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"What could the Americans do about POG?" - paper trading. There has been a pattern recently of Asia buying up and the US selling down... depends if paper pressure is greater than physical pressure. I guess all that would do is allow China to accumulate more at a lower price but there are plenty trading gold with no real interest in the underlying, effectively. Everything is sentiment these days and whilst I'm no silver bull/believer, these 'games' are well understood in that / the general PM world. Irrespective of PoG though, I think a fixed and firm line in the sand for THX to release the Douta PFS has been, and rightly so, well received. In the current environment, any certainty is appreciated by the market and a month is really neither here nor there. Segun has been absolutely brilliant on the PR trail, the last few months, really building confidence and providing some great soundbites. I am as confident here as I've ever been in any share, mainly because it's not trading like a meme and the path to value seems clear. By the end of Q1, we may never, ever need to have a "LoM holding us back" conversation again. Feels like it has been a long time coming but +340% YTD, or whatever it is now, is frankly stunning performance. It's been worth £1 for me, for months now - the future has been well sign-posted, and whilst I am pleased for anyone who took a profit off the table, we had quite a few leave us in the 30s and 40s, which is a shame. Still may well be a lifetime hold. I get dizzy thinking about a post-Cote d'Ivoire start-up dividend, in a few short years. When I invested we had no mines and only one to come... in much less time than there was between now and then, we'll have 3!

The biggest risk is probably PoG. The chances of mass civil unrest in Nigeria, in the short term, disrupting Segilola significantly, are probably pretty low. Then, as you say; there is diversification in the mid-term and even more (Cd'I) in the long-term. I think BRICS has been driving this rise, collapse of the USD, etc. https://watcher.guru/news/brics-ditches-dollar-for-gold-bloc-now-controls-50-of-global-supply I guess the question is; will the Americans do anything to disrupt PoG or strengthen the dollar? However, I think the writing is probably on the wall, under this Administration, and a new ATH only proves it. Q1 is likely to be phenomenal for Thor and it really does seem awfully tight that the market is still valuing us at a PE of 2-3. I guess, like us, everyone just wants the Resource Update and PFS in hand to really 'understand' the pipeline, costs and likely margins. The idea of 3 x mines by 2030 and PoG at say $5k (or more by then?) is mad. I much prefer the fact THX is more 'steady' here though vs. some of the meme miners on AIM. The rollercoaster is not good for the heart!

Was just talking to another investor about this. We will have the Q4 Ops update in 3-4 weeks, probably a "Q4 PRODUCTION, 2026 GUIDANCE & INVESTOR WEBINAR", possible dividend increase at the same time... and then the PFS, all in Jan. But that is to forget that the Segilola Resource Update is also coming... I guess there is the potential that could drop at any time and surprise the market. PoG at $4412 - WOW!!!

A line in the sand for PFS delivery, with the IMC meeting set - Excellent! I've stated before that while delays can be frustrating, dropping it when everyone is back to full speed, after Christmas, is arguably preferable than something rushed, with a meeting no one is available to attend because they are on vacation, etc. PoG averages are more around the $4050 mark, depending on how they're calculated, but if they sold the gold held back in Q3, could be a real surprise to the upside. Imagine if they have sold 30koz (incl. Q3 reserves) @ $4000... $120M revenue in the quarter with maybe $90M+ FCF. What an absolutely stonking year this has been for THX. Merry Christmas and Happy New Year to everyone!

I am also fairly unsurprised and perhaps even pleased, for those of us accumulating. I suspect most are sitting on their hands, while we await the catalysts and, looking at Toronto yesterday, there is just no volume. Brokers will have a field day for anyone who needs to sell a few to buy little Timmy his new Action Man. A quiet Christmas period and an explosive January suits me down to the ground. Rate cut incoming in the UK, most likely, trajectory seems set in the US and PoG back over $4,300 - all very comfortable at the moment!

