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I don't think I dreamt it but might have the wrong user but I thought Premski was attending. I'll ping him a DM on CEO.

Good to see gold holding the $5k level despite some strong US Payroll data (according to my tame trader), etc. Thor have picked (ok, perhaps more luck than judgement) one hell of a year, looking at PoG, to be the 'biggest' for news and growth. Whilst I was 'here' pre-Segilola, Douta and Cote d'Ivoire will ultimately eclipse that achievement (in my mind) and with the Cote d'Ivoire Maiden Resource to come, on top of the Segilola and Douta Resource Updates, it's a very exciting time as an investor. Diversification is coming, even if still confined to West Africa (for now?), and it will be interesting to hear the strategy, going forwards, once momentum is carrying those later mines.

One man's "holding back" is another man's "maximising, in record gold prices" - it's coming and shouldn't be long now. With the potential money being made at the moment, their future appears certain. We know already Segilola runs into Douta production, so the question is more one of how much parallel production there will be... but looking at the valuation, nothing appears priced in, so soon enough we'll have another catalyst for a potential rerate. We're a couple of years from 6-fig-oz production, so can't sweat small moves in PoG, some trading and the spread now. +282% in a year demonstrates things are going well and this is surely at worst a 'hold' for folks and not one to try trading.

I don't think at Sabodala Massawa is a good analogue at all - it is a completely different scale, shooting for 4x the annual production of Douta, with the latest expansion, and has been producing for many years, built when everything was much, much cheaper and will benefit from the legacy of that. The beauty is that they have proven what works and what can be done there but Endeavour are a whole other ball game. The economies of scale are vastly different. Also, Massawa is high-grade and that gets blended in and the BIOX plant they built (bearing in mind the throughput is multiples) only adds something like $5-600/oz due to the scale. I really can't understand how folks were expecting 'little' Thor to come in anywhere close. Some regular and posters had stated the hope for $1500/oz and I had benchmarked the AISC at $2k, before PFS, so was reasonably pleasantly surprised. The maturity of operations is critical and I am sure we will see the benefits of that after a few years of operation in Senegal and the various 'extensions' to those operations. I agree that the Segilola Resource Update, with it's very low AISC, potentially maintained if they don't have to go underground for a while, is a 'key' catalyst for the SP/MCAP but it's hard to be 'disappointed' in Douta with gold over $5k as I type and the Chinese ramping up the pressure on the USD. Time will tell but Segun has appeared to be reasonably conservative in what has been released to the market, the last couple of years, so I expect Douta to be a very solid investment indeed. And if Endeavour think they can do it so much cheaper, I am sure they will come in with an offer soon enough.

To be fair to SFI, looks like he was calling it correctly today. Some of the action has felt a bit odd here the last few days. Wouldn't be surprised if there is/has been a big trade worked, which is unlikely to be a PI. But yeah, fine, maybe nothing to get too excited about but it's interesting none-the-less. I wasn't going to call 80p+ at close but SFI called it this morning. Then again, PoG is almost back to $5k and if we're just moving in concert for now, I guess that explains a lot. Nice to end the week on a strong green day. Enjoy the weekend, all!

Exactly that - the average realised price of gold sales in Q4 2025 was US$4,189. As of today, we're almost at a rolling quarter of every day above that figure and almost a rolling month of every day being $4,500 or higher. One might assume there have been sales of gold by Thor in the last ~5 weeks, thus any Q1 2026 bullion sold will be at a price significantly higher than the Q4 2025 average sales price. Add to that the fact that we are a week or so from halfway through the quarter and I would like to think we're on for yet another record quarter for revenue and profit. Very, very comfortable here with Segun suggesting drilling results will be published more regularly, Segilola Resource Update to come and the Cote d'Ivoire Maiden Resource... Douta additional oxide Q3, Douta Resource update pre-first pour, etc. PoG may be moving round and we may be tracking it but it's moving around at a much, much higher level than any level we have sold at before. As Will says, when we've seen these SPs at much lower PoG, we'll consolidate from a new higher low, ready for the next push at the next catalyst. I took £32.5k of additional shares the last week or so and no regrets as this is a long term investment and my next 'consideration point' is 2030, all being well. Beyond that, yes, as others say 'who knows'. Until then; relaxing into the growth story of Thor.

Guardian reporting pretty much the same from DB: Deutsche Bank are sticking with their forecast that gold could hit $6,000 an ounce this year. Despite Friday’s tumble – which is continuing today – research analyst Michael Hsueh gives three reasons why:

We argue that the adjustment in precious metal prices overshot the significance of its ostensible catalysts. Moreover, investor intentions in precious (official, institutional, individual) have not likely changed for the worse as of yet.

