Thor Explorations Share Discussion Threads

[hamidahamida] 30/9/2024 12:15

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 11:47

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 09:59

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 07:09

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

[sharekitchen1974] 30/9/2024 06:38

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

[adw198] 30/9/2024 06:23

Lovely rebuttal, especially the disputed amount being pocket change.

I’m pleased the clarification RNS has come separate to the drilling results. Suspect we’ll get a bounce today back to close where we were. Maybe 17.50 - 18p.
Anything under 17 and I’ll be raiding the piggy bank for a top up.

[hamidahamida] 30/9/2024 06:12

Claim Revised From usd 1.9 million to now just usd 62 thousand The Company wishes to highlight in particular, the incorrect and unsubstantiated claim that SROL has engaged in tax evasion to the amount of ?3,250,598,513 (approximately US$1.9 million).Despite the significant nature of this claim, Osun State Internal Revenue Service ("OSIRS") has not provided a detailed breakdown, computation, or justification explaining how this amount was determined. Upon receiving this claim, SROL formally objected to the tax findings through its tax consultants and presented detailed transaction records to substantiate its own calculations of withholding tax and PAYE remittances for which payments had already been duly made.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.The Company has written to the Federal Ministry of Mines in its capacity as the sector regulator to review the statements made and will seek dialogue with the State Governor regarding the inaccurate and unsubstantiated claims made by the State's Special Advisers. As one of Nigeria's leading mining companies, Thor Explorations remains committed to contributing to the economic growth of the state and the country while adhering to the highest ethical and operational standards.

[swanvesta] 29/9/2024 20:00

Meanwhile I believe Segun has claimed zero taxes are due in the first 5 years of operation. Is that in question?

[swanvesta] 29/9/2024 19:56

petomi, I know, but what if a streaming payment(s) has become due but they have 3 months or whatever to pay it over? Would it not be moved to payables? I'm simply trying to suggest ways that payables (Segun's $45m target) might exceed your estimate of opex etc. Probably wasting my time lol.

[stevea171] 28/9/2024 09:05

Osun State seems to be trying it on in every possible way and now going public in the hope of coming out of this with something! Thor say they have all the documentation to prove they have done nothing wrong so should be happy for it to go to Law where Osun would have to provide evidence to a Court of their claims against Thor.

The National Government has no issues with Thor AFAWK. It is they who regulate the company.

Press Release – Response To Allegations Against Segilola Resources Operating Limited By Osun State Gov’t


Mining: Osun demands N60bn from Thor Explorations UK, Segilola Resources


Anyone selling on Monday, it's likely you are too late as I would expect the share price to bounce back from here.

[tim000] 27/9/2024 21:34

There may be some uncertainty about the disputed amount of unpaid taxes. The website blueprint.ng quotes a government source who states the disputed amount is over N60 billion, equivalent to ca US$ 36mn.

[sword77] 27/9/2024 17:26

Yes, not that much, should have calculated before posting

[petomi] 27/9/2024 16:02

swanvesta re your 155 the streaming liability is shown separately on the balance sheet with details in Note 8 - total $15.8m of which most is in current liabilities.

Sharp drop here and on TSX - amounts quoted look modest but arguments with govts and states not great cf AAZ losing a year's production.

GLA

[devonlad] 27/9/2024 15:26

Wow, a big drop for about a weeks cash flow, buying opportunity coming up!

[lord buffett] 27/9/2024 15:12

Segilola Resources Operating Ltd completely refute the claim, but for information N3.2bn is about $1.9m.

[littleblew180] 27/9/2024 15:11

This equates to £1.5m this purely covered by the free cash flow

[sword77] 27/9/2024 14:45

Bad news:

hxxps://tribuneonlineng.com/osun-govt-vows-to-recover-n3-2bn-unremitted-taxes-from-mining-company/


The Osun State Government, on Thursday, said there is no Jupiter that could prevent it from recovering N3.2 billion in PAYE taxes, from Segilola Resources Operating Ltd, a subsidiary of Thor Explorations Ltd UK, licensed by the Federal Government to operate a mining lease in Osun, if it refuses to remit to the purse of the state government.

[swanvesta] 27/9/2024 14:32

petoml, the payables issue has vexed me as well. I'm not an accountant so may be missing a lot, but I have concluded they get very good terms from their suppliers. Also is it possible the figure includes sums due from the stream obligation?

[petomi] 27/9/2024 10:10

Thanks stevea171

I understand that creditors and accruals will be reducing as they pay down some deferred spend on capital projects.

But I'm not sure why they say c$45m would then be a 'normalised' level looking at the scale of their activities. For example in the first half:

- cost of sales was $36.3m and admin expenses were $4.8m - these would include staff costs (not separately disclosed but presumably paid pretty quickly even if via a contracted labour force)
- cash flow from investing was $6.4m including E&E.

hxxps://thorexpl.com/site/assets/files/2770/thx_2024_q2_fs.pdf

So I can't make sense of the $45m - happy to be corrected.

Interesting company but their numbers move around a lot (including correction of material PY error) so I would like more confidence in the financials before increasing a small watching position.

GLA

[ukgeorge] 26/9/2024 11:55

The big catalyst should be the feasibility study later this year and moving to be debt free

[paduardo] 26/9/2024 05:58

Thanks Adw198

[adw198] 25/9/2024 19:13

Welcome!
My understanding is the former. These are just the initial results from a large drilling programme, presumably showing grades and depths. The results will continue to come in over the next few months before being added to the existing satellite deposits and consolidated to give an overall update - and probably then a plan for the next few years.

[paduardo] 25/9/2024 15:48

Hi new to this share. For the drilling update that is due end of this month from Segilola, are we just expecting an update outlining the drill results or are we also expecting THX to announce an increase in reserves. Thanks

[devonlad] 25/9/2024 12:15

Gold up from 2400 to 2650 in the last couple of months, thx must be making crazy money now.