Member Info for TO73

I don't think I agree with you on that one. A gold miner has sites spread across geographical locations. So a "new" mine in another country is just an expansion of its operations.

Adw198, I thought you would never ask...I was prepared. I will ignore "junior" as there is no cut and dried yardstick to decide when a junior transitions to a larger god miner. They used their cash because they had it. If you have cash, you use it. It is much cheaper and it improves your margins significantly.

1. Barrick Gold Corporation

Expansion Projects: Barrick has consistently used its cash reserves to fund expansion projects. A notable example is the Pueblo Viejo Expansion Project in the Dominican Republic, where the company is investing to extend the mine's life and increase production capacity .

Joint Ventures: Barrick has also invested in joint ventures, such as the one with Newmont Corporation for the Nevada Gold Mines, where both companies pooled resources to expand and optimize operations .

2. Newmont Corporation

Tanami Expansion Project: Newmont has invested in the expansion of the Tanami mine in Australia, which involves deepening the existing mine and adding new infrastructure to increase production .

Acquisitions: Newmont used its cash reserves to acquire Goldcorp in 2019, significantly expanding its operations and resource base. This acquisition was part of a strategic move to increase production and global footprint .

3. Agnico Eagle Mines Limited

Meliadine Mine: Agnico Eagle has invested heavily in the development and expansion of the Meliadine mine in Canada. The company used its cash reserves to bring the mine into production and is continuing to invest in its expansion .

Amaruq Satellite Deposit: Adjacent to the Meadowbank mine in Nunavut, Agnico Eagle has used cash reserves to develop the Amaruq satellite deposit, which serves as a significant source of ore for the Meadowbank mill .

4. Kirkland Lake Gold

Macassa Mine Expansion: Kirkland Lake Gold has used its cash reserves to expand the Macassa mine in Ontario, Canada. This includes the construction of a new shaft to increase production capacity and improve operational efficiency .

Acquisitions: The acquisition of Detour Gold in 2020 was funded through a combination of cash and shares, significantly expanding Kirkland Lake Gold's production and resource base .

5. Yamana Gold

Jacobina Expansion: Yamana Gold has used its cash reserves to expand the Jacobina mine in Brazil, aiming to increase production capacity through phased expansions .

Mara Project: The company is investing in the Mara project in Argentina, which involves the integration of the Agua Rica project with the Alumbrera plant, funded through internal cash reserves and joint venture arrangements .

Sources

Barrick Gold Corporation Annual Report: Barrick Annual Report

Newmont Corporation Annual Report: Newmont Annual Report

Agnico Eagle Mines Limited Annual Report: Agnico Eagle Annual Report

Kirkland Lake Gold Annual Report: Kirkland Lake Annual Report

Yamana Gold Annual Report: Yamana Gold Annual Report

HarChris, I think I might still like you yet. Please go on...

What makes you think I intended it as a negative towards the company I was just stating a fact. I was simply saying that there is a good chance I will not see any of this and next year's profit in my pocket. Even if there is a slight tick-up in share price this year, what happens if we keep missing next year's guidance or ore grades keep deteriorating - another dip. I have dumb money in the company and I own my mistake. I won't be repeating it though. My personal decision.

Let us assume you are right that companies rarely use mosr of the cash they have to expand their operations, what is the point you are trying to make? That Thor should consider issuing a dividend therefore? That aligns with what I want, so please make the point.

Yes, mining companies often use their cash reserves to expand their mines. This practice is part of their broader capital allocation strategy, which balances sustaining existing operations, investing in growth opportunities, and returning value to shareholders. It is quite common as old is more or less money. If you have the money, you use it.

so, if we manage to put together $80 - $100m profit in 2024 and 2025, this may not be even enough to satisfy capex for the douta mine project. we have spent $153m in 2.5 years on capex at segilola (maybe more to come, who knows?), so this assumption is realistic. the balance sheet is better but there is still absolutely nothing in my pocket as a shareholder.

sincerely (maybe signing off this way will will help you believe i am genuine and not the facts)

the concern churner ( heh-heh. i quite like the sound of that - tcc)

ps: when you are ready to have an intelligent conversation, we will have one. right now you are just ******* me off as a time waster.

