Thor Explorations Announces Strong Q4 2024 Gold Production, 2025 Operating Guidance and Details of Investor Webinar
MWN-AI** Summary
Thor Explorations Ltd. (TSXV: THX, AIM: THX) published its operational update for Q4 and full year 2024, highlighting robust gold production from its Segilola Gold Mine in Nigeria. The company successfully poured 85,057 ounces of gold throughout 2024, with 24,662 ounces produced in the fourth quarter alone. This led to Q4 gold sales of 24,936 ounces at an average price of US$2,497, yielding around $62 million in unaudited revenue.
The successful quarter also marked the complete repayment of the senior debt facility with Africa Finance Corporation, leaving Thor with a strong net cash position and no outstanding senior debt. Additionally, the company reported an increase in ore stockpile, comprising a high-grade stockpile of 8,865 tonnes averaging 4.21 g/t of gold.
For the upcoming fiscal year, Thor has set a production guidance range of 85,000 to 95,000 ounces, with an All-in Sustaining Cost (AISC) anticipated between $800 and $1,000 per ounce. This year will also see the completion of an updated Mineral Resource Estimate and Preliminary Feasibility Study at the Douta Project, scheduled for Q1 2025.
President and CEO Segun Lawson expressed optimism, attributing the satisfactory production results to improved mining strategies and operational processes. He also noted ongoing drilling programs across various projects in Nigeria, Senegal, and Côte d’Ivoire, aimed at increasing resource inventory.
In engagement with shareholders, Lawson will host a live investor session on January 15, 2025, to discuss the updates and future guidance. The company is committed to enhancing its community development efforts while navigating regulatory reviews in Nigeria. Overall, Thor is poised for a promising year ahead as it strengthens its operational and financial standing.
MWN-AI** Analysis
Thor Explorations Ltd. (TSXV: THX) recently reported robust fourth quarter results, achieving a full-year production of 85,057 ounces of gold from its Segilola mine in Nigeria. With Q4 production standing at 24,662 ounces and a strong average realized gold price of approximately US$2,497 per ounce, the company posted a preliminary revenue near $62 million for the quarter. Importantly, Thor has eliminated its senior debt, positioning itself with a net cash balance as it moves into 2025.
The operational metrics highlight Thor's efficiency; the mine processed 247,075 tonnes of ore at an average grade of 3.08 g/t, demonstrating improved recovery rates. Notably, the stockpile growth, particularly of higher-grade ores, provides a buffer for future production, which is projected to range from 85,000 