Thor Explorations Announces Strong Q4 2024 Gold Production, 2025 Operating Guidance and Details of Investor Webinar
Thor Explorations Announces Strong Q4 2024
Gold Production, 2025 Operating Guidance
and Details of Investor Webinar
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its fourth quarter and full year
2024 operational update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for the
Company's mineral exploration properties located in Nigeria and Senegal, for the three months to
December 31, 2024 (the "Quarter" or "Q4") as well as full year operational highlights ("FY 2024").
Highlights
FY 2024 gold poured of 85,057 ounces ("oz")
24,662 oz poured during the fourth quarter 2024
Final and full repayment of the senior debt facility with Africa Finance Corporation ("AFC"), the
Company now has no senior debt and has a net cash position
Gold sales in Q4 2024 of 24,936 oz at an average realized price of US$2,497 resulting in
unaudited revenue of approximately $62 million
Segilola Q4 2024 Operational Highlights
Gold poured of 24,662 oz
Gold produced from 247,075 tonnes ("t") milled at an average grade of 3.08 grammes per tonne
("g/t") of gold ("Au")
Mine production of 383,699 t at an average grade of 2.30g/t of Au for 28,411oz
Ore stockpile increased by 3,909 oz to 44,300 oz of Au at an average grade of 0.94g/t of Au which
includes a high-grade stockpile of 8,865 t at an average grade of 4.21g/t of Au for 1,201 oz and a
medium-grade stockpile of 69,608 t at an average grade of 2.08g/t of Au for 4,649 oz
Release of a further 2,835 oz of Au in circuit ("GIC"), reducing total GIC to 4,155 oz of Au
FY 2025 Outlook and Catalysts
FY 2025 production guidance range set at 85,000 to 95,000 oz of gold
FY 2025 All-in Sustaining Cost ("AISC") guidance range set at $800 to $1,000 / oz
Finalisation of updated Mineral Resource Estimate and Preliminary Feasibility Study ("PFS") at
the Douta Project scheduled for Q1 2025
Drilling programmes across all the Company's exploration portfolio:
Segilola underground drilling programme next phase consisting of 7,500 metres of drilling
Nigeria - continuation of scout drilling programmes on identified targets
Senegal (Douta licence) - additional Reverse Circulation ("RC") drilling targeting additional
oxide resources
Cote D'Ivoire - Guitry and Boundiali licenses, continuation of geochemical work programmes
and initial drill programme on identified targets
Segun Lawson, President & CEO, stated
:
"I am pleased to report a strong production quarter for Thor, which has resulted in the Company
achieving our revised production guidance for the full year in 2024, having poured 85,057 oz of Au.
The mining and processing operations have run smoothly over the final Quarter following the
successful implementation of new blasting strategies and improved mine planning processes earlier
in the year.
"The Quarter also marked a significant milestone for the Company as we have now fully repaid our
senior debt facility with AFC.
We start the year 2025 well positioned for a strong operational and
financial performance. I would like to thank AFC for their continuing support of the Company and
shared vision to build a successful and sustainable mining industry in Nigeria. I look forward to
working with AFC again in the future as our Company continues to grow.
"At Douta, work on the PFS is being finalised having carried out additional variability studies on the
metallurgy and as we refine quotations from certain potential equipment manufacturers and
contractors. Whilst completion of the PFS has taken longer than envisaged, I believe that the
additional time is justified by the benefit of the enhanced level of detail and accuracy of the work which
is at the top end of accuracy required for PFS level work, enabling us to have the confidence to
progress to a development decision in a shorter timeframe. We anticipate this will be completed and
released to the market in the first quarter of 2025. In parallel with the completion of the study, the
Company is also continuing with its strategy of increasing the resource inventory and will also be
conducting a further drilling programme over Q1 2025.
"We are continuing our engagement with the relevant Federal Ministries in Nigeria, including the
Ministry of Solid Minerals Development (the "Federal Ministry of Mines") relating to the previous
allegations made against the Company by officials of the Osun State. We understand that the review
conducted by the Federal Ministry of Mines has been completed and we await the public
announcement of their findings. We anticipate that there will be no substantiation of any of the
allegations made. We have, in the interim, taken the opportunity to review our corporate social
responsibility programme with a view to extending the reach of our very successful local community
development programmes, aiming to deliver wider positive development benefits.
"Finally, we are excited by the year ahead. Gold production from Segilola continues to strengthen the
Company's balance sheet and the Company has several catalysts across all of its projects in Nigeria,
Senegal and Cote D'Ivoire. We look forward to updating the market with our progress through the
year."
Exploration Q4 2024 Highlights
Nigeria
Successful initial drilling program at Segilola Underground which included:
3.0 metres ("m") grading 11.24 g/tAu from 294m in drillhole SNMDD011
3.5m grading at 4.10 g/tAu from 293m in drillhole SNMDD016
1.8m grading at 39.7g/tAu from 221m in drillhole SNMDD027
3.4m grading at 4.80g/tAu from 74m in drillhole SNMDD028
Justification to ramp up an expanded Segilola underground drilling programme
Senegal
Finalisation of Douta PFS with completion scheduled in Q1 2025
Commencement of RC drilling campaign
Cote D'Ivoire
Commencement of exploration work on the Company's new licence portfolio
PRODUCTION SUMMARY
Units
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Mining
Total Mined
Tonnes
3,781,881
4,024,002
4,710,220
4,939,647
5,483,291
Waste Mined
Tonnes
3,398,182
3,668,487
4,171,122
4,473,752
5,031,932
Ore Mined
Tonnes
383,699
355,515
491,935
465,895
451,360
Grade
g/t Au
2.30
2.01
1.78
2.07
1.93
Processing
Ore Processed
Tonnes
247,075
201,958
174,000
235,933
262,439
Grade
g/t Au
3.08
3.22
3.42
2.85
2.77
Recovery
%
89.2
88.5
94.6
90.7
93.4
Gold Recovered
oz
21,827
18,496
18,090
19,589
21,798
Gold Poured
oz
24,662
20,110
21,742
18,543
16,361
Table 1: Production Summary
Investor webinar to discuss Q4 2024 operating update & 2025 operating guidance
Thor is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor
session via the Investor Meet Company platform on
Wednesday 15 January 2025 at 12:00pm GMT
.
The session will discuss the announced Q4 2024 operating update and 2025 operating guidance.
The presentation is open to all existing and potential investors. Questions can be submitted pre-event via
your Investor Meet Company dashboard up until 9:00 am the day before the meeting or at any time
during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Thor Explorations plc via:
https://www.investormeetcompany.com/thor-explorations-ltd/register-investor
Investors who already follow Thor Explorations on the Investor Meet Company platform will automatically
be invited.
Whilst the Company may not be able to answer every individual question, the aim is to address the
issues raised by investors
Responses to the Q&A will be published at the earliest opportunity on the Investor Meet Company
platform following the presentation
Investor feedback can also be submitted directly to management after the event to ensure the
Company can understand all investor views.
For further information, please email:
.
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
About Thor
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition,
exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor
holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and
production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located
in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".
For further information please contact:
Thor Explorations Ltd
Email:
Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O'Connor / Harry Rees
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay
Tel:
+44 (0) 20 3004 9512
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP),
who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has
reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling,
analytical and test data underlying the information.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
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