Gold’s thematic drivers remain positive and we believe investors’ rationale for gold (and precious) allocations will not have changed. The conditions do not appear primed for a sustained reversal in gold prices, and we draw some contrasts between today’s circumstance and the context for gold’s weakness in the 1980s and 2013.

We see signs that China has been a prominent driver of precious metal investment flows. Thus, the rise in SGE premiums late last week is an important sign of amplified buying interest in gold. Together these suggest the rationale for a positive outlook has not changed from that described last week.

I just said to Will that it was some of the most romantic prose he's written :D The sentiment is correct though... When we went through $4000 it was all champagne and rockets... we're now above $4500 and it's supposedly the fast elevator to hell. Sometimes we all need to step back and get some perspective. Thor is in a better position today than at any time last year... or the preceding decade. The market is very wobbly, we will get buffeted around, but if you believe in the general direction, we're sound as a pound, which is my minimum 'true value' expectation. Let it shake out and worry after Segilola, Douta and CdI updates, later in the year.

Happy to reduce recent buying averages through drops. Investing for the long term, not looking for top and bottom trades. PoG seems to have bounced off the low 3+ hrs ago and has rebounded strongly. All the facts, figures, numbers, etc. quoted here for fair value were mainly posted at prices below $4500/oz, so the investment case remains the same, for me. Douta on track, Segilola Resource Update to come, Cote d'Ivoire Maiden Resource to come, death of the USD as reserve currency (?), BRICs Unit Currency backed by gold (?), etc, etc. Pick your poison but US debt ain't going away. US (and others) banks/traders playing with paper and leverage. Look what happened after the last pull back in PoG. Rinse and repeat. Looks like Segun will also try and release drilling results more regularly, after the call last month, so the news pipeline here grows by the day. If Gold doesn't even hold $4k, for example, boohoo, the highest margin producer on AIM, THX, will be fine IMHO. Also haven't seen much chat about the 'new' royalty rates for Nigeria also turning out to be the square root of f-all. Without looking at the transcript, they went up $30-40/oz did he say? In a world of $4k+ gold, at some point the Nigeria 'discount' needs to go.

Yep, just bought a load more in Toronto through ii. No regrets!

I paid 86p for exactly those reasons (and I couldn't be online for the last market hour and didn't want to risk a limit not executing)... and who knows what 'the world' will do over the weekend. Anyway, that's my buying for the week done. Next week is another week! Wine time! Shame to have such a 'difficult' couple of days but gold is still $4980 as I type and production at Segilola is only going to get longer, when finally announced, and Douta is only going to get bigger as the next couple of years develop! I absolutely expect to look back on this in a couple of years as a very cheap entry so don't mind buying through any pullback and forgetting about it. If it goes too far and doesn't recover when all the news comes, then we're back to talking about it as a takeover target with NPV vs. MCAP.

Yes, very simply, I see it as we double the oxide at Douta (Q3), we double+ the duration left at Segilola (Q1), we probably double the next couple of years production when Douta ramps up (105koz + Segilola extension ounces).... so we're 'worth' double-ish to the market, at some point, this year, POTENTIALLY. Doesn't mean the SP doubles, those rule of thumb are just that, we need to consider construction costs, debt, taxes, royalties, etc. But even at say $4k PoG, I am very, very comfortable here. Cote d'Ivoire could just be the cherry... but 2030 really ought to be lift off. In it for the long term and happy to hold for what could be a 10p+ dividend at that point. When is the next US Presidential Election? November 2028? Douta will already be producing and Cote d'Ivoire plans well advanced. Will we see stability and a big drop in PoG before then? I say no. Well, depends what you consider a big drop but I'd consider $3500 a huge drop. Markets wobbling maybe a bit on a potentially hawkish Fed Chair decision but I am not sure China and others care so much about that (with respect to CBs stockpiling gold).

