Member Info for pacifico

For Thor as with all shares, especially those thar are not too liquid, you can usually trade within the spread.

For selling and buying Thor the actual price you pay or receive is somewhere in the middle of the spread. When we place an order we are given the actual price being offered and in most cases this is not the spread price unless you are buying/selling 1 share or less than c.100!

Gold down another 2.5% today. Recovery coming but when?

Thor down another 4% today. Recovery coming but when?

Markets are forward looking. The past is of less interest.

For Thor there are 3 main issues: Segilola, Douta, Ivory Coast.

The last two are way off in terms of significant market moving news.

But Segilola not so. The market wants to know about mineable resource for next year (just 6 months away) and beyond and the plan to extract this resource. It will give credit to the sp here if there is good news on this front. In the meantime there is uncertainty which adds to the sp weakness due to the sell off in PM's and market fears of the AI supported peak being past and rates and economic outlook likely to cause some level of retreat. It's likely the market has now peaked and is in the early stages of losing steam which will cause weakness in the st across the board.

Sell gold/miners? Buy SpaceX? Not for me! $1.75 trillion valuation. Four times over subscribed. This one IPO shows what a valuation bubble exists in the US markets which is totally unsustainable.

3/5/26. Analysts have lifted their fair value estimate for Thor Explorations from CA$1.98 to CA$2.38, citing updated assumptions that include higher revenue growth, a slightly stronger profit margin, a lower future P/E multiple, and a modestly reduced discount rate.

Valuation Changes

Fair Value: CA$1.98 to CA$2.38, a modest increase in the analyst fair value estimate.

Discount Rate: 7.83% to 7.63%, a small reduction in the assumed rate used to value future cash flows.

Revenue Growth: 2.06% decline to 2.01% growth, indicating a move from a contractionary to a mildly expansionary revenue outlook.

Net Profit Margin: 49.46% to 50.18%, reflecting a slight uplift in expected profitability.

Future P/E: 9.58x to 8.73x, representing a lower assumed valuation multiple applied to future earnings.

https://simplywall.st/community/narratives/ca/materials/tsxv-thx/thor-explorations-shares/s2kub7wn-thx-margins-will-widen-as-full-project-ownership-unlocks-upside/updates/18-analysts-have-lifted-their-fair-value-estimate-for-thor-expl

Usually the publication of a FS is the start gun for takeover bids if the company, FS and company structure, size, juridictiction of assets etc are all favourable. How to value the company? For an offer to be made it's likely there would have to be more info in the public domain on Thor's other assets: ie life of mine at Segilola and drilling results for the assets in Cote d'Ivoire.

I hope there is no bid as the dividends are very tasty and I would not want to lose them.

Updated Douta FS in Q3 may trigger a Buy out

Afterall, loaded with cash , very cheap cash costs, superb production assets, and massive exploration upside in an environment in which Seniors have very sparse and limited options for acquiring such gems.

Douta updated FS in Q3 may be the trigger ..

The Case for a Buyout

Yes, Thor Explorations has become an highly attractive takeover target following its recently completed Pre-Feasibility Study (PFS) and NI 43-101 technical report for the Douta Gold Project. The updated Douta project provides strong economic incentives that make THX a prime asset for mid-tier or major gold producers looking to expand in West Africa.

Key Project Value Drivers

Impressive Economics: The PFS estimates a post-tax $633 million Net Present Value (NPV) with a 61% Internal Rate of Return.

Low Initial Capital: An initial project capital estimate of $254 million makes it a highly digestible asset for larger mining companies.

Rapid Payback: The updated data projects 411,000 ounces produced in the first four years, allowing the project to repay its capital costs within just 11 months.

The Acquisition Case

Multi-Asset Profile: Douta gives THX a definitive growth pipeline leading to a planned 2028 first production, which offsets the eventual depletion of its Segilola mine in Nigeria.

Strong Balance Sheet: THX is funding the development of Douta with a mixture of cash and external quickly repaid investment funds and future exploration from cash, backed by robust cash reserves and ongoing cash flow from Segilola.

Favorable Environment: Located in a prolific and established gold-mining jurisdiction, it represents a high-margin, "bolt-on" acquisition for producers aiming to expand their operational footprint.

$153 million added to cash in the past 12 months.

We can expect a similar amount of $150 million to be added in the next 12 months. So $300 million added in 2 years.

Cost of the new mine and processing facility at Douta is $254 million so the part finance to be agreed soon will be more than covered by this tsunami of cash being generated each quarter. With plenty over for development of the mine at Segilola and continuing proving up of additional resource and exploration in 3 countries.

Investor webinar to discuss Q1 2026 results

Thor is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor session via the Investor Meet Company platform on Tuesday 26 May 2026 at 14:30pm GMT.

https://www.investormeetcompany.com/

Q1 2026 Financial Highlights

· 15,417 ounces ("oz") of gold sold (Q1 2025: 22,750 oz) with an average gold price of US$4,820 per oz (Q1 2025: US$2,720).

· Cash operating cost of US$672 per oz sold (Q1 2025: US$711) and all-in sustaining cost ("AISC") of US$936 per oz sold (Q1 2025: US$950)

· Revenue of US$74.3 million (Q1 2025: US$64.0 million).

· EBITDA of US$55.8 million (Q1 2025: US$43.6 million).

· Net Income of US$46.7 million (Q1 2025: US$34.4 million).

· Adjusted Net Cash of US$177.9 million (Q1 2025: US$24.7 million).

· Quarterly dividend and bonus dividend of CAD$0.0275 per share paid.

Douta, Thor 100%, but expected Government free carry 10%. It has a current estimated reserve of 1.2 million oz at 1.03 gm/t, a resource of 1.97 million oz of gold at 1 gm/t with an initial mine life of 12 years.

This area in eastern Senegal is characterized by an extensive gold mining industry with a large number of open pits that in total host or have hosted 12 million oz of gold. Douta lies within this rich gold landscape with the possibility of multiple million oz of gold from multiple open pits feeding in to a central processing hub.

Exploration here has proceeded over a number of years but there are many targets. Further exploration and drilling along a 15 km mineralised corridor and new licences contiguous with the original licence should increase the 2 million oz resource substantially.

26/1/26. Pre Feasability Study Summary.

Production to average 111 oz pa for the first 3 years of mine life at an AISC of US$1,469/oz.

The estimated cost of building a 100k oz pa mine at Douta is $254 million.

Pre-tax project NPV5% of US$908 million and IRR of 73% at a gold price assumption of US$3,500/oz – Payback 11 months

Project is to be entirely funded from the Company’s cash reserves and project financing.

Project financing is to be arranged in H1/26. Construction is likely to be by the Chinese company who were contracted for the build of Segilola. Commence 2 year build H2/26 with first gold pour H1/2028.

54Moz of gold surrounding Douta in Senegal and Mali.

Nearby gold properties are:

Massawa. Endeavour. In production. Douta is adjacent E of Massawa.

This is a huge licence area with many open pit gold mines.

It had reserves of 2.6 million oz at 3.94 gm/t and a resource of 4.4 million oz on sale from Barrick.

The ore is partly oxide and partly refractory with processing at Sabodala processing facility via CIL and a new BIOX.

It was acquired (90%) by Teranga Gold Corp from Barrick for US$380 million in cash and shares in 2020 (then Teranga was subsequently acquired by Endeavour Mining in 2021).

Sabodala-Massawa. Endeavour. This is a Tier 1 world class mining complex, the largest in Senegal.

Douta is aprox 30 km SE of the processing facility.

Sabodala has been in operation snce 2009.

Historic production. Over 4 million oz of gold.

2025 Reserves of 2.7 million oz at 2.01 gm/t. M&I resources are 5.2 million oz at 2.02 gm/tTotal endowment. Over 9 million oz.

It has production from mostly open pits in the region with some underground at 273k oz at 2 gm/t in 2025 with AISC $1248 oz.

Map: https://www.endeavourmining.com/our-portfolio/sabodala-massawa-mine/

Makabingui gold project. Bishop Resources. Resource of 1 million oz at 2.6 gm/t.

Located immediately to the east of the northern part of Douta's licence.

Other properties in the region include:

 Mako Gold Mine. Resolute. Resource of 1.3 million oz, located approx 35 km SW of Douta.

Loulo (W Mali) - 12.5Moz. Barrick.

Goukoto (W Mali) 5.4Moz. Barrick.

Sadiola (W Mali) -

Douta. Shallow drilling for oxide ore has been yielding significant results which may convert into 3 new pits to feed into the main processing hub for Douta.

Bousankhoba Exploration Drilling Results.

This new licence has had first drilling in 2026. It's showing excellent potential from initially three prospects SW of and parallel with the main 2 million oz Makosa resource at Douta.

Sekhoto North Prospect.

Approx 3 kilometres north of Sekhoto, the Sekhoto North Prospect has been defined by strong gold-in-soil anomalies. A first-pass air-core drilling program over these anomalies that was completed by Thor in early 2026, delivered multiple significant intersections.

· Drillhole BSAC045 - 4m at 17.0g/t Au from 7m

· Drillhole BSA019 - 4m at 4.56g/t Au from 6m

Massa Massa Prospect.

