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I had over 100koz/yr in the initial phase, over 10yrs initially and benchmarked on $2k/oz AISC into the oxide, so this is perhaps a slight surprise to the upside for me. I think we all pretty much knew the results here were going to be strong but it's really good to get them in black and white, at last. Reading between the lines, it sounds like they could have held back the PFS to incorporate more drill results and reserves, but chose to release it, which is great, but to get likely further 'extension' this year, before even breaking ground - that is absolutely mega and gives another milestone for the market to look out for. This is going to be another absolutely transformational year for Thor and the £1 needs to go this week. The market always seems to lag a bit with Thor, on PoG and news/RNSs, but hopefully this is getting on the radar of more IIs and even as a takeover target! LTHers have been very much rewarded by what is proving to be an excellent management team here, building huge market confidence.

Very hand waving maths but if the annual dividend today is £0.027, add in the 'special' to take it to ~3.5p this year... Multiply production by 3 and we're over 10p. Now AISC will increase, but FCF may increase if PoG continues up, so 15p is already not ridiculous. Also, you have to question whether they would maintain the ratio/% or actually increase it. With so much FCF (relatively), will they need to spend the rest of the FCF on equipment, licenses, exploration, etc. maybe the question is even "could they"? So, one might reasonably expect more 'specials' or an increase in the dividend at that point, all being well with ops everywhere, PoG, etc. Far from fantasy IMHO but of course the usual caveat remains that the growth and longevity of the company is No.1 priority, so they will rightly look to not give it all away and put it to use for expansion, extension, maybe even M&A, etc.

I always base my figures on $2k AISC but really... I think $1500 tops. I agree the response may take a while to filter through, especially since we're not on the meme radar. I don't mind it slower and steady. Allows for opportunities on the journey. But initially, depending on how the 'phasing' is performed, I am hoping to be surprised with open pit oxide. Segilola AISC will increase as we go underground but the way PoG is going, that could be extended and extended. Goldman's calling $5400 PoG this year now! It's also easy to forget Cd'I, or push it to the back of the mind, in the Douta excitement, but that could be the company maker and I would expect some acceleration there, once the EPC on Douta is put to work, especially with the huge cash generation at the moment.

Profit and FCF should be king in the markets... but miners are lagging, one might argue, for now! PoG holding up very well, despite the relaxation in Trumps Greenland rhetoric! The great certainty Douta PFS should bring to Thor's pipeline should be very well received. Whilst us PIs might jump in before release, I am sure some IIs will wait for the green light. I do think the PFS will push us on, then again the Segilola resource update, then again the CdI maiden resource... very exciting few days, weeks and months ahead.

New EU Tariffs are off... Things may calm down a bit until the next threat...

From our Canadian cousins: https://youtu.be/4y8vcjuc8yE?si=fWvjwX7ge6ys7lcP

"Don Durett just bought" and Listen the first minutes"

and, "it is under top penny stocks as per" https://ca.finance.yahoo.com/news/promising-tsx-penny-stocks-watch-130525866.html

Anyone who reads my drivel knows I am not a fan of technical analysis, especially when everything is news (Trump) driven, at the moment, let alone Thor's own catalysts to come, but my tame chartist reckons... $5k today! PFS could not be coming at a better time, if more by luck than judgement perhaps! Sadly I think these movements point to some horrendous geopolitical breakdown, which might result is some terrible outcomes, so it's difficult to be too excited but as a safe haven for my savings, Thor has been an unbelievable pick.

Thor Explorations – Q4 and Full Year 2025 Operations From The Segilola Mine – Exploration Update At Segilola, Douta, Guitry, and Marahui Projects

https://youtu.be/gtIjJsROXrM?si=zlej6O-2jQBRMf1b

Segun Lawson, President and CEO of Thor Explorations $THX $THX.L $THXPF.US, joins me for a review of Q4 and full-year 2025 operations, #production, and financial metrics from its Segilola Gold mine, and the Company’s ongoing #exploration and #development programs across #Nigeria, #Senegal and #CoteDIvoire

Q4 and Full Year 2025 Segilola Highlights

• Q4 $gold poured of 23,719 ounces ("oz")

• FY 2025 gold poured totaled 91,910oz

• Gold produced from 242,182 tonnes milled at an average grade of 3.31 grammes per tonne ("g/t") of gold ("Au") and process plant recovery of 94.8%

• Gold sales in Q4 2025 of 25,830oz at an average realized price of US$4,189 resulting in ~record quarterly revenue of US$108 million

• Q4 ~record cash balance of US$137 million

• Q4 bullion inventory of 3,188oz (unaudited)

Q4 Dividend

• In addition to the standard Q4 Dividend of C$0.0125 per share, the Company will pay an additional ~bonus dividend payment of C$0.015 per share. The total dividend payable for Q4 will be C$0.0275 per share

FY 2026 Outlook and Catalysts

• 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

• Douta Preliminary Feasibility Study expected on 26 January 2026

• Extensive drilling programs across all the Company's exploration portfolio, with 5 rigs turning at Segilola, 3 rigs turning at Douta, and 2 rigs turning in Ivory Coast

Ongoing Exploration Programs in all 3 jurisdictions:

Segilola - underground drilling program is ongoing, and there is the continuation of scout drilling programs on identified targets across Nigeria

Senegal – expanded Douta license, additional RC drilling targeting additional oxide resources

Cote D'Ivoire - Guitry and Boundiali licenses, continuation of geochemical work programs and initial drill program on identified targets. Marahui Project mapping and rock sampling progressed with early-stage drill targets in focus for 2026.

If you have any questions for Segun regarding Thor Explorations, then please email them into us at Fleck@kereport.com or Shad@kereport.com

• In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview and may choose to buy or sell shares at any time.

