Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Nice to see things picking up here and in Toronto - looks like there were over 1M shares traded yesterday (7x daily Toronto average-ish), between the exchanges (mostly in Toronto) and a nice bump in price. Hopefully this is part of a rerate into the news of commercial sales, cash flow, etc. I'd like to see over $0.50 (£0.29) short term (only ~10% above the recent high) and realistically $1 (£0.59) on Segilola expansion and positive Douta news in the coming few months.
Good question... I wouldn't want to lead the board in the wrong direction by going from (5yrs back or more) memory but here's a high-level precis... Effectively; Segilola wasn't a discovery by Thor, per se. The area was bought from others, who had done some reasonable analysis and then Segun and his team obviously did their pre-purchase and extended due diligence. The fact that there is so much high quality gold at Segilola isn't pure luck - it was somewhat of a known quantity in the region, if not published to the world due to its very early-stage nature, in the pre-Thor era. So, I fully expect more good news to come in terms of extension. It's a shame that the price (particularly in Toronto, last night) seems to move so dramatically on such small volume (10% of average daily) - Hopefully a publicity drive on commercial production sale will push some more traffic, reduce the swings and minimise the spread. It's worth an awful lot more than where we are now and many years of hard work are due a healthy reward.
I think you're right on the "publicity" issue but I think the answer as to why they appear quiet is in your comment "...until gold is sold and the profits converted..." - The proof of concept for the business, if you like, is selling the gold and moving the cash into the business (and later, out of the business as dividend, etc). A lot of us who are LTHers have known (or had a very good idea) how much gold should be at Segilola (and Douta to some extent) for many years and we have known it could be mined economically... the last remaining question is can we get the gold sold, money into the company and into our pockets? I think the publicity will come when the gold is being sold, the concept is proven and then I do believe we'll see a very significant re-rate as "the cash tsunami" will be flowing and you'll see all the company metrics rocketing up the AIM, Toronto, mining sector league tables, which will drive natural investor (private and institution) interest.
Hopefully now is our time! Loving the term "cash tsunami"!
Mine extension is only a matter of time... here's to being debt free and looking forward to a healthy divi!
No idea why this has dropped, perhaps it's just in line with the rest of the market but I bought another few just now, so should appear here shortly. I honestly can't see how we're not double the current valuation, at least. Very underrated prospect, Thor, as a company. Looking forward to some news of the commercial pour and some cashflow... I would guess it's next week, so this may be the cheapest we ever see it again! Segilola mine life looks certain to be extended and then there is Douta, etc. Honestly can't see why there is such a buzz around GCAT (and previously GGP) and yet no one is taking notice of this sleeper, with proven reserves and an incredibly short debt payback time!
Great news: "The Company has no further warrants outstanding and does not hold any shares in treasury. Shareholders may use [631,858,009 common shares] as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company." - Looks like the Thor house is in order, ready for commercial production and fantastic positive cashflow.
Latest update presentation has been released: https://thorexpl.com/site/assets/files/2488/thorexpl_corporate_september_2021_bmo.pdf
Looks like they're sticking to the schedule for ramp-up and first commercial pour, this month. Some other interesting highlights for Segilola (85% IRR, 1.1yrs initial capital payback, post-tax NPV of $311M, etc). Lots of Douta/Makosa and Burkina Faso updates as well. All good reading and very bullish. $0.26 TSV and £0.1625 here is crazy vs. some of the Segilola figures, let alone the prospect of extension there and the other developments. Very confident here but needs to capture some imaginations, I think. Hopefully Segun will 'go on tour' when they start shifting commercial gold and generating income, shortly.
I don't... I think CEO.CA wanted a paid subscription to post, last time I looked? However, that's been my major source of public info for the last few years. Shame it isn't busier in here... yet. I have a feeling people will catch on when this starts moving up the 'charts' for P/E ratio, etc. I am certain that Segilola will be extended and extended with new finds and that's before we consider Senegal, Burkina and any other potential exploration or acquisition...
"The work doesn't stop there, as we press forward, onto commercial production and the eventual ramp up to a life of mine average annual production of approximately 90,000 oz of gold per year" - So, 90k oz @ $1800/oz = US$162MM/yr. If the AISC is ~US$700/oz then that leave US$99MM/yr free cash flow and no tax to pay. If my FX calcs are correct, that means THX is currently valued at US$159MM and will have US$99MM/yr coming in shortly. People are sleeping on this one.
Looks like the recent drop (according to CEO.CA) was linked to a large volume of warrants being sold. Looks like they may have have cleared now. With the AIM price starting to balance with Toronto, hopefully we're now in a position to start moving up. Looks like gold production at Segilola is going well so lots of positive news to come. X-post from CEO.CA: "Looks like some high grade material being put thru the plant between now & the end of the year. 16 months - 120koz prod at AISC <700oz = ~$120m FCF. Blows the debt away with money left over for dividends in 2023."
It may not be Segilola quality but it looks like there could be an awful lot of gold in Douta. Should keep the company ticking over nicely for many years, while they target further exploration and expansion. Literally billions of dollars of accessible gold in the ground between Segilola and Douta and THX will be commercial by Q4 this year. Highly deserving of a realistic re-rate, though the institutions may want to see 4 quarters of positive cashflow and a dividend before they plough in. A good time to enter for PIs.
I would need to go back and look but there is no tax to pay for a mining start-up in Nigeria for maybe 3yrs... could be more?! I think a lot of this seems too good to be true when you add in the Nigeria factor (for Western investors) but, well, it's a major resource that is already producing... just the ramp-up to commercial scale to go (over the next couple of months) and then hopefully focus can turn to Senegal, while Segilola keeps the bank account ticking over. All debt should be repaid next year, based on Segilola production alone, so no requirement for dilution, etc, unlike many other miners.
Segilola has an AISC of $660/oz, off the top of my head. I'd be expecting a healthy dividend, fast debt repayment and strong cashflow even at $1600/oz gold.
Looks like drill test results (see RNS today) are promising! Great news to firm up future production and longevity for THX. Got to be the biggest sleeper on AIM at the moment. Good work by Segun and the team at Thor. Looking forward to lots of news in the coming weeks on commercial gold production at Segilola, etc. Going to be a good year for those guys!
Mine extension ought to let the cork out of the bottle and it should fly! Very exciting prospect!
First pour for Nigeria, legally, I believe! Awesome milestone and horribly undervalued. Think there are 2 issues; the market is scared of Nigeria and the (current) short mine life of Segilola. Hopefully further exploration will extend Segilola, firm up Senegal and perhaps bring some more acreage onto the books. This is a huge opportunity trading well below NAV.
Great RNS from Thor today - sounds like they're on track for the first pour! Great news and good luck to them!
Just got my email... Game over then! I'd say "that was fun" but it wasn't. MTFB next, sadly!
I think they may be 'releasing some shares' from the Toronto Stock Exchange / Canadian brokers over to the LSE / UK brokers to create some liquidity over here.
Really quiet in here - definitely a share that deserves more attention, especially with some of the wild ramping on other chats for mining shares.
Good recent video, here: http://www.miningcapital.com/companies/news/951971/thor-explorations--says-london-listing-in-june-is--excellent-opportunity-to-open-up-investor-base--951971.html
"...explain their operations with key milestones, with first gold at the Segilola project in Nigeria, which is currently under construction and expected to start production in the third quarter. And at the Senegal operations, where they are gearing up for their maiden resource".