Member Info for TO73

i have been following the chat board for quite a while but did not feel the need to post. q2 results changed all of that. i was mega ****ed with the results. i had already set a benchmark as to what to expect and what would make me go ballistic. i have been in drawdown for a while on thor (it's the only disappinting one in my small portfolio) when i could easily have made 1.5times what i invested on thor this past one year. i do not say this to make mgmt feel bad. i just need them to understand my pain. i do not speak for others on this count.

5) Plant Upgrade

Contrary to my thoughts on the chat board on this issue, I have since seen that the 2021 technical report does mention that a new elution and electrowinning circuit was to be installed to improve the efficiency of the processing plant. I still have to ask how come we are managing only 94% recovery when the mine plan was for 97%.

Question: The 2021 technical report mentioned an upgrade to the elution and electrowinning circuit aimed at improving processing efficiency. However, the current gold recovery rate of 94% remains below the 97% target outlined in the mine plan. Could you please provide a detailed analysis of the factors impacting gold recovery, including any technical challenges or ore variability, and outline the steps being taken to achieve the targeted recovery rate?

Thanks for all your hard work.

My question is what gave management the confidence that we could get up to 95koz even though the mine plan stated we were likely going to recover 77koz? I ask because the statement led me to believe that maybe some gold deposits were underestimated so it was rather surprising to see the average milled grade drop drastically in 2024 in contrast to what is in the mine plan. It should be noted that to date, we have not met any of the gold recovered figures stated in the mine plan.

Question: The actual milled grades and gold recovery for 2022 and 2023 have significantly deviated from the projections in the 2021 CPR. Could you provide an updated mine plan or resource model and a comprehensive explanation for these variances, including any changes in mining operations or geological models?

3) Gold-In-Circuit and projected gold to be recovered in 2024

In an interview at The KE Report published on Youtube on April 19, 2024, Mr Segun Lawson stated that the plan was to keep Gold-in-circuit at an average of 1,500oz which was considered achievable as a recent upgrade to the processing plant. If this has been followed, could you please explain the basis for which the operating guidance for recovering 95koz to 100koz has been reiterated even if the plant runs 24/7 at a capacity of 120tonnes hr? The ore stockpile average at the end of Q2 was 1.01g/tonne. The average milled gold grade for H1 is 3.14g/tonne. I recollect at the Q1 update that when there was high-grade ore in the stockpile, you gave us a heads-up which led us to expect an average higher grade in Q2. Unfortunately, you have given us no indication to expect a higher average grade in H2.

Question: The projected gold recovery of 95-100koz seems ambitious considering the current ore stockpile grade of 1.01 g/t and the H1 2024 average milled grade of 3.14 g/t. Could you please elaborate on the specific factors that underpin this guidance, such as the expected ore grades for H2 2024, the impact of the recent plant upgrade, and any adjustments made to the processing circuit?

4) The resignation of BDO

I worked as an IT auditor in a Big 4 accounting company in the UK for nearly 7 years. An auditor resigning is always a heads-up. I acknowledge the reason BDO gave, however, it does not add up to me. I am confident to question this as I know what may be going on behind the scenes is not always what is given to the public. The longer it takes you to appoint a new auditor, the more spooked investors will be.

Question: While the stated reason for BDO's resignation is noted, could you please provide additional transparency regarding the specific circumstances surrounding their departure and the timeline for selecting and onboarding a new auditor? This information would help alleviate investor concerns.

1) Low AISC in Q1, 2024

I will start by repeating a question a person with handle Schmidt1 asked - how is it that you could manage an AISC of "US$632 per oz sold" in Q1 of 2024 based on an average of 2.8g/tonne Au milled? When I came across that, I thought I did not understand it due to my inexperience in the gold mining business. I was therefore intrigued when it was brought up by someone else with a lot more experience. In 2022, it was US$1,091 and in 2023, it was US$1,313, yet the average g/tonne Au for FY2022 was 3.45 g/t Au, and FY2023 was 2.77 g/tonne. Could you please help me understand why there is such a large disparity in the AISCs. I understand it is a positive disparity but I would love to learn.

Question: Given the reported average milled grade of 2.85 g/t Au and the historical AISC figures, the Q1 2024 AISC of US$632 per oz sold appears exceptionally low. Could you please clarify the methodology used to calculate this AISC and provide a detailed breakdown?

2) Mine Plan

Is there an updated mine plan? I ask because the next few statements are based on what I gleaned from the CPR of 2021 and the DFS of 2019.

