REG - Thor Explorations Ld - FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

Thor ExplorationsAnnouncement

28/05/2025 07:00

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RNS Number : 3116K  Thor Explorations Ltd  28 May 2025

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 May 28, 2025  TSXV/AIM: THX

 

THOR EXPLORATIONS ANNOUNCES FIRST QUARTER 2025 FINANCIAL AND OPERATING
RESULTS, FOR THE THREE MONTHS ENDING MARCH 31, 2025

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", "Thor", the
"Group" or the "Company") is pleased to provide an operational and financial
review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for
the Company's mineral exploration properties located in Nigeria, Senegal and
Cote D'Ivoire for the three months to March 31, 2025 (the "Quarter", the
"Period" or "Q1").

The Company's Unaudited Condensed Consolidated Financial Statements together
with the notes related thereto, as well as the Management's Discussion and
Analysis for the three months ended March 31, 2025, are available on Thor
Explorations' website at:

https://thorexpl.com/investors/financials/
(https://thorexpl.com/investors/financials/) .

 

All figures are in US dollars ("US$") unless otherwise stated.

 

Q1 2025 Financial Highlights

·     22,750 ounces ("oz") of gold sold (Q1 2024: 17,420 oz) with an
average gold price of US$2,720 per oz (Q1 2024: US$2,033).

·    Cash operating cost of US$711 per oz sold (Q1 2024: US$418) and
all-in sustaining cost ("AISC") of US$950 per oz sold (Q1 2024: US$632)

·      Revenue of US$64.0 million (Q1 2024: US$33.3 million).

·      EBITDA of US$43.6 million (Q1 2024: US$23.2 million).

·      A quarterly record Net Income of US$34.4 million (Q1 2024:
US$12.4 million).

·      Net Cash of US$24.7 million (Q1 2024: Net debt of US$14.3
million).

·      Maiden quarterly dividend of CAD$0.125 per share paid (annual
dividend of CAD$0.05 per share)

 

Operational Highlights

Segilola Production

·      Gold poured totalled 22,790 oz during Q1 2025 (Q1 2024: 18,543
oz).

·      22,594 oz (Q1 2024: 19,589 oz) recovered with a recovery rate of
93.7% (Q1 2024: 90.7%).

·     231,825 total tonnes ("t") of ore processed over Q1 2025 at a
grade of 3.24 g/t Au grammes per tonne ("g/t") of gold ("Au").

·      Total ore mined of 272,375 t at a grade of 2.42 g/t Au during the
Quarter.

Segilola Exploration

·   The Segilola underground diamond drilling program continued during the
Quarter to test the depth extensions of the Segilola deposit. The drillholes
are being completed on 40 m spaced sections to test the continuity of the
high-grade shoots that are projected to continue down-plunge to the south.

·     The Group aims to release the next set of results of the ongoing
Segilola Underground drilling campaign in Q2 2025 and is aiming to define an
updated resource before the end of 2025.

·     In addition to this, exploration activities continued on all the
Group's licences in country. A follow-up drilling program designed to test
surrounding geochemical signatures and potential extensions along strike
commenced after the period.

Regional Exploration

·   During Q1, the Group's focus was mainly on geochemical sampling with
the intention of generating geochemical targets for follow-up with drill
testing. This geochemical sampling was mainly concentrated to the south of
Segilola, with results from the stream sediments, auger and rock-chip sampling
continuing to indicate gold mineralisation in areas of interest acquired by
the Company to the west and to the south of Segilola.

·    Results from these programs identified the new Owode target, which
is located approximately south of Segilola. Reverse Circulation ("RC")
drilling to test the Owode target  commenced after the Period.

·     The Group continued to carry out exploration work on its recently
assembled project area located in Ondo, approximately 50 kilometres ("km") to
the south of Segilola. Stream sediment sampling, aeromagnetic surveys and hand
auger geochemical sampling have been carried out delineating drill targets
which the Group is positioned to test with a 2,000 m scout drilling program
commencing in early June 2025.

Douta

·    At the Douta Gold Project ("Douta"), the Group announced the first
set of drilling results from its 2025 regional exploration drilling program at
the Baraka 3 Prospect on the Douta-West Licence.

·   A drilling program commenced on the remaining strike length along a
geological trend extending for approximately 3 km. The assay results from the
two discovery drill holes include:

o  Drillhole DTWRC129 - 19 m at 2.46 g/t Au from 29 m.

o  Drillhole DTWRC134 - 26 m at 1.31 g/t Au from 21 m.

·     Results were also received from a series of diamond drillholes
that have been completed along the strike length from Makosa North to Makosa
Tail deposits to test for depth extensions and to upgrade the classification
towards the lower parts of the resource.

·    The Group is completing a 12,000 metre drilling program on the
Baraka 3 prospect in Q2 2025 from which, it will incorporate the drilling
results into the Douta Pre-Feasibility Study ("PFS").

Cote d'Ivoire

·      At Guitry, geological mapping combined with reinterpretation of
existing data has resulted in the design of an initial 2,000 m drilling
program scheduled to commence in Q2 2025.

