Thor Explorations Share Discussion Threads

[trader465] 05/9/2024 06:05

EXPLORATION UPDATE ON THE DOUTA GOLD PROJECT, SENEGAL

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") is pleased to announce the latest set of drilling results from its 2024 drilling programme at the Douta Gold Project, Senegal (the "Douta Project"). The drill-intersections of significant gold mineralisation are from the Makosa East Prospect ("Makosa East"), a more recently discovered prospect which runs 300 metres ("m") parallel to the east of the previously defined Makosa deposit.

The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces ("Moz") of gold ("Au") that consists of an indicated resource of 21.2 million tonnes ("Mt") grading 1.3 grammes per tonne ("g/t") Au for 874,900 ounces of gold ("oz Au") together with an inferred resource of 24 Mt grading 1.2 g/t Au for 909,400 oz Au.

A reverse circulation ("RC") drilling programme this year has focussed on increasing the percentage of oxide resources with most of the holes being terminated at relatively shallow depths. This phase of the drilling has focussed on Makosa East which runs parallel to the main Makosa mineralised trend, and which is additional to the declared current mineral resource. Additional infill drilling was completed at the Makosa North, Mansa and Maka prospects.

The assay results from the drilling completed to date include the following highlights:

· Drillhole DTRC1012- 32m at 1.76 g/t Au from 0m
· Drillhole DTDD995 - 14m at 1.20 g/t Au from 26m
· Drillhole DTDD1015 - 12m at 1.51 g/t Au from 40m
· Drillhole DTRC1028 - 8m at 1.90 g/t Au from 16m

Segun Lawson, President & CEO, stated:

"We are pleased to announce continuing positive drilling results from the Douta Prospect and in particular, this set of results from Makosa East which lies completely outside the existing 1.78 million ounce resource.

"As per our strategy, these results are expected to add additional oxide material to the resource inventory from which we aim to design the initial period of a potential future mining operation.

"We are encouraged by these results from a new prospect outside the existing resource base. The results are from surface and remain open at depth. The Makosa East Prospect now has a strike length of over 1.5 kilometres. We look forward to receiving the remaining outstanding results from the vicinity of the current known deposits and the larger project area with the objective of updating our resource and subsequently completing our Preliminary Feasibility Study for the Douta Project."

[trader465] 31/8/2024 11:17

Net debt of US$2.7 million as at June 30, 2024
The stockpile balance increased by 37% to 1,179,693 tonnes of ore at an average grade of 1.01g/t. The significant stockpile available offers flexibility and low risk for future process plant production.


The stockpile has 41,612oz worth around $95m at $2300 gold

[ukgeorge] 30/8/2024 10:51

Wish they would get selling I'd like to buy a few more :)

[devonlad] 30/8/2024 10:48

The 40 - 55k seller has been killing this for a while now, no present today though, hopefully they have cleared their line of stock?

[trader465] 30/8/2024 10:13

Buys coming in thick and fast

[stevea171] 23/8/2024 11:05

23 August 2024
INVESTOR WEBINAR TO DISCUSS Q2 2024 FINANCIAL AND OPERATING RESULTS

Thor Explorations Ltd. is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor session via the Investor Meet Company platform on Wednesday 28 August 2024 at 12:00pm BST.

The session will discuss the recently announced Q2 2024 Financial and Operating Results, project updates and the Company's corporate strategy for the rest of 2024.

[stevea171] 23/8/2024 10:39

Senior Debt facility to be cleared by year end with 2 payments in H2. Balance at 30/6 is $6.5 million. Restricted covenants will be removed when this debt clears allowing the return of money to shareholders ie dividends can commence.

Over one year's worth of material stockpiled for processing that Segun says can be done at end of LoM for $700 AISC.

Segun's Proactive results interview today:

[trader465] 23/8/2024 10:13

I expect it to be more than double todays price on full year numbers

[devonlad] 23/8/2024 09:48

Had a chunk of these today, the price seems pretty insanely low, actually it could double and you would say the same. Not an expert in miners though and not low risk, nai, dyor, wtfdik.

[stevea171] 23/8/2024 09:21

These results should silence the doubters with further massive returns coming in H2.
H1/24 net profit $40 million
H2/24 net profit $50 million
FY/24 net profit $90 million
Mkt Cap £113 million
When the market digests these results the share price should rerate to 30p for starters.

