REG - Thor Explorations Ld - Q2 2025 OPERATING UPDATE

Thor ExplorationsAnnouncement

Mon 07:00

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RNS Number : 8910Q  Thor Explorations Ltd  14 July 2025

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DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 July 14, 2025  TSXV/AIM: THX

 

 

THOR EXPLORATIONS ANNOUNCES Q2 2025 OPERATING UPDATE

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide its second quarter 2025 interim operational
update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for
the Company's mineral exploration properties located in Nigeria, Senegal and
Côte d'Ivoire, for the three months to June 30, 2025 (the "Quarter" or "Q2").

 

Segilola Q2 Highlights

·      Q2 gold poured of 22,784 ounces ("oz")

·    Gold sales in Q2 2025 of 25,900 oz at an average realized price of
US$3,187 resulting in revenue of $82.5 million

·     Gold produced from 238,425 tonnes milled at an average grade of
3.12 grammes per tonne ("g/t") of gold and process plant recovery at 93.1%

·      Mine production of 242,461 tonnes at an average grade of 3.02g/t
of gold for 23,573 oz

·      Ore stockpile decreased by 307 oz to 41,092 oz of gold at an
average grade of 0.84g/t of gold

·      Gold in circuit ("GIC"), decreased by 555 oz to 3,404 oz of gold

 

 

FY 2025 Outlook and Catalysts

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

·      FY 2025 All-in Sustaining Cost ("AISC") guidance range maintained
at $800 to $1,000 per ounce.

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

o  Segilola: continuation of ongoing underground drilling program

o  Nigeria: continuation of scout drilling programs on identified near-mine
and regional targets

o  Senegal (Douta Project):

§ Completion of drilling program at Baraka 3 prospect targeted to be
incorporated into the Douta Preliminary Feasibility Study mine plan

§ Completion of further Reverse Circulation ("RC") drilling targeting
additional oxide resources

o  Côte d'Ivoire: Exploration being advanced on the Guitry, Marahui and
Boundiali licenses, with further drilling to occur on Guitry and drilling to
commence on Marahui where drill targets have been delineated.

·   Following completion of Douta Project drilling programs, preparation
of Updated Mineral Resource Estimate and Pre-Feasibility Study ("PFS") at the
Douta Project

 

 

Dividend

·    The Group will maintain the dividend policy announced on April 8,
2025, with the second quarterly dividend payment scheduled for August 15,
2025.

·     Dividends for the quarter will be paid at an amount of C$0.0125 per
share.

 

Proposed dividend timetable

 

 Event                                                           Date
 Ex-Dividend date                                                        25 July, 2025
 Record date                                                     25 July, 2025
 Last day for currency election                                  30 July, 2025
 Date of exchange rate used for Pounds Sterling                  1 August, 2025
 Announcement of exchange rate in Foreign Designated Currencies  1 August, 2025
 Payment date                                                    15 August, 2025

 

The below outlines the payment treatment for shareholders.

·      Depository Interest ("DI") holders registered in London will be
paid in British Pounds, with an option to elect for United States Dollar
payment;

·      Canadian Registered holders will be paid in Canadian Dollars,
with an option to elect for United States Dollar payment.

 

Segun Lawson, President & CEO, stated:

"I am pleased to report a solid operational second quarter of the year, which
continues from the strong start we made to the year. Having unwound all our
hedged gold positions in the previous quarter, we were able to benefit from
the full exposure to the high prevailing gold prices, resulting in a record
quarterly revenue of US$82.5 million. We have achieved this whilst continuing
to maintain our production costs in line with our guidance.

"In the Quarter, exploration activities which have included multiple drilling
campaigns, were increased across our entire portfolio.

"Looking ahead, we are well positioned for the second half of the year. We are
maintaining our guidance range of 85,000 to 95,000 ounces for the year. On the
exploration front, underground drilling at Segilola continues, building on the
data received in the Quarter and aimed at extending the Segilola mine life.