Near Makosa Tail at the SW end of the defined resource for Douta. This could be the most significant deposit in this new licence.

The Massa Massa Prospect is located in the northern portion of the Bousankhoba exploration permit and covers an area of extensive artisanal gold workings. These workings align with a series of parallel north-east trending shear zones that form a semi-continuous strike length of 4.2 kilometres. The Company intends to immediately mobilise an RC rig to this area, which has yet to be drill-tested.

Sekhoto Prospect.

SW of Sekhoto North and on trend with the other two prospects. Not drilled yet.

At the Sekhoto Prospect, gold mineralisation has been delineated over approximately 1.5 kilometres of strike.

THX Dividend payment will be Friday next week.

"The Company also confirms that the quarterly dividend will be paid on 15 May, 2026."

An opportunity for some to reinvest the proceeds here whilst the sp is low cf the high of 99p a few months ago in January!

Whilst we wait for drill results to come in across all licences in Nigeria, Senegal and Cote d'Ivoire that should start to drop imminently this month it's worth looking back on what we have from Guitry last year. This prospect was purchased from Endeavour who carried out limited exploration and shallow drilling. But Thor has taken this information and made a new interpretation of the geology of the setting with spectacular results. Thor's drill results from their first RC drill campaign last year included the following with follow up drill results expected any time now and a maiden resource is expected to be announced soon.

22/7/25. Results from maiden drilling campaign at its 100% owned Guitry Gold Project ("Guitry") in Côte d'Ivoire.

· Drillhole GURC25-208 - 14m at 2.59 grammes per tonne ("g/t") of gold ("Au") from surface

· Drillhole GURC25-209 - 4m at 6.87 g/tAu from 38m

· Drillhole GURC25-212 - 5m at 7.48 g/tAu from 5m

· Drillhole GURC25-214 - 10m at 10.36g/t Au from 57m

· Drillhole GURC25-216 - 7m at 3.93 g/tAu from 7m

· Drillhole GURC25-219 - 3m at 14.50 g/tAu from 82m

· Drillhole GURC25-221 - 13m at 3.46/t Au from 114m

· Drillhole GURC25-227 - 7m at 7.71 g/tAu from 77m

· Drillhole GURC25-228 - 5m at 12.65 g/tAu from 69m

· Drillhole GURC25-229 - 17m at 2.16 g/tAu from surface

27/8/26. Further to the maiden drill results, announced on 22 July 2025, additional assay results received include the following highlights:

· Drillhole GURC25-232 - 8m at 14.54 grammes per tonne ("g/t") of gold ("Au") from 114m

· Drillhole GURC25-234 - 4m at 10.68 g/t Au from 81m

· Drillhole GURC25-212 - 7m at 5.31 g/t Au from 155m

13/10/26. The additional assay results received to date from this drilling program since August 2025, include the following highlights:

· Drillhole GURC25-246 - 6m at 9.63 grammes per tonne ("g/t") of gold ("Au") from 89m

· Drillhole GURC25-240- 7m at 1.50g/tAu from 72m

· Drillhole GURC25-247 - 14m at 1.30g/tAu from 57m

Numerous high gold grades have been intersected in the primary zone over a 400m by 300m area.

In the Southern Zone intersections that were reported previously such as 7m at 7.71 g/t Au in GURC25-227 and 5m at 12.65 g/t Au in GURC25-228 indicate that grades appear to increase at depth with most of the grades exceeding 5 g/t Au being located in the fresh bedrock.

Segun said this week no share buy backs are being considered BUT quarterly dividends will continue this year and likely next year and so on with another year end special bonus at the end of this year likely.

Following the announcement of the Company's dividend policy in 2025 of a minimum of C$0.0125 per share per quarter, the Company returned approximately $18 million to its shareholders through dividends paid during FY 2025. A special dividend of C$0.015 per share was paid subsequent to the Year, taking total shareholder returns to date to approximately US$32 million.

Dividend. The group will maintain its dividend policy through 2026, with the next quarterly dividend payment scheduled for May 15, 2026.

Dividend for the Quarter will be paid at an amount of C$0.0125 per share.

Proposed dividend timetable

Ex-Dividend date: 24 April 2026

Payment Date: 15 May 2026

Shore Capital. In a 20-page note, the broker initiated coverage with a 'buy' rating and a 125p price target, implying around 55% upside from the close at the end of last week, citing progress at the Douta gold project in Senegal and strong cash generation from its Segilola mine in Nigeria.

Segilola remains central to the strategy. The mine is expected to generate $357 million of free cash flow over the next three years, supporting development largely through internal funding.

