Hi Nittnoi...As a matter of fact, I have considered exactly your...

Hi Nittnoi...

As a matter of fact, I have considered exactly your mentioned points.

First I'll deal with the possibility of another delay to the DFS which you rate as the biggest worry:

Prior to yesterday, any further delays would have made holders very anxious, the primary reason being that some were disproportionately concerned about a CR prior to release of the DFS and really wanted the DFS to precede any CR. Well, yesterday the CR occurred...totally painlessly. So, the primary fears related to any delay were put to rest. In retrospect...best thing that could have happened.

Regards your other point about the DFS itself, I was wondering this myself a little while back, So, I went over the numbers released by Thor already in the public domain to see what sort of "headroom" existed as a margin for error. I picked up the blower and called Thor, and had a good chat with Mick Billing. I corresponded with Roger Hardman at Hardman & Co in London to get some independent data about the exact reasons for the delayed report, and locking those reasons down helped me to stop wondering whether the delay itself was indicative of any problem with the DFS. More recently, Mick Billing has confirmed and re-confirmed the robustness of the Molyhill project in presentations and interviews in London. All here are aware of his remark about the Molyhill project "It doesn't get better than this..." All here are aware of his recent statements about the Molyhill project being having such profit margins that it offers "accelerated payback of capex".

Thor is a small cap stock in the process of attempting to transition from explorer to very profitable producer. It hasn't happened yet, which is why you can buy the stock so cheap right now. This is what speculating on small caps is all about...the potential leverage of every cent upwards movement is huge. Can you imagine owning a million shares in a small cap company - perhaps it cost you 25k-30k to get in while the company was small - and 3 years later the SP is pushing a dollar a share? This is what we are all in the small-cap game for. There aren't many ways for the average man to make a million bucks as quickly as this if you can pick the right company at the right time in its lifecycle.

Are there still some unknown risks? Yes. But same goes for every stock on the ASX. Even BHP took a hit recently with the general market jitters (whilst THR stayed rock steady by the way).

If you do your research on Thor, and you like where the company is at right now and you'd like to be part of whatever happens from here (pretty good timing to get in by any rationale), then that's all anyone can do in this speculating game.

Cheers,
Huss.