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We were talking about this on the Discord group, the other day. Whilst it requires someone to sell, of course, someone has really been accumulating on every dip below 70p. You'd think they would now have quite the position but no RNS... yet! Seems to have kept us pinned in this range but hopefully the shackles will be off starting with the quarterlies, hopefully on Monday, PFS within 2 weeks, etc. as discussed. I do think an earlier announcement of increased divi, without waiting for the annuals (they said they would review it in the new year and it is always subject to review), would be a good shot in the arm and light up some interest.

Just noticed I was cut off there! Need to run an ad blocker to make this site useable :(

"...and perhaps we can say with some certainty that, in < 20 days, we will be invested in a producer who will do 100koz/yr for the next 12+yrs, at least on average, considering the Segilola extension and parallel production, and perhaps a fair bit more. And that is to ignore Cote d'Ivoire, with a producing mine, hopefully before we see 2030 out. 3 operational mines and perhaps 300koz/yr by 2030 at gold that could well be even higher than today feels like very serious dividend territory, with perhaps limited/no requirement for borrowing to fund Cd'I."

Good discussion today! Yeah, I think there is every chance they don't need a DFS for funding as they may well fund the majority themselves, depending on where the financials come in and if they go with AFC, as their previous funder (and they may not), then there is probably a relationship there that allows them to get it done expediently, with the PFS designed to satisfy their specific lending requirements. But since we were told they would do an accelerated/shortened DFS, I assume they are not detailing the engineering to the Nth degree in this PFS phase (perhaps beyond long lead items) and there will be some outstanding plant that needs to be developed to Approved for Construction level. So, we get a long PFS and short DFS, which is great as we've completed the long bit now. AISC will definitely increase at Segilola with going underground and trucking but the shear extent of the stockpile does imply they've been planning to mitigate that and I'd think we have enough open pit and expansion ounces in and around to get through Douta start-up, hence my very limited concerns on debt repayment. Permitting sounded like it was 'sorted' (paraphrasing as I can't quite remember exactly but it seemed much quicker/easier than I first thought) in the last update. This is a very exciting month and quarter for Thor and perhaps we can say with some certainty that in

I generally tend to agree, Will and BBN. The PFS is much more, as Segun explained earlier last year. I would struggle to see the debt for Douta construction as at all significant, if it is around the $100M level, or even $150M. The full procurement/invoicing will not be performed and paid this year, so there's more Segilola production to consider in parallel with contract award, purchases, invoices, etc. on top of cash in hand. Even $150M is less than a couple of quarters Segilola FCF at these PoGs and, of course, they won't want to pay it back that quickly. They'd probably have most, if not all of the cash on hand, if they wanted a short delay to construction, and Segilola continuing the way it is for probably years to come (per Will's 2+3, which I think is probably correct, with further extension later) makes things very, very comfortable. The small, in that context, debt is a smart way of deploying their resources. THX will effectively hold a good lump of cash back for further Segilola and Cote d'Ivoire exploration, expansion and potentially accelerate a Cote d'Ivoire PFS. I know that's mostly a different way of saying the same as BBN so, in summary - I think we agree! My target is 300koz by 2030 and quite possibly carrying no debt at that point as Douta will be producing in parallel with Segilola (IMHO) and cash flow alone may fund Cote d'Ivoire. I can quite imagine dividends then having the potential to be very significant, for those of us who invested early. I'll say it again... could be a lifetime hold if PoG maintains or further extends its run!

I see it like this:

1st January RNS - Q4 Operational Update, next week, hopefully including record sales and a reference to increasing the dividend

2nd January RNS - Douta PFS, 26th January, from memory

3rd Q1 RNS - Segilola Updated Resource

4th April RNS - Annual Results

5th April RNS - Q1 Operational Update

6th RNS (to come) - Cote d'Ivoire Maiden Resource (though this could be earlier of course)

etc.

