Member Info for TO73

Lovely. How difficult was that. That was what I was after. Information. When I asked an earlier question, I said I hoped management would discuss this at the MD&A. Can you see how saying "Are you really trying to raise no gold sales in Q2 as a concern?

Working capital deficit was $52.84m as of 31st March.

By the end of June, it will be down considerably."

did not answer the question?

If you have sensible answers, give them.

Yes, no gold sold in Q2 is a concern to me because that is the only way we earn money. Money is needed to run the mine.

What money will you use to reduce that deficit if no gold has been sold? Another loan?

The higher price of gold is indeed comforting. However, we have to consider the company had a huge accounts payable deficit ( $57m is a significant figure). We also have to consider that OPEX and CPEX costs have been very high in the past two years. We also have to consider that Q2 update has not informed us that any gold was sold in that quarter.

I understand why you may not see it as a problem. I do. I am sorry you are unable to see the inherent implications. I have answered questions with figures. If you do not have an answer, I do not hold it against you. If I am told something has been answered when it has not, I have to make that known too.

This is a record of statements for me. I have my reasons for making them. Sorry if they make you feel uncomfortable.

My question has not been answered though. This is why I took the time to do the calculations. I point you to the estimated improvements to expect. The deficit is huge. I have already done a quick (full of estimates) calculation of how much we can expect the deficit to have been reduced...and this is provided gold was sold and cash received for it.

An updated Segilola technical report was promised verbally. I honestly do not remember which of the interviews it was. I believe it was in relation to deposits found in the course of last year or so but were siginicant enough to be announced. The updated technical report was supposed to factor those finds in.

Quick and dirty: To calculate the working capital deficit as of June 30, 2024, we need to extrapolate or estimate based on the provided data from previous periods. Here is the working capital information for the last two periods:

As of December 31, 2023:

Current Assets: $56,190,712

Current Liabilities: $113,330,908

Working Capital Deficit: 56, 190 ,712 − 113, 330, 908 = − 57, 140, 196 (deficit)

As of March 31, 2024:

Current Assets: $62,514,831

Current Liabilities: $112,238,965

Working Capital Deficit: 62,514,831−112,238,965=−49,724,134

To estimate the working capital deficit for June 30, 2024, we can consider the trend from the previous periods. The working capital deficit decreased by

57,140,196−49,724,134=7,416,062 between December 31, 2023, and March 31, 2024.

If this trend continues, we might expect a similar improvement in the next quarter. Assuming the same reduction:

Expected Working Capital Deficit Improvement:

7, 416 , 062

Estimated Working Capital Deficit for June 30, 2024:

−49,724,134+7,416,062=−42,308,072

Therefore, the estimated working capital deficit as of June 30, 2024, would be approximately

− $42,308,072 (deficit).

Please note this is a simplified estimate and actual figures could vary based on numerous factors affecting current assets and liabilities.

The amount of gold sold was not included in the Q2 update. I do not know if any cash came in. Cash is needed to run the mine. Hopefully management will let us know at the MD&A

It will be two payments and not 1. Please refer to the loan repayment reschedule. This was also verbally confirmed by the CEO.

Re: LOM. This is why I requested an updated technical report. It is Q2 in my list of questions to the company.

At no time have I heard the CEO mention that accounts payable are being addressed. What I have consistently heard is that senior debt is being paid down. This can be verified in the "Loans and Other Borrowings" section, which stood at $23,247,692 as of 12/31/23. This aligns with the communications stating that approximately $16 million of that debt has already been paid, with plans to settle the remaining $6 million by the end of the year.

However, I have never heard any discussion about the working capital deficit, which was around $57,140,196 at year-end 2023. I might be wrong, and I would appreciate it if anyone could direct me to a video or MD&A statement where this is addressed. If no cash is coming in from their sole customer, they might struggle to find the funds necessary to maximize mine operations and achieve guidance. Although I don't have all the financial details, this is an area where management needs to be more transparent.

2/2

I sent my queries to CPAB and BDO London in good faith, expecting them to confirm the company’s statements. This is standard procedure—obtaining third-party confirmation rather than relying on the company's word, which might be biased. I've stated multiple times that I know no one at this company. My investment decisions were based solely on the documents provided and interviews given, so I have every right to question discrepancies, of which there are several.

Here are my specific concerns:

• Why was the projected CAPEX for LOM $99.2m, but they have spent $196.3m in just 2.5 years?

• Why was there an adverse variance of over 60% in 2022 OPEX and 28% in 2023, even though the variance has decreased significantly?

• Why hasn't the promised updated technical report for Segilola been released?

• Why hasn’t a SMART plan been developed to show potential investors that they are prioritizing keeping expenses low?

• Why, in Osun State, Nigeria (and I am Nigerian, so I understand the context), has an average of $1.5m per year been spent on motor vehicles and office furniture?

Add these to the questions I previously sent to the CEO, to which I was promised a response but have yet to receive one.

