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Indeed, based on this RNS and industry analysis, the estimated low end (conservative) for the Dupax exploration target by Metals Exploration (MTL) is around 10 million tonnes (Mt) of ore, with historical samples suggesting high grades: over 15 grams/tonne (g/t) gold and up to 7% copper. The company aims to have a maiden resource of 8–10 Mt confirmed by preliminary assessments soon.

Value Addition to MTL

Industry commentary (Hannam & Partners, July 2025) and sector analysis suggest that:

• If Dupax delivers on the low-end (10 Mt) with high grades, it could add 230,000 ounces of gold production per year for 10 years.

• At a gold price of $3,000 per ounce (close to recent realised prices for MTL), and assuming all-in sustaining costs (AISC) near or below $1,000/oz, this could mean:

• Annual EBITDA addition of approximately $460 million.

• On a discounted cash flow basis (10% discount rate), the net present value (NPV) is estimated at about $2 billion for the Dupax project alone.

Share Price Impact

• Market cap as of July 2025: Approx. £450 million (around $600 million).

• A $2 billion NPV for Dupax could triple or quadruple the company’s current valuation, though this depends on successful drilling, resource confirmation, permitting, and project execution.

• Recent share price: Ranged from 12.8p to suggestions of 15–20p by investors.

• Potential price re-rating: If the market assigns even a 50% probability to the low-end NPV, the fair value per share could move toward 30–40p or higher, versus the current 13–20p range, depending on dilution, project progress, and broader risk appetite. This would represent up to a 2–3x uplift from today’s price, reflecting much greater confidence in monetising the Dupax resource.

Exciting times ahead.

The stock trades close to its tangible book value per share, 40p, but considering Thor’s resource base and production prospects, its NAV is likely substantially higher, potentially multiple times tangible book value. Without full resource and cash flow modeling, however, an exact NAV estimate is challenging.

Serabi's updated mineral inventory shows a total mineral inventory increase of 4% to 552,000 ounces, with proven and probable reserves around 162,600 ounces at 7.2 g/t gold, supporting over six years of mine life based on current production rates. This estimate excludes the results from their $9 million ongoing brownfield exploration program, expected to add further resources in future updates. Current strong operational performance and production growth also support positive outlooks for the company’s shares. Analyst consensus forecasts a 12-month median share price target of about 268p. The high estimate goes near 297p, reflecting optimism tied to production growth and resource base expansion.

Serabi is expected to increase production substantially over the coming years, aiming to grow output to 44,000-47,000 ounces in 2025 and beyond, with operational efficiencies and ore grades supporting good cost profiles. The brownfield exploration yet to be factored into reserves could provide additional upside catalysts for valuation and share price. Having said this, there will be some profit-taking at the £2 sell price, creating resistance. Let's see how many sell up. DYOR

Agree with you RetiredBanker, Key factors impacting gold price over the next 6+ months:

• Expected US interest rate cuts, making gold more attractive.

• Ongoing geopolitical tensions and global uncertainty.

• Strong central bank gold buying.

• Fluctuations in the US dollar.

• Inflation concerns and economic risks.

• Rising investment demand from both retail and institutional investors.

• Political developments (e.g., US election) increasing volatility

Agree, an initial rerate of 30-40% appears plausible based on analyst targets following the maiden resource. If Guitry evolves into a larger, high-grade, decades-long asset comparable to established peers in the Birimian greenstone belt, Thor Explorations could achieve a multiple-fold rerate relative to its current market cap, positioning it more competitively within the peer group of West African gold developers and producers.

Decent size buys gone in...

Indeed, that's why Stockopedia forecasted price is 18p.

Yes, thanks for correcting, so approximately 376p to 410p post-acquisition, reflecting the dilution from share issuance.

Dividend payments exist for Greencore, although they are modest. DCF valuation remains highly relevant because it is based on free cash flow, not strictly dividends. The absence or small size of dividends does not invalidate the use of a DCF model for valuation.

If Greencore completes the acquisition, doubling its revenue to around £4 billion, keeping or improving profitability and margins, a fair valuation in the £2.0–2.4 billion market cap range is reasonable, implying share prices potentially rising to 450–540p per share, roughly doubling from mid-2025 levels near 265p. Actual outcomes will depend on integration effectiveness, cost synergies, earnings growth, and market conditions. But as always DYOR

Perhaps a leak of news to come?

Didn't Darren value SP at 25 as soon as drilling begins? In which case this will head quickly to 25 as soon as news breaks.

Sadoldgit, thanks for your insight into the uniqueness of the compounds. Who do you think maybe the potential partner for 1802?

Where do we see this moving to? Some analyst forecasts suggest a 15%+ increase in 3 months, so past the 11.39 previous high. Although the current resistance is at 10.52, I'm not sure how long it will take to burst through this one.

It appears that Darren Bowden has purchased, resulting in total holdings of 191.1m, which is 6.83% according to Stockopedia, also showing the reported date as yesterday.

Or perhaps another institution is also accumulating?

Indeed, thanks for clarifying the director's options.

It's important to note that the new study data has significantly shifted the competitive landscape for cancer diagnostics, putting distance between Angles' offering and others.

If you haven't seen this already, this analyst note is a reassuring read: https://www.trinitydelta.org/wp-content/uploads/2025/01/ANGLE-Update-250123.pdf. Forecasting 48p

From what I have been able to find, the only outstanding warrant was issued on 21 October 2024, where SAR raised £1 million through a subscription for 4,444,444 shares at 22.5 pence per share. For this subscription, they have a five-year expiry, exercisable at the subscription price of 22.5p.

Just realised its not SAR issuing warrant but that have received notice: "announces that it has received a notice to exercise certain warrants to subscribe for a total of 1,000,000 new ordinary shares in the capital of the Company at a price of 12.5 pence per New Ordinary Share (the "New Ordinary Shares") for a total consideration to the Company of £125,000".

Hence, SAR receives £125,000 from the exercise of these warrants, regardless of the market price at which the shares are subsequently sold. The difference between the exercise price and the market price represents potential profit for the warrant holder, not additional cash to the company.

NAV_Mike, I'm left wondering why they are selling before the publication. Is it because they don't know when it's being published? Or that they need that money desperately to pay for something.