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Feels like a long time ago but we were in the 70s and hit an ATH back when gold was almost $1k lower than where it is as I type. Trump be Trumping. Things here may stagnate until we have the PFS and, perhaps better (for the market), the Segilola Resource Update but there must be some very serious pressure building behind this cork for when the day comes, if PoG holds. Q1 could well be yet another record quarter for Thor and with all the news to come, the SP is a gift for accumulating IMHO.

US$250-300M was Segun's quote for the full build-out of Segilola, including plant for the refractory ore. How much of that will be debt (70/30 as quoted) remains to be seen for 10 more days, perhaps. But it is likely sub $200M, as quoted.

Thanks Custard - Always good to read an OB article, see someone run the numbers and remind us of the other projects and leases! Reposted on CEO, with thanks! The future is very bright indeed here. Amazing considering where we were a few short years ago. Management have built a fantastic company here. Will continue to accumulate while we're at such a low P/E, with such potential for growth, at this PoG.

I guess clearing all remaining outstanding payables may reduce the cash but be a wash on the balance sheet, so that's fine, maybe even preferable. PoG back up well over $4600 - Douta PFS looks to be coming at the perfect time, if we can hold these levels.

Thanks for doing that Genghis, that was exactly what I wanted to do next and comment on, before getting bogged down... I only 'remembered' I misquoted the stockpile when I popped out and thought "hang on, we've maybe got more in gold and cash than the MCAP, that can't be right" but the point still stands, we seem very, very undervalued but I suspect the value jump in the last year has caused our (mostly West of us) original investor base to rebalance for the new year and new tax year (for them). I picked a bad day to be busy at work, etc. with Q4 coming today, but lots of good chat, despite my rushed maths! Lets get the PFS and January out the way and hopefully our volume stabilises a bit for the next leg up through Q1. You can't value Thor here when additional Resources at Segilola are announced along with Douta, all being well with PoG... then surely some credit must come for the Maiden Resource at Cote d'Ivoire, even if it is small to start. Decided not to sweat the small movements in 2026 as this feels like a clear 2030 hold and re-review then for me.

And apologies - rushing between screens and picked up the wrong stockpile figure! More like half+ of what I stated!

Sorry - hectic morning!

Not forgetting all remaining outstanding payables cleared! Wow! Thor has never been in better health and going into the PFS, hopefully with PoG holding these levels, it is in a fantastic position. Market needs to look at the previous projections, look at this update and really digest. Excellent work by the Management team yet again!

Changing the title as Marty gets it - 2026 is potentially a much more attractive year now to IIs, who effectively control the SP and volume here. Production may be down on this year but mine life would have been dropping off a cliff, a conversation had here with Premski and others (if I am not misremembering), a number of times. Does it actually tell us that extension has begun already, effectively, and they're already in a position to pretty much keep production on a plateau? If so, that is excellent.

Gold poured in 2025 totalled 91,910oz - Excellent, congrats Thor

Q4 Production - A touch lower than I expected but in the range

Sales - Lower than I expected but then they have bullion inventory of 3,188oz (> $14M at PoG), thus could have exceeded my $120M estimate

Cash - balance of US$137 million very nice

Stockpile - totalled 91,910oz or A full years production - Wow! Ok, it won't be deployed like that but > $400M at PoG

GIC - 5,126 oz or > $23M at PoG

Bonus dividend - Effectively +30% to be paid in the next few days VERY NICE, more than I suggested it would be, even if it is a special not ongoing

That is a company in VERY rude health! Look at the gold they have in stockpile and circuit, cash on hand, Segilola production for 2026... Surely there can be no doubt they have huge resources to deploy to Douta to accelerate that wherever possible!

Sorry! Today is Monday 12th! Why did I think it was the 10th today? Lost a whole weekend :( So, earlier than the last two, so I think my point still stands!

LOL - as your list shows, Monday 10th would be the equal earliest and they probably have a lot more to do, say and calculate these days vs 2022 :)

Meanwhile, gold is over $4,580, a clear $1000 above the the Q3 sales price average - wow!

Lithium sounded very much on the backburner and only to be developed, near term, if they were approached by a partner but Prem is right, that was/is a great decision, focusing on gold in the bull run, with Lithium low, but if that enters a bull market, I am sure they will dust that off or it'll become pushed a little more in the narrative. Hoping for Q4s tomorrow but they certainly should be the coming week, going historically. The numbers could be phenomenal. A lot of negative/unstable geopolitical news coming out over the last few days, which could see PoG strengthening - potentially the best quarter, in history (i.e. new ATHs) for PoG coming, with the Douta PFS dropping and the Segiloal Resource Update, if not the Cote d'Ivoire Maiden Resource as well. We live in very interesting times. Hoping we're not about the descend into WWIII and would not wish for any warfare or violence but something feels very 'wrong', politically, at the moment.

Yes, Will and ADW, I think there is a thorough misunderstanding of just what sort of prospects THX has in Cote d'Ivoire... they could (TBC) dwarf Segilola and Douta IMHO. 300koz/yr is conservative in my thesis, to close the decade. It all remains to be seen, of course, but that's the beauty of being an early investor - the huge discount available. Plenty of risk along the way but don't invest more than you can afford to lose and all that. Anything can happen, geopolitically, the next 3 years... albeit most of those scenarios probably see gold only go higher as IBAB alludes. There will be plenty of portfolio rebalancing going on across the pond, where THX probably gets the most interest, with this being the first full tax week of the year, etc. We're just not a Brit AIM meme miner, so behave somewhat differently. I have always seen that as a good thing but it can sometimes frustrate, as it is now but.... let them churn and let's get the catalysts, starting in a few short days.