REG - Thor Explorations Ld - Q3 2022 OPERATING UPDATE

Thor ExplorationsAnnouncement

11/10/2022 07:16

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RNS Number : 4109C  Thor Explorations Ltd  11 October 2022

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 October 11, 2022             TSXV/AIM: THX

 Vancouver, British Columbia

 

 

THOR EXPLORATIONS ANNOUNCES Q3 2022 OPERATING UPDATE

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide an operational update for its Segilola Gold
Mine located in Nigeria for the three months to September 30, 2022 ("Q3 2022"
or the "Period").

 

Operational Highlights in the Period:

·      26,523 ounces ("oz") of gold produced exceeding guidance for the
quarter of 23,000 - 25,000 oz

·      Average ore mined grade of 4.43 grammes / tonne ("g/t")

·      Senior Debt Facility tranche of US$10.3 million paid reducing
Senior Debt Facility to US$28.9 million

 

Outlook:

·      Production guidance for Q4 2022 is 25,000 to 27,000 oz of gold

·      Full year 2022 production guidance remains at 90,000 to 100,000
oz of gold

·      Full year 2022 All-In Sustaining Cost ("AISC") remains at US$850
to US$950 per ounce

 

Segun Lawson, President & CEO, stated:

"This has been another record quarter of production at Segilola, beating our
Q3 2022 guidance by over 1,500 ounces. We are extremely pleased with the
performance of all the operational teams who have delivered this outstanding
quarter during the rainy season.

"The Company also repaid US$10.3 million of its Senior Debt Facility in the
Period and has now reduced the facility by almost 50% in nine months of
commercial production. The Company now has a reduced debt repayment profile
over the next nine months."

"We aim to be at the upper end of our guidance for the year, with our all in
sustaining costs remaining in line with the US$850 - US$950 per ounce
guidance."

"We also look forward to commencing the deeper exploration drilling at
Segilola during this fourth quarter of the year. This programme is focussed on
potential down dip extensions with the objective of mine life extension"

Production Summary:

                           Units   Q3 2022    Q2 2022
 Mining
 Total Mined               tonnes  4,018,431  4,031,584
 Waste Mined               tonnes  3,793,249  3,747,504
 Ore Mined                 tonnes  225,182    284,079
 Ore Mined Gold Grade      g/t Au  4.43       3.63

 Ore Processed
 Ore Processed             tonnes  241,434    211,582
 Ore Processed Gold Grade  g/t Au  3.58       3.66
 Recovery                  %       95.5       95.5
 Gold Recovered            oz      26,523     23,785

 

 

Award of Restricted Share Units ("RSUs") to certain executive management

 

The Company also announces that it has granted RSUs under its Long Term
Incentive Plan ("LTIP") to Mr. Segun Lawson (897,000 RSUs), Mr. James Philip
(676,936 RSUs) and Mr. Mike Kelly (825,240 RSUs). These RSUs have been granted
in accordance with the terms of the LTIP, vest automatically on grant and form
part of the participants remuneration for the year ended December 31, 2021.
The LTIP was considered and approved by shareholders at the Company's 2021
Annual General Meeting.

 

The Company will make settlement on RSUs through issuing and allotting
2,399,176 new common shares in the Company ("New Shares") in accordance with
the LTIP and the RSU Agreement. . The New Shares will rank pari passu with the
existing shares and application has been made for the New Shares to be
admitted to trading on AIM ("Admission") on 14 October 2022. The New Shares
will also trade on the TSX Venture Exchange. Following the Admission, Thor
Explorations' issued share capital will consist of 644,296,185 common shares.
The Company does not hold any shares in treasury. Shareholders may use figure
as the denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their interest in,
the Company.

 

 

 

PDMR Disclosures

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Segun Lawson
 2.  Reason for the notification
 a)  Position / status                                            Chief Executive Officer
 b)  Initial notification / amendment                             Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Thor Explorations Ltd
 b)  LEI                                                          213800AXZ8468CQYVT76
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Common Shares of no par value

     Identification Code

                                                                  CA8851491040
 b)  Nature of the transaction(s)                                 Grant of Restricted Share Units per Long Term Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  26 cents  897,000
 d)  Aggregated information

Price(s)  Volume(s)
     -  Aggregated volume                                         26 cents  897,000

     -  Price
 e)  Date of the transaction                                      11 October 2022
 f)  Place of the transaction                                     outside a trading venue

d)

Aggregated information

-  Aggregated volume

-  Price

 

 Price(s)  Volume(s)
 26 cents  897,000

e)

Date of the transaction

11 October 2022

f)

Place of the transaction

outside a trading venue

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         James Philip
 2.  Reason for the notification
 a)  Position / status                                            Chief Operating Officer
 b)  Initial notification / amendment                             Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Thor Explorations Ltd
 b)  LEI                                                          213800AXZ8468CQYVT76
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Common Shares of no par value

     Identification Code

                                                                  CA8851491040
 b)  Nature of the transaction(s)                                 Grant of Restricted Share Units per Long Term Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  26 cents  676,936
 d)  Aggregated information

Price(s)  Volume(s)
     -  Aggregated volume                                         26 cents  676,936

     -  Price
 e)  Date of the transaction                                      11 October 2022
 f)  Place of the transaction                                     outside a trading venue

d)

Aggregated information

-  Aggregated volume

-  Price

 

 Price(s)  Volume(s)
 26 cents  676,936

e)

Date of the transaction

11 October 2022

f)

Place of the transaction

outside a trading venue

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Mike Kelly
 2.  Reason for the notification
 a)  Position / status                                            General Manager
 b)  Initial notification / amendment                             Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Thor Explorations Ltd
 b)  LEI                                                          213800AXZ8468CQYVT76
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Common Shares of no par value

     Identification Code

                                                                  CA8851491040
 b)  Nature of the transaction(s)                                 Grant of Restricted Share Units per Long Term Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  26 cents  825,240
 d)  Aggregated information

Price(s)  Volume(s)
     -  Aggregated volume                                         26 cents  825,240

     -  Price
 e)  Date of the transaction                                      11 October 2022
 f)  Place of the transaction                                     outside a trading venue

d)

Aggregated information

-  Aggregated volume

-  Price

 

 Price(s)  Volume(s)
 26 cents  825,240

e)

Date of the transaction

11 October 2022

f)

Place of the transaction

outside a trading venue

 

 

Further details can be found on the Company's website: www.thorexpl.com
(http://www.thorexpl.com)

 

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

 

For further information please contact:

 

Thor Explorations Ltd (Investor Relations)

Ibu Lawson

Email: ibu.lawson@thorexpl.com (mailto:ibu.lawson@thorexpl.com)

 

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl

 

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

Email: investor.relations@thorexpl.com
(mailto:investor.relations@thorexpl.com)

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Rachael Brooks

Tel: +44 207 138 3203

 

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