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Willz, yes, that caught my eye too.

Perhaps (or not), more significantly, Segun DIDN'T mention Guitry in his summary at the end.

Bearing in mind Thor's RNSs tend to be very carefully considered IMO, I reckon that the Marahui drilling results may be quite exciting, and Marahui may be leapfrogging Guitry in the eyes of management.

Obviously that is all speculation, but we know how excited Segun has appeared to be over Marahui in the past, and I think you and I have been of the same mind on Marahui since the initial soil and rock-chip sample results.

Just wait for the Marahui drill results.

Personally, I believe there's every indication that they'll be spectacular.

A lot of posters/shareholders on here forget (or don't realise) that Darren Bowden is a significant MTL shareholder, ie has, from his own personal point-of-view, massive 'skin in the game', and is thus highly incentivised to do his very best for the company and its shareholders; also, he'll be hurting far more than virtually anyone else on here if things go ts-up.

Yes, things haven't quite gone to plan in the Philippines this last six months or so, but he's already intimated that there's something "shovel-ready" that he's been looking at for the Runruno plant. (Failing all else, ship it out to Nicaragua and shell-out 200k oz a year instead.)

Runruno is yesterday's story, as has always been known. Far more significant is the granting of four more licence areas, the granting of a 25-year mining lease, and the start of production with little or no debt.

As for whether they'll have enough cash to see La India into production is pretty irrelevant in the overall scheme of things. Personally I think they have/will have, but borrowing an extra few million to see it into production, and massive free cash flow, won't be a problem - and can be paid back in five minutes anyway.

RetiredBanker, if they maintain the current level of production and gold stays around its current level, they should make a lot more than that, bearing in mind they averaged about $3,400 an ounce in 2025, whereas it could be nearer $4,500 (possibly more, possibly less) an ounce in 2026.

Don't forget the really exciting bit, drilling at Marahui in Cote d'Ivoire.

@Adw198 "I don’t expect Segilola mine life extension this quarter. I think we’ll get an RNS broadly similar to the Douta one this time last year basically saying the ongoing drill results justify putting the mine life update back a bit to allow everything to be incorporated."

I'd be disappointed if that were the case as the company explicitly stated that they would release an update in Q1, specifically with progress up to /as of 31/12/2025, with more drilling results to follow on later.

Fuel costs may rise a bit for Thor, but they don't use diesel, they use local Nigerian CNG (compressed natural gas), I believe.

They changed over to CNG a couple of years ago because it's much cheaper than diesel.

Another canny move by Thor, helping them to have one of the lowest AISCs globally.

What I'm waiting for is spectacular drill results from Marahui; and that could change some priorities, especially if the high-grade rock chips samples indicate a nice thick open-pittable supergene layer at surface. Also, Guitry is pretty impressive too by all indications.

Catchingpigeons, not only am I expecting the imminent Douta PFS to be pretty special, but the ongoing exploration potential of the vast amount of highly prospective ground that they have amassed in Senegal since the original MRE of 1.7m ounces is incredible.

I reckon they'll be very profitably mining gold there for decades to come, funding huge expansion in Cote d'Ivoire and other places.

Nice to see gold breaking through the $4,600 barrier for the first time!

It's interesting that no one seems to have discussed what they're expecting in the forthcoming Douta PFS.

The latest official update to the resource estimate for Douta was way back in March 2023, nearly three years ago now!

At that point the total resource was stated as 1.78m ounces.

Since then the project has expanded considerably, firstly with the addition of Makosa East in 2024, and secondly with the addition of Baraka 3 in 2025. (Obviously that's not to mention their recent interest in Bousankhoba, which won't be included in the PFS but offers considerable future upside.)

Therefore, I'd be surprised if we weren't looking at around 3m ounces for starters in the PFS.

Given the already huge size of the enlarged Douta project, I wouldn't be at all surprised if it ended up being around 5m ounces including Bousankhoba, looking at the grades there.

All IMHO, of course.

Also, he went as far as to quantify several things which I'd not heard before, like the 180,000m of drilling and testing they had planned (60,000m in each of the three countries), open pit extension and putting in a decline through the ore in preparation for the underground phase which "would pay for itself" (or words to that effect), ready to access the already identified underground 150,000 ounces grading 5.5g/t, and that he saw cash at year end up from the current $81m to $115m+.

I'm surprised that the Mining Network Interview, posted here by IBABFO2.0 yesterday (link below), hasn't sparked any sort of discussion.

https://youtu.be/RGp4r4dbaSo

This is much more interesting and revealing than the Investor Meet presentation, IMO, as Segun is surprisingly candid in his discussion with the interviewer; there's definitely a few snippets of info in there to be gleaned!

I believe it was cyanide contamination at MTL rather than arsenic, apologies if I'm wrong.

I don't believe artisinal contamination is likely at Douta, but nonetheless if the bacteria do get killed off you simply clean and repopulate; the worst that's likely to happen is a few weeks delay, but if you run this alongside other oxide processing (as would be the case at Douta) it constitutes little more than a blip/dip in production.

Yes, mining's risky, in all sorts of ways, but there's certainly nothing new in that.

It's a well tried and tested technology, successfully implemented in dozens of gold mines around the world.

The key is test and tune the mix of bacteria on samples in the lab, specific to the specific type of ore at your location. If you struggle it's because you haven't done it right.

(It's a share LSE saw fit to butcher my previous post due to the use of one perfectly innocent and appropriate word, removing all the relevant capitalisation,etc.)

Anyway, following on from my previous post, they don't have to buy/implement a BIOX solution on day one as they have (at least) 6 years' worth of oxide (and almost certainly quite a bit more), before they have to start worrying about the refractory ore.

Then think about sourcing the BIOX circuit to complement/insert before the CIL plant.

Of course, if it were me, I'd simply get stuck straight into the millions of very high-grade oxide ounces that are [probably] at Marahui!

the easiest and cheapest solution for processing the refractory ore is to use a low-cost, sustainable biox process from a company like metso, which consists of a series of large tanks.

it really isn't rocket-science, it simply uses a specialist ****tail of about four different species of bacteria to eat their way through, and hence break-down, the minerals binding to the gold particles, and hence liberate them ready for passing through the standard cil process.

Investing is about looking forward, not simply the present, or everything would be perfectly priced.

There is a huge amount of evidence that THX is heading into mid-tier territory over the next few years, notwithstanding unforeseen events (and I don't see PoG as one of them; it would simply have to fall too far).

Yes the price will go up and down, but the last month or so has seen a significant rotation of shareholdings from the earlier (in profit) holders to new investors looking to the future.

I don't see a conservative CEO like Segun, with his large personal shareholding, embarking on a dividend policy without a high degree of surety that THX will be generating a lot of cash from Segilola for years to come, and being able to largely fund Douta from internal cash generation.

As for the slightly longer-term future I, like Segun, can barely contain my excitement about Marahui. I've spent quite a while studying the resource history and profiles of the top 10 or so multi-million ounce gold mines in Cote d'Ivoire, and see Marahui as being one of them - possibly on the scale of Ity, with a future of 20+ years of high-margin gold production.

Guitry is also looking like another great project in the making.

None of this is even on the radar of most investors, let alone baked into the current share price.

(I have bought another 30,000 THX shares this morning.)

I find it quite remarkable that we were at the current share price at the beginning of September when gold was about $850 an ounce lower.

That means that THX will be earning an EXTRA $70m-80m a year in additional tax-free FCF since then!

And it's another 10,000 for me, as gold appears to be zooming up again.