Member Info for TO73

Please disregard that. Wrong company!!!!!

Oh, oh ,oh. We must not forget the upgrades at the plant. It appears that $28,288,346 was spent on plant, equipment and property. I wonder what we got for $28m that has not made that much of a difference this year. It is not like we are producing noticeably more gold?

Acquiring land tenure? Paying for exploration at Douta and Segilola? Unless shareholders pass a directive that mandates quarterly audits ( costs more), they are under no obligation to give us details. We have to wait until the audited statements are released next year. I would have loved a more detailed FS for 2023 but most shareholders do not care to make the effort to understand the business enough to ask questions.

Time will tell. Sorry for the spelling errors. Trying to do too many things at the same time.

Thanks foe shafing Noel###.

As.shateholdets, we need yo band together and ask these tough questions

We do have a say. We own 60% of the

Has gold reached a new high today? How long will this last for? Seems too good to be true.

I do remember reading somewhere that Segilola has just one gold buyer. Maybe the customer is holding off buying until prices come down. I really do not know. It is a question for management.

Good question.

Thor Explorations had 4,405 ounces of gold dore in inventory at the end of the year.

We produced 19,589 ounces in Q and sold 17,420. Inventory should have had as at the end of Q1 4,405 + (19,589 - 17,420) = 6,574oz.

Q2 update does not tell us how much was sold.

I see no stipulation that any loans are to be paid back in kind, so no, I cannot think of any reason why the gold would not have been sold. Maybe they are having problems getting rid of inventory. I did not see that coming.

I am guessing the seller is the person who bought about 1m shares on Friday. They are probably reducing their position for now. And no, it wasn't me.

Yup. Your figures look reasonable. My higher-end estimate is about 87koz for the year too.

Oh, I believe Douta will deliver. The question is the timing. two words - opportunity cost.

It is pretty obvious the market is not paying any attention to the Douta project, so until the PFS comes out, it holds no value when thinking in terms of share price movement. Lithium is also a big question mark with more people turning to Sodium ion batteries. So even as an investor, I would strike out lithium as a potential for now.

Would I buy more shares? Maybe. I am yet to decide. I do believe in the company and its leadership. However, I prefer to be objective and prudent when assessing investments. There is the opportunity-cost to consider too.

Scmidt1, as regards sales, I did read that Nigerian lawmakers recently passed ( or are about to pass) a bill mandating the purchase of gold bullion as part of the country's reserves. I won't lie - I have never thought selling the gold would be a problem. Now if people start piling into stocks, for example, because the Federal Reserve cuts rates, I do not know what will happen to the price of gold, elections or not. Yea, I know Thor is stock but I doubt that would make much of a difference if the price of gold nose dives. I pray not, I have a dog in this fight. I, however, like moderating my expectations as this helps me plan better.

Bigbitenow, what are you assuming the average ore grade will be in H2 to arrive at your figure? If I recollect well, GIC as at the end of 2023 was about 11,000oz. I think some of that has been drawn down already and included in H1?

According to the 2021 technical report (pg 172), we anticipated milling 715,000 tonnes of ore at a grade of 5.40 g/t Au this year. The 2024 target was 120,400oz of gold from open-pit mining. Recovery was projected to be 97%. We know recovery is currently 94% and the grade of the ore fed to the mill so far this year has been lower than anticipated. So we know 120koz is definitely not happening even though we anticipate milling a lot more.

With a figure of 120tonnes per hour plant-processing given by the CEO, a lot more ore is going to be milled but this I believe is being done because the gold ore is of lower grade than anticipated ( 2.85g/tonne in Q1 and 3.42g/tonne) The best of the lot was milled in H1 else we would not have lower grade stockpile (1.05g/tonne in Q1 and 1.01g/tonne Au in Q2).

I still maintain we are likely to get about 80koz for the year. This is the prudent thing to do as I doubt the 120tonnes/hr processing will be consistently high for the rest of the year. I do not see how management would not have chosen the area most likely to yield the most gold in Q1 in a bid to mitigate the effects of downtime when upgrading the mine, so hoping for higher-grade ore for the rest of the year would be overly optimistic in my opinion.

If the average grade milled is 2.85g/tonne (as in Q1), then we can recover about 53koz of gold which just about meets guidance when added to H1 figures. Sigh.

So except we are getting higher grade ore on average in H2, the figures are not looking good. If we get an average of 3.42g/tonne, then 63,927.49oz can be obtained. They are probably milling the higher grades and putting the lower grades into stock-pile which is a great strategy. I don't know. We will have to see what the ground yields.

The number of hours between July 1, 2024, at 12:00 AM and December 31, 2024, at 12:00 AM:

July has 31 days.

August has 31 days.

September has 30 days.

October has 31 days.

November has 30 days.

December has 31 days (we count up to December 31, 12:00 AM).

Adding these up:

31+31+30+31+30+31=184 days

Each day has 24 hours, so:

184 days×24 hours/day=4416 hours

Therefore, there are 4416 hours between July 1, 2024, at 12:00 AM and December 31, 2024, at 12:00 AM.

If we can mill 120 tonnes in one hour (according to Segun Lawson), we can calculate the total amount milled in 4,416 hours by multiplying the two values:

120 tonnes/hour×4,416 hours=529,920 tonnes

So, we can mill 529,920 tonnes in 4,416 hours.

if we can recover 1.78g from each tonne (at at end of Q2) - 1.78g/tonne x 529,920tonnes = 942, 057.6g of gold which is approximately 33, 230 oz of gold

I cannot believe the mine is operating 24/7 and we are still not meeting production targets. So many questions I need answers to.

2019 DFS:

"The processing plant will have a throughput rate of 625,000 tonnes of ore per annum. ROM ore will be delivered from the mine to the processing plant, which consists of a conventional crush, grind, gravity, and leach process, followed by carbon adsorption and then elution at high pressure and temperature, electrowinning, and doré bar production by induction furnace. Leach tailings will be treated using the SO2/air process to destroy cyanide in the tailings, prior to being pumped to the TMF. Water will be recovered and pumped back from the TMF to the processing plant for re-use in the process. The plant will operate on a 365 day/year, 24 hour/day operating cycle. Gold is to be extracted by conventional carbon in pulp, to produce a gold dore via elution, electrowinning, and smelting. Life of mine average recovery is estimated to be 97% resulting in life of mine production of 393,400 ounces."

Yup, he did say that. I have heard it now. No evidence yet though except his say-so, and there is no guarantee the rate of production he has given us will continue unless he is committed to getting extra help to work weekends and holidays just so as not to fall short of guidance yet again. As I have said a few times already, what is in the ground is what is in the ground. Hopefully, he will commit to getting extra hands to ensure guidance is met.

One other thing that did my head in was the statement "The process plant maintained the Q4 2023 productivity levels, higher than design". How so? The DFS for Segilola estimated a 97% recovery rate. So how was 90.71% higher than design? Except they did not follow the DFS?