Revenue (95,000 oz * $2,250/oz) $213,750,000

Cost of Sales (95,000 oz * $1,100/oz) $104,500,000

Gross Profit $109,250,000

Other Expenses (using 2023 figures as a proxy) $ 53,750,000

- Amortization and Depreciation $ 28,239,911

- Other Administrative Expenses $10,746,349

- Impairment of Exploration and Evaluation Assets $11,671

- Interest Expense $13,074,395 (should be less considering debt paydown)

Net Profit $55,500,000

Thor Explorations is projected to have a net profit between $35.9 million and $49.9 million for FY 2024 if gold production is between 80,000 to 85,000 ounces.

This range is based on the following assumptions:

Gold Production: 80,000 to 85,000 ounces

Gold Price: Average of $2,250 and $2,350 per ounce ($2,300)

AISC: $1,100 to $1,200 per ounce

Other Expenses: Consistent with 2023 figures (actual figures should hopefully be less)

Gold Production AISC Revenue Cost of Sales Gross Profit Other Expenses Net Profit

80,000 oz $1,100/oz $184,000,000 $88,000,000 $96,000,000 $52,072,326 $43,927,674

80,000 oz $1,200/oz $184,000,000 $96,000,000 $88,000,000 $52,072,326 $35,927,674

85,000 oz $1,100/oz $195,500,000 $93,500,000 $102,000,000 $52,072,326 $49,927,674

85,000 oz $1,200/oz $195,500,000 $102,000,000 $93,500,000 $52,072,326 $41,427,674

$36m to $55m is not much...and according to the current mine plan, this was supposed to be our best year.

The 2023 Financial Statements mention that a new technical report supporting the updated life of mine ("LOM") plan and Mineral Resource and Ore Reserve Estimate was being prepared, and it was expected to be filed on SEDAR (System for Electronic Document Analysis and Retrieval) by the end of Q2 2024. However, it appears that it has not been uploaded yet. It is only another thing that gives pause.

If we have another 8 years at Segilola, this would be fantastic. It still does not mean we should not maximise our profits by reducing our expenses - not just interest payments, but other administrative expenses.

I wait with bated breath for the updated technical report.

Smart money does not rely on social media posts, chat boards or people talking up their investments to decide where to invest. Smart money looks at cold hard evidence e.g., mine plan, level of debt, accounts payables, and future plans. Increasing revenue is a good thing. The question is - how has that revenue been increased? Are you producing more, or have you got lucky (e.g. higher gold prices)?

To maximise profit, you reduce expenses and increase revenue.

Thor needs a solid plan on how we intend to reduce our expenses and increase our productivity. We need an updated mine plan and a clear path on how we are going to reduce our expenses. I believe we are hemorrhaging money. Maybe then smart money will have a look-see. Who knows? ***shrugs***

Re: Adw198, SL is that you? Bwa ha ha, I am just playing...or not (***chuckles***)

As to you saying I am "whining", I see you. My content seems to bother you. I have no apologies. All I am asking is that you put your money where your mouth is. If you think all is well and no improvements are needed, invest more of your money. It is advantageous to me. I will never stop you. I will however not deceive anybody. I have stated many times that my findings have given me pause. Until I see a change in operational management or a solid plan that indicates this will happen, it shall remain so.

I have a gift - I see miles ahead than most. People tend to have to catch -up to my sightings. Knowing this, I try to be proactive - prevent the preventables. Sometimes it does not work - some people just refuse to be great...but when it works, it is such a joy to behold.

So, I will continue to do my research and share my findings. You know what to do.