Fair summary I'd say. I'll have done another £20k of buys this week, averaging on the way down and will continue to buy next week and beyound because we'll have the long awaited Segilola Resource Update soon and potentially 100% more oxide at Douta by Q3. Throw in a cheeky Maiden Resource in Cote d'Ivoire and my numbers tell me, even if gold were sub-$4k, we're sitting on a gold mine (see what I did there... ok, that one is obvious). Lighten up chaps, been a bit spicy the last day or so. Thor has never really been a trading share because of the spread, liquidity (not so much these days) and the fact that there weren't so many early investors/interest. I was around (TSXV) when we dropped to 10p equivalent because on guy had a tax bill to pay. Individual PIs could make the market. This time, we just had some bad timing, I think. Enhanced Divi coincided with PFS, which, in all fairness, some will have seen as a sell point. A lot of new-ish investors will have been in at 20/25p, multi-bagging, we're probably going into a quiet-ish news period, it's the start of the year so both IIs (especially across the pond) and PIs will rebalance, etc. Whilst PoG is well up, it's also bouncing around. When the market wobbles, everything seems to wobble... The market has told us it is worth £1 at under $5k gold, all being well, so imagine what it might be with the Resource Updates, this year. Lets see what Trump/Iran throws at us, the next few days. For me, the USD trajectory is set... I could quite comfortably (done it before) log out of here for February and not even look at my investment. It's only really of interest on days around the next bullet points of news now... and I do mean 'interest' because I won't consider selling any before I know what the dividend is at 300koz production.

I was in Lagos back in 2013/4... Did catch Malaria (some Chinese mega-pill killed it), nothing else bad happened. I wouldn't holiday there but it was 'fine'. PoG over $5500, wow. Suspect IBAB is right that whilst we take little (none?) of the PoG rise benefit now (fair enough, need some time to sell volume at these prices), and will lag, we'd probably drop quickly in a pullback - LOL! If we keep being ignored (difficult to say after almost 400% in a year) there will no doubt be some corporate activity. Will continue to hold through any ups and downs and managed to pick up another £10k-worth in Toronto last night. Buying into any weakness (and lack of response to PoG).

Spring too soon for me, would be more interested H2... but don't wait on me, of course! Go when convenient!

I was also looking at some other 'tipped' miners, who Eric Sprott and others bought into, heavy, the last year and, whilst they're all in different situations with regards to news, catalysts, AISCs, NPVs, construction phases, mines, THX is still lagging quite a bit. I said I was targeting £1 (not to exit, but to review accumulation) and I'll continue buying. I didn't think we'd see $5k gold a few weeks back, at least not so quickly, Douta has come in around expectations but with what sounds like significant upside, much of which may be published Q3, with even more by first pour. Then there is the Segilola Resource Update and the Cote d'Ivoire Maiden Resource, the latter could really push things on if it is the whale some of us think. Will PoG pullback at some point, possibly... but I have my views on geopolitics and I will hold easy, believing it will see higher highs thereafter.

Surprised there isn't more chat on here about it all... More talk of 2-2.5Moz / 20yrs production and 200k-500koz more oxide by Q3 is big. The fact the economics (or profit/NPV) look conservative, etc. is interesting. Parallel production was mentioned with Segilola extension, only ~$150M debt needed, pay back within a year... hopefully people stuck at their desks get to catch up in the coming days. Segun also got the buyback question 2 or 3x, for those who are interested! Take a look!

Very interesting - well worth going back and listening to especially around the potential increase in reserves at Douta during Q3, the increase in oxide and their conservative tax calcs, etc.

To quote myself: 22 Jan 2026 10:28 "I always base my figures on $2k AISC..." So, no, I don't think it is too high. It was others pushing lower figure but as Will says, under $1500 for the oxide is good and I am sure there will be more to come with the rest of the drilling ahead of construction. Not sure what the "uplift" refers to as I've quoted an expectation of 10-12yrs, previously, for this first 'round' of resource. What might be the biggest surprise to others, especially those who perpetuated the mis-heard $350M top end on construction costs, is they're currently coming in at the bottom end of the $250M+ range. There was also the expectation that it would come in below Segilola in terms of annual production from the start, when it is now 100koz+ for the oxide. So, yes, mild surprise to the upside for me, with more to come, in this PoG environment, is frankly fantastic. If they take debt, it will get paid back fast (if they so choose), with more to come from Segilola this quarter. There can't really be questions anymore about Thor's future in respect of "they're a single mine company with only 2yrs left". Anything under £1 undervalues it for me today, with re-rate potential on Segilola resource update, Cote d'Ivoire Maiden Resource and now a cheeky little Douta update, pre-construction.

This does happen though and needs to be checked. I had a family member getting taxed 25% on their London holding and 15% on Toronto. Made no sense but they ultimately just sold London and rebought Toronto, as the broker seemingly had no way to 'correct' it in London, despite the advice here re. the right forms and statements. They were so embarrassed they 'corrected' the dividend out of their own pockets, twice, until the problem hit a dead end and the swap to Toronto solved it.