I've 'attended' pretty much every year for almost the last 10yrs but passed on this one. It's generally just a few minutes of showing hands, never, to my recollection, any news or otherwise 'interesting' stuff and I didn't expect this one to be any different in the absence of an RNS... So I went to the pub! PoG opened strong today and with just 16 days of the quarter left - the Q4/annuals are going to look stunning. If the PFS slips after the New Year, so be it. Whilst it may provide an opportunity to hoover some more cheap shares up in the short term, I think the impact will be 'stronger', once everyone is back to their desks, anyway. There aren't that many business/trading days left of 2025 so the expectation to see something full, final and thorough should probably be tempered. 2025 was certainly a landmark year for Thor but I have a feeling 2026 will be even better. Patience here has very much been rewarded. Credit to the management for really delivering. Segilola operations have been fantastic and the macro for gold continues to look excellent.

Resource Update has indeed been Q1 '26 since the last call, with Douta PFS still scheduled for this month. However, and I think I have said this a number of times before, I do wonder if it may be better to release that when everyone is back to their desks, mid-January. A lot of news will get lost, from next week, through New Year. If there is concern anyone will try and sell down and trade a delay (surely madness with the public holidays, etc.), they could always release an Executive Summary/high-level bullets, or other, this year, and release more details/corrected/completed PFS early next year. With Segun saying it's on his desk, I presume he has the red pen out, but it seems unlikely any/many summary conclusions will change significantly.

Good to see the US rate cut come in, even if Powell was less confident about 2026. Gold holding $4200/oz means Thor are making bank in Q4, especially feeding the additional Q3 gold, held back, through the sales channel. Seems pretty certain now we will end Q4 with an average PoG over $4000/oz, $500/oz higher than the Q3 sales average. Q1 is going to be a very rich news period with the catalysts coming on the back of Q4/annual results, which are nailed-on to look fantastic. Not forgetting the evaluation of the dividend, Segun said would happen in the New Year.

Friday December 12, 2025, at 9:00 a.m. (Pacific time) = 5pm UK, no?

Good post, Timid - that's about the strength of it. THX can be slow to move but the future has been well defined here, with the projects in the pipeline. We all argue over what is fair a price today and whether it is undervalued but the reality is, no matter what might be priced in today, it's not valued for 300+oz in a few years from regionally diverse operations, so today's price is still a great place to accumulate. I prefer the slow burn of Thor versus the boom or bust of some of the other AIM miners, ramped to the moon by the Twitter shills. It has been a stunning YTD and yet the best is certainly to come. Lots of catalysts upcoming but the prospect of an increased dividend, next time out, probably inspiring the market (and specifically IIs) to invest more, just on current metrics/returns. We won't get the full 30% or so PoG uplift since the divi kicked in but another say +10-15% and the rest going to "aggressive" expansion drilling would be very tasty. A quick look at the average PoG at close (00:00 and 12:00) through Q4 so far gives $4075/oz, over $500/oz higher than the Q3 sales average. Add in the ounces held back in Q3 to be sold in Q4 and THX should be nailed on for another record quarter, smashing the previous, and we have Douta PFS before then, Segilola Resource Update soon after, then the Cote d'Ivoire Maiden Resource, etc, etc, etc. Traders will trade but I want to see the Divi with 300/400oz/yr production! PoG may be dropping a bit today but it's still almost $4200/oz and the Yanks will switch from QT to QE now, supposedly. Hopefully the trajectory is set during this Administration, when Douta will already be producing and Cote d'Ivoire should be in construction, before any US Admin change.

I have repeated Q1 2028 a few times, as Premski will no doubt confirm :D but let's see as the PFS is still awaited! On top of the "3 mines operational in 5yrs", we have some serious ounces being produced in the not too distant future! THX is a very exciting long term prospect and this is very much just the start!

Https://youtu.be/oq9T_CDLWfc

Whilst it would be nice to think we'd hit £1.50 any time soon, based on the recent action, I think the company is well-grounded in where the SP is likely to be and has been very clear there is no need for dilution, which is great. The Q&A re. funding was interesting as $300M cost to build, at the top end, with say $300M in the bank makes you a very good client to lenders, especially with the Segilola track record. It sounded like it may not be defacto AFC, which suggests other interested parties and a good deal is probable. Some interesting points around increasing the dividend and the "aggressive" plans for expansion drilling as well. I took it to mean that we won't get the full 30% uplift we have seen in PoG but maybe something like +10%, with the rest going into exploration for more reserves, which I would fully support. Ultimately the big pie is the MCAP/SP, which will be driven by economic gold production and long reserves, bringing more mines online, etc. and the sooner we get that - the better. Excellent presentation yesterday, which appears to have been widely well received, just a shame the markets seem to be in turmoil. Our time will come here, so roll on the PFS and the forthcoming news and catalysts.

