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Thor Explorations Ltd

www: www.thorexpl.com   email: info@thorexpl.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
CVE:THX CAD
OTCMKTS:THXPF USD

Description

Thor Explorations Ltd are a gold focused mid-tier producer with one mine in development in Nigeria and one exploration property. They have approximately 3Moz. of gold in the reserves and resources category of which 1Moz. are in the measured and indicated category. They have a market capitalisation of ~C$304.18M which is a rise of roughly 94% over the last eight months. As of 08/29/2024 they have ~C$10M debt and ~C$7.93M cash. They have 655M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 08/29/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $156.62M $304.18M 08/29/2024
Total Assets: $152.25M $147.84M 08/29/2024
Total Liabilities: $107.69M $104.57M 08/29/2024
Current Assets: $17.82M $17.31M 08/29/2024
Current Liabilities: $62.39M $60.58M 08/29/2024
Total Debt: $10.03M $9.74M 08/29/2024
Cash: $8.17M $7.93M 08/29/2024
Enterprise Value: $158.48M $305.98M 09/12/1979
Cash Flow: $100.73M $172.19M never
Cash Flow Multiple: 1.55 1.77 never
Net Debt to
Cash Flow Ratio:		 0.02 0.01 never
Finance within 1 year: Yes Yes 08/29/2024
Misc 08/29/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 655,101,952 655,101,952 08/29/2024
Shares (FD): 669,487,009 669,487,009 08/29/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 01/01/2021 08/29/2024
Production (Gold Eq Oz.): (guess) 
90,000		 (guess) 
90,000		 08/29/2024
Production (Silver Eq Oz.): (guess) 
7,706,594		 (guess) 
9,052,459		 08/29/2024
Initial CapEx (Outstanding): $87.00M
55.55% of MCap		 $87.00M
28.6% of MCap 		08/29/2024
Funding Option: n/a n/a 08/29/2024
Documentation: none PRODUCER 03/24/2025
Future MCap Modifier: 0.15
Producer: Average
 0.15
Producer: Average
 08/21/2023
Cash Flow Multiplier: 8 8 08/29/2024

Resource Data

GOLD 08/29/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.40M 0.40M 08/29/2024
Measured & Indicated: 1.00M 1.00M 08/29/2024
Inferred: 1.00M 2.00M 08/29/2024
Reserves & Resources: 2.00M 3.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.36M 0.36M 08/29/2024
Measured & Indicated: 0.79M 0.79M 08/29/2024
Inferred: 0.45M 0.90M 08/29/2024
Reserves & Resources: 1.24M 1.69M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
90,000oz.		 (guess) 
90,000oz.		 08/29/2024
Cash Cost: $900 $900 08/29/2024
Extra Operating Cost: $500 $500 08/29/2024
Total: $1,400 $1,400 08/29/2024
Margin (Free Cash Flow): $1,119 (44%) $1,913 (58%)
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 08/29/2024
Open Pit (Avg): n/a 2.00 g/t 03/24/2025
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/24/2025
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.50M 03/24/2025
Annual Production: 125,000oz. 150,000oz. 03/24/2025
Cash Cost: $1,000 $1,000 08/29/2024
Extra Operating Cost: $550 $600 03/24/2025
SILVER 08/29/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/29/2024
Measured & Indicated: n/a n/a 08/29/2024
Inferred: n/a n/a 08/29/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/29/2024
Measured & Indicated: n/a n/a 08/29/2024
Inferred: n/a n/a 08/29/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 08/29/2024
Extra Operating Cost: n/a n/a 08/29/2024
Total: n/a n/a 08/29/2024
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 08/29/2024
Open Pit (Avg): n/a n/a 08/21/2023
Recovery Rate: n/a n/a 08/29/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/29/2024
Annual Production: n/a n/a 08/29/2024
Cash Cost: n/a n/a 08/29/2024
Extra Operating Cost: n/a n/a 08/29/2024

Property

Last Analysis Data  (08/29/2024)
Stage Name Owned Au Ag Cu Notes
Dev Segilola 100% show
500,000 oz resource.
Exp Douta 70% show
2M oz deposit.

Option to own 100%
Current Data
Stage Name Owned Au Ag Cu Notes
Dev Segilola 100% show
500,000 oz resource.
Exp Douta 70% show
2M oz deposit.

Option to own 100%

Profitability (by resource)

Proven &
Probable		 08/29/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.40M 0.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.36M 0.36M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $402.91M $688.75M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $402.91M $688.75M n/a
Max Profit / Current MCap: 2.572 2.264 n/a
Max Profit Per Share (Gold): $0.60 $1.03 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.60 $1.03 n/a
Total Free Profit Per Share: $0.29 $0.40 n/a
FD MCap / Gold Eq.: $435.07 $844.93 n/a
FD MCap / Silver Eq.: $5.08 $8.40 n/a
FD MCap / Per Metal
as % Spot Price:		 17.27% 25.50% n/a
Measured &
Indicated		 08/29/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.00M 1.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.79M 0.79M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $886.41M $1,515.25M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $886.41M $1,515.25M n/a
Max Profit / Current MCap: 5.659 4.981 n/a
Max Profit Per Share (Gold): $1.32 $2.26 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $1.32 $2.26 n/a
Total Free Profit Per Share: $1.01 $1.63 n/a
FD MCap / Gold Eq.: $197.76 $384.06 n/a
FD MCap / Silver Eq.: $2.31 $3.82 n/a
FD MCap / Per Metal
as % Spot Price:		 7.85% 11.59% n/a

Reserves &
Resources		 08/29/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 3.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.24M 1.69M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,390.05M $3,237.13M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,390.05M $3,237.13M n/a
Max Profit / Current MCap: 8.875 10.642 n/a
Max Profit Per Share (Gold): $2.08 $4.84 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.08 $4.84 n/a
Total Free Profit Per Share: $1.76 $4.21 n/a
FD MCap / Gold Eq.: $126.11 $179.77 n/a
FD MCap / Silver Eq.: $1.47 $1.79 n/a
FD MCap / Per Metal
as % Spot Price:		 5.01% 5.43% n/a

Future Valuation (Cash Flow & Totals)

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