Thor Issues Response to Press Speculation
Thor Issues Response to Press Speculation
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2024) - Thor Explorations Ltd. (TSXV:
THX) (AIM: THX) ("Thor Explorations" or the "Company") issues the following statement regarding false
claims and allegations, reported in the press, by Special Advisers of the Osun State Government,
Nigeria. The allegations contain gross inaccuracies and false claims about Thor's wholly owned
subsidiary, Segilola Resources Operating Limited ("SROL"), regarding tax evasion and unethical
business practices.
Thor Explorations fully rejects all the allegations and has not been presented with any evidence by the
Osun State Government to support its claims. As reported in the local media, the allegations were
formally refuted by the Country Manager of Segilola Resources Operating Limited. A link to the full
statement is available for review via the following link:
https://images.newsfilecorp.com/files/7003/225001_681527_thor_response_to_allegations_against_srol.pdf
The Company wishes to highlight in particular, the incorrect and unsubstantiated claim that SROL has
engaged in tax evasion to the amount of ₦3,250,598,513 (approximately US$1.9 million).
Despite the significant nature of this claim, Osun State Internal Revenue Service ("OSIRS") has not
provided a detailed breakdown, computation, or justification explaining how this amount was
determined. Upon receiving this claim, SROL formally objected to the tax findings through its tax
consultants and presented detailed transaction records to substantiate its own calculations of
withholding tax and PAYE remittances for which payments had already been duly made.
Furthermore, on the 23rd of September (prior to the various press releases), SROL received a letter
from the OSIRS after a review of the records presented by the Company revising the initial tax liability
from ₦3,250,598,513 to ₦99,347,105 (approximately US$62,500) for the five-year period from 2019 to
2024. The Company is reviewing this figure as part of its normal course of business.
The Company has written to the Federal Ministry of Mines in its capacity as the sector regulator to review
the statements made and will seek dialogue with the State Governor regarding the inaccurate and
unsubstantiated claims made by the State's Special Advisers.
As one of Nigeria's leading mining companies, Thor Explorations remains committed to contributing to
the economic growth of the state and the country while adhering to the highest ethical and operational
standards.
- Ends-
Please contact:
Thor Explorations Ltd
Email:
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / 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
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email:
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 3204
About Thor Explorations
Thor Explorations Ltd. is a West Africa focused gold exploration, development and production with
projects located in Nigeria and Senegal. Thor holds a 100% interest in its flagship Segilola Gold Project,
located in Osun State, Nigeria. Mining and production commenced at Segilola in 2021, with first-year
annual production of 95,000 ounces. Thor holds a 70% interest in the Douta Gold Project located in
south-eastern Senegal, in partnership with local company International Mining Company ("IMC"). Thor
trades on both the AIM and TSX Venture Exchanges under the symbol "THX".
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/225001