Thanks for posting IBABFO! About 36.5mins into the Investor Meet video there for the Douta/refractory chat.

Think that is a fair summary. I am not sure there was too much new or unexpected (reviewing the dividend in New Year, maybe) but it was certainly a very calm, credible presentation and should settle any nerves, reasonable or otherwise. No negatives at all for me, though we maybe need to temper our excitement for 'reports' on the basis it sounds like they're almost in permanent drilling and exploration mode to increase reserves at all sites. Which, by the way is brilliant and exactly what they should be doing, but the market can get hung up on the closure and release of Resource Updates and alike. But he confirmed the ones we know about are coming and it feels an excellent place to hold and add in weakness.

If anyone missed it on the call... $250-300M for both Phase 1 (oxide) and Phase 2 (Refractory) plant. Not the same problems as their friends next door (to paraphrase) and have a solution that will generate a positive economic outcome, which sounds like it does not require./involve expensive BIOX. Excellent news. Excited for the PFS. Worth listening if you missed it.

"You have been reported for abuse."... and then "Sad person. Get help."....

Genghis is right - you do you! Q4 shaping up absolutely fantastically at Segilola! Not sad :D

"He is so sensitive maybe he should not be investing here or posting?"... and then.... "Why are some posters so arrogant that they want to control all posts and posters into their comfort zones?"... Yeah, clown. Didn't get your support, huh? You post what you like and ignore refuting the points that have been made.

Here you go, here is one you ignored - could Thor partner/toll process/sell the ground to someone/Endeavour/other? Well, since the answer is 100% yes, my point is that NO ONE knows what the 'decision' is. The PFS is to see if it can be done, decide how it can be done, assess the economics, etc. They're not going to do it if it doesn't 'work' - end of conversation. You don't know more than the company. You don't know more than their advisors. You don't know anything.

You have had a tantrum out of some sort of fear of the unknown. Or fear of missing out. Sell then. Don't invest. Grow up. No one has said refractory is a particularly good thing or otherwise... but gold reserves are. You do not have to produce them if you don't want but you can sell them, leave them in the ground, dig it all up and chuck it in the sea, bind it with clay to make a giant Thor statue. Whatever is economically viable and makes sense. Value - There is a value to be attributed for that.

You came on here rolling on the floor, screaming because Segun, the largest individual shareholder, won't answer your questions, as if they're being devious, despite them likely a). not having answers until PFS, b). answers potentially being material. c). You were probably having a tantrum, etc., etc.

I don't need anyone to side with me but you were, absolutely, without a shadow of doubt talking the company down because you want more! MORE!!! How about... wait 40 more mins and see if anything is said and, if not... wait a few more days for PFS? Assume the answer is you have an agenda because refractory ore at Douta isn't a surprise to any other investor, the company, etc. You think Segun being excited is what, exactly?

Just sell. Or don't buy if you're out (which I suspect you are going from your 'style').

Premski managed a perfectly sensible post, as usual, to cover the questions we all have. ALL of us have. No one attacked him because he didn't do it like you.

Correction - the call is tomorrow of course!

"When questioned about it he avoids to answer" - Can you point to where that has happened, I'd be interested to read more?

"The PFS will force the company to state what their policy is for processing this refractory ore and the costs" - Yes, we're all waiting on the PFS, where they will/should state their policy, having done the appropriate studies. Again, why are you saying "forced", as if this isn't business as usual? Until all the studies are done, options selected and plans made - why do you need to be told anything? Maybe it's being packaged up for sale, for a cash lump sum and royalties. Boom - straight to the bottom line. Every option has presumably been on the table, they've done the PFS and presumably run 100s of economics permutations to 'decide'.

