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Nose = noise of course :D

Great post - Marahui and Guitry very much getting lost in the nose at the moment - hugely exciting prospects!

Enjoy your hols, Will. Someone has accumulated a lot of shares recently... while there has been a big drop, there has also been huge volume for THX. Someone/folk have potentially taken advantage and we do now seem to be bobbing up and down, from a lower base, with PoG and PoG sentiment. Since "other [sic] see the urgent need to extend and replace a depleting mine", I suspect we will have a lot of excited bystanders, with the Q4 news... hopefully they're not waving the train off, while it leaves the station, when the PFS and Resource Update are RNSed, as the market has been made aware of by the CEO.

The outcome may be an educated guess (and how you make money by not buying after the rise) by investors at this stage but there have been many years of drill results, pre-existing mining plans pre-Thor's acquisition, Q&As with the CEO, etc, etc. It's only a matter of research and some "faith" that a company that appears to be making excellent decisions at the moment, will continue to do so, under the current leadership.

Luciano - you do understand that "the fundamentals" include Earnings per share (EPS), profit margins, balance sheet, cash flows, financial ratios such as Price-to-Earnings (P/E) Ratio, Return on Equity (ROE), Debt-to-Equity (D/E) Ratio and Free Cash Flow (FCF)? So, the fundamentals are all intrinsically linked to "the macro", which you state THX will rise because of. PoG up = profit up = fundamentals because it is a gold miner for goodness sake! Producing gold is somewhat fundamental to the balance sheet and FCF.

However, I say it will rise much, much more than any change in "macro", which I assume you're using as a direct and singular analogue to PoG, when Segilola is extended and Douta is Financially Closed, because the fundamentals, even with PoG flat, will allow prediction of profit for many, many years ahead vs. what's currently left at Segilola today: the big worry you say others have. It will give more certainty to Thor over a much longer time period. People invest as certainty increases, even where "the macro" is flat.

Anyway, you say the SP will continue to rise, so people should buy, accumulate and hold for a return, yes? It's generally going to get more expensive to wait, yes? That can be the only conclusion that can be inferred from your post. So, we have always agreed and your negative tone towards the company or the SP seems at odds with your stated conclusions.

As IBABFO said... you get some beauts on these boards!

I'm not here for an argument - merely relaxing while the company builds and looking to discuss the company and it's fantastic outlook, despite the current transient macro. I know exactly what shorting is and anyone who is sure it's going to keep dropping is welcome to leverage up! Traders can buy and sell, look for entry and exit but with 2.8M traded across both sides of the Atlantic today - that is huge volume for Thor. Whilst the price in Toronto might have taken a big hit late in the day, someone or some parties have accumulated massively the last few days.

I also own a house and dont trade houses... I own a car and don't trade cars... I own Thor and I'm not trading Thor. I'm on record here as the first ever poster of this board, stating my considerations around the potential long term/lifetime hold. And you can be sure if I'm trading, I'm talking my book both directions and if I'm invested... Well, I'm still talking my book but since I'm not looking to sell at highs and buy at lows... i'm only interested in the fundamentals in the belief the value will out. If I had sold... I wouldn't be here. Better things to do. The initial 2yr dividend period pays me back something like half or more of my initial investment, so I'm pretty comfortable that by sticking with this it will result in never losing a penny. Trading it, losing money... not for me. Look for an undervalued company, look at it's potential, invest, sit back, relax. The idea of studying L2 all day for entries and exits... naaaaaah.

Almost 3M shares today... someone or many people believe in the value proposition and decided they were happy with the price over their investment horizon. Look for PE, strong management, pipeline, dividends, debt (none), costs, etc. and it's rare you'll go wrong over the long term. A lot to like here and the volume says people agree. Roll on the Resource Update and PFS... and more Cote d'Ivoire drills, which are looking fantastic!

Buying and holding for the better part of a decade isn't "trading" by anyone's metrics.

And "On one hand we have max profitability and possibly good grade, on the other is Nigeria and LOM." - So, the two upcoming catalysts solve both those concerns, one way or another. If LoM at Segilola isn't extended, then Thor becomes a Senegal producer, 100%, end of. Cote d'Ivoire to follow. If Segilola is extended, which it will be (DYOR), the discussion is about how long, then LoM isn't the same conversation it is today. And with Douta operational and Segilola extended, Thor is still a majority Senegalese producer... Cote d'Ivoire to follow. If anyone is worrying about Nigeria or LoM today, one should have sold up a long time ago because there is a thorough misunderstanding of what is coming this quarter and how the situation has evolved dramatically. If the market is always right, then they were also right when this was 70p plus at much lower PoG, with the catalysts much further away.

