The successful drilling of the Dubhe-1 lateral, extending c. 5,200 ft and exceeding pre-drill targets, signals strong commercial potential by confirming reservoir quality and significantly increasing estimated marketable liquid resources by 63% to 589 million barrels. Agreements with key suppliers for hydraulic stimulation are in place, paving the way for flow tests that are critical for future development and commercialization.

The operational success of the Dubhe-1 well, which exceeded its targeted length and confirmed reservoir consistency, represents a significant strategic milestone. This de-risks a core asset and provides essential data for refining the development plan for the Ahpun field. The company's forward plan is clearly focused on leveraging these positive results to move towards commerciality, pending successful flow tests.

The announcement adheres to AIM Rules and the Petroleum Resource Management System (PRMS) standards, with information reviewed by a qualified Petroleum Engineer. This ensures regulatory compliance and provides a degree of confidence in the reported resource estimates. The company is actively engaging with investors through a scheduled webinar, indicating transparent communication regarding its operational progress.

The 63% increase in marketable liquid resources to 589 million barrels is a material event that significantly enhances the company's asset base and potential valuation. While the stock's recent performance has been weak, this operational success provides a fundamental catalyst that could attract renewed investor interest. The market's reaction will be heavily contingent on the upcoming flow test results, which will determine the commercial viability of the asset.

The acquisition of the remaining 30% of the Douta Gold Project for US$3.0m and a capped 1.5% NSR is a key commercial development, giving Thor full control and economic exposure ahead of the Preliminary Feasibility Study. This is complemented by the acquisition of the contiguous Bousankhoba permit, which has historical high-grade drill results (e.g., 2m at 52g/t Au), expanding the project's footprint and exploration potential.

Consolidating ownership of the Douta Project to 100% is a strategically sound move that simplifies development and maximizes future value for shareholders. The concurrent acquisition of the Bousankhoba permit demonstrates a clear strategy of regional consolidation and leveraging exploration upside. This positions the company to deliver a Preliminary Feasibility Study in Q4 2025 on an expanded and wholly-owned project.

The transaction is subject to final approval from Senegal's Minister of Mines, which represents a standard regulatory hurdle for the acquisition to be completed. The company is operating within the established legal frameworks for mining and exploration in Senegal.

The acquisition strengthens Thor's balance sheet by internalizing the full economics of a key development asset. This occurs in a context of extreme technical strength, with the stock price having risen dramatically. However, the overbought RSI suggests high positive sentiment is already priced in, and the market will now look to the delivery of the PFS to validate the strategic rationale.

The updated MRE, based on a higher gold price assumption of $3,000/oz, has added approximately 1 million ounces to the Doropo project. This substantial increase in the resource base, with 84% in the Measured and Indicated categories, enhances the commercial viability and potential scale of the project.

The 28% resource upgrade is a key strategic step that is expected to extend the mine life by at least five years beyond the original 10-year plan. This de-risks the project's future and provides a strong foundation for the updated Definitive Feasibility Study (DFS). The company's focus on optimizing pit designs and costs ahead of a Final Investment Decision (FID) by the end of 2025 demonstrates a clear path to development.

The company is progressing through the necessary regulatory steps in Côte d'Ivoire, awaiting the approval of the Exploitation Permit. The successful navigation of this process is critical to advancing the project to the FID stage. The MRE update adheres to JORC 2012 reporting standards.

The significant resource increase provides a strong fundamental tailwind for the company, underpinning a potential re-rating of the asset. The market will likely view this update positively, as it points to a longer mine life and potentially improved project economics in the forthcoming DFS. The neutral technical posture suggests the stock has room to react positively to this fundamental news.

The company reported a record H1 performance with 26% revenue growth, driven by a 10% increase in the core Products business and a significant 562% rise in the developing Systems unit. Order intake also grew by a strong 25% to £22.3m, providing good visibility for future revenue.

The company is successfully executing its strategy of investing for future growth while delivering current performance. Investment in the Systems business unit is beginning to translate into significant revenue, and continued R&D spend (£1.8m) is yielding new products like 'Kratos'. Strategic hires and facility expansions in the UK and US are being implemented to support anticipated growth.

The company operates in a regulated environment, particularly within the defence sector. The announcement notes that US order intake was initially curtailed due to delayed defence budget approval, highlighting the impact of government policy on its business cycle.

The company delivered a strong financial performance, beating market expectations for H1. However, this positive fundamental news is tempered by a significant negative impact from foreign exchange movements (£0.7m) and a decrease in the closing cash position. The market is likely to view the results as solid but may be cautious given the cash reduction and reliance on a stronger H2 in the US market.

The company's licensing division drove growth, with total licensing revenues up 22%. A significant 623% increase in brand licensing revenue to £2.4m was a standout contributor. The core content licensing business saw modest growth of 4%, impacted by new UK staking regulations, but this was offset by strong international performance, particularly in the US (+22%).

The company continues to execute its international expansion strategy, launching content in new regulated markets like Brazil and British Columbia, and signing 19 new partners. Despite a downturn in UK revenue due to regulatory changes, management has innovated its games and reports a sharp recovery trend post-period, suggesting a successful adaptation to the new environment.

The company is adept at navigating the complex global regulatory landscape for iGaming. The announcement highlights successful entry into new regulated markets (Brazil, British Columbia, Delaware) and adaptation to new staking limit regulations in the UK, which is a key operational capability.

The Group delivered a strong H1 performance with an 18% rise in revenue and a 30% increase in Adjusted EBITDA, demonstrating the high-margin nature of its licensing model. While UK revenues were impacted by new regulations, the strong recovery trend and robust international growth, particularly in the US, provide a positive outlook. The strong cash generation and debt-free balance sheet further solidify the company's financial position.