23/08/2024. Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2024
Financial Highlights for the Period and H1 2024

23,588 ounces of gold sold in Q2 2024 with an average gold price of US$2,309 per oz.

Cash operating cost of US$585 per oz sold and all-in sustaining cost ("AISC") of US$802 per oz sold.

During the Period, lower cost medium and high-grade stockpile with an average grade of 3.42 grams per tonne of gold ("g/tAu") was fed through the mill resulting in a lower than expected cash operating cost and AISC.

Q2 2024 revenue of US$53.8 million (Q2 2023: US$41.3 million) and H1 2024 of US$87.1 million (H1 2023: US$81.7 million).

Q2 2024 EBITDA of US$37.6 million (Q2 2023: US$25.6 million) and H1 2024 of US$60.9 million (H1 2023: US$40.3 million).

Q2 2024 net profit of US$27.5 million (Q2 2023: US$14.4 million) and H1 2024 of US$39.9 million (H1 2023: US$17.4 million).

The Company paid a further US$7.9 million towards its senior debt facility, leaving a balance of US$6.5 million which is scheduled to be fully repaid by the end of the calendar year.

Net debt of US$2.7 million as at June 30, 2024.

[trader465] 23/8/2024 07:58

Buy volume almost 10x sell volume today

[trader465] 23/8/2024 07:22

P/E less than 2

[trader465] 23/8/2024 06:20

Q2 2024 revenue has increased by 30% compared to Q2 2023 generating a record net profit of US$27.5 million for the Period, an impressive increase of 91% compared to Q2 2023. Net profit for the first half of the year was US$$39.9 million.

"The Company has reduced its senior debt to US$6.5 million which is scheduled to be fully repaid this financial year. We also continue to make progress on our payables, making a US$6.4 million reduction in the period."

[ukgeorge] 16/8/2024 19:17

$2500 an oz Roll on 15p :)

[ukgeorge] 12/8/2024 19:06

Gold heading up

[stevea171] 18/7/2024 09:27

Latest Segun interview on Q2 results on Monday. 7:30 mins.
Thor Explorations' successful Q2: gold production and debt paydown
Published: 15 Jul 2024 BST

[swanvesta] 15/7/2024 23:31

Thanks for your reply. Not sure about the last point though - they've had higher recoveries in the past with lower grades. So maybe the ore quality has changed and doesn't leach quite so easily? Could be why they had to do the CIL/CIP upgrades, for which I haven't yet seen an official explanation.

[stevea171] 15/7/2024 14:06

Swanvesta. Quite right. There are negative surprises today.

I was disappointed with the 21.7k oz of production which went against Segun's statements during the period. It seems he was cherry picking good production stats at the time but the overall result was not consistent with the info he put out. We had disappointing production numbers last year which failed to make guidance by a small amount followed by disappointing production in Q1 when this was supposed to be a recovery year. Now this. So H1/24 is 41k oz.

I think it unlikely that FY/24 guidance will be met. More a question of how much will be the short fall. Probably c. 90k oz will be a good result from here.

Still 90k oz x ($2300 - $1150 AISC) is free cash flow of $103 million for this year weighted to H2.

"we prioritised releasing GIC, by decreasing process plant throughput whilst focussing on increasing recovery and improving circuit efficiency."
It is not explained why this was necessary, nor was it flagged up in advance.
For Q3 and Q4 Segun seems to be hoping for 25k oz from gold processed and another 3k oz from reduced GIC. On the evidence today this seems unlikely but I'm not a process engineer!

Mine production for the quarter was at an average grade of 1.78 gm/t compared with the stock pile grade of 1.01 gm/t and the Q2 processing of 3.42 gm/t. So they will likely have to start pushing through the mill a large increase in the volume of ore to achieve even a similar result. Grade they mine at for the rest of this year is unknown but at some point they will have to mix in some of the low grade stockpile ore.

The improved recovery of 94.6% is welcome news and likely to be as a result of the processing efficiency changes made so should be maintained around this higher level.

[swanvesta] 15/7/2024 12:53

Steve, you previously expected more like 25-26koz in Q2. That was after these comments from Segun (at the end of May I believe?):

"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."