****************************************************************************

Yesterday's Presentation Slide 8 @13 mins shows Segilola incl the proposed profile of the deepened pit and a sample of one of the narrow shoots that extend to depth. Segun says they are working on better understanding of the structural controls of these shoots. Hence 6 diamond rigs employed. It seems the revised mineral resource estimate may partly depend on assessment of commercial underground mining of some of these shoots. Note the width of some of the sample drill results. Hence he can't give a new time line for this update.

https://youtu.be/DcTjikXc07E

Video presentation and Q&A with Segun today.

Thor Explorations is pleased to announce that Segun Lawson, President and CEO, will provide a live investor session via the Investor Meet Company platform on Wednesday 15 April 2026 at 2.30pm BST.

Q1/26 Production report. Looking back over the past year the last 4 quarterly reports have been released between the 13th and 17th of the month following the quarter end.

So it's likely we will get Q1/26 production details next week and possibly ahead of the webinar next Wednesday so Segun can kill 2 birds with 1 stone as it were!

Following the announcement of the Company's dividend policy in 2025 of a minimum of C$0.0125 per share per quarter, the Company returned approximately $18 million to its shareholders through dividends paid during FY 2025. A special dividend of C$0.015 per share was paid subsequent to the Year, taking total shareholder returns to date to approximately US$32 million.

Dividend. The group will maintain its dividend policy through 2026, with the next quarterly dividend payment scheduled for May 15, 2026.

Dividend for the Quarter will be paid at an amount of C$0.0125 per share.

Proposed dividend timetable

Ex-Dividend date: 24 April 2026

Payment Date: 15 May 2026

Investor webinar to discuss FY25 Results

Thor Explorations is pleased to announce that Segun Lawson, President and CEO, will provide a live investor session via the Investor Meet Company platform on Wednesday 15 April 2026 at 2.30pm BST.

The session will discuss the FY25 Results, as announced on 9 April 2026.

Yes, the Iranian video shows 4 huge trucks in convoy on the road, all with missiles. The trucks are of a type that is shown in the annual May military parades in Red Square. Missile type unknown. Range unknown. Maybe Iran has received help in this regard?

Unconfirmed report that the Fed Reserve is holding an emergency meeting today Sunday 5/4/26.

US Markets are open tomorrow Easter Monday.

Due to events in the war in the ME over Easter and carrying over into next week severe volatility can be expected for metals and Markets in the coming days.

The following are news items from official sources that may not be found in the MSM at present or not at all! I have no knowledge if the events are likely or can be changed due to operational decisions or diplomatic engagement:

The Speaker of the Iran Parliament seems to utilize proxies to post messages on Social media. The latest such message makes clear Infrastructure war commences within 24 hours.

The message, posted at 01:26 this morning, April 5, in Farsi language (Iranian), is machine-translated as follows:

"If Iran does not receive a credible signal by tomorrow of Trump reconsidering an attack on Iran's infrastructure, it will preemptively, irreversibly, and on a massive scale target the Saudi electricity and oil production infrastructure, as well as that of the Israeli regime. Iran has so far refrained from exercising this option in order to avoid entering an "irreversible infrastructure war" and a "Ukrainization of the region," but the time for this restraint will end in the next 24 hours."

This gives a time line of over night tonight 5/6 April 2026.

TRUMP ANNOUNCES MAJOR MILITARY PRESS CONFERENCE TOMORROW 1:00 PM

President Trump announces he will be having a news conference with the US Military at 1 PM ET tomorrow (Monday, April 6). This is just 3 hours after his “48 hour warning” to Iran expires.

5/4/26. The government of Iran has put out an official video showing a very large missile on a transporter-Erector-Launcher (TEL) truck. They say it will be "a massive surprise coming tonight that the world will remember for centuries." Target/s ???

Nimrod 22. You query whether my post below is correct. The stats are taken from Endeavour so assumed to be accurate!

West Africa. 1st. Largest global gold producing region in 2024. 15 million oz. Sth Africa 3 million oz.

West Africa. 1st for global gold discoveries by a country mile. 70 million oz gold discovered 2010-2024.

Endeavour Mining: No 1 for global gold discoveries over the past decade. 12.4 million oz.

Endeavour 4th largest gold exploration spend in 2024.

Burkina Faso. THX had a licence in SW BF years ago as I remember. There was a farm in partner who did some exploration but nothing came of it and I assume the licence was surrended. The present military government is supportive of the mining industry as has been previous civil governments. I had shares in WAF (ASX listed) for many years. It has built 2 large mines in BF on time and on budget with full support from the Government for licences and operates with no trouble in the SE of the country.