In the cashflow projections in the CPR, 2024 was supposed to give us milled gold grade of 5.40.

2023: 3.45

2022: 4.88

In 2022, 98,006 ounces of gold were recovered (the milled gold grade in 2022 was 3.45 g/t Au). In 2023, 84,609 ounces of gold were recovered (the milled gold grade in 2023 was 2.77 g/t Au.)

2023 gave me some concern as the operation guidance for gold recovered given for the year was 85koz to 95koz. I acknowledge the upper-end guidance was dropped later in the year. However, it was still disappointing that even the lower guidance was not fully met.

***share***

I know Schmidt1. I mentioned your point in my Email to SL and co. I am waiting for the response which I expect to be robust and detailed. I will sure it here with permission. We are all in this together.

Adw198, Which one of them? I have posted many things. If you are referring to the Thor scam one, I posted it because SL asked me about the contents of the messages I sent to investor Relations in the past. I did not remember immediately and asked him to send me the email address for the investor relations person when I did. Since I have yet to get that email and since I am told this board is monitored, I thought this was a good time as any. Or were you referring to something else?

ISA Investor, yes the idea is to share information so people can make informed choices. I am not an IR/PR person, so no interest there. Give me power on the board - now that is something to consider.

I was recently asked about the messages I sent to the investor relations section on Thor's website. One particular message I recall highlighted concerns about a fraudulent app associated with Thor Explorations, which turned out to be a Ponzi scheme. Despite the app's collapse, videos about Thor Explorations still appear on YouTube, linking the company to this disreputable scheme. This situation tarnishes Thor’s reputation, especially since it operates in Nigeria, a country already battling a negative image in the investment community.

Although a disclaimer was posted on Thor's website, it isn't enough. To combat this negative perception, we must proactively address these issues. I attempted to report the impersonation to YouTube, but no action was taken. Thus, I believe Thor's Investor Relations should establish a verified presence on YouTube to disassociate from these damaging videos. Furthermore, Thor can enhance its social media strategy to promote a positive and authentic image. This step is crucial in reassuring current and potential investors of the company’s legitimacy and integrity.

i agree with you. there are many potential catalysts. this is why i have not sold my shares.

i am however concerned that there is a possibility that "unexpected expenses" will erode profits, postponing the time investors should start getting returns on their investments.

for me, i have taken my mind off lithium. sodium-ion batteries are in commercial production now and though they are yet to be as energy-dense as lithium-ion batteries, they are much safer and more resilient at extreme temperatures. lithium price may therefore not recover. time will tell.

i have high hopes for douta. this is however still a plan. a bird in hand is worth two in the bush. burkina faso is on my mind.

the gold underground and around segilolaa? fingers crossed. the ore grades are getting scary to me. an updated mine plan would make me feel better.

my eyes are however heavily focussed on h2 profits and i have great hopes shareholders will be rewarded from them. yes, some money has to be put aside to develop douta. if, however, the share price needle does not move significantly, thor should be thinking about paying at least a special dividend. there is belief in the company, but there are many established tech companies that have made 100% and more returns in the past 1 year. that smarts. that is opportunity cost. my main motivation was not profit but you can bet your bottom dollar profit is a huge factor.

i was pleasantly surprised the ceo replied when i sent an e-mail yesternight - maybe not delirious about the content but the fact that he took time to reply. this is a positive sign. he, calling my comments on this board "sheer negativity" ****ed me off. i however look forward to his detailed response. he has also said as a team, they are looking to put together a package to address the point. this would be welcome.

thanks all, though this is not goodbye. to get me off thor's case, y'all need to buy me out - like handsomely.

Schmidt, I was expecting you to come back "at" me after listening to SL about the AISC in Q1. I was hoping with your experience you would speak to the reason he gave. I agree, it looks very dodgy. I just did not want to preempt anything. I wanted you to be the one to highlight it further but you have chosen not to. I do not blame you though.

He said in the interview that the reason for a lower-than-expected AISC was that higher-grade ore was fed into the mill. The same reason was given in the written Q1 2024 update. The update also states that the grade fed in Q1 averaged 2.85g/tonne AU. Higher grades than 2.85g/tonne AU had not resulted in lower AISCs in the past, so no, it does not make much sense to me either. I am a newbie to this but I should hope I have some common sense. He did warn us not to expect anything as good going forward so I think there is more to it than meets the eye. It meant more cash albeit for just one quarter but I will take a win, no matter how small, wherever I find it at this point. It is a shame it is yet to translate into something tangible for us shareholders.

