Member Info for TO73

Based on these documents, here are the quick and dirty details I gleaned regarding the average grade of ore, projected gold production, and the years with the most difficult terrain and worst ore quality:

Average Grade of Ore and Projected Gold Production for 2024 and 2025

2024:

Ore Grade (milled): 5.40 g/t

Contained Gold (milled): 124 koz (thousand ounces)

Recoverable Gold: 121 koz

2025:

Ore Grade (milled): 5.29 g/t

Contained Gold (milled): 122 koz

Recoverable Gold: 118 koz

Years with the Most Difficult Terrain

The years with the highest strip ratios, indicating more difficult mining conditions due to more waste needing to be removed relative to ore, are:

2022: Strip ratio of 33.7 (we still met guidance)

2023: Strip ratio of 29.8 (it was not as good as many keep saying. 2022 was much better. This is why I believe many investors started jumping ship and the share price nose-dived. What was being said did not match the evidence provided. I may be wrong but this is what i am leaning towards as it is what makes the most sense)

Years with the Worst Quality Ore Grade

The years with the lowest ore grades, indicating lower quality ore, are:

2026: Ore Grade of 1.25 g/t

2027: Ore Grade of 1.09 g/t

So higher gold prices or not, considering many other factors, including the Nigerian one, the SP skyrocketing may be a distant dream. Will Douta help? Certainly. But what is in stock in Senegal? SL is not Senegalese. I am not. I do not know.

Though the 2019 document does state that the rock mass is of the poorest quality in the lower west and east walls of the southern pit and within the southern and northern end walls of the pit, the report does not specify which years of mining will encounter these areas.

The higher gold price happens to be good fortune. It is one of the reasons many people invested money regardless of available evidence but gold prices can fall and the Nigerian factor can erode any such gains. SL invested to boost confidence but he can afford to lose some money on lower share prices. His pay package is huge.

Anyone who thinks "government officials" won't come for their cut once they see Thor is making good money is up for an unpleasant surprise. It will then become a case of the more we look, the less we see. It will get taken at source. Chop and clean mouth. So expect lower or much lower grade ore.

The clear difference between me and you is that I have not asked ANYONE to rely on what I say. I have consistently shared evidence and questions as to where I can get evidence to support what others say :)

The chat history proves that. I write as if I am thinking aloud so people can follow my thinking. When I just share information, it seems to fly over people's heads.

No, I (we) do not know the distribution of the grades for H2 at the moment as the DFS/mine plan available to me is not reliable.

Investor relations sucks. They should have a representative monitoring social media and boards like this.

HarChris, do you see I am not the only one? Now think of how many would-be investors got pause because of this.

I have had this debate with harChris. HarChris thinks we should rely on SL's word and ignore everything else.

x

Oh yea, I can easily see how an increased gold price will lead to even more difficult terrain, less luck with ore grades, and a much higher AISC. Please give me a break. I am not saying this is what is being done here but it is a risk.

Segun Lawson is not the target. He just happens to be the CEO. He is a big boy, he should be able to handle himself else he is int the wrong job!

Two things I have asked for.

1) The business case for the plant upgrade. I would love to see the justification for spendin$24.5m on something to upgrade the plant to a standard less than what was promised in the DFS. New equipment was bought meant to give 97% recovery. Why should we be happy that an additional $24,5m has been spent to bring it up to su-par standard?

2) If there is an updated DFS /mine plan, I would love to see it as there are too many contradictions to remain unconcerned.

Not if they can find better value for money and more peace of mind elsewhere. Risk aversion is a real thing. There are other gold companies to invest in you know...

No, I do not think they lost sight of the undervaluation. I just think they are concerned about certain things. I am dual-national. I am also Nigerian. I was concerned about the "Nigerian factor" but I held my nose and invested. Thor does not need to feed that fear. It is the significant undervaluation that has kept me else I would have gotten out. Thor's transparency has to be exceptional and they must back up what they say with action if we want excellent results. No excuses. No slip-ups. Even if we have slip-ups, we should make amends very quickly. We should not be content with "very good".

Thank you. Finally, someone else who shares my point of view.

Gold-in-circuit (GIC), not GIL I meant to write.

Where may I find the updated DfS or mine plan? the ones I looked into in from 2019 and 2021 projected bout 120koz. In the interview link I just shared ( I am listening to it again), SL says the projection for the year was 72oz. So I am assuming there is an updated plan. Does anyone care to share a link?

Also, I wonder why GIL is increasing? I am saying it is increasing because someone ( I apologise, I forget who) earlier on shared it was up to about 13koz at the end of Q2

Schmidt: Low AISC

https://www.youtube.com/watch?v=fxau5vYvfhA

There is a difference between very good and excellent.

That is a dud. I do not think anyone minds that.

Does anyone know where I can find the business case for the plant upgrade?

Everyone knows Thor Expl is undervalued but this is not the point being addressed. Sure, higher gold prices and the Douta PFS are bound to shift the share price needle, but since when has maximising profits become a negative thing? Do we know how many people have chosen not to invest or invested less money because of questions they couldn't answer from the cold evidence available? Do we know how many it will deter from investing a lot more in the future?

BBN, could you let me know where you got the interest repayment schedule from? I would have found it useful last year.

In Q1, about $10.9m was spent on interest, depreciation, and amortization. A total of US$41.3 million was spent on the same thing for 2023 so not much has changed. One would have hoped paying down the debt would reduce interest payments. Dunno. net profit was about $12 but cash is about $3m. Most likely the customer is yet to pay for the gold bought...and possibly why sales were not reported in Q2. Maybe the customer is having cash flow problems.

In terms of value for money, I would love for management to justify the money spent for what looks like a 2% improvement in recovery. How much more gold are going to recover for the amount spent? I would love to know :)

From the audited statements, a total of $24.76m was spent on property, plant and equipment:

Motor vehicles: $148, 862

Plant & machinery

; $5, 649, 341

Office furniture: $668, 936

Processing Plant: $7, 458, 467

Mine: $8, 946, 765

Property under construction: $1, 88, 352