Segun stated on the Q3 conference call, in response to a question in the Q&A, if I am not wrong, that the dividend would be reviewed in the new year i.e. 'now'. So there must be a reasonable chance something is said in the Q4s Ops Update, even if it doesn't catch the February dividend. But the Q4 sales are likely to be absolutely stonking, surely an easy record for Thor with PoG over $4k and the gold held over from Q3 for sale (where sales averaged $3535/oz). Which should mean there is plenty of cash on hand for some of that cheese. But, we mustn't forget there is Douta construction to pay for, expansion of Segilola and further Cote d'Ivoire drilling for the Maiden Resource, so acceleration and expansion of those is likely, and should be, a priority to ultimately deliver the strongest value for shareholders, soonest. But there is a balance where all can be done, of course. But if any increase, and I feel confident there will be one, does not meet expectations, I would trust that the management have made that decision to deliver more value from the assets and/or accelerate programmes, such that we ultimately have a higher NPV.

I'll be honest... I thought we were mining for sneakers ;)

I agree Will, I think the market wants the certainty of continuous production the next 10+ years in order to value it properly and beyond Nigeria. And that is coming. Q4s in a few short days, while PoG is hovering round it's all time high, should light up the financial metrics with the margin at Segilola. Then PFS, then the Segilola Update Resource... Should be one hell of a quarter here and a strong start to to 2026.

If, and I suspect they will, they increase the dividend, hopefully that comes along with the Q4s, when the next dividend is usually announced, which ought to give THX another shot in the arm. PoG has sustained significant above the $3000/oz value when the divi was announced and whilst I'd agree with management that of that should be retained to accelerate exploration at this PoG, I suspect they might break us off a little cheese.

Something like ~$110M in sales and $80M+ margin in Q4 will be a fantastic result, with a tweak to dividends and we should see some more interest here. But as I've stated before, I'd rather not be on the rollercoaster of AIM meme miners, so the more steady behaviour of Thor is sometimes good for the heart!

"The company can become relatively cheaper even though the share price is higher, if that makes sense." - this is my point, far better made. I don't massively care what the SP does because I believe, from everything we have heard, Thor probably have 20+ years of production ahead, with the current licenses only. The idea there could be parallel production of over 300koz/yr by the end of the decade almost certainly means a very, very solid dividend. Whilst I do think the market will catch up at some point, the opportunity to get in on that now is one I am not willing to pass up!

No trimming here but it is exactly correct that people should make their own decisions and taking a profit is never wrong. I originally invested at what was more like a 10p equivalent (maybe some even less) and have never sold, only accumulated. So what was a hefty chuck of money back then, on what was a bit of a punt (pre-Segilola construction) is now... very significant. Whilst the rise might make me incredibly overweight, the current dividend alone pays back the original investment in a handful of years, giving what is in effect a free carry. Liquidity doesn't matter to me, appreciating I bought in earlier/cheaper than most. I don't feel as if I will ever 'need' to sell. As Will says; with 3 mines and potentially 100s of oz of production in 2030, this could well be a lifetime hold (I'm a bit older ;)). Mine are all held tax free in ISA wrappers (no big surprise by username), my pension is completely diversified elsewhere and the Thor dividend today exceeds state pension. And the dividend may be increased as early as this month. Ok, if PoG craters it would be incredibly disappointing but as soon as Trump got in, I couldn't think of anywhere obvious I'd rather have my money. Douta will be operational by the time he leaves. Is China going to dump all their accumulated central bank gold? Are BRICS pushing the gold-backed Unit currency? Maybe I'd hold physical (not as good a return), otherwise. Nigerian things happen (albeit every 'issue' has been pretty swiftly resolved to our benefit) but Senegal and Ivory Coast are coming and, yeah, a buyout - why not! They have to be on someone's (or more) radar for West African expansion, etc. With the licenses, stockpile, cash in the bank, infrastructure, etc. it isn't going to zero any time soon (IMHO) and probably isn't even trading at likely NAV, based on what we think we know (awaits catalyst confirmation). I know sometimes these things can appear a bit too good to be true and we must all do our own research and due diligence, but this is what good, well run companies should do - grow. 300% in a year seems amazing but I guess I am more like 700% in around a decade... not that amazing really! I should plot Toronto SP vs. the S&P or something. It was just on no one's radars back in the day. The question now is if Douta needs little funding (half?), the full refractory plant isn't too much ($250-300M quoted) and we get an initial production over 10yrs, with half of that cheap/easy oxide - are we even anywhere near fair value at PoG? AISC shouldn't suddenly be off the charts. Even ignoring Segilola, which will get a resource update, which, ok, may attract tax, etc. Even ignoring Cote d'Ivoire, where at least one license looks like a monster. I don't want to sit in cash, devaluing. I don't want to pay the spread on physical. I don't want to be in something like MILA that swings 10s of percent a day... I could diversify but could I do 'better'? I decided 'no'.

