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Yeah, guessing my post has been a bit misunderstood and it would appear the subsequent messages agree, at least to some extent. There is a, some might argue, short term 'excursion' to PoG, which is a reaction, as IBAB points out, across the board. It's totally unrelated to the PFS report, which was my original point. This excursion is due to the strengthening of the USD, which is due to the war - seems difficult to argue. The question of how it will all shake out and whether the US/USD has just bought time is one we must all answer for ourselves, as we won't 'know' for a long time yet. There will certainly be some unintended consequences. I suspect most thought war would increase PoG, and there was an initial reaction, but that is to misunderstand what it does for the US/USD or what it might do. But, I have all my chips in THX's basket because irrespective of any global 'correction', there is a floor and Thor will be a company perhaps 3-5x 'the size' in a few short years. I believe that company will be worth much more than it is today. My patience here has been fantastically rewarded here, even at half the SP, but I am certain it will double in a much shorter timeframe than I have been so far involved, so I am very relaxed.

I don't think there has been any negative reaction, no reaction at all in fact. PoG is generally trending down and threatening $5k again, interest rates are unlikely to get cut now, USD is strengthening, etc. It's just the war. Indicators point down, anything gold-related in a trading basket sells down. Barrick -4%, not really different to Thor. Our volume is low, as others have noted, todays 'news' wasn't 'news' at all, just confirmation of what we all knew. If America's imperialism (haven't got a better word for it, but not interested in making political overtures here) saves the USD, then I guess gold will generally pull back. I think all this proves is that PoG was getting so high because of the mooted collapse of the US/USD... and all the uncertainty of war/geopolitical issues associated to war are actually a much smaller factor in the PoG price equation compared to preserving/losing USD dominance. Guess the Middle East will go back on the Petrodollar when this all shakes out. So, goldies get hurt. BUT, PoG is still $5k and has been for weeks. Thor is making mad FCF at Segilola. The cash in the bank this year would pay for Douta, comfortably. PoG is unlikely to drop below $3.5k any time soon and these wars and the new US territories of Venezuela and Iran will only put a temporary band aid on things, I should think. So, the 2030 plan for say 300koz/yr is still very much in play and a much, much higher valuation than today. I'm quiet because things will no doubt continue to be messy for the next few months, to mid-terms, if not the end of this US term and then we shall see what happens.

Re-post from Excelsior on CEO: https://excelsiorprosperity.substack.com/p/opportunities-in-growth-oriented-78c

I think we are all agreeing, just give different weight to different factors but I imagine Segilola (especially going underground to drive volume) AISC and the stable production Douta Oxide AISC will probably end up being reasonably close, Cote d'Ivoire potentially as well. I can, however, totally accept an outsize profit from Segilola but all I am saying is if say 40% of my profit comes from one, 40% from another and the final 20% from the 3rd... the 3rd is my lowest priority, even if it is contributing that % from fewer ounces. For clarity - I want all of them, it's just this conversation started from news flow priority and for me - Segilola is now 3rd. I accept others feeling it is 1st or 2nd :)

And I totally accept that view... if we have real quantities of 5g/t ore that is cheaply/easily truckable... which of is course is what we wait for. Bird in the hand and all that - grades (looking good to me in Cote d'Ivoire) are one thing but I'd like to know we're doing say 300k/oz per year, irrespective in a few years and my guess is Segilola trucked deposits will not be a high % of that, so I will not be pinning my hopes there.

Apologies "100koz/yr at Douta and say 200koz/yr at Senegal" should of course read "100koz/yr at Douta and say 200koz/yr at Cote d'Ivoire" - Rushing today - busy!

