Thor Explorations Share Discussion Threads

[stevea171] 04/5/2024 11:50

I asked Segun directly by email this same question. No answer so far.

[swanvesta] 03/5/2024 14:45

He related the payables to gold in circuit. Can someone explain the accounting logic?

[ukgeorge] 03/5/2024 13:32

I think this was covered in the Q&A on the recent presentation

[swanvesta] 03/5/2024 12:22

Can someone explain why Accounts Payable is so high? I'm not an accountant but AIUI AP is a short term liability, but it's been outsized for more than a year now and has increased significantly.

[ukgeorge] 01/5/2024 12:27

Really good presentation on Investor Meet today

[stevea171] 29/4/2024 22:06

"In 2024, the Company's strategy will be focused on growth.
The first priority is to extend the Segilola Mine life where there is currently an underground resource of over 100,000 ounces that has not been incorporated into the existing mine plan.
At the current prevailing high gold prices, we aim to assess our options in re-optimising the Segilola Pit to produce gold from this resource prior to transitioning into an underground mine.
We also aim to carry out further exploration at depth aimed at increasing the existing underground resource which has not been closed out.

Q1/24.
Payment of US$8.2m towards outstanding senior debt facility, leaving a balance of US$15.2m to be paid in 2024.
Cash balance (unaudited) as at 31 March 2024 of US$3.1m

2024 Operational Guidance and Outlook

Gold Production
95,000-100,000 oz

All-in Sustaining Cost ("AISC")
US$/oz Au sold $1,100 - $1,200

Capital Expenditure
US$2,000,000 - 4,000,000

Exploration Expenditure:
Nigeria
US$4,000,000 - 6,500,000
West Africa
US$ 3,500,000 - 4,500,000

[ukgeorge] 29/4/2024 08:37

Good to see the debt being paid off. Should be debt free by early h2.

[stevea171] 27/4/2024 07:31

Thor Explorations To Host Investor Webinar

Thor Explorations Ltd. (TSXV / AIM: THX) (“Thor Explorations” or the “Company”;) is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor session via the Investor Meet Company platform on Wednesday 1st May 2024 at 12:00pm BST.

The session will discuss the upcoming FY23 results that are expected to be announced on 29 April 2024, the recent Q1 2024 Operational Update, along with the Company’s corporate strategy.

[ukgeorge] 26/4/2024 12:50

Just bought 13,300 and 33,300 more at 15p

Hopefully heading back in the right direction.

[stevea171] 19/4/2024 17:14

Later this quarter and Q3 we should start to see drill results coming through from:
Segilola near mine and deep drills beneath the pit,
Douta and the newly acquired adjacent licence,
and the Lithium licences with a 4,000m drilling programme commencing in May, including a geochemical anomaly of approximately 1.2km.

[ukgeorge] 19/4/2024 12:07

IGindex wont let you go long this stock.

[ukgeorge] 19/4/2024 10:29

yes, they likely made around $18M last quarter.

This quarter should be great we should produce something like 24k oz (if the 8koz per month can be maintained) could have a margin conservatively of 1200/oz so could be a whopper of a quarter coming up

[stevea171] 19/4/2024 10:26

Segun is always very conservative unlike a lot of management of other companies.
So he is not assuming these elevated gold prices will remain although we all hope and expect they will ....!

[swanvesta] 19/4/2024 10:15

At AISC of $1100-1200/oz I would expect them to have significantly more than $8m for debt repayment and capital projects. Something more like $25m?

[ukgeorge] 19/4/2024 10:15

He comes across very well. Everything seems to be heading in the right direction and clearly making some good money at these prices.

[stevea171] 19/4/2024 09:50

Segun says another $7-8 million will be paid off the outstanding senior debt facility of $15 million at the end of June leaving a balance of only c. $8 million which should be cleared in H2 leaving Thor debt free.

Repayments and interest on the loan are near ending which will allow all cash generation to be used for company projects and company development.

[swanvesta] 19/4/2024 09:19

Thanks. 8,400oz for the remaining months to reach low end guidance. 8,900oz for top end.

[stevea171] 18/4/2024 20:09

Plant upgrades were in progress Q4/23 but it seems further upgrades carried over into this quarter. To increase efficiency and allow draw down of gold in circuit. The plant build was probably a stripped down version to save on capex when raising capital was difficult but now funds are available to upgrade.

March production was 8,200 oz which is 98k oz annual run rate to fit with guidance for this year.

Q4/23 production report:
Successfully upgraded process plant elution and electrowinning system.

“We expect that the successful completion of the west wall push back and the improvements made to the processing plant will allow the mine to operate more efficiently whilst also making accelerated drawdown of the current high levels of the gold in circuit through the course of the year.

Q1/24 production report:
Successfully upgraded and commissioned three additional CIL tanks in the process plant with drawdown of excess gold in circuit successfully commenced in March 2024.

In March, over 8,200 ounces of gold was produced which included the start of the drawdown of the gold in circuit. We look forward to maintaining an increased level of production for the remainder of the year in parallel with continued drawdown of the gold in circuit.

[swanvesta] 18/4/2024 10:18

I haven't been here long so would appreciate if anyone could correct me on the following:

1. Were the production issues due to plant upgrades in Jan/Feb flagged at all? I'm a bit surprised they had to upgrade a plant they only commissioned a couple of years ago.

2. Grades remain low vs feasibility study, even though a leaner period was predicted. Hopefully they pick up to spec.

Anyway, 24 guidance was maintained and the market seems to be happy to be offered a discount this morning.

[divmad] 17/4/2024 12:57

This is depressing. Even a $2400 pog does absolutely nothing for the share price or valuation here.

[swanvesta] 03/4/2024 12:49

Is it just me or are they giving away rather a lot with these 5% and 10% perpetual free carries?

[stevea171] 02/4/2024 10:12

It's likely significant gold resource will be discovered beneath the open pit with this first ever deep drilling at Segilola due to start this quarter. If the drilling proves up another 300k oz at a decent grade this would add a further 3 years to the mine life without taking into consideration potential resources being drilled at satellite deposits within trucking distance of the mine.

Initial budget of $4 million for 2 rigs deeper drilling near the pit and another rig for satellite prospects near mine. Results will be given out from Q2 onwards.

Watch for these drill results as they come in.

In themselves they could near double the valuation as the discount for a perceived short mine life is removed.

Canaccord: A further 5p to be added to the valuation per year of mine life extension (1-2 years expected) from Q2 drilling.

[aberloon2] 02/4/2024 08:53

Hadn’t noticed Thor before and they seem to beat most small gold miners on AIM in terms of revenue.