Absolutely stunning 2025 from THX, +324%, and many more to come! Wishing all holders and prospective holders the happiest of New Years!

Higher lows and higher highs... let's get 'em out before the next leg up! Which will hopefully coincide for once with our catalysts :D

Yes, concerns here that the US was going to declare war in some way on Nigeria were always vanishingly unlikely. Whilst I would hope none of us 'like' the idea of loss of life, targeted strikes against IS terrorists, a long, long, long way away from Segilola, hopefully only serve to bring greater stability to the country and encourage investment, etc. Time will tell but it looks like we may have an ATH here, so we continue to catch up the recent PoG moves, even with the drops in PMs today. 4 weeks until all (well, to PFS level) is revealed at Douta and it is a very exciting time for Thor. New Year in a few days, when Segun said they would review the dividend, so perhaps an increase may be announced with the Q4 Ops in a couple of weeks. I'd like to think they'd do that, ahead of the Annuals, to catch the February dividend, but let's see! PoG still the better part of $1k above the Q3 sales average, so Segilola is a real cash cow at the moment. Hopefully the Segilola Resource Update drops in the next few weeks, confirming it'll continue to be a cash cow for many years to come, having parallel production with Douta, etc. Let's see how much debt is taken for the Douta construction but I can quite imagine it may 'only' be a couple of quarters of Segilola FCF at this PoG, whilst maintaining the dividend - amazing!

Yeah, we know it isn't "high grade monster" , as grades have been discussed for years. It's lower than Segilola and Cote d'Ivoire (probably), but "fairly conventional open pit with maybe 1.0 to 1.2Moz" is great. That will be over 10yrs production, more than double the original Segilola mine life and 5x what the Market thinks is left, before the Resource Update.

I would disagree with "economics that work but are not spectacular" - whatever the PFS uses for PoG, the reality today is that even at a constant $1500 AISC, that's a $3000 margin, for 10-20+ years, if PoG only averages where we are today. It's huge Vs. Segilola. Grades shmades, the market seemed to value production certainty here for long duration.

Then in say the first 3yrs of production we have a relatively small senior debt to service, whilst Segilola is still producing, so production numbers will probably average closer to 200koz a year than 90koz and then, as will says, we're into tapping the potential of Cote d'Ivoire.

A PE of 4 feels like very low expectations to me because a production life for Thor averaging over 100koz/yr, perhaps peaking at 3-400koz/yr, for the next 20yrs has already been well sign-posted, without other licenses/leases/operations beyond the 3 key jurisdictions we know about today.

The future is very bright and the market is only just starting to wake up here. I see no reason for the MCAP to remain down here through Q1 or next year, all being well with PoG. And with the mess the world is in; it may take years to sort itself out.

The US traded ticker is an interesting one - never discussed here before, to my recollection.

I can imagine some people saying that but plenty of miners are doing very well on TSX and AIM, West Africa is a region of many countries and Nigeria is of course nothing like Mali, Niger, Guinea and others, and they have a very long history of oil production, by mukti-nationals and majors, which is not such a different business, when you think about it. Segilola is already known, with absolute certainty, to have more producible gold in it, economically, beyond the original mine plan, etc.... If anyone really does think any of that, great - that's how investors find value. I'll take the enormous dividends (all being well with PoG) for the next 20yrs!

Segun, yes, possibly, but he's not a young boy (45?) and he has an experienced team around him and look how far they have brought the company, with barely a foot wrong. They handled the State Dispute very well (what an opportunity to pick up shares that was), so have shown themselves to be politically savvy, made all the right decisions buying equipment and picking up these leases, etc. and I'd argue he's one of the few CEOs who doesn't have a mark on their record (but yes, early days).

