Member Info for TO73

Apologies. Only FY 2021 and FY 2022 had qualified audit opinions because of material misstatements. Thank you for pointing out that FY 2023 was unqualified. I should have said two years and not three.

I cannot believe I have to say this :)

There are simple ways to verify information. For instance, if I mention that a forum member named "schmidt1" said something, you can easily confirm this by scrolling through and reading his posts. This straightforward approach applies whether the statement comes from an anonymous person online or the CEO of a publicly listed company.

I have already explained why I believe other investors would be interested. I understand how investment decisions are made by the so-called 'big boys.' While they can contact these regulatory bodies themselves, it saves time and effort if the work has already been done. We aim to boost the share price, which will only happen when substantial investment comes in :)

If others on the forum doubt my feedback from these companies (though I see no reason why they would), they can always make the same inquiries. It's a win-win situation.

CPAB and BDO are experienced organizations that know how to provide assurances, but this requires a formal request, which I have made. My intention was to benefit the company and potentially enhance the share price, thereby indirectly helping myself. Instead, I keep receiving jibes. Are these due to inexperience, or are they orchestrated attacks because something untoward is happening? Time will tell :)

Repost:

My concerns were not just personal; I clearly indicated that it is standard for investors and potential investors to be concerned about an auditor's resignation, especially when the auditor has issued a qualified opinion for three consecutive years. Obtaining third-party confirmation of BDO's resignation is crucial. It is beneficial for the share price."

PS: This is an excerpt from my exchange with the CEO in response to the list of questions I sent on Wednesday, 17th July:

'I will send you a full response to your questions tomorrow as they are quite lengthy, but in the meantime, I feel I must address your comment regarding the auditor – which you also posted online, wrongly assuming and insinuating there was something to be concerned about.'

My concerns were not just personal; I clearly indicated that it is standard for investors and potential investors to be concerned about an auditor's resignation, especially when the auditor has issued a qualified opinion for three consecutive years. Obtaining third-party confirmation of BDO's resignation is crucial. It is beneficial for the share price.

I had hoped that posters raising various concerns would be encouraged to elaborate and provide details, allowing Thor Explorations' management to address those concerns thoroughly in the Q2 MD&A. From a leadership perspective, this approach fosters investor-led improvements by incorporating valuable feedback.

Openly addressing concerns and clarifying misunderstandings can be incredibly powerful in building trust and transparency with investors. However, the current approach seems to dismiss these concerns as negativity, which is counterproductive. The declining share price, despite higher gold prices, suggests that the current "positive" outlook isn't resonating with investors. Shouldn't this be a wake-up call to reconsider the strategy?

It's crucial for companies to listen to and engage with investors, especially when they raise valid concerns. By doing so, Thor Explorations can identify potential risks and opportunities, make informed decisions, and ultimately improve its long-term performance and shareholder value.

That is me done. It is up to management to determine what they want to do. I am tired. O su mi my Lord.

"Yep I picked up on the insinuation. What I was asking is why the way I’ve replied to you here would impact on how those bodies would react to you. I suspect you didn’t mean it but having said it don’t have the humility to acknowledge that."

That was your interpretation. I can't control how you perceive my words. I merely stated that your responses increasingly diminished my confidence in management due to my suspicion of your close connection to them.

I have to also add I was somewhat impressed he offered to talk me through his detailed response when they arrived but that quickly dissipated in the midst of other content. I indicated I expected the detailed response to be clear enough to be easily understood and would let him know if they weren't. His responses, assuming they are/were sensible, would (have) improved Thor's image and potentially the share price.

I will say it again: In plain terms, I'm suggesting Thor Explorations might have misrepresented the reason for BDO's resignation. Sometimes auditors resign due to concerns about management practices. I understand this from personal experience, though I know some may perceive this as arrogance. It's possible BDO could clarify that their resignation wasn't mandatory. My emails to BDO and CPAB were sent in good faith, assuming they would confirm Thor's statement. Is this truly difficult to grasp?

My investment decisions are not your concern. I'm not upset that the CEO hasn't responded to me directly. In fact, I respectfully requested the Investor Relations contact to avoid taking up the CEO's valuable time. It seemed more productive to address my concerns with Investor Relations rather than debating the validity of the reasons given for BDO's resignation amongst other things. His time is Investor's money after all. It is to my benefit he is productive.

In plain terms, I'm suggesting Thor Explorations might have misrepresented the reason for BDO's resignation. Sometimes auditors resign due to concerns about management practices. I understand this from personal experience, though I know some may perceive this as arrogance. It's possible BDO could clarify that their resignation wasn't mandatory. My emails to BDO and CPAB were sent in good faith, assuming they would confirm Thor's statement. Is this truly difficult to grasp?

Let's take a breath and focus on the facts.

