REG - Thor Explorations Ld - Response to Press Speculation

Thor ExplorationsAnnouncement

30/09/2024 07:00

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RNS Number : 1272G  Thor Explorations Ltd  30 September 2024

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 30 September 2024  TSXV/AIM: THX

Response to Press Speculation

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") issues the following statement regarding false claims and
allegations, reported in the press, by Special Advisers of the Osun State
Government, Nigeria. The allegations contain gross inaccuracies and false
claims about Thor's wholly owned subsidiary, Segilola Resources Operating
Limited ("SROL"), regarding tax evasion and unethical business practices.

 

Thor Explorations fully rejects all the allegations and has not been presented
with any evidence by the Osun State Government to support its claims. As
reported in the local media, the allegations were formally refuted by the
Country Manager of Segilola Resources Operating Limited. A link to the full
statement is available for review via following link:
http://www.rns-pdf.londonstockexchange.com/rns/1272G_1-2024-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1272G_1-2024-9-29.pdf)

 

The Company wishes to highlight in particular, the incorrect and
unsubstantiated claim that SROL has engaged in tax evasion to the amount of
₦3,250,598,513 (approximately US$1.9 million).

Despite the significant nature of this claim, Osun State Internal Revenue
Service ("OSIRS") has not provided a detailed breakdown, computation, or
justification explaining how this amount was determined. Upon receiving this
claim, SROL formally objected to the tax findings through its tax consultants
and presented detailed transaction records to substantiate its own
calculations of withholding tax and PAYE remittances for which payments had
already been duly made.

Furthermore, on the 23rd of September (prior to the various press releases),
SROL received a letter from the OSIRS after a review of the records presented
by the Company revising the initial tax liability from ₦3,250,598,513 to
₦99,347,105 (approximately US$62,500) for the five-year period from 2019 to
2024. The Company is reviewing this figure as part of its normal course of
business.

The Company has written to the Federal Ministry of Mines in its capacity as
the sector regulator to review the statements made and will seek dialogue with
the State Governor regarding the inaccurate and unsubstantiated claims made by
the State's Special Advisers.

 

As one of Nigeria's leading mining companies, Thor Explorations remains
committed to contributing to the economic growth of the state and the country
while adhering to the highest ethical and operational standards.

 

- Ends-

 

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

 

Fig House Communications (Investor Relations)

Tel: +1 416 822 6483

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

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel:  +44 (0) 20 3004 9512

thorexplorations@yellowjerseypr.com
(mailto:thorexplorations@yellowjerseypr.com)

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

 

About Thor Explorations

 

Thor Explorations Ltd. is a West Africa focused gold exploration, development
and production with projects located in Nigeria and Senegal. Thor holds a 100%
interest in its flagship Segilola Gold Project, located in Osun State,
Nigeria. Mining and production commenced at Segilola in 2021, with first-year
annual production of 95,000 ounces. Thor holds a 70% interest in the Douta
Gold Project located in south-eastern Senegal, in partnership with local
company International Mining Company ("IMC"). Thor trades on both the AIM and
TSX Venture Exchanges under the symbol "THX".

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