Fair - the 90koz/5yrs from Douta came from the Mining Network interview in November, if I am not wrong. Will try and dig out my reference to the larger figures.

Also from the Precious Metals summit at the same time: "This is looking at a mine that can produce for up to 10 years based on a first pass. However, one thing we are doing here is consolidating our land position here. We have, sorry, in the original Douta license, we have over 30 km of mineralized strike length that we continue to drill. The actual deposit sits on a seven-km-long strike length. We have found a discovery in the south of the license called Baraka 3, which is going to add ounces. However, recently this year, we added a new license, which is also contiguous and lies between Makosa, which was the original deposit at the top of the screen, and Baraka 3, which is the latest discovery we have in our portfolio... We are conscious we're putting out a preliminary feasibility study here. However, we see significant potential for deposits that can feed into a mine that can run for north of 20 years here across all our licenses here, and we continue to consolidate our position."

Let's hope your other board 'friends' do not follow you here, Andrew, and disrupt THX, like last time.

Sorry: Of course the approximate FCF is not EPS, etc. But the PE generally tends now to fall into the 2-3 range. Don't try and text sense on the way to the pub, kids! Shame the action was again muted today but it feels like some have some research to do here as all indications are out there from the company and have been for a while!

665M shares outstanding... approximately $1 a share.

EPS on 100koz gold at $3000/oz margin = $300M.

PE = 665 / 300 = 2.22

Of course the approximate FCF is not EPS, etc. But the FCF generally tends now to fall into the 2-3 range. Highly undervalued by realistic metrics.

As for Douta production - there have been many mentions by the CEO. I'd have to thumb through records, posts here, etc. (on the phone now) but it has been discussed at length. I use 100koz/yr below as a conservative figure, I believe the last quote was in excess of that, from memory, maybe up to 120koz but would need to confirm. But yes, the PFS will be a better line in the sand than the previous interviews/indications.

No, I mean Thor won't come out and say "the Douta mine life will be 12yrs and then we will pack up and go home". As they are doing with Segilola, they will continue exploration in and around Douta and extend the mine life at various intervals, depending on the PoG, economics, etc. But that is likely only to be done after the first mine in Cote d'Ivoire is operational, considering Douta initially has the oxide to plough through and then the refractory ore. It won't 'need' extending for many years to come, so I would hope significant effort and expense is shifted towards Cote d'Ivoire, once Douta is operational. One further thing - the potential for a dividend increase, now gold is almost +50%, around the Q4 update must be good. Segun said it would be reviewed in the New Year. So, Q4 update, maybe dividend increase, PFS and Resource Update... then maiden resource in Cote d'Ivoire all Q1? A very rich news period, especially if gold holds ~$4500. Or even increases further.

You lost me. I am only referencing Douta in that sentence and this is from Segun, referencing Douta, at a recent mining conference, where the transcript was posted here and discussed extensively.

See LSBM's post: 22 Dec 2025 10:12: The Resource Update is due for release Q1 2026, stated by Segun (RNS 18th Nov): "Thor targets an updated resource estimate in Q1 2026, though management emphasises this represents a milestone rather than a comprehensive assessment". The latter effectively means this is not the final Resource Update; they will continue exploration and updates ad infinitum round Segilola, until they run dry/it's no longer economical. i.e. one might infer a few years from this one but then there may be a few more added, later. Whilst it may be possible for the Resource Update to sneak in ahead of the PFS, I do not think it is likely. With the Q4s to sort on their return in January, as well as the PFS, etc. I think it far more likely that it follows. I am sure it was addressed on the IMC call, which is perhaps why the market reaction has been somewhat muted here, despite PoG running up to almost $4500/oz, now. But it is a known known since Nov. 18th and it is most certainly coming. In the meantime; Segilola is printing huge money at this PoG, we get the Douta PFS in around a month, with likely 10yrs+ at 100koz+, to start with, and Segun indicating 20yrs+ potential (they'll presumably do similar resource updating per Segilola). A very exciting time to be in THX and a great opportunity to top up, recently.