Take a deep breath. breathe out slowly. Then read my reply to you again :)

"Confirm his claim" - meaning, confirm that the reason Thor Explorations provided for BDO's resignation is accurate. In my previous posts, I clearly stated my intention was to verify the truthfulness of Thor's explanation. However, due to the misinformation, personal attacks, and insults I've received, I now suspect these attacks may be orchestrated by Thor's management. If my suspicions are correct, it raises doubts about the accuracy of their statement regarding BDO's departure.

Adw, your words were "Why would people reacting to your spam impact on whether these organisations reply to you? Or have you been spamming them too?"

Perhaps you should read my posts properly before replying :) if you do not have the time to read them, it is probably best not to continue on the thread.

Each time you reply to my post, you bring attention to the issues I am raising. I hope you realise that?

Significant variances from budget projections can be a serious concern. If a company promises investors a $402 million profit but delivers only half that amount, it erodes trust and can be seen as misleading.

Investors closely scrutinize how management handles costs, as it reflects their ability to execute plans and protect investor capital. Effective cost management is fundamental and directly influences the company's share price.

We will have to see how those bodies react, won't we?

I pointed out serious problems with how Thor Explorations is spending money, but some people only focused on the high gold price. That doesn't make sense – high gold prices don't excuse wasting money. What if gold prices fall? Even if they stay high, the extra money could be wasted instead of used wisely. It would have been more helpful if people checked my concerns instead of judging me. These personal attacks seem like a distraction. As an investor, I find this unacceptable.

I wanted honesty and openness, but I was insulted and dismissed. Even the CEO's reaction was disappointing. It's frustrating to see such a lack of responsibility.

I have sent one email each to both bodies. I will follow up next week.

All posts I have made here have related to specific issues. When some people decided to disparage me instead of focusing on the messages I was passing across, and you in particular took it upon yourself to decide my "genuineness" as if that had any bearing on the facts, I took the time to reply to these messages so that anyone taking a cursory glance could see both sides of the story. If I let them prevail with their intentions, anyone seeing the lies they were telling about me would have thought I had ill intentions. But now, because of the way I have consistently replied, anyone visiting would be able to make an informed decision about the truth of what is actually going on.

I will repeat, if Thor Explorations does not want public scrutiny, it should not have listed.

In an interview, the CEO acknowledged ongoing challenges with managing expenses. Investors would likely appreciate transparency regarding the specific cost-cutting measures being considered and a clear timeline for implementation. A S.M.A.R.T plan outlining specific, measurable, achievable, relevant, and time-bound goals would provide a baseline to track progress.

Let's analyze the OPEX (budget vs. actuals) for FY 2022 and 2023:

2022:

Budgeted OPEX: $85 million (Mining, Processing, G&A, and Royalties from p.172 of the 2021 cash flow projection)

Actual OPEX (Restated): $140 million (Cost of sales: $106.3 million, Administrative expenses: $15 million, Changes in inventories of finished goods and work in progress: $18.7 million)

Variance: $55 million (64.7% over budget)

2023:

Budgeted OPEX: $87.2 million (from the 2021 cash flow projection)

Actual OPEX: $112.2 million (Cost of sales: $101.435 million, Administrative expenses: $10.8 million)

Variance: $25 million (28.71% over budget)

Overall Analysis:

The actual OPEX significantly surpassed the budgeted amounts for both 2022 and 2023. While the reasons for these variances have been discussed previously, it's important to focus on the positive progress made in 2023. The reduction in the variance from 64.71% in 2022 to 28.71% in 2023 indicates improved cost management and financial discipline.

However, the company still has room for improvement. Continued efforts to control costs and improve forecasting accuracy will be crucial for long-term financial sustainability. Transparent communication with investors about these efforts, including a S.M.A.R.T plan outlining specific goals and timelines, would be a welcome step in building trust and confidence.

If the company does not intend to make significant changes to its cost management approach, this should be communicated clearly to investors. Forecasts should be adjusted accordingly to reflect this decision, ensuring transparency and enabling investors to make informed decisions about their investments.

I'll add one more point to what I've written below: he had the time to message me about other topics and even responded to one of my questions, promising to get back to me on the others. He offered to discuss his answers with me and asked me to apologize for questioning the auditor's resignation. I told him I had no reason to apologize as I had yet to substantiate his claim. I've written to CPAB (the Canadian regulatory body) and to BDO to verify his statements. My only information comes from the company, which I consider unreliable. Initially, I was confident these bodies would confirm his claim when I sent those emails, but now, with all these comments and snide remarks, I'm starting to have doubts.

I politely requested the email address for his Investor Relations team so a dedicated person could address my concerns. He didn't provide the email, and none of my messages through the Investor Relations contact form have been answered. So, the claim of being too busy doesn't hold water. There's a team paid to handle this, and it's his responsibility to ensure that department does its job.

Why don't you just say Thor Management has no answers to my questions? This is why you are laying this foundation so people may think this is why they have not replied to my email. People will see through your antics and with each comment, you are making things worse for us investors and the share price as you are scaring potential investors away.

