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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 two exploration properties. They have approximately 2Moz. 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$121.26M which is a fall of roughly 29% over the last eleven months. As of 08/24/2023 they have ~C$20M debt and ~C$7.96M cash. They have 654M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 08/21/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $171.71M $121.26M 08/21/2023 $-50.45M
Total Assets: $151.36M $148.33M 08/21/2023 $-3.03M
Total Liabilities: $107.06M $104.92M 08/21/2023 $-2.14M
Current Assets: $17.72M $17.37M 08/21/2023 $-0.35M
Current Liabilities: $62.02M $60.78M 08/21/2023 $-1.24M
Total Debt: $59.07M $20.26M 08/24/2023 $-38.81M
Cash: $11.08M $7.96M 08/24/2023 $-3.12M
Enterprise Value: $219.70M $133.56M 03/26/1974 $-86.15M
Cash Flow: $44.51M $84.22M never $39.71M
Cash Flow Multiple: 3.86 1.44 never -2.42
Net Debt to
Cash Flow Ratio:		 1.08 0.15 never -0.93
Finance within 1 year: Yes Yes 08/21/2023 n/a
Misc 08/21/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 654,000,000 654,000,000 08/21/2023 0
Shares (FD): 684,000,000 684,000,000 08/21/2023 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 08/21/2023 n/a
Production (Gold Eq Oz.): (guess) 
90,000		 (guess) 
90,000		 08/21/2023 0
Production (Silver Eq Oz.): (guess) 
7,321,340		 (guess) 
7,698,888		 08/21/2023 377,549
Initial CapEx (Outstanding): $87.00M
50.67% of MCap		 $87.00M
71.75% of MCap 		08/21/2023 $0.00M
Funding Option: n/a n/a 08/21/2023 n/a
Documentation: none PRODUCER 03/24/2024 n/a
Future MCap Modifier: 0.15
Producer: Average
 0.15
Producer: Average
 08/21/2023 0
Cash Flow Multiplier: 6 6 08/21/2023 0.00

Resource Data

GOLD 08/21/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.40M 0.40M 08/21/2023 0.00M
Measured & Indicated: 1.00M 1.00M 08/21/2023 0.00M
Inferred: 1.00M 1.00M 08/21/2023 0.00M
Reserves & Resources: 2.00M 2.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.36M 0.36M 08/21/2023 0.00M
Measured & Indicated: 0.79M 0.79M 08/21/2023 0.00M
Inferred: 0.45M 0.45M 08/21/2023 0.00M
Reserves & Resources: 1.24M 1.24M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
90,000oz.		 (guess) 
90,000oz.		 08/21/2023 0oz.
Cash Cost: $900 $950 08/24/2023 $50.00
Extra Operating Cost: $500 $500 08/21/2023 $0.00
Total: $1,400 $1,450 08/24/2023 $50.00
Margin (Free Cash Flow): $495 (26%) $936 (39%) $441.20
G
R
A
D
E		 Underground (Avg): 3.80 g/t 5.00 g/t 03/24/2024 1.20 g/t
Open Pit (Avg): n/a 3.00 g/t 03/24/2024 3.00 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/24/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 08/21/2023 0.00M
Annual Production: 90,000oz. 90,000oz. 08/21/2023 0oz.
Cash Cost: $950 $1,000 08/24/2023 $50
Extra Operating Cost: $500 $500 08/21/2023 $0
SILVER 08/21/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/21/2023 0.00M
Measured & Indicated: n/a n/a 08/21/2023 0.00M
Inferred: n/a n/a 08/21/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/21/2023 0.00M
Measured & Indicated: n/a n/a 08/21/2023 0.00M
Inferred: n/a n/a 08/21/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 08/21/2023 $0.00
Extra Operating Cost: n/a n/a 08/21/2023 $0.00
Total: n/a n/a 08/21/2023 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 08/21/2023 n/a
Open Pit (Avg): n/a n/a 08/21/2023 n/a
Recovery Rate: n/a n/a 08/21/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/21/2023 0.00M
Annual Production: n/a n/a 08/21/2023 n/a
Cash Cost: n/a n/a 08/21/2023 n/a
Extra Operating Cost: n/a n/a 08/21/2023 n/a

Property

Last Analysis Data  (08/21/2023)
Stage Name Owned Au Ag Cu Notes
Exp Hounde 100% show
Early exploration
Dev Segilola 100% show
500,000 oz resource.
Exp Douta 70% show
Early exploration
Total Land Package Size (ha): 50,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Exp Hounde 100% show
Early exploration
Dev Segilola 100% show
500,000 oz resource.
Exp Douta 70% show
Early exploration
Total Land Package Size (ha): 50,000  

Profitability (by resource)

Proven &
Probable		 08/21/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.40M 0.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 1.68M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.36M 0.36M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 1.51M
Maximum Profit (Gold): $178.06M $336.89M n/a $158.83M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $178.06M $336.89M n/a $158.83M
Max Profit / Current MCap: 1.037 2.778 n/a 1.741
Max Profit Per Share (Gold): $0.26 $0.49 n/a $0.23
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.26 $0.49 n/a $0.23
Total Free Profit Per Share: $0.00 $0.25 n/a $0.25
FD MCap / Gold Eq.: $476.97 $336.82 n/a $-140.15
FD MCap / Silver Eq.: $5.86 $3.94 n/a $-1.93
FD MCap / Per Metal
as % Spot Price:		 25.18% 14.12% n/a -11.06%
Measured &
Indicated		 08/21/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.00M 1.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 4.19M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.79M 0.79M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.32M
Maximum Profit (Gold): $391.72M $741.15M n/a $349.43M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $391.72M $741.15M n/a $349.43M
Max Profit / Current MCap: 2.281 6.112 n/a 3.831
Max Profit Per Share (Gold): $0.57 $1.08 n/a $0.51
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.57 $1.08 n/a $0.51
Total Free Profit Per Share: $0.23 $0.84 n/a $0.61
FD MCap / Gold Eq.: $216.80 $153.10 n/a $-63.70
FD MCap / Silver Eq.: $2.67 $1.79 n/a $-0.88
FD MCap / Per Metal
as % Spot Price:		 11.44% 6.42% n/a -5.03%

Reserves &
Resources		 08/21/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.39M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.24M 1.24M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.21M
Maximum Profit (Gold): $614.29M $1,162.26M n/a $547.97M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $614.29M $1,162.26M n/a $547.97M
Max Profit / Current MCap: 3.578 9.585 n/a 6.008
Max Profit Per Share (Gold): $0.90 $1.70 n/a $0.80
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.90 $1.70 n/a $0.80
Total Free Profit Per Share: $0.56 $1.45 n/a $0.90
FD MCap / Gold Eq.: $138.25 $97.63 n/a $-40.62
FD MCap / Silver Eq.: $1.70 $1.14 n/a $-0.56
FD MCap / Per Metal
as % Spot Price:		 7.30% 4.09% n/a -3.21%

Future Valuation (Cash Flow & Totals)

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