No, 'traders' are doing their thing with equities, etc. Fundamentals will win out. And Fundamentals will always be the most important factor for any non-trader. In the worst case, you will get every penny of investment back via dividends at a ridiculous PE, over the long term, while a company is very profitable. You don't have to be a fund manager for that. I imagine the vast majority of folks here are long term investors for later life/pension/leave their kids. To suggest short term and even intra day moves are something for the average UK ISA investor to give a damn about is mental.

I've never traded this and never lost a penny, by never cashing out, and certainly not when I saw C$0.1. Imagine that. 100% right. Time in the market with strong management and a pipeline. You can't beat fundamentals or... the company will be sold for someone else to profit dramatically from.

Exactly that. The vast majority of the gold miners I follow are having another blood bath today. It's all very well following technicals and helping make them a self-fulfilling prophecy but they do not take into account the fact that Thor has major catalysts coming and they couldn't PREDICT the market dynamics that meant the market switched back to some element of risk on and gold off, until after the trend developed. The reversal most certainly can come just as fast and by the time it is confirmed, the bottom scalpers have missed out. Miss the top, miss the bottom. I am continuing to average in because if you look at the charts, a trader, which is what any one coming here talking about intraday support levels is, would probably tell you that the bottom support channel, mid-term, is below a PE of 1. Plot PoG over Thor and whilst we over-benefited from the momentum and sentiment towards gold, we're doing the same in the reverse. To that end, perhaps all the move is based on PoG sentiment, actually... which is awesome because when the catalysts of the Segilola Resource Update and the Douta PFS come, we should significantly outperform, independent of PoG, which will no doubt be historically strong over the quarter, year, etc. If both land with the positive news we expect... we could be seeing some overlap of operations. IF (and it is an IF) we produced a combined 200oz/yr, at Us$3500/oz PoG, and an average AISC over the ounces of US$1500, then we do $400M FCF for the overlap years, by which time Cote d'Ivoire may be operating at least one mine. The MCAP is $544M as I type. That's mental. It's a billion dollar company, all day long. The market is irrational at the moment but there are so many catalysts in Trump-world that mean it could quickly switch at any time, even ignoring Thor's own catalysts, known to be coming. Traders trade, some of us are investing and are already 100s of % up so... meh! Ride it out, enjoy the clear skies! And if we really are struggling to make SP traction when PoG has stabilised... I wouldn't be surprised if an offer comes in for one of the best value miners on the planet. As always DYOR and all that, remember there *may* be tax in Nigeria (new oz can be requested to have the tax free holiday extended) and any other number of costs (mine build, finance, etc.) so quick back of the cig packet maths is for high-level thought/discussion only!

And if gold is falling when the catalysts are released? There is no 'careful' about not trying to time the market - losses on paper are on paper, being out if there is a rerate event means no profits on paper. You win some, you lose some. With the lowest AISC on AIM and no Nigerian Tax to pay, with gold at $3500, Thor is potentially still one of the safest gold plays and making huge profits, potentially still record profits, being that is basically the Q3 sales price before the fall. No one here has any idea if outflows from other, higher AISC/tax miners will mean more inflows here as it is a safer haven for continuing gold exposure with a lower PE. And now most seem to agree high PoG, which $3500 most certainly is, is now here to stay. Be careful not to be able to get back in, which is exactly what happened to plenty on this board who sold in the 30s and 40s. Time in the market = not missing events, timing the market = missing events. It's that simple. Or is the belief that 100% of Thor's 300% rise, on the back of a 50% rise in PoG wholly attributed to PoG? There are a couple of years left at Segilola today... except within about 8 weeks, we should have news of Thor producing more than they do today for an additional decade or more. everyone can make their own choices and any warnings should apply in both directions.

Interesting to see where THX is today vs PoG... Looking at the THX TSX charts on CEO and comparing to PoG, it looks like we hit the recent THX highs on/around October 6th, when PoG was almost exactly where it is as I type, to the cent. PoG then spent 3 weeks above that figure, significantly above the Q3 average sales price of $3535 (maybe 20% over by average?) and Thor is down over 20%, with the major catalysts still to come before year end. Average sales price this quarter, and we're almost a month in (a third of the quarter), should be fantastic where sales have been made. Let's see where PoG goes but we're already on for a potentially stunning quarter, with a potential rate cut to come and potential fall out in the US if food stamps don't start going out at the weekend. Shame it has come to the latter but I suspect gold will be the safe haven for many years to come, especially with Central Banks having loaded up. It's easy to forget PoG was below $3k, around 7 months back and LTHers here were over the moon - it was more than we could have ever dreamed of. We're still around $4000. Madness. Let's see the Douta PFS and see what the 10yr+ plan looks like!