THX have what is increasingly looking like a fantastic prospect in Cote d'Ivoire to get after, maybe the answer IS just selling Douta on? Would look a bit silly then if they'd have been RNSing detailed designs of a BIOX plant the last few years. I am sure the best economics will win out. Or maybe someone will come in with an offer for it once the DFS is complete and all costs accounted for. All options have value. No options seem accounted for. That may be because there hasn't been clarity but my simple answer is still 'so?' - they've been doing the work to get it right, I am sure.

I don't think you know what a black hole is but, ok. "What valuation should be assigned to Douta?" - How about we start with some proportion of the oxide-only then, less plant construction costs, etc... and maybe a proportion of the sale value of the 1.5M (!!!) ounces of refractory ground to someone like, I don't know, say Endeavour, right next door. So... a significant uplift on the MCAP here?

"No miner wants to deal with refractory ore. Only the big boys take it on." It's simply not true. Most would take it on with the current and projected economics of gold, at a certain scale. A BIOX or other oxidation plant will cost more but THX are starting with 1.5Moz of refractory ore. That's very much of commercial scale, not unusually small or otherwise 'strange'. Maybe Endeavour or other will come in and partner, with their expertise. Segun seems very confident of the Douta PFS being a market catalyst. There is something (I choose to believe is) positive we're yet to hear.

Again "Not the likes of THX!"? You sound really bitter about something. Maybe there is a language barrier or other but your language is very aggressive towards a company with 2Moz of gold (on top of Segilola... and Cote d'Ivoire), which has a value seemingly not accounted for in the MCAP, in the full knowledge you get the detailed answer to your questions in days.

I take it you've asked some questions via "Investor Meet Company" ahead of Friday's call, so we can see if this is ignored?

I tend to agree Will and I am not sure what the issue is, so didn't want to reply last night, whilst we were having such a good day after the fantastic Q3s. There will/should be a Segi-sized oxide mine at Douta, with Segi-sized costs, etc. for a period of a few years. Great. I have been referring to that as "Phase 1" in my posts, rightly or wrongly, because we've had the BIOX chat here before. It's known. Perhaps "Phase 1" could even be funded wholly by THX, out of Segilola cashflow. Then, there will be new/additional plant, roughly twice the cost of Phase 1, let's call it Phase 2, which then produces for 2-3x as long as the Phase 1 Oxide... Great!

In that timeline, Segilola is likely still producing and perhaps even the first Cote d'Ivoire mine, albeit if that follows either Segilola or Douta Oxide, perhaps some of the plant can be reused/repurposed, savings costs. However, I think the latter is probably a paper exercise and potentially not worth the hassle and I suspect both Segilola and Douta Oxide will still be producing when Cote d'Ivoire is under construction, anyway.

And, as Pacifico says, maybe Thor strike a toll agreement with Endeavour... Maybe Thor sells Douta Refractory to Endeavour... Maybe someone else owns Thor entirely by then. If we can't take MCAP credit for reserves that won't be produced for 5 plus years, why should the market reduce the MCAP for "massive further investment" in new plant, which, arguably, isn't expensive over LoM. And in a (currently) $4100/oz PoG environment.

I can't for the life of me see why anyone would refer, in such a negative way, to the "black hole". If you just want to look at Thor as an oxide producer then we're almost certain to have continuous production from Segilola -> Douta Oxide -> Cote d'Ivoire... My view is that Refactory will be parallelised over the top and there could be as much as 15 years of it. And that's before we consider other leases in the coming say 5yrs, perhaps farming out/partnering on lithium, etc., etc.

Maybe I am too defensive/optimistic but I think one should look at Segun's decision to go after oxide at Douta as an excellent one, likely creating the total absence of a "black hole" and cash flow to fund a long duration Refactory operation there. Whereas it's made to sound like some sort of desperation hail Mary. "finally end years of it being excluded from any coverage by Segun" - what's the suggestion here? They knew there was refactory ore. The market knew there was refactory ore. Segun told the market they'd go for more oxide allowing faster build and commissioning, cash flow, etc. hence the deliberate and announced delay - what further transparency was needed?