Thor Explorations Share Discussion Threads

[swanvesta] 10/10/2024 17:06

Just spotted this on CEO.ca. Hopefully they have some grown-ups in the federal government.

[cat33] 08/10/2024 14:10

Good summary from Jim https://mining.beehiiv.com/p/jim-s-mining-letter-october-8-2024Worth reading

[stevea171] 08/10/2024 08:53

Segilola drilling summary. Current 12 hole drill program. 5 drills completed with results from the first 2 out yesterday. Remaining 7 drills to be completed in about the next 5 weeks subject to current heavy rains.

If the assay results for the remaining 10 holes confirm the proof of concept Thor will substantially ramp up the amount of drilling they are doing underground.

The pit shell was designed at gold prices way below current so Segun sees the opportunity to take the main pit lower to extract more resource than is in the current mine plan as well as potential underground mining.

Segun interviewed on drill results:

[farrugia] 01/10/2024 13:05

Bailing out on panic is usually a mistake. Weak holders got flushed that's for sure. The key is not to avoid risky jurisdictions but to keep your risk levels such that it doesn't affect your blood pressure!

[sharekitchen1974] 01/10/2024 12:33

Should have put this to bed months ago before it came to this. Will take time to rebuild confidence now.

[swanvesta] 01/10/2024 12:16

Indeed. And I posted over an hour ago.

[foetus in your brain] 01/10/2024 12:14

The claim has been settled and paid in full. RNS out 30mins ago

[swanvesta] 01/10/2024 12:11

Foetus, assuming you're addressing me, I don't have precognition.

[swanvesta] 01/10/2024 12:07

Presumably Osun state once had a holding in Tropical Mines, which was sold to SROL in 2016. Maybe they have seller's remorse, or maybe they voted against the sale but lost.

SROL's earlier response was very robust:


Seems that rattled Osun's cage. But if they want us to believe there is any legitimacy to their claims, the heavy-handedness is telling. A bit of a test for Nigeria as it tries to grow up as a jurisdiction?

[foetus in your brain] 01/10/2024 11:57

Missed the news?

[trader465] 01/10/2024 11:53

60 billion naira is $35,866,075.80 at todays rate

[swanvesta] 01/10/2024 10:57

Apparently the main issue (60 billion naira) has to do with a claim that dirty tricks were used to deprive Osun of a share they once had in the project. But the enforcement action has to do with unpaid tax. Maybe they're doing whatever they can to fight what they are portraying as all round dirty tactics. Or maybe it's just a cash grab.

[farrugia] 01/10/2024 09:21

hopefully it won't stay a one-trick pony. Their Senegal developing project looks worth the market cap by itself. But if you are one to panic jurisdictions like these aren't for you.

[sharekitchen1974] 01/10/2024 09:18

You take your chances, some you win, some you lose, and up until now things seemed okay but that red flag killed it for me, shame as it's a good company but operating in a country full of bribery and corruption. Before you know it Minister of mines wants a chunk and it's all over, brown envelopes flying everywhere, biggest envelope wins, that's greed for you

[farrugia] 01/10/2024 09:14

Stop the scaremongering. Maybe they should just settle the tax and then dispute it later. These things can happen in Nigeria; look how Seplat Energy had to battle it out.

[hamidahamida] 01/10/2024 08:57

Anyone still holding this get out whilst you can Remember it's Nigeria anything is possible

[adw198] 01/10/2024 08:49

Yes but I wondered why you’d invested in Nigeria if that’s how you feel.

Anyway, events have taken a turn for the worse it seems, certainly in the short term. Things were looking so good!

hxxps://punchng.com/osun-seals-mining-company-over-tax-infractions/

[sharekitchen1974] 01/10/2024 08:47

Corruption in Nigeria

[adw198] 30/9/2024 15:49

Sorry, what’s a red flag?

[sharekitchen1974] 30/9/2024 14:56

Exactly that, then they explore every way possible to try and take the assets away from you, it's a massive red flag

[hamidahamida] 30/9/2024 13:15

Red Flag Nigeria has bad reputation, and it tells you onething that the Government officials have stayed silent years whilst the company was heavily in debt with big survival questions. Gold price rocketed now it is almost debt free and will be generating positive cash, and long behold Gov now wants money and they'll find every mean possible to extract money.. remember it is Nigeria. This issue might just be the start of things to come

[sharekitchen1974] 30/9/2024 12:47

I was invested here but not anymore, no smoke without fire and having had my fingers burnt before with investments in Nigeria that was enough for me. To much corruption

[devonlad] 30/9/2024 10:59

Furthermore, on the 23rd of September (prior to the various press releases), SROL received a letter from the OSIRS after a review of the records presented by the Company revising the initial tax liability from ₦3,250,598,513 to ₦99,347,105 (approximately US$62,500) for the five-year period from 2019 to 2024. The Company is reviewing this figure as part of its normal course of business.

So they have already revised it down to £50k, half an hours work? Had some more, people need to learn how to read!

[adw198] 30/9/2024 08:09

It’s chicken feed mate and bau conversations.
Guessing you’re not invested here?

[sharekitchen1974] 30/9/2024 07:38

Not good that this Tax investigation has been going on since June and nothing has been previously mentioned. I expect this to fall. No smoke without fire as they say, and this is Nigeria we're talking about