Member Info for TO73

I sent an email detailing these questions to management on Wednesday. I am waiting for a reply. With each passing day, confidence gets even more eroded.

All my questions are based on fact. Did you know that the new elution and electrowinning circuit aimed at improving processing efficiency was factored into the $99m figure? So go and review your "answer" and get back 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.

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.

In case my last repost is not understood, words, beliefs, and opinions do not count as evidence. Could we end this thread, please?

Thank you.

A recent poster just said something about buying "real equipment" after spending $153m on equipment that was supposed to cost $99 and last the mine's life, giving an average recovery of 97%.

$153m and counting in 2.5 years and still getting 94% recovery. No, I am not confident especially when I have not seen any evidence of cost-cutting /reducing measures going forward.

I can see profits frittered away, share prices remaining in the doldrums, and investors left out in the cold at the end of it all. Management, employees, and other board members are already reaping rewards from the company. Of course, they will be optimistic. I am losing money.

Until I see other evidence, this remains my perspective.

1. The president and CEO is Nigerian.

2. The company is helping the Nigerian economy by providing employment and doing some community service.

I would however love for the mining there to be short-lived so animals in that area can get their ecosystem back.

Good for you. Money is not my only reason for investing though it is a huge factor obviously. I do not stay where I am not wanted but you can be sure I am not getting out at a loss :)

We have already decided to agree to disagree. We should leave it at that. A recent poster just said something about buying "real equipment" after spending $153m on equipment that was supposed to cost $99 and last the mine's life, giving an average recovery of 97%. .$153m and counting in 2.5years and still getting 94% recovery. No, I am not confident especially when I have not seen any evidence of cost-cutting /reducing measures going forward. I can see profits frittered away, share prices remaining in the doldrums, and investors left out in the cold at the end of it all. Management, employees, and other board members are already reaping rewards from the company. Of course, they will be optimistic. I am losing money. Until I see other evidence, this remains my perspective.

1. I am still looking to get out. This remains my position based on the replies to my questions on this thread as I have a feeling many of them were from mgmt or people closely associated with them. They did not sound like investors with anything to lose.

2. I did not say I would stop posting if paid to stop. I said I would not NEED to post if Thor buys me out of my stake in the company. If I do not have any stake in the company, my interest dissipates greatly. It will be up to other investors to do what they need to do to protect their own investment.

HarChris, you are only angry because your ego was bruised when I disagreed with you and backed it up with evidence.

Luke232, I think your issue is that you may be too close to an insider or may even be one. As I said, if Thor did not want public scrutinity, they should never have gone public.

Get off my thread, please. For people who do not wish to hear from me, you sure love talking to and about me :)

"supposed financial wizard". See, those are the kinds of things that make me realise you have a horrible agenda. I asked simple questions. Answer them. You say I know nothing, yet you cannot answer my questions.

Stop replying to my posts. Do you not see that it takes two to have a conversation? you reply to me . What do you expect? That I say Yes sah massers, sah? Start your own threads!

Yup, I am AI that has reached singularity ;)

By "everyone", who are you referring to? Thor management? I am going to keep highlighting my concerns until I get a sensible response and people quit attacking my person. the more you attack, the harder I will dig into every minute detail and post. This is so I do not reward bad behaviour. The intention is to make me cower. You will get the opposite. I am trained to do this and have the temperament for it.

AlI investors know that transparency and accountability are good for the share price. They understand that a responsive company is also good for the share price. Investors will be glad I am going this. I am happy to do it as i have a stake.

If Thor management wants me to get off their case, they will need to buy me out handsomely. You may need to buy out other investors too. if Thor management did not want public scrutiny, they should not have gone public :) I am receptive to cash offers :)

If you go through the chat, yo will see the points.

If people would stop attacking my person and instead allay my concerns by providing verifiable evidence, I would have no need to question. This is hard work for me. I followed this chat quietly since July last year and only felt the need to post fairly recently.

Answer my questions sensibly and you won't hear for me until the next issue/concern :)

When you say " when we invest in real mining equipment" this rings new alarm bells. You budgeted $99m for equipment that would give an average recovery of 97%. You have spent about $153m already in 2.5years, what other " real equipment" are you talking about that you did not mention in the mine plan you sold to the public when soliciting for investment?

I have exchanged a number of emails. Thanks for asking :) They just happen to have a poor Investir Relations department. Hopefully, they will improve upon that now.

I was promised a detailed response to the last one I sent. I am still waiting for it.

As to the Accounts Payable issue, it is a problem. I discovered that, when I studied their statements in detail this past week. I was also a bit reassured listening to a recent interview for the second time this morning that it is an issue they have identified amd are working on. I did not catch that the first time and unfortunately there is no evidence we can see on paper yet that things have improved.

So, yes, in answer to your question, an investor can question management's operational and fiscal efficiency. Since you did not know, now you know.

Cheers.

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.

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.

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?

The financial statements were the main source for identifying the Accounts Payable issue. Issued production guidance and its reliability is a different issue entirely.

I do not see myself as arrogant. I am just an investor protecting my investment :)

Cheers.

I have identfied issues which have prevented me from investing further and because of the sentiment I

I have exchanged a number of emails. Thanks for asking :) They just happen to have a poor Investir Relations department. Hopefully, they will improve upon that now.

I was promised a detailed response to the last one I sent. I am still waiting for it.

As to the Accounts Payable issue, it is a problem. I discovered that, when I studied their statements in detail this past week. I was also a bit reassured listening to a recent interview for the second time this morning that it is an issue they have identified amd are working on. I did not catch that the first time and unfortunately there is no evidence we can see on paper yet that things have improved.

So, yes, I'm answer to your question, am investor can question management's operational and financial efficiency. Since you did not know, now you know.

Cheers.