Any serious investor would still be happy to invest in a company with potential even if they have made significant mistakes in the past - as long as they have identified and comprehensively addressed them publicly. The situation can still be remedied as long as deliberate fraud is not been perpetrated and perpetuated. I was in this category until some of you began this nastiness. Your attitude is off-putting and will scare people away. I pray earnestly fraud is not the reason for this mess, but if it is, this chat board will certainly serve as evidence for any legal tussle.

This company approached investors with a mine plan promising 502,000 oz of gold, resulting in $803 million in total revenue and a net profit of $470.1 million. Retained profit is currently only about $30m with only 2 full production years to go.

There have been overstatements and understatements over three years which led the auditor to qualify their audit opinion.

Any real investor would be very concerned.

1. Why are you still here?

2. I am proud of my achievement in Psychology and I mentioned it because I needed you to know I knew what I was talking about.

3. I mentioned that it is only 1 of my degrees because I was certain some of you would come back and say you caught me in a lie and that the content of my email to management was false. I preempted all your nastiness by indicating that I have a multi-disciplinary background with a lot of experience across various industry sectors.

****************

1. I have mentioned numerous times that I am new to gold mining. Given my nature, I ensure that I consult with experts before making any statements about the business. I conducted thorough research before investing and continued my research this morning.

2. Someone in this thread claimed that equipment achieving 97% recovery was unheard of or rare. Assuming this is true, why would a competent person's report state this as the average recovery for the Life of Mine (LOM)? This demonstrates that the statement made was false and an attempt to mislead. Does this increase or decrease my confidence in the management's integrity?

3. If a company initially states that the machinery for the LOM would cost $99.2 million but this figure balloons to $153 million in two years, what does this suggest? a) Did someone purchase subpar, near-end-of-life machinery and pocket the difference, planning to replace it in two years? b) Were there significant mistakes made? Neither scenario inspires confidence.

4. I do not know anyone at Thor management, not a single person. My comments are not a judgment of competence. I am seeking reassurance that management is capable of efficiently running the business to maximize profits. Many businesses managed by experts go bankrupt for various reasons. What is needed is evidence-based assurance, not insults or disparagement. When management and their associates resort to personal attacks instead of addressing concerns, it suggests they lack valid responses, indicating the concerns are real and the risks are significant.

5. I made those few suggestions to clarify what I was recommending to management. This was captured when I concluded that post with "There are many others I can suggest but won't because I believe management knows these things." I was not insinuating that management is unaware, but rather clarifying my suggestions. Seeing examples would help understand the steps I was recommending.

6. Based on the current mine plan, Segilola is projected to be immensely profitable. This means that by the end of 2025, if the company winds down, investors should expect good returns. I urge you to review the mine plan, examine the projected profit, conduct a profit and loss analysis ending in 2025 based on the company's recent spending, and calculate the EPS. Then, please demonstrate how Segilola represents good value. The mine plan used $1600 as the average gold price, so there is no excuse if the returns are not excep

One of my 3 degrees is in Psychology. I graduated summa cum laude. I know the importance of seeing one from time to time so your suggestion to see a psychologist is not insulting to me :)

*****************

1. I have mentioned numerous times that I am new to gold mining. Given my nature, I ensure that I consult with experts before making any statements about the business. I conducted thorough research before investing and continued my research this morning.

2. Someone in this thread claimed that equipment achieving 97% recovery was unheard of or rare. Assuming this is true, why would a competent person's report state this as the average recovery for the Life of Mine (LOM)? This demonstrates that the statement made was false and an attempt to mislead. Does this increase or decrease my confidence in the management's integrity?

3. If a company initially states that the machinery for the LOM would cost $99.2 million but this figure balloons to $153 million in two years, what does this suggest? a) Did someone purchase subpar, near-end-of-life machinery and pocket the difference, planning to replace it in two years? b) Were there significant mistakes made? Neither scenario inspires confidence.

4. I do not know anyone at Thor management, not a single person. My comments are not a judgment of competence. I am seeking reassurance that management is capable of efficiently running the business to maximize profits. Many businesses managed by experts go bankrupt for various reasons. What is needed is evidence-based assurance, not insults or disparagement. When management and their associates resort to personal attacks instead of addressing concerns, it suggests they lack valid responses, indicating the concerns are real and the risks are significant.

5. I made those few suggestions to clarify what I was recommending to management. This was captured when I concluded that post with "There are many others I can suggest but won't because I believe management knows these things." I was not insinuating that management is unaware, but rather clarifying my suggestions. Seeing examples would help understand the steps I was recommending.

6. Based on the current mine plan, Segilola is projected to be immensely profitable. This means that by the end of 2025, if the company winds down, investors should expect good returns. I urge you to review the mine plan, examine the projected profit, conduct a profit and loss analysis ending in 2025 based on the company's recent spending, and calculate the EPS. Then, please demonstrate how Segilola represents good value. The mine plan used $1600 as the average gold price, so there is no excuse if the returns are not exceptional.

Thanks for your time.