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Any UK shareholders holding their shares in an ISA (Individual Savings Account) are also exempt from Capital Gains Tax, and there are plenty of individuals with 6 and 7 figure sums invested that way as well.

Well that scenario just illustrates the power of buybacks (or just the threat of them), in a very Trumpian tariffs sort of way.

Either way, it's a win-win for shareholders.

Greyw, I 100% agree that buybacks are by far the best use of any excess capital under the current circumstances, as every share bought back has a forever beneficial enhancement/uplift to the value of the remaining shares in issue - especially if you buy them back on a prospective p/e of about 1 at today's shareprice.

Furthermore, if you're a believer in the longer-term prospects of the company, that could retrospectively turn out to be a future p/e of much less than 1, based on future growth prospects.

Well, I for one have been buying my tenners for a quid here, so maybe a few others have realised the exceptional value that FRG represents; just my personal opinion.

Fully explored, permitted, constructed and on verge of becoming Zambia's largest producer of quicklime to the ever expanding copper industry.

At a prospective p/e of about 1, it's buyback time all day long for me.

It also provides the necessary liquidity to support a relatively thinly-traded stock like THX.

I'm not suggesting they spend millions doing this, but a very little would go a long way and, as has previously been discussed, would reassure investors with its presence.

... That's equivalent to about 22.5p.

Indeed, went over 40c in Toronto - quite a tick up.

Segun has said on more than one occasion that he has no intention of issuing more shares; it all revolves around how much cash you're generating and whether that continues for the next five years or so.

In any case it does the investment case no favours to have a persistently low share price, regardless. In any case, I don't think anyone's suggesting spending much more than spare change, in the overall scheme of things, on buybacks, but it might stop some holders panicking every five minutes, which seems to be what's depressing the share price at the moment.

Although share buybacks at this level have many benefits from the share price point-of-view, which might make existing shareholders more comfortable with their investment, I believe, from the company's perspective, this is a once-in-a-lifetime opportunity to acquire its shares very cheaply, which they should actively be seeking to do.

However, as you point out, I doubt they'll get the opportunity to acquire many shares at the current level, as the mere signalling of their intention to do it would probably raise the share price anyway!

... or the company simply buys-back as many of its shares as it can at a p/e of less than 1, hence increasing the forever/all-time future returns for everyone who's still holding.

Apart from establishing a floor under the price, which makes holding much easier/justifiable, buybacks at this level have many other direct advantages, eg kills off any incentive to short, establishes a higher base share price, and helps protect against any low-ball bids for the company (which can often be related, of course).

Dividends are a one-off, which may signal a pattern of future intent, but they simply aren't guaranteed to have any lasting impact on the share price; typically a 10% dividend would simply reduce the share price ex-dividend.

You could argue that about buybacks I suppose, but with 20% less shares in issue, all future returns are worth 25% more forevermore, at the same share price.

As a long-term holder I know which I'd prefer in the initial instance.

I doubt whether many/any regular shareholders were there as it was held in Vancouver, I believe, and most shareholders aren't Canadian as Thor has a largely UK and African shareholder base, and even if you're a Canadian shareholder most Canadians live several thousand miles from Vancouver!

However, AGM attendance was officially available virtually, via Zoom (or whatever), to any shareholders who wished to 'attend'/vote.

The Notice of AGM 2024, agenda and resolutions, along with background information can be found on the company's website, if you're interested.

Indeed, AGM RNS simply confirms that the AGM has taken place and all resolutions were duly passed.

There's a very simple solution to anyone selling and that's for the company to buy back their shares, that way creating instant 'forever' value accretion to all the other remaining shares in issue.

In reality you wouldn't be able to buy back half the shares in issue at the current price, but let's say you could, which would reduce a prospective p/e of 1 down to 0.5; bring it on, I say.

At the very least, buying back a very modest number of shares would underpin/enhance the share price.

Ghengis, What's the gist of the Thor mention?; as I can't read the main body of the article without subscription.

I would like to think that Thor don't actually owe anything in back state taxes as they've been totally transparent and got their calculations correct.

Nobody seems to recall that the State IRS (from memory) reduced whoever claimed they owed $1.8m to a mere $62k.

The only reason Thor were forced to pay that amount was because a court ordered them to, without affording them the statutory 30 days, to which they were entitled, to check the newly revised figure.

Looks like 5p just reached.

Whilst everyone seems to know about and discusses the main quicklime value proposition, which is massive, nobody ever seems to mention the add-on cement production - which will also be a pretty big value addition; an extra $20 million of revenues on top of the up to $50 million for the quicklime.

Firering keep mentioning this additional revenue stream, almost as an aside, in their corporate presentations, but it seems to have gone largely unnoticed.

Glencore bought and paid for a cement manufacturing plant and even went as far as laying the concrete foundations for it, but simply left all the kit sitting in containers on site ready for assembly. The beauty of this is that it requires little to no capital expenditure once they're ready to build and commission it.

The other beauty about it is that waste from the lime kilns and fly-ash from the coal gasification can be used as inputs to the cement manufacturing process, and to quote Firering "rather than selling aggregate for $6 a tonne we can sell cement for $140 a tonne".

All this will obviously not happen on day one, but you can clearly see the economic trajectory of all this, and the highly profitable nature of it, over the next couple of years - especially in relation to Firering's lowly market cap!

Good to see that the Federal Government has taken swift note of this situation to prevent any potential future economic harm to their nascent mining industry, as per Thor's RNS of Tuesday:

"The Company is in dialogue with the Federal Ministry of Mines, the regulator of the sector to prevent any such action from occurring again."

Apologies ADW, just missed your second post below.

ADW

It seems pretty clear to me that Thor paid the full outstanding amount of $61,900 in Naire, despite not being given the 30 days to which they were entitled to internally review/check the IRS's revised calculations.

The RNS seems pretty clear to me, repeating the exact same phrase in the two sentences relating to the amount owed and paid to the state IRS, and is essentially a formal statement of how they've resolved the situation and lifted the court order.