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The PE multiple will jump when THX is a 2-mine company and again when it's a 3-mine owner.

Bring it on.

ISA - I like your well thought out replies.

Post Douta, Segun will have built two mines. M&A comes with risks. But the big caveat is Africa Finance Corp's role as advisor to the company.

I have no proof but I wouldn't mind betting that AFC was the catalyst for the pivot from Burkina Faso to Cote d'Ivoire.

If there's a distressed asset in a safe jurisdiction then AFC is likely to know about it. It seems to know when majors want to divest themselves of quality exploration projects. I would be very confident that between Segun & his team and AFC there's a lot of very good market intelligence to make the right moves, whether that is via M& A or grassroots exploration and development.

This is ridiculous speculation.

Africa Finance Corp owns 15%. It is a long term financier to Africa. Secondly, management owns 5-10%.

Why sell when this will be a 4-500,000oz producer by 2030?

"Exploration expenditure guidance of US$9 million - $11 million in Nigeria, US$10 million - $12 million in Senegal, and US$8 million - $10 million in Côte d'Ivoire for 2026."

How many junior miners are spending $30+m on exploration? This is a big number and will return a fortune to shareholders in the coming years.

ISA, I beg to differ.

Segilola remains the crown jewel for many years to come.

Trucking 5g/t ore 50km from satellite deposits will print cash after Segilola itself is exhausted, which at current GP might be another 5 years away for the open pit plus what is still to discover underground.

Douta and Cote d'Ivoire will be great assets but grade (and recoveries) is king.

It would be a great time for Segun to release the updated mine plan for Segilola.

The 2021 plan was done at $1600 gold.

At the current price Segilola will still be operating in 10 years time!

Well said ISA. I'm with you in playing the long game.

My entry price is CAD 21c back in 2020 so I will also celebrate a decade in 2030.

I bought my wife a stock for $1 in 2020. It did nothing for years but is now trading at $45.

Patience and doing nothing is the greatest test but if you hold (and get lucky) the rewards are HUGE.

I always appreciate your posts.

ATB.

ISA - at $3000oz Segilola will have 5 years more mine life plust satellite pits. It will be printing cash for many years to come.

Throw in an early start to refractory ore at Douta and there's a great production profile in the making.

And then add in Cote d'Ivoire.

The next 5 years should as good as the last 5.

ISA - keep calm and keep buying.

We are on a winner. I'm thinking about 160,000ozpa production at Douta.

If Segun can get Segilola back to 90,000ozpa with the high grade material THX looks pretty good with 2 mines and 250,000oz of gold per annum.

It's certainly a crazy time ISA. You & I are in for the long haul so these short term gyrations in the SP are just annoyances rather than anything more serious.

Still lots to look forward to in Q1 & Q2.

There's the tantalising thought that perhaps by 2030 Douta is producing $160,00oz and Cote d'Ivoire is commissioning and all the while Segilola life continues to extend.

If you want a reasoned view on gold watch this.

https://youtu.be/-Ip5RYsvLE4

What does Segun & the gold price got to do to get the SP over £1? Financial close for Douta will come quickly.

This stock is outrageously cheap! I guess we now wait for Segilola upgrade and then some red hot results from Cote d'Ivoire.

If it stays this cheap then someone is going to make a bid by year end after we get a maiden resource from Cote d'Ivoire.

A great conversation with Segun.

Only one week to Douta PFS. There could be a big surprise to the upside.

Explration happening at a rapid rate with 5 rigs operating at Segilola & surrounds, 3 in Senegal & 2 in Cote d'Ivoire.

Segilola: 80,000oz at $3500 margin = $280m. We can pay cash for the Douta mine and plant. First gold to be poured in Q.1 2028.

Buckle up everyone.

I think you are on the money ISA. Hold until 2030 and this is a 400,000oz producer across 3-4 mines (2 in Cote d'Ivoire if Segunn's enthusiam is not misplaced) in 3 West African jurisdictions.

And with Africa Finance Corp's guidance no doubt there will be more opportunties broght to the board for consideration. Segun is going to build a West African gold empirre!

I think this is a deliberate strategy to take advantage of the high gold price to mine some low grade ore and/or increase production from the low-grade stockpile.

Overall a great resullt and the outlook will get a big boost later this qtr from a Segilola life-of-mine upgrade.

In the meantime we can look forward to full year financials and Douta PFS in two weeks.

Valuations are tricky because who knows where the gold price is going. does anyone, really?

This stock is going to require patience because not everyone see the future as us THX bulls see it.

For one thing there's a discount for a one mine operation. That mine, apparently, only has two more years of mine life.

West Africa is an uncertain jurisdiction witht the likes of Mali, Niger, Guinea and others looking to nationalise gold assets now that gold mines are a licence to print USDs.

THX is listed on the wrong exchanges.

Segun is still proving himself as a CEO/MD capable of running a significant mining company with potentially 3 mines operating by 2030 producing 400-500,000 oz.

I don't actually believe any of this but I think this is the mountain, or wall of worry, we have to climb.

Merry Christmas everyone.

Who is to say how much more mine life there is at Segilola. High grade satellite pits can be blended with stockpiled low grade ore to add years. Just cutting the pit back to reflect a long term GP of say, $3000 will add more years and thirdly, undergound potential adds even more years.

How many years does this add up to? Only management knows and will let us know soon enough.

It looks like Douta will be 20+ years if Segun replicates the Segilola plant but I think once commissioned I'd expect there will be a Phase 2 where he doubles the size. Doutais looking like the new 'flagship' for Thor and if Segun's excitement over Cote d'Ivoire is anything to go by it will supercede Senegal in due course.

There is so much more to play out in the next 12 months.

Better to just say by 31 Jan the SP will be >£1 , including Segilola upgrade £1.50.

Segilola upgrade probably comes 1st.

THX requires patience.

Segun has set out the path for 2026.

3 mines by 2030 producing 300-400kozpa.

Probable AISC ~$1000.

At current gold price THX will be printing more cash than the Fed!

Jiangxi is getting ready to strike. Is it a coincidence how quickly things are progressing since it moved from 6% to 12%? TSX delisting has been completed. Once Explorco is separated Jiangxi will bid. It's as certain as death & taxes.