Aaaaaaaaaaaaaaaand... exactly as predicted. Thor is hardly a meme stock or even an early stage explorer these days. It's a producer on a huge run rate of FCF, crazy low PE and with a well-defined future pipeline of projects. Opportunity missed by most, yesterday. When the market is in chaos, go for FCF, profit, fundamentals, call them what you will but PoG is now steadying well above where THX was at its all time high and couldn't be forced under $4k. No doubt the markets will shake any number of times in the weeks, months and years to come but profit is sanity in these times and gold would have to fall over 75% before THX go to zero FCF (bit simplistic but I am sure you get the point) and by then, I suspect your average equity will have long since imploded and we'll be building bunkers, anyway. Looking forward to the Investor Meet Q3 call, which I guess is in around 3 weeks and the two major catalysts to come within around 8 weeks.

Agree Will. When the Douta PFS comes and the Segilola Resource Update, assuming they're positive (DYOR but for me - we've seen/heard enough already) - what would be a fair PE then? Because this was still looking silly undervalued at $4k gold and over 10yrs of Douta production to come, including potentially parallel production at Segilola, then Cote d'Ivoire, etc. At US$4,000/oz PoG (still conservative as I type), US$1000/oz AISC (conservative) and 85koz/yr... that's an FCF of US$255M. Thor is now valued at around US$560M. This fall is far larger than the Osun State dispute, which everyone made a huge fuss over, resolved pretty easily, exactly as predicted. The company would have to come out with a statement if there was anything 'wrong', so the fall can only be bed wetters worried about PoG falling through the floor and thinking they better take Nigeria-based profit first. I honestly thought we were over this. Well, they've just handed the future profit to Pacifco and IBABFO2.0 by the looks of it. All the metrics will scream 'best value miner' (again) come year end.

Got to laugh sometimes! everything is cyclic and it all comes back! You never know (posted to lighten the mood, not serious): https://x.com/ahart1974/status/1980550959878095077?s=46

To get back to Thor... someone on CEO.CA is reporting (with a screen grab) that THX is "undervalued" and they have fair value as CAD $1.81 (96p equivalent) on US investing.com. Looks like you need an account to log in, and I know their valuations can be wildly out, but I did want to fact check that and see what metrics they use, etc.

Absolutely and Thor is making hay while the sun shines. Profit (PE) is sanity in this market and, effectively, Douta funding is now assured through Q4 with what could be an absolutely huge quarterly profit, at a margin in excess of $3000/oz. We'll have to see where we land in January but 25koz @ $3000/oz margin is US$75M and that is a very conservative margin with the current PoG and AISC. Toronto 'got it' last night - let's see where the lse lands today. I am topping up irrespective of what the MACD and RSI say because a run rate, based on the above, of over $300M a year, on a valuation below $600M, is frankly ridiculous. The USD is screwed for the next few years, with no obvious way out.

Gold (GC=F) - Gold prices were higher in early European trading on Monday, recovering some ground after a steep drop last week from record highs above $4,300 an ounce. The rebound came as HSBC (HSBC) predicts that the precious metal will hit $5,000 next year: https://uk.finance.yahoo.com/news/gold-price-hsbc-pound-oil-commodities-currency-latest-095200230.html

Could be interested in a trip, for sure... but have some family things at the moment, which may not resolve in the next 6 months, so stuck at home for the present! I think Premski is going to Mining Indaba - that could be a good place to 'start' and arrange things, I am sure Thor will have a good contingent there!

"Be greedy when others are fearful and be fearful when others are greedy" ;) We already know, without The News, it can do 75p at a much lower PoG... It's catalyst quarter - very comfortable here and accumulating.

Lagos is fine - I've lived there. I have no doubt the area Segilola is in is also fine. Bit of FX balancing with the TSX close but gold still holding $4250, so it's almost $700/oz more than the last quarter sales average. Holding inventory back for exposure to the higher prevailing prices was very clever indeed.

