REG - Thor Explorations Ld - Q4 PRODUCTION, 2025 GUIDANCE & INVESTOR WEBINAR

Thor ExplorationsAnnouncement

13/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250113:nRSM0548Ta&default-theme=true

RNS Number : 0548T  Thor Explorations Ltd  13 January 2025

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 January 13, 2025  TSXV/AIM: THX

 

 

THOR EXPLORATIONS ANNOUNCES STRONG Q4 2024 GOLD PRODUCTION, 2025 OPERATING
GUIDANCE AND DETAILS OF INVESTOR WEBINAR

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide its fourth quarter and full year 2024
operational update for the Segilola Gold mine, located in Nigeria
("Segilola"), and for the Company's mineral exploration properties located in
Nigeria and Senegal, for the three months to December 31, 2024 (the "Quarter"
or "Q4") as well as full year operational highlights ("FY 2024").

 

Highlights

·      FY 2024 gold poured of 85,057 ounces ("oz")

o  24,662 oz poured during the fourth quarter 2024

·      Final and full repayment of the senior debt facility with Africa
Finance Corporation ("AFC"), the Company now has no senior debt and has a net
cash position

·      Gold sales in Q4 2024 of 24,936 oz at an average realized price
of US$2,497 resulting in unaudited revenue of approximately $62 million

 

Segilola Q4 2024 Operational Highlights

·      Gold poured of 24,662 oz

·      Gold produced from 247,075 tonnes ("t") milled at an average
grade of 3.08 grammes per tonne ("g/t") of gold ("Au")

·      Mine production of 383,699 t at an average grade of 2.30g/t of Au
for 28,411oz

·      Ore stockpile increased by 3,909 oz to 44,300 oz of Au at an
average grade of 0.94g/t of Au which includes a high-grade stockpile of 8,865
t at an average grade of 4.21g/t of Au for 1,201 oz and a medium-grade
stockpile of 69,608 t at an average grade of 2.08g/t of Au for 4,649 oz

·      Release of a further 2,835 oz of Au in circuit ("GIC"), reducing
total GIC to 4,155 oz of Au

 

FY 2025 Outlook and Catalysts

·      FY 2025 production guidance range set at 85,000 to 95,000 oz of
gold

·      FY 2025 All-in Sustaining Cost ("AISC") guidance range set at
$800 to $1,000 / oz

·      Finalisation of updated Mineral Resource Estimate and Preliminary
Feasibility Study ("PFS") at the Douta Project scheduled for Q1 2025

·      Drilling programmes across all the Company's exploration
portfolio:

o  Segilola underground drilling programme next phase consisting of 7,500
metres of drilling

o  Nigeria - continuation of scout drilling programmes on identified targets

o  Senegal (Douta licence) - additional Reverse Circulation ("RC") drilling
targeting additional oxide resources

o  Cote D'Ivoire - Guitry and Boundiali licenses, continuation of geochemical
work programmes and initial drill programme on identified targets

 

Segun Lawson, President & CEO, stated:

"I am pleased to report a strong production quarter for Thor, which has
resulted in the Company achieving our revised production guidance for the full
year in 2024, having poured 85,057 oz of Au. The mining and processing
operations have run smoothly over the final Quarter following the successful
implementation of new blasting strategies and improved mine planning processes
earlier in the year.

"The Quarter also marked a significant milestone for the Company as we have
now fully repaid our senior debt facility with AFC.  We start the year 2025
well positioned for a strong operational and financial performance. I would
like to thank AFC for their continuing support of the Company and shared
vision to build a successful and sustainable mining industry in Nigeria. I
look forward to working with AFC again in the future as our Company continues
to grow.

"At Douta, work on the PFS is being finalised having carried out additional
variability studies on the metallurgy and as we refine quotations from certain
potential equipment manufacturers and contractors. Whilst completion of the
PFS has taken longer than envisaged, I believe that the additional time is
justified by the benefit of the enhanced level of detail and accuracy of the
work which is at the top end of accuracy required for PFS level work, enabling
us to have the confidence to progress to a development decision in a shorter
timeframe. We anticipate this will be completed and released to the market in
the first quarter of 2025. In parallel with the completion of the study, the
Company is also continuing with its strategy of increasing the resource
inventory and will also be conducting a further drilling programme over Q1
2025.

"We are continuing our engagement with the relevant Federal Ministries in
Nigeria, including the Ministry of Solid Minerals Development (the "Federal
Ministry of Mines") relating to the previous allegations made against the
Company by officials of the Osun State. We understand that the review
conducted by the Federal Ministry of Mines has been completed and we await the
public announcement of their findings. We anticipate that there will be no
substantiation of any of the allegations made. We have, in the interim, taken
the opportunity to review our corporate social responsibility programme with a
view to extending the reach of our very successful local community development
programmes, aiming to deliver wider positive development benefits.

"Finally, we are excited by the year ahead. Gold production from Segilola
continues to strengthen the Company's balance sheet and the Company has
several catalysts across all of its projects in Nigeria, Senegal and Cote
D'Ivoire. We look forward to updating the market with our progress through the
year."

 

Exploration Q4 2024 Highlights

Nigeria

·      Successful initial drilling program at Segilola Underground which
included:

o  3.0 metres ("m") grading 11.24 g/tAu from 294m in drillhole SNMDD011

o  3.5m grading at 4.10 g/tAu from 293m in drillhole SNMDD016

o  1.8m grading at 39.7g/tAu from 221m in drillhole SNMDD027

o  3.4m grading at 4.80g/tAu from 74m in drillhole SNMDD028

o  Justification to ramp up an expanded Segilola underground drilling
programme

 

Senegal

·      Finalisation of Douta PFS with completion scheduled in Q1 2025

·      Commencement of RC drilling campaign

 

Cote D'Ivoire

·      Commencement of exploration work on the Company's new licence
portfolio

 

 

PRODUCTION SUMMARY

 

 

                 Units   Q4 2024    Q3 2024    Q2 2024    Q1 2024    Q4 2023

 Mining
 Total Mined     Tonnes  3,781,881  4,024,002  4,710,220  4,939,647  5,483,291
 Waste Mined     Tonnes  3,398,182  3,668,487  4,171,122  4,473,752  5,031,932
 Ore Mined       Tonnes  383,699    355,515    491,935    465,895    451,360
 Grade           g/t Au  2.30       2.01       1.78       2.07       1.93

 Processing
 Ore Processed   Tonnes  247,075    201,958    174,000    235,933    262,439
 Grade           g/t Au  3.08       3.22       3.42       2.85       2.77
 Recovery        %       89.2       88.5       94.6       90.7       93.4
 Gold Recovered  oz      21,827     18,496     18,090     19,589     21,798
 Gold Poured     oz      24,662     20,110     21,742     18,543     16,361

 

                     Table 1: Production Summary

 

 

 

 

 

Investor webinar to discuss Q4 2024 operating update & 2025 operating
guidance

 

Thor is pleased to announce that Segun Lawson, President, and CEO, will
provide a live investor session via the Investor Meet Company platform on
Wednesday 15 January 2025 at 12:00pm GMT.

 

The session will discuss the announced Q4 2024 operating update and 2025
operating guidance.

 

The presentation is open to all existing and potential investors. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
9:00 am the day before the meeting or at any time during the live
presentation.

 

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

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

 

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".

 

For further information please contact:

 

Thor Explorations Ltd

Email: 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 / Jay Ashfield / Franck Nganou

 

Tel: +44 (0) 20 7907 8500

 

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 3203

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZGMMMZVGKZZ