on their figures. Whilst broker ratings are rarely 'correct', I think we would all agree that, were THX to add 500koz oxide at Douta and announce a stonking maiden resource in the Ivory Coast, 140p is highly realistic, potentially even non-conservative, somewhat irrespective of Segilola extension news. I do agree we want and should have the latter, and I am sure it is coming, but I think H2 with the Douta oxide upgrade and ground breaking will be the news that floats my boat. I'm here for a long time.. not always a good time :D

With Cote d'Ivoire being early stage and all the recent excitement around Douta, PFS, etc. I think I missed the fact that Thor had picked up the Loudiba exporation license. A quick AI (I know) suggests "Other major projects in the country, such as the Ity Gold Mine and the Doropo project, have already proven to be "world-class" deposits. Loudiba's proximity to established gold-bearing greenstone belts is a positive indicator."

Ity: "he Ity gold mine in Côte d'Ivoire is considered a high-quality, cornerstone resource and one of West Africa's most significant gold operations. Operated by Endeavour Mining, it is the longest-operating gold mine in the country (active since 1991) and has transitioned into a low-cost, high-production. The mine frequently produces over 250,000 ounces of gold per year, with forecasts for 2025 projecting between 290,000 and 330,000 ounces. It has a mine life exceeding 10 years, with significant potential for further extensions. Ity has an industry-leading All-In Sustaining Cost (AISC), making it profitable even during lower gold price environments (previously boasting AISC below $500/oz in its early CIL years)."

Doropo: "Based on recent feasibility studies and operator reports, the Doropo gold project in Côte d'Ivoire is considered a very high-quality, economically robust resource. Acquired by Resolute Mining from AngloGold Ashanti in May 2025, the project has been fast-tracked for construction due to its strong financials and growth potential, with construction planned for the first half of 2026. Large Reserves: The project holds probable mineral reserves of 1.88 million ounces (Moz) of gold, grading an average of 1.53 g/t Au. Significant Potential: Total mineral resources (measured, indicated, and inferred) exceed 3 million ounces, indicating substantial upside for mine life extension. High-Grade Core: The first five years of production are particularly strong, averaging over 200,000 ounces per annum."

Go on... what are you thinking re. wording around Segilola?

As regards the tax in Nigeria (not Senegal, as pointed out) - any extension is still to be negotiated, for new ounces. On top of that, there are no doubt ways and means with the new Economic Development Tax Credit system and capital allowances to reduce any bill. I would suggest that the fact Thor seems perpetually undervalued, with only Segilola, Nigeria producing, and the end of the tax holiday has been known/assumed (can be extended) since day 1, it is well priced-in.

As for the RNS - always good to have a reminder of just how far the company came in 2025 and just how much potential for growth there still is. Breaking ground on Douta this year, Cote d'Ivoire looking exciting - should be a plentiful few years (maybe decades) for investors! Always very comfortable here.

Agreed DM, if we fall 30% on a 10% PoG drop (making up numbers) you'd hope to get the inverse! But it's Thor, we move slow but have been on a generally positive trajectory since the very short excursion into the late 50s, when PoG turned. Huge opportunity down there but there seemed to be very few shares available so no idea what brokers were up to. 82p is pretty much +50% from 55p (albeit I don't think we ever got there, did we?), so I suspect some profit taking is keeping the SP tempered, short term. That's if there was any real volume taken at the low price (I don't think so). All just provides an opportunity to pick more up. Assume Ops will be next week and the Q1 sales average should be an easy new record!

Yes, mate - no disagreement on monthly drills but I, not unreasonably I'd say, took "I'm still waiting on update on oxide at Douta, which he mentioned would be released end of Feb." that to mean there would be "an update on oxide" , which I think it is fair to say that drilling results are not. I don't think many here could infer how much oxide there was from the odd hole. The updated oxide is Q3 and in case my humour was missed; that's October (Q4) in Thor speak. No denying that you are right about the delays to regular drill results but a drilling update and an oxide update, in my head at least, are very different things.

As for 14% in Toronto - well overdue and shows we can sometimes moves up with PoG, perhaps suggesting we were oversold recently, hence getting a bit more of a pronounced swing. I hold the vast majority of mine in Toronto but I don't bother mentioning the moves here, as usually (during the war) PoG has moved some dramatically between Toronto close and London open that you don't get the read across!

Or, it's Thor, they release stuff when it's ready, it's often 'late' and often 'better' for it. There will no doubt be a call, after the Ops Update for Q1, in a couple of weeks, so we are absolutely, 100% guaranteed an update and the opportunity for Q&A. I'll guess no response will be forthcoming via website/email (or not one with any detail) because of the potential for 'material' disclosure. In the meantime, PoG average close this quarter looks to be about $4860/oz, almost $700/oz or 16% above the $4,189/oz sales average of the last record quarter. I am anticipating very good things in a couple of weeks. I saw IBAB mention Douta Oxide in February but my notes are very clear about the oxide 'extension' being Q3 this year, which I interpret to be from October in Thor speak ;)

Is this missing a winky?

If there really is a ceasefire with Iran... well done to anyone who grabbed some in the 50s! For the usual reasons (not really "value" related), I don't see Thor doing buy backs at these prices/volumes. Just keep paying the dividend and spend on exploration/expansion and getting Douta and CdI up and running! Other views may vary, of course. I'm here for a long time, not a good time - thank God! :D

At some point, the market will do the maths on the economic, large and long duration Douta asset + cash in the bank + Segilola, regardless of how much more there is there, + Cote d'Ivoire leases + Lithium + etc., etc. and look at the MCAP and buy. PoG is dropping, momentum to the downside, all goldies are off highs but still massively up on a year ago. Can see inflows here, in the new tax year, as $600M MCAP with say 'just' $300M in the bank at the end of the year + the leases would be ridiculous. And we'll be a year closer to Douta production. I'll continue to buy while PoG drops as, irrespective of 'news', we'll be getting an update shortly and that's going to make 'a point' to the market, no doubt. Plus, I do think the war is a transient, albeit it could go on a while... USD strength and interest rates overwhelming the 'benefit' of inflation to gold... for now. It'll change.

Ok, soooooo... why is Barrick -5% then? Surely any insider info on Thor's Segilola drilling results isn't affecting them ;)

Honestly, sometimes people here just want to find a fault with the company. Direction of travel and sentiment on interest rates, USD and alike has u-turned, because of the war and the consequential rising oil prices. I'm sure a Resource Update that doesn't indicate any extension of Segilola would be poorly received but there is no indication of any sort of leak or insider dealing, none whatsoever. Do we need alternative explanations for why Thor is behaving exactly like anything else in the space? If you think the war will endure for a long period, inflation will go up, interest rates will go back up, dollar will strengthen, etc. then sell now and wait it out. And if you choose to be out and want to risk what should be a rich news pipeline in the coming months (appreciating there may be delays), countering the market, then roll the dice. If you think it's a transient, and potentially a short transient, then there is a gift to be had.

I think some of us are asking is why any drift has to be connected to Segilola Resource Update (probably not actually a 'defined' extension period). As was posted here, by IBAB, I think, without scrolling down, is that many (most? The majority?) of goldies have drifted and none of them have a Segilola update to come. There is negative sentiment around the war, gold has also "drifted", if not far in the absolute but in sentiment, etc. Fed, BoE, etc. are now unlikely to cut rates as the war has created inflation and that then hits PoG. The USD has strengthened, maybe some traders have moved from PoG to oil or FX, etc. This is a transient, perhaps one that may be a longer period than originally expected/thought/hoped but it is also providing an opportunity for those with a longer term view. I'm on record not caring so much about the extent of any Segilola extension (it operates beyond Douta start-up, irrespective IMHO) and we had a good conversation to the contrary, with many good counter-points, but if the market is pulling THX down because of a concern that another 100koz (or pick a number but surely no one is expecting 500koz in this 'interim' update)... where is the upside for the potential +500koz oxide to come at Douta? Fair, that is not in production, but an increase will come and pretty soon, so we will get the benefit in the medium-term. For now... roll on the new tax year and these prices! Segilola remains a nice to have, a very nice to have at this PoG, for me, but it no longer underpins my investment thesis or SP expectations as an LTH. What I'd personally like short term is some more Cote d'Ivoire drilling results and the Maiden Resource, to support my longer term projections as I am not going anywhere at this MCAP. Will continue to add.

It's bonkers, really! Looking at the Guidance in the 2025 Q4s:

· FY 2026 production guidance range set at 75,000 to 85,000 oz of gold

· FY 2026 All-in Sustaining Cost ("AISC") guidance range set at US$1,000 to US$1,200 per ounce

Take the minimum production guidance, averaged over the quarters = 18,750oz/q (may be a little higher Q1 plus any gold in stockpile, etc.)

Take the maximum AISC (war, diesel costs) = $1200

Call PoG $5,000/oz flat - AISC = $3,800/FCF

Quarterly FCF thus approx. = $71.25M

I imagine diesel costs (trucking, etc.) are higher than expected, so I might tighten and even lower the expected FCF range, for now, but even $70M or close is bonkers on the current valuation. Cash at the end of the year should be excellent and more than 50% of the MCAP if we remain where we are today... which tells me we won't. Always very comfortable being very overweight in Thor as my personal 'safe haven'. More (even double) Douta oxide is particularly of interest to me around October. Cote d'Ivoire could be a real surprise to the upside. Still lots of catalysts to come here.

And because of the war we also haven't the sentiment issues... in a re-inflationary (is that a word) environment, the chances of rate cuts drop. PoG had likely been pricing in multiple the next year or two and they are (though I agree it is hopefully temporary) likely off the table for now. As far as I'm concerned, DESPITE this, PoG is pretty much holding $5k, so when things do settle down, we'll likely revert to the uptrend. An opportunity to accumulate. In something like 20 trading days (too lazy to do the exact maths) we'll have the Q1 sales figures and with PoG averaging something around a rolling average of $4920 Q1/YTD (close price on Bullion Vault), the figures should be spectacular, even with Segilola's reduced throughput (if any). Diesel for trucks will be up, so open pits may increase their AISC but, again, it's likely/hopefully transient and when your FCF margin is around $3500/oz at this PoG, that's plenty to be excited about! We're probably back at an SP we hit below $4k PoG... it's just sentiment and appetite. Overshoot when things are positive, over-drop when they're negative. Be greedy when others are fearful and all that.