Not answering anyone specifically but to add to the conversation generally: This is, in effect, a very old conversation for those LTHers investing when PoG was under $2k, when an initial 5yr mine life and the funding of Douta was a concern. At current PoG, a single year of profit would effectively fund 100% of Douta Phase 1 oxide, most likely, whilst still paying a dividend. Considering the management will wisely likely elect not to go 'all cash' for the build, keeping a good reserve for Segilola extension, Cote D'Ivoire development and future leases, having some (cheaper than Segilola, despite recent IRs?) borrowing, with no dilution, it's even less of a concern. Whilst there should be minimal concerns about extending Segilola profitably, there should be even less about funding Douta. And as someone said below, they will provide a resource update for Segilola, for those who are expecting a very specific, financial MLE. There is no requirement for funding, coming to the market, or other; so they'll basically just inform the market of where they are up to today, in terms of resources. Exploration at Segilola will presumably continue to exhaustion and I equally expect that to be in many years time. At which point Douta and possibly even a mine in Cote d'Ivoire will be operational. Thor has never been in a better position. I get that people are likely disappointed about this week, and being off highs, especially those of us with large holdings on the TSX, but management have played a blinder this year, done everything they can and more, and PoG has moved us to a totally different place in terms of ability to fund for growth. They're a few weeks from a PFS likely indicating over a decade of US$500M a year revenue, assuming only a slight appreciation in PoG and/or production overlap, on an MCAP of US$600M. We're not immune from the current market madness but this is still hugely undervalued by my chosen metrics. There is plenty of information out there for what could/should be at Segilola, including Thor's own, recent drilling results. For me; it's as comfortable a place to hold funds as anywhere, in these times; lowest AISC on AIM, paying a dividend, debt free, incredible PE, currently tax free, strong management, a future pipeline, known EPC contractors, future mines in developed jurisdictions, etc., etc. Trump will Trump for a few years yet so Thor is an excellent place for PM exposure and diversification.

Based on the original mine plan (>500koz) we have approximately this year + 2 additional years, at approximately 85koz/yr,... then + Resource Update. I have Douta being operational (call it Phase 1, oxide) by Q1 2028, in my investment thesis, which means if they 'only' identify a few months more then Douta is operational in parallel, for a short period. We've all seen drill results, etc. and there was talk somewhere else of a pre-Thor Segilola Mining Plan having 1M ounces, on another chat board, so there is high investor confidence around the update. Obviously the calcs can be 'smarter', taking into account the stockpile, varying gold grades, going underground at Segilola, etc. but that's my rule of thumb for when the Resource Update comes. If the RNS lands and it can be inferred that there are in excess of 3yrs ('26, '27, '28-on) for Segilola, at the current run rate, then we are in very, very good shape indeed. If Segilola is still operational when a mine in Cote d'Ivoire is built - WOW! I expect exploration around Segilola to continue 'indefinitely' (until it is not worthwhile), so I wouldn't say it is fanciful to suggest there could be 3 parallel mines operating in the future, before we consider other leases. But that's long term for me - let's get the Q4 updates first.

Agreed - I can't see how people were expecting more for Q3, considering it must have exceeded expectations. I had it predicted at 20,000oz and you had it at 19-20k oz, scrolling down the chat. The actuals:

· Q3 gold poured of 22,617 ounces ("oz")

· Gold sales in Q3 of 19,650 oz at an average realized price of US$3,535 resulting in revenue of US$69.5 million

· Gold produced from 250,459 tonnes milled at an average grade of 3.11 grammes per tonne ("g/t") of gold and process plant recovery at 94.3%

· Mine production of 386,558 tonnes at an average grade of 2.26 g/t of gold for 28,029 oz

Q2 2025: "Mine production of 242,461 tonnes at an average grade of 3.02g/t of gold for 23,573 oz"

Q3 2024: "Mine production of 355,515 tonnes at an average grade of 2.01g/t of Au for 23,029 oz"

Q3 2023: "Gold production of 19,104 ounces ("oz") during the Quarter at an average grade of 2.46 grammes per tonne ("g/t") of gold ("Au")"

In addition, "Ore stockpile increased by 2,977 oz to 44,069 oz of gold at an average grade of 0.83 g/t", which is now worth a lot more than the $3535/oz Q3 average sales price. For a very rainy Q3, they massively exceeded expectations, yet again.

The Segilola Resource Update is the key catalyst for me as well but there is some serious positive momentum in terms of Segilola production and Q4 is already looking to be a banger, especially considering the "inventory contained just under 6,000 ounces of gold in bullion and doré that remained unsold and was exposed to higher prevailing gold prices".