These are valid questions, and addressing them is crucial for transparency and maintaining investor confidence.

1of2

Are you bored? It might be best that you make your posts without referring to me. You do not need me to live. You had a life before I posted on this forum. Stick to your subjects. Thank you.

Why does it bother you that I am trying to address my concerns? I don’t understand why it’s an issue for you.

Thor Explorations has a fantastic opportunity to address investor concerns and set the record straight. Investors have legitimate questions, and this was an ideal moment for their Investor Relations department to respond comprehensively, using facts and figures. I consistently cited my sources. I've been told this forum is monitored by the company. Unfortunately, the responses here suggest that they view investor concerns as "negativity." It’s perplexing that any company would consider investor inquiries a waste of time. Why did they go public if they don’t want to engage with investors?

The LSE requires listed companies to provide their audited financial statements annually. It was only after seeing the 2023 statements that I realized the "audited financial statements" on Thor's website were unsigned. Initially, I thought it was their policy not to upload signed documents, but then I noted in the RNS that the audited financial statements for 2021 and 2022 were not filed. This concerned me, especially since I believed they had an auditor appointed since 2017.

I hold a significant number of shares in this company and was considering increasing my investment. However, I recently discovered that the financial statements for 2021 and 2022 were materially inaccurate, leading to restatements. Initially, I thought these mistakes were due to inexperience, but I started having doubts when people like you began name-calling because of my genuine questions. My experience with Nigeria suggests that issues like the incorrect valuation method leading to understated inventory could be deliberate, especially if internal controls are weak and there’s collusion. I won’t elaborate further.

I don't particularly like a few people here either, but have you ever seen any insults from me? Is it not possible to keep your dislike to yourself? Please, exercise some decorum. Speak to the issues at hand and not whether I am the most unlikeable, arrogant dolt in the universe. My personality should not be your concern.

Adw, I have a feeling you understand how official letters like these work, but I'll explain anyway :)

When a query like mine arrives, one person needs to compile a response based on information gathered from various sources. This response then has to be approved, which takes time. However, once these organizations have a pre-established template for addressing specific questions, all they need do is swap names and dates around and their responses could be as quick as the push of a button.

Do you understand me now?

I did not start this to be liked. It is the least of my worries. I do not think you know my name and we are not ever likely to meet, ever. Even at work when I had to do this kind of thing at statutory level, I needed to have a backbone. Why would I care what you or others would think about me? What I do care about are the various insults. It is uncalled for especially when what I am doing is for everyone's benefit - including management. You may not see it now, but one day, maybe you will. Even if you never do, it still makes no difference to me.

Adw, did you read this ? or did you ignore it because it did not fit into your perception of me?

" Once these bodies have a ready-made template to answer specific questions, their responses could be as quick as pressing a button."

Even if I was that arrogant to think they were waiting for me, how does that affect you :D? How does that change anything?

NB: I have noticed numerous inconsistencies but have chosen not to share them deliberately. I decided to give the benefit of the doubt, as I didn't feel sharing them would be constructive. However, I have shared the ones that management can still address.

Adw

Where did I ever say that big boys were waiting to hear my thoughts :D?

Please copy and paste the quote. Hilarious.

BBN,

For me, this isn't a waste of time given my background, but I understand if you think it is. I'm the one conducting the due diligence, and hopefully, it will help others follow my approach to clarify their own concerns. Once these bodies have a ready-made template to answer specific questions, their responses could be as quick as pressing a button.

Cheers.

Kat, you have changed camps, huh :D? That is alright too. My concerns remain my concerns. Certainly, inflation played a role. However, are you suggesting that in 2022, management's explanation of increased AISC due to rising costs of ammonium nitrate and diesel accounts for the 65% variance? If costs increased by 65% just a year after the cash flow projection was prepared, and the following year the variance dropped to about 28%, was there deflation in 2023? Please explain your reasoning if you care. Please note that the variance in capex is humongous too.

For many months, I've seen people attributing the low share price to investors not factoring in the Douta project. Even as debt was being paid down and drilling results were announced, there was no improvement, with the same reasons being cited. Meanwhile, gold prices have risen significantly. Am I the only one wondering if there might be other reasons for the share price stagnation? Could it be due to doubts about fiscal responsibility and a hesitation to rely on unverifiable messaging from management? Maybe it's just me (and people in my demographic). ***shrugs***

Ignore the "Strong sell". That was a mistake :)

Adw, ok.

I understand they ( at least some) would be interested if there was a pattern of misstatements. If a company has failed to communicate (publish signed auditor opinion for 2 years) but only publishd the signed one in the 3rd year and then soon after the auditor redigns, my understanding is that they either totally ignore the company altogeyher or wait another year.

But hey, i know nothing. I will focus on what my own concerns are and why I as a person with my tiny money hesitates to invest any further. I represent a demography of people, like it or not.

I invested before FY2023 statements were released, so...