"In Senegal, over 11,000 metres were drilled at the Baraka 3  prospect which
will be incorporated into the Douta PFS once all the results are received.

"Finally in Côte d'Ivoire, we are pleased to have completed our maiden
drilling program on our Guitry Project and look forward to releasing these
results and from all our drilling programs shortly, once obtained. We also
continue to be encouraged by the initial exploration results from the Marahui
Project where we are now positioned to kick off a maiden drilling program at
the end of the rainy season"

 

 

Exploration Q2 2025 Highlights

Nigeria (Segilola)

·      Continuation of diamond drilling program to test the depth
extensions of the Segilola deposit

·      A total of 4,418 metres ("m") has been completed across 12 holes

·      The drillholes were designed to test the continuity of two main
types:

o  Steep plunging high-grade hanging wall shoots

o  Shallow plunging mineralisation that is projected to continue down-plunge
to the south

·      Gold mineralisation had been confirmed by the initial drilling
program

·     The data indicates that there are potential mineable extensions to
the resource beyond the limits of the current open pit design

 

Senegal

·      During the quarter, along with a number of PFS workstreams, the
Company undertook drilling programs at Makosa North, Bridge and Tail and the
Baraka 3 Prospect.

o  RC drilling to upgrade inferred resources to indicated resources at Makosa
North, Makosa Bridge and Makosa East has been completed and an updated
resource estimate is in preparation. Management considers that there is
reasonable expectation that most of the Inferred Resources will be upgraded to
Indicated Resource status.

o  The original 8,000 metre RC drilling program at Baraka 3 was extended to
over 11,000 metres. In addition to this, initial metallurgical test work is
being carried out on the Baraka 3 ore. Management considers that there is
reasonable expectation that the Baraka 3 prospect will provide additional
resources to the Douta Project. It is anticipated that the current drilling
program assay results will be fully received in Q3 2025, following which a
Baraka 3 resource will be prepared for inclusion in the updated Douta Resource
and Douta PFS.

·   The Environmental Impact Assessment for the Douta Mining License has
been pre-validated by the Ministère des Mines et de la Géologie. Further
work is being undertaken to meet the requirements of pre-validation.

 

Côte d'Ivoire

·      Guitry Project - Work during the Quarter comprised an initial
4,000 metre RC drilling program designed to test extensions of the identified
interpreted mineralisation and to confirm the revised structural
interpretation, with drill results expected to be released in July 2025.

·      Marahui Exploration Licence - Exploration activities continued
with further geological mapping, rock chip sampling and soil geochemical
sampling to define drill targets, delineating a 5 kilometre ("km") long by
200m wide anomaly to be drilled following the rainy season.

 

PRODUCTION SUMMARY

 

 

                 Units   Q2 2025    Q1 2025    Q4 2024    Q3 2024    Q2 2024
 Mining
 Total Mined     Tonnes  2,756,363  2,874,533  3,781,881  4,024,002  4,710,220
 Waste Mined     Tonnes  2,513,901  2,602,158  3,398,182  3,668,487  4,171,122
 Ore Mined       Tonnes  242,461    272,375    383,699    355,515    491,935
 Grade           g/t Au  3.02       2.42       2.30       2.01       1.78

 Processing
 Ore Processed   Tonnes  238,425    231,825    247,075    201,958    174,000
 Grade           g/t Au  3.12       3.23       3.08       3.22       3.42
 Recovery        %       93.1       93.7       89.2       88.5       94.6
 Gold Recovered  oz      22,229     22,594     21,827     18,496     18,090
 Gold Poured     oz      22,784     22,790     24,662     20,110     21,742

 

                     Table 1: Production Summary

 

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

 

About Thor Explorations

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in
the acquisition, exploration and development of mineral properties located in
Nigeria, Senegal and Côte d'Ivoire. 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.

 

 

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