Good post, bottomdollar. I have been thinking a lot about the Segilola Resource Update and was talking to Willz about it on the Discord. Extension of Segilola was everything to us investors, a few years ago. The company as well, most likelt. When they started mining Segilola, we had a 5yr mine plan. Even last year, Douta was not at PFS, Cote d'Ivoire seemed a long way off, etc. We NEEDED Segilola extension. Today? We know a lot more. Segilola was once the cake, now it's starting to look like the cherry. At these PoGs, unthought of, even 12 months ago, we will end the year with something like $400M in the bank. Enough to pay for every last bolt of Douta (and we're not going to have to, as the small debt we'll take is likely to be so much cheaper vs. Segilola originally, paid back within a year) with probably enough leftover to pay for an open pit oxide operation in Cote d'Ivoire and maybe even a dividend on top. Our cash position has changed enormously. The opportunities are enormous. Is Segilola important? Of course! It's our cash generator. Is Segilola, whose very existence was the companies very purpose as important these days? Not so sure. Douta and Cote d'Ivoire are the future. PoG has seen to that. Segilola is operating for a few more years even if they never find another ounce... which we now know, with certainty, would not determine the future/fate of this company. A year ago, two years ago, updating the resource was just so, so, so important. Now? Douta has great economics and serious reserves; would you rather focus on the complex geology and sporadic Nigerian gold deposits by 50koz or extending the Douta oxide by 500koz, this year? Would we rather focus on sporadic Nigerian gold deposits, to increase them by 50koz or get after the Cote d'Ivoire Maiden Resource and development, which is looking like our whale? Ok, I am making up numbers to make a point but I think they're order of/ballpark. Yes, rigs are turning at Segilola and results should come and the Updated Resource but THX have finite personnel, lab slots, etc. and if you tell me that in 5yrs we're doing 100koz/yr at Douta and say 200koz/yr at Senegal... I am going to wonder why people were spitting feathers about 50koz/yr (or less?) from Segilola. It's nice to have. It's the cherry. It's profit. But the AISC goes up as we extend beyond the original pit and go underground and... It's not "everything" to Thor anymore. It was priority one for me for years and years. It's priority 3 for me now. Maybe the company sees it the same way. We 'did it'. We made the money to 'do the rest', the 'desperation' has gone. Focus on sponge, not the cherry. Maybe. If it's late, it's late. Deliver more oxide at Douta. Deliver the resource in Cote d'Ivoire. These are now the fundamentals on which the valuation will be built. Give me Segilola as well but... when you can, because it's not the MCAP maker anymore.

Just FYI. I ignore a lot of these as I think they just chase the directional momentum but... https://uk.finance.yahoo.com/news/gold-prices-oil-pound-dollar-trump-tariffs-us-iran-093052215.html

They'll come out with a different figure, no doubt, next quarter!

No Thor shareholder trip to Disneyland for you now, for the Douta 1st year of operations celebrations 🤣

And if it's not natural causes... suspect we haven't seen close to peak PoG!!

Do some research for me, will ya please ;) I'll need convincing! In the meantime, I'm riding the Thor train to 2030, come what may (almost)!

And, by the same token, that's not unfair at all. From my experience; keeping the market better informed with the Douta timeline, updating us as to changes and putting a line in the sand with, and holding, the IMC meeting for the PFS was/is a massive improvement to where we were even two years ago. I feel like they're growing in their understanding of market dynamics, adapting and my confidence that they will stick to deadlines now (or small slips, because sometimes shiz happens) has grown enormously. Almost everything for the preceding years was delayed but it was likely on the basis it was still quite a low valuation, gold was moving up and delaying for [MORE!!!] drilling results, one might argue, was a good idea. Now they're a CAD$1B company, I think the management are showing maturity and have grown into being more of a mid-tier player. I get as frustrated as anyone at times but when I step back and look at the 9 (I think, not less than 8, maybe more) years I have been invested, the company behaviour has changed markedly, and always positively. Segun must have been mid-30s when he took the reins, and his tenure as CEO has really been quite extraordinary, taking a small miner in a 'new' jurisdiction to a CAD$1B company, who will have significant operations in 3 jurisdictions by the end of the decade. If the THX team haven't earned my trust by now, no idea where else I should invest. Was thinking of a punt in MILA, maybe divert some dividend monies (not insignificant for me as I know they're not for you) there but they're down about 50% over the last 5 weeks. Painful. That's where I was in Thor a few years back, and they came good. Now I know that Thor is in rude health and the future pipeline is pretty much assured, off the back of strong PoG and management decision making, I feel pretty sure there is a lot more to come here in the coming years... so what's the point in 'a punt' in anything to wait another decade. Just how I see it, I am sure there are others that will outperform us but... I 'know' Thor after all this time and I don't think I want to invest my (far more limited these days) time anywhere else, so I won't be investing my money elsewhere (in this gold/mining sector). Just my opinion in my personal circumstances. Diversification (in this sector) is not for me, this is, in my head, my 'blue chip' gold mining growth share. My dividend money will continue to be reinvested and compounding here (we're paid to hold!) until there is a real 'change' in PoG (don't see a big negative coming) or something changes at Thor (management team have decades left in 'em). Comfortable.