I am hoping they find significant deposits underground and around Segilola as, yes I agree with SL that, those would be super ounces. This is caveated with the hope "unexpected expenses" will not erode any extra money made.

Burkina Faso exploration was quietly buried after the coup. Things happen.

4 Data provided by Morningstar, Inc.

Shares short (28 Jun 2024) 4 144.94k

Shares short (prior month 31 May 2024) 4 160.27k

Source: Yahoo finance statistics. I am a UK AIM investor.

The slight reduction in shorts is more likely due to higher gold prices. A change of fortune could easily take that number up. Considering how undervalued Thor is on paper, I do believe shorts would be 0% if there was confidence in the information we have been given.

As to management prioritising higher grade ores, that is what they have been doing all year. This is why we got lower-grade stockpiles in Q2. They want better numbers, they just cannot seem to produce them.

I sent 3 messages last year. I have not received a reply to any one of them.

I shared my findings here expecting people to set me straight with facts and evidence. I would be mighty stupid to accept the words of the CEO as fact especially if written evidence says things contrary and results have diverged from oral promises in the past. He has to be positive. he can afford to be. He is getting a fat salary and there are other ways management can reward themselves other than higher share prices.

I do have an agenda. I own a truckload of shares in this company and I wanted to buy more. I am thankful people were overly optimistic as it set off my suspicion radar and I did even more work digging into the company hoping to find succour and tell myself how silly and negative I was. Unfortunately, I kept getting even more spooked.

I need sensible answers to my questions. I do not subscribe to burying tough questions hoping stupid people will buy the shares so I can jump ship at the first opportunity. I was not raised like that and may the love of money not let me ditch my principles.

What I would like is more transparency from management and responsive investor relations personnel. Also, more open AGMs. The only thing I have gotten are fixed AGM agendas with the right to vote for a list of management decisions. This is not enough for me. I would also be happier if a non-executive director was selected from the pool of 60% retail investors.

That was another thing I was not sure about. Public interest entities in the UK, including listed companies, must rotate their audit firm every ten years and the audit partner every five years to maintain independence. BDO has been the auditor for Thor Explorations since October 2017. Mandatory rotation should not have happened till September 2027. Was their removal mandatory? I checked British Columbia rules too and I can see no stipulation for Mandatory Firm Rotation. BDO has over 300 partners in Canada alone so I do not see how they could not have got another partner if independence was a concern? The more I dig the more spooked I get.

Hey, but what do I know? It is all my "opinion" of course. Sigh.

please promote your investment. it is mine too. so it is beneficial to me.

but realise that people are not as dumb as you think and can see through bull**** :)

balance is needed and there needs to be a sensible voice who respects that the average investor is intelligent else they are unlkely to have the money to do so.

i doubt bbn was supporting you. i may be wrong.

Cold hard cash that may likely be spent on another plant upgrade or replacement :)

I should also add there is a difference between possible and probable risks. the plant "breaking down" is probable as I am yet to see why $24.5m was spent on a plant that was designed to give a 97% recovery. maybe this is common to the gold mining industry, I wouldn't know. The ore reducing in quality is also probable - we are experiencing it as we speak. The mine plan states that for 2025 and 2026. The good fortune of Q2 was already planned for in Q. We have not been told what to expect in Q3 and I am willing to bet that is because it is not going to be better than what was obtained in Q2. I must admit everyone is saying gold prices will rise. I have been caught in that euphoria before and was badly burnt. When news feeds keep hyping something, I am suspicious. The Nigerian factor is probable too. Considering everything is why people probably thought in H1 of 2023, you know what - I know of all these risks but the mine plan is delivering so I will keep investing. The story has changed though and the share price reflects that change.

When the market priced it at 22p, the mine plan still made sense. The results matched the mine plan. They still trusted the mine plan.

I am an investor. I hope for the best but I should think I should also be smart enough to prepare for the worst. By the time one factors in opportunity cost, it may become a regrettable decision to invest.

A few months ago, SL was still leading to believe we would get an average grade of 5.4g/tonne AU in 2024. That is not happening, is it? What happens to margins if the ore grade walls to 1.01g/tonne AU? What happens if because of some incident, the plant cannot operate as long and as efficiently as designed or forecast? What happens if we suddenly find out the upgrade did not take as well as we thought and we need to spend more cash to improve recovery? What happens if the price of gold nose-dives?