·   At Marahui, soil geochemistry sampling and geological mapping
continued and defined two parallel anomalous structures, with the larger one
being a 4 km long by 200 m wide anomaly. Follow up rock chip sampling
confirmed bedrock mineralisation with results including 19.3 g/t Au, 10 g/t Au
and 9.97 g/t Au. Drilling at  Marahui is anticipated to start in late Q3
2025.

Environment, Health, Safety and Social

·     Q1 projects under the Community Development Agreements included
the construction and refurbishment of a host community high school, the
construction of the Oba's palace (serving as a community hall) and two road
reconstruction projects within host communities. All projects are scheduled
for formal handover in Q2 2025.

·      Data gathering for the Group's 2025 ESG and sustainability
reporting is ongoing and remains aligned with the Global Reporting Initiative
(GRI) standards. During the three months ended March 31, 2025:

o  Water withdrawal intensity (ML/tonne ore processed) decreased by 53%
compared to the same period in 2024, supported by a 25% increase in reclaimed
water use from the Tailings Management Facility.

o  Energy intensity (GJ/oz gold produced) reduced by 17% year-on-year,
reflecting continued process plant efficiency improvements implemented in
2024.

·    The Group is in the final stages of uploading 2023 and 2024 ESG data
into the Onyen ESG platform, which enables year-on-year benchmarking and
alignment with international standards. The Group's 2024 ESG and
Sustainability Report is expected to be published in Q2 2025.

·    One Lost Time Injury (LTI) occurred due to a workshop incident,
leading to targeted training on hand injuries and increasing the frequency of
HSE audits across the workshop and other areas involving heavy machinery.

·     In Senegal, socio-economic baseline data collection and
stakeholder consultations were completed for the Douta Gold Project. This
supported the submission of the Environmental Impact Assessment (EIA) to the
Senegalese Ministry of Environment and Sustainable Development in March 2025.
Government-led consultations at the national and regional level are
anticipated to take place in Q2 2025.

·      Environmental and social data gathering also continued in support
of the ongoing Douta PFS, which aims to further define the project's potential
environmental and social impacts and benefits.

 

Outlook

·     Production guidance of 85,000 oz - 95,000 oz for 2025 with an AISC
guidance of US$$800 - US$1,000 per oz.

·  Advance exploration programs across the portfolio, including near mine,
underground and regional programmes at Segilola, drilling and infill programs
at Douta, assessing regional potential targets in Nigeria and Côte d'Ivoire,
and acquiring new concessions and joint partnership options on potential
targets

·      Continue to advance the Douta project towards PFS.

 

Segun Lawson, President & CEO, stated:

"We are pleased with the Company's performance during the first quarter of
2025, with strong quarterly revenue where we generated a record net income for
a quarter of US$34.4 million. This was the attributable to our continued cost
discipline and a favourable gold price environment during which we were able
to unwind all our hedged gold positions.

"During the Quarter, we produced and sold over 22,700 ounces of gold at an
average price of US$2,720 per ounce, generating revenue of US$64.0 million and
EBITDA of US$43.6 million. Notably, we ended the Quarter doubling our net cash
position to US$24.7 million.

"On the exploration front, we made significant progress across our Nigerian
portfolio during the Quarter. The Segilola Underground drilling is ongoing and
we look forward to updating the market with results later in Q2 2025. The
identification and delineation of a number of targets also marks a promising
development, and we have commenced drilling campaigns on these targets
following the end of the Quarter.

"At Douta, following the encouraging initial drilling discovery intercepts
reported from the Baraka 3 Prospect and along the Makosa trend, we are using
three drilling rigs to complete a 12,000 metre drilling campaign on the Baraka
3 target.  We remain on course to complete this drilling program in Q2 and on
receipt of the results, we will integrate into an updated resource model and
Pre-Feasibility Study.

"In Côte d'Ivoire, we continue to be excited and encouraged by the
prospectivity of our portfolio where we have defined drilling targets at
scale. Preparations have been finalised for initial drill testing at Guitry to
commence in Q2 and subsequently for Marahui in Q3.

"Looking ahead, our operational guidance for 2025 remains unchanged at 85,000
to 95,000 ounces of gold at an AlSC of $800-$1,000 per ounce. I look forward
to updating shareholders in due course on our continued progress on
exploration and further developments across our project portfolio."

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.

 

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development, and production of mineral properties
located in Nigeria, Senegal, and Burkina Faso. Thor Explorations holds a 100%
interest in the Segilola Gold Project located in Osun State, Nigeria and has a
70% economic interest in the Douta Gold Project located in south-eastern
Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under
the symbol "THX".

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

Investor webinar to discuss Q1 2025 Financial and Operating results

 

Segun Lawson, President and CEO, will discuss the Q1 2025 Financial and
Operating results during a live investor session, via the Investor Meet
Company platform on Monday, June 2(nd) at 3:00pm BST.

The presentation is open to all existing and potential investors. 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
(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: thorexplorations@yellowjerseypr.com
(mailto:thorexplorations@yellowjerseypr.com)

 

For further information please contact:

Thor Explorations Ltd

Email: info@thorexpl.com (mailto:info@thorexpl.com)

 

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

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

 

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