Guys, we're not even 1 month past the Douta PFS! I know there is lots of news to come but it's not like the company is silent on updates! There's been more news (and, yes, promises of) in the last year or so than the preceding few years cumulatively. I know some very latecomers have likely joined on the possibility of a FOMO news rally but Thor are getting better and better with their PR and news flow and increasing the potential for news out of nowhere, operating so many of their own drill rigs. All the evidence is out there for how the company behaves; they're often conservative, not all song an dance, not looking to wind the market up. And it's not a like a +300% is the tortoise beating the hair. Management are, well, managing with a pretty deft touch. The news will come and, in the meantime, we continue to enjoy the benefits of a >$5k/oz PoG, while plans for Douta mature, contracts are negotiated, etc. Segilola Resource Update is scheduled by the end of the quarter. Maybe they will miss it, who knows. But it's not late. Anything in the interim (except maybe the CdI Maiden Resource) is a nice to have and unlikely to be some sort of mega shot in the arm. So... I'll continue to exercise patience and post sparingly (for me), as February was always likely to be a quiet month and not one to worry about.

My tame technical trader reported the same over the weekend... could break either way, though with all the political tensions, etc. he reckoned his chips would lay on 'up' and potentially a quick move to $6k. Frankly, I'd be more than happy with it holding the C.$5150+ level... a C.$4k/oz FCF is just magical!

Busy week, so not posting much, but I too nibbled some more today in the 81s as I'm not much bothered by the price today, 2030 is the goal. Great post DM.

15% WHT, but appears common brokers have been doing the higher value. I have a family member whose broker was doing 15% on Toronto shares but 25% on London shares... they simply could not solve the problem so they sold London and re-bought Toronto. Mad situation.

So, what you're saying is, Bisto - there must be huge upside to Thor with any catalysts!? Anyone seen MILA? Miner! Down 39% MoM! Treat every company on its own merits, pipeline, situation, news, etc. Thor is not a YOLO share to track/leverage PoG, as people keep saying - there seems to be a lot of sweating the small stuff recently. Thor will ultimately outperform when the Segilola Resource Update comes and then Douta Oxide could double in Q3, Q1 Ops and sales in a couple of months, etc. Why care where it is today if you're a gold bull? Do all these other miners have these same catalysts in the same time frame? I am sorry to say some catalysts are exactly what's holding us back, but when they come, I am sure we will see higher highs and outperform. I continue to accumulate as I see these as opportunities. Last night's / todays drop was timed nicely for the dividend reinvestment. I remember someone telling me not to be frustrated a few years back that we didn't seem to gain any traction... YEARS back. Now people are frustrated that we have not multi-bagged enough in a few months? Come on; 2030 is surely the target here for "investors" and I will be invested well over a decade by then.

Indeed - and maybe a gift from Toronto! Gold already almost back to $5k!

And to update my previous message, I was right and it was Premski who was due to attend Indaba but had some travel clashes, so hasn't gone. We'll get some articles in the coming days, no doubt, like the Mining Journal, previously linked: https://www.mining-journal.com/precious-metals/news-analysis/4527088/thor-explorations-talks-costs-nigerian-exploration

Absolutely Will - many thanks for posting! After the OSG issues, well handled by management, it's nice to read what is a clear message! Much was made in the increase in royalties recently and, as Segun said on the Q4 call - it's effectively very, very little. I am sure some of us will agree to disagree but Nigeria has turned out to be a stable and reasonable jurisdiction for us and long may it remain so. With the OSG holding shares, perhaps some consideration will be made to tax breaks for any new ounces to promote business.