REG - Thor Explorations Ld - Osun State Dispute Fact-Finding Committee Report

Thor ExplorationsAnnouncement

26/03/2025 08:30

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RNS Number : 2923C  Thor Explorations Ltd  26 March 2025

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NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

FOR IMMEDIATE RELEASE
 
LSE/TSXV: THX

 

26 March 2025

 

 

Vancouver, British Columbia

 

RELEASE OF FACT-FINDING COMMITTEE REPORT ON OSUN STATE DISPUTE

Thor Explorations Ltd. (TSXV/AIM: THX) ("Thor" or the "Company") announces
that its wholly owned operating subsidiary in Nigeria, Segilola Resources
Operating Limited ("SROL") has received a copy of the report of the
Inter-Ministerial Fact-Finding Committee on the dispute between SROL and the
Osun State Government (the "Report").

Following a meeting held on the 25th of March 2025 in Abuja with all relevant
parties, the report has been formally released to SROL. Importantly, the
Report affirms SROL's compliance with its legal and regulatory obligations,
and that the allegations of wrongdoing were unfounded.

Additionally, the report confirmed that the ₦3.25 billion (USD$2.086M) tax
invoice was not valid and unsubstantiated. The Committee recommended that the
revised tax invoice of ₦98,347,105.18 (USD$64.1K), issued on 23rd September
2024, should be subject to a final reconciliation process to be affected by
both parties and to facilitate an amicable resolution.

 

Regarding the environmental allegations, the report also confirmed the lack of
evidence of any environmental pollution on the part of SROL and thus, no basis
for the claim for additional environmental levies.

 

While the report addresses the key concerns, SROL remains open to continued
engagement with the Osun State Government to resolve any outstanding matters
amicably and in good faith.

 

For full details on the findings and recommendations of the Inter-Ministerial
Fact-Finding Committee, please refer to the report available on our website
via the following link:

 

https://thorexpl.com/site/assets/files/2835/report_of_the_fact_apds_26_11_2024.pdf
(https://thorexpl.com/site/assets/files/2835/report_of_the_fact_apds_26_11_2024.pdf)

 

Thor would like to take the opportunity to thank the Honourable Minister for
Solid Minerals Development and the Inter-Ministerial Fact-Finding Committee
for their efforts in resolving these matters.

 

Osun State Government Shareholding in Thor

The Company also wishes to clarify the position regarding Osun State
Government's shareholding in Thor.

In August 2016, when Thor completed the acquisition of the Segilola Gold
Project, Thor issued 5,192,869 ordinary shares to the Osun State Government
and local community as part of its social responsibility to enable the State
and proximal communities to benefit from any success of the project. These
shares have since been part of the Company's issued share capital and have no
preferential rights. The share certificate, which had remained in the custody
of Tropical Mines Limited (the previous owners of the Segilola Gold Project),
with the State's knowledge, was formally handed over at the meeting on 25(th)
March 2025.

 

Separately, Thor also issued 20,771,478 in 2016 to the Nigerian Mining
Corporation, (currently a 3% shareholder of Thor). The shares of both these
entities constitute part of Thor's existing total issued share capital of
664,244,710 ordinary shares outstanding.

 

 

Further detail on the Report

 

The recommendations can be found on pages 15-19. Segilola reaffirms its
commitment to its host communities and strengthening its social license to
operate by implementing relevant Corporate Social Responsibility ("CSR")
initiatives in Osun State, in addition to its various impactful Community
Development Agreement ("CDA") and Livelihood Restoration Programme ("LRP")
initiatives. A few of Segilola's community initiatives include:

 

1. Education and Youth Empowerment Programs

·      Construction and renovation of schools, including provision of
scholarships to secondary and tertiary institutions.

·      Sponsorship of skill acquisition workshops for youth and women

2. Healthcare Initiatives

·      Provision of equipment and medical consumables, training of staff
at the primary health centres, renovation of community healthcare centers,
implementation of health programs, and disease prevention campaigns.

·      In 2024, SROL conducted its second medical outreach, providing
consultations, advanced diagnostics, medications, and surgical procedures.

3. Infrastructure Development

·      Ongoing road rehabilitation projects.

·      Provision of mains power transformer to Imogbara and installation
of 150 solar streetlights in Iperindo communities.

4. Sustainable Livelihood Restoration Programs (LRP)

·      Provision of materials and equipment for the development and
operation of vegetable farm, fish farm and cocoa rehabilitation programme for
project affected persons (PAP's). These are provided in addition to
compensation payments.

By embedding sustainability and community development into its operations,
SROL continues to foster long-term positive relationships with local
communities while promoting economic and social well-being. The company
remains committed to working collaboratively with all stakeholders to ensure a
sustainable future for the company, Osun State and Nigeria's mining sector.

 

 

 

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".

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

For further information please contact:

 

Thor Explorations Ltd

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

 

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 / Nilesh Patel / 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

 

 

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

This press release does not constitute an offer to purchase securities. The
securities to be offered in the offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United States or
to, or for the benefit or account of, a U.S. person, except pursuant to an
available exemption from such registration requirements.

 

 

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