Let me give you examples:

1) i disagree with you. the avergae AISC for mines of Thor's size is between $1,100 and $1200. Lok at the financial staements of x,y or z

2) Spending $1.5m on cars and furniture every year is standard. It is not unusual. Look at the statements of x, y or z

3) life-of-min capex increasing from a projected $99m to $1.53m in 2.5years is not unusual. Look at the CPR for company x, y or z. We should expect another extra $200m for the rest of the life of mine

Need I continue?

I do not think it is your place to determine"how genuine I am". What you should be doing is looking at the facts and figures and seeing whether they are true or not. If I am posting porkies, the easiest way to discredit me is to come up with the true figures. Come up with evidence-backed explanations. We can then have an intelligent conversation.

"Personally I don’t think anyone will place much credence 1 way or another from someone who has no footprint beyond the 85 posts you’ve made all on this stock within 10 days"

Exactly! So IGNORE my posts. Others like you will do so too :) It is a win-win.

Thank you.

Me prickly? Yet you were the one accusing me of deliberately using "Thor app scam" as a way to make Thor look bad. I have suspicions about you too. I have not accused you of anything. So what made you think you had the right to accuse me? SL told me in an email no member of staff posts anything here. In my mind I am asking - so do you monitor all staff 24/7? How do I know you are not a paid hand enjoying the perks of operational Thor :) ? Easy on the accusations. Two can play at the game.

2023 was said to be a difficult terrain and the projection for the rest of the year is $1,100 to $1,200. It still looks higher than average. This is why I am really curious to see the explanation for Q1's unusually low AISC. It is more in line with the projection given in the mine plan which was $638 per ounce of gold.

If management comes up with solid documented plans on how they plan to reduce these costs going forward, this should make potential investors happy.

My motivation: Attract investors which should result in higher share prices. Playing the ostrich does not help existing shareholders. The only way to do this become exceptionally transparent, minimise costs, and spring no adverse surprises. All the buttering up has not helped. Just look at the share price.

So you are actually telling me you do not remember how "Thor app scam" came about? Seriously? Why didn't YOU start a new thread? Thor app scam about. I am simply continuing the thread. please feel free to think whatever you like about me. What does it matter? You have been making your contributions. I have not accused you of anything. I left you alone. Why is it ok for you to contribute but it becomes a problem if I do? Is it only your views that count? As long as I am not making up figures, I have a right to discuss the company's financial statements. All these are things that matter and spook investors. Except as an investor you are getting other perks from Thor, this is something that should concern you too. I do not like to be managed, so please STOP trying to manage me.

Thor's production costs, particularly mining costs, seem elevated. I know they keep saying the opposite in interviews . I don't buy it though. Endeavour Mining's AISC (All-In Sustaining Costs) for 2023 was ~$964/oz, according to their Q4-2023 and FY-2023 results report.

In 2023, the cash operating cost per ounce of gold sold was $1,006, and the all-in-sustaining cost (AISC) was $1,313. These figures are higher than the industry average for similar-sized gold producers. Thor attributes this to increased prices of consumables like ammonium nitrate and diesel due to global supply chain issues. However, it's worth investigating if there are any underlying operational inefficiencies contributing to these high costs.

These are the various leaks that erode the money. FCF may look good going forward, but what is entering our pockets?

A worker deserves their wage. I do not begrudge them.

I would love for them to reduce their expenses. But what I would like and what will likely happen are two different things entirely.

To be fair it should be $153m as I should exclude other investing activities.

As long as capital expenditure is not gulping up $200m in the next two years, things should be ok. So far, the life-of-mine capex projection of $99 has ballooned to $175m in 2.5 years.

Harchris, dip into your savings and invest some more. Please leave me be. I could not have been clearer with my questions and concerns.

Thanks for your thoughts Schmidt.

Isa investor, we see things differently. We analyse differently. We have different "fears" and different needs. We also have differing knowledge and background. What you are relaxed about, I am most scared about.

I have asked my questions. The answers I receive will determine many things for me. Thanks for your input.