Thor Explorations Ltd., a prominent player in West Africa’s mining sector, has announced its operational and financial results for Q4 2024 and the full year.

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    The update highlights robust production figures, debt elimination, and a promising outlook for 2025 as the company continues to expand its projects across Nigeria, Senegal, and Côte d’Ivoire.

    2024 Operational Highlights

    Thor Explorations achieved notable milestones in 2024, capped by strong production figures and significant financial progress:

    • Gold Production: The Segilola Gold Mine in Nigeria produced a total of 85,057 ounces (oz) of gold in 2024, aligning with revised annual targets. This included 24,662 oz poured during Q4 2024.
    • Debt-Free Status: The company completed the full repayment of its senior debt facility to the Africa Finance Corporation (AFC), securing a net cash position.
    • Q4 Gold Sales: During the quarter, 24,936 oz of gold were sold at an average realised price of US$2,497, generating approximately US$62 million in unaudited revenue.
    Segilola Project

    Segilola Q4 Production Summary:

    • Gold Poured: 24,662 oz
    • Ore Processed: 247,075 tonnes at an average grade of 3.08 g/t gold
    • Mine Output: 383,699 tonnes of ore mined at an average grade of 2.30 g/t gold, yielding 28,411 oz
    • Stockpile Growth: The company increased its ore stockpile by 3,909 oz, bringing the total to 44,300 oz.

    Exploration Highlights

    Thor Explorations achieved significant progress in its exploration efforts across West Africa:

    Nigeria:

    • Underground drilling at Segilola delivered encouraging results, including:
      • 3.0 metres (m) grading 11.24 g/t gold from 294m
      • 3.5m at 4.10 g/t gold from 293m
      • 1.8m at 39.7 g/t gold from 221m
    • These findings justify an expanded 7,500m underground drilling programme for 2025.

    Senegal (Douta Project):

    • The company advanced its Preliminary Feasibility Study (PFS) for the Douta Project, incorporating metallurgical variability studies and refining cost estimates.
    • Reverse Circulation (RC) drilling campaigns commenced to identify additional oxide resources.

    Côte d’Ivoire:

    • Thor Explorations began exploration activities on its newly acquired licences, including geochemical work and drilling plans.

    2025 Goals and Projections

    Thor Explorations has set ambitious targets for 2025:

    • Gold Production Guidance: 85,000–95,000 oz
    • Cost Management: All-in Sustaining Cost (AISC) range of US$800–US$1,000 per oz
    • Douta PFS Completion: Scheduled for Q1 2025, enabling the company to make a development decision.
    • Expanded Drilling: A robust exploration programme will span Nigeria, Senegal, and Côte d’Ivoire, including a 7,500m drilling initiative at Segilola.

    CEO Statement

    Segun Lawson, President and CEO of Thor Explorations, expressed satisfaction with the company’s achievements in 2024 and its readiness for future growth.
    “I am pleased to report a strong production quarter for Thor, culminating in achieving our revised full-year production guidance of 85,057 oz. The successful implementation of new blasting strategies and improved mine planning has significantly optimised our operations.

    “Additionally, the complete repayment of our senior debt facility marks a major milestone for the company, strengthening our balance sheet and positioning us for sustainable growth. I would like to thank the Africa Finance Corporation for their support and shared vision of building a resilient mining industry in Nigeria.

    “As we look ahead, the ongoing work at the Douta Project represents a crucial step forward. While the completion of the PFS has taken longer than expected, the enhanced accuracy will accelerate our development decisions. Furthermore, our expanded exploration programmes across Nigeria, Senegal, and Côte d’Ivoire underscore our commitment to unlocking the full potential of our asset portfolio.”

    Corporate Social Responsibility and Governance

    Thor Explorations also addressed corporate governance matters, highlighting its engagement with the Nigerian Ministry of Solid Minerals Development regarding allegations made by Osun State officials. The company expects the findings of the Federal Ministry’s review to vindicate its position.

    In the interim, Thor has reviewed its corporate social responsibility (CSR) programmes, aiming to broaden the impact of its community development initiatives. This approach aligns with the company’s commitment to sustainable and inclusive growth.

    Production Summary (2024 Overview)

    QuarterTotal Mined (t)Ore Mined (t)Grade (g/t Au)Gold Poured (oz)Recovery (%)
    Q4 20243,781,881383,6992.3024,66289.2
    Q3 20244,024,002355,5152.0120,11088.5
    Q2 20244,710,220491,9351.7821,74294.6
    Q1 20244,939,647465,8952.0718,54390.7

    Investor Engagement

    Thor Explorations invites investors to a live webinar on January 15, 2025, at 12:00 pm GMT. The session will feature a discussion of Q4 2024 results and the company’s 2025 guidance. Investors can register via the Investor Meet Company platform.

    Contact Information

    For further inquiries, please contact:
    Thor Explorations Ltd.
    Segun Lawson, President & CEO
    Email: thorexplorations@yellowjerseypr.com

    Thor Explorations looks forward to 2025 with optimism, driven by its strong operational foundation, exploration success, and focus on sustainable growth across its West African assets.

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