Are you surprised Segun then reveals they deliberately slowed production in Q2? This kind of apparently ad hoc narrative revision often gets me anxious.

Also, what should we make of the very low grade material mined in the period? I'm guessing/hoping they were just stripping/stockpiling poorer material on the way through to better grades. That would also synchronise with the temporary reduction in mill throughput. Wouldn't it be great to be told these things though, preferably in advance?

Finally, we're led to believe the improved recovery is due to work done to improve circuit efficiency. But couldn't it also be due to the higher grade processed?

Apologies for sounding negative. I'm not hating the company, simply have found it a good idea in the past to question everything a CEO tells me.

[stevea171] 15/7/2024 07:05

Production well below expectation (again) but everything seems to be firing on all cylinders just delayed into H2 now.

Segilola Q2 2024 Operational Highlights

·Gold poured of 21,742 ounces ("oz")

FY 2024 Outlook and Catalysts

· FY 2024 production guidance range maintained at 95,000 to 100,000 oz of Au

· FY 2024 All-in Sustaining Cost ("AISC") guidance range maintained at $1,100 to $1,200

· Drilling programs across all the Company's exploration portfolio:

o Segilola near mine drill targets

o Segilola underground drilling program

o Senegal - Douta and Douta West licences

o Nigeria lithium portfolio

· Updated Mineral Resource Estimate and Preliminary Feasibility Study ("PFS") at the Douta Project rescheduled for H2 2024, following completion of metallurgical testwork program in China

· Continued acquisition of prospective lithium tenure in Nigeria

Segun Lawson, President & CEO, stated:

"We were pleased by the performance of the Segilola Mine in the Quarter. Following the completion of the upgrade of the CIL circuit in Q1 2024, in the Quarter, we prioritised releasing GIC, by decreasing process plant throughput whilst focussing on increasing recovery and improving circuit efficiency. I am pleased to report that this has been a successful exercise, which is reflected in our operational results for the Quarter during which we achieved a recovery rate of 94.6% and poured more gold than recovered from the mine. We are now positioned in Q3 to return to the increased process plant throughput rate whilst maintaining these operational improvements that have been achieved in the Quarter, which should result in the continued increased amount of gold poured in H2 from both mined ore and further releases from GIC."

"In Senegal, the Douta project continues to deliver promising exploration results, offering compelling upside potential for the Company. The first set of drilling results from our 2024 program were positive and the 15,000 metre drilling program is continuing through Q3, designed at adding oxide ounces outside of the existing resource, to be incorporated into the Douta Preliminary Feasibility Study."

"We are pleased to have made further progress towards fully repaying our senior debt facility by the end of the year with a balance of $7.9 million remaining outstanding and also continuing to make repayments towards our payables, whilst continuing to strengthen our balance sheet."

[adw198] 14/7/2024 09:08

Those accounts payable are a bit of a pain but the cash we’ll be generating should force a big move, probably starting this week with the production figures. The recent interview quoting current output seemed to confirm no nasty surprises and obviously gold is flying. Then add in the drilling news on 3 fronts and all I can see is a seriously good run over the coming days, weeks and months. I’m fully loaded and very excited.

[stevea171] 08/7/2024 17:41

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.

So from this and the recent interview it seems likely that Thor has produced in Q2 in the order of 25-26k oz at $2300 gold and probably $1150 AISC.

So just in Q2 $29 million free cash flow. Not bad!

Segilola gold production of 19,589 oz during Q1 2024.

FY24 guidance 95-100k oz.

At 31/12/23.
Current Liabilities. Accounts Payable and accrued liabilities $74,773,828
This needs to be paid down significantly during the course of this year.

[teapot222] 08/7/2024 15:30

Agreed bri, shouldn't need to go to market ever from our current cash flows, just don't want too much being spent on the lithium side as I'm not confident in long term lithium prospects, rather we concentrate on the gold. ??

[brileyloucan] 08/7/2024 15:20

Or he just focuses on the business and delivers, as long as the roadmap to getting to a mid tier producer doesn't involve going to the market he doesn't need to get too stressed about the share price.

[stevea171] 08/7/2024 15:16

Teapot. Yes, dividend commencement should be possible very soon as well as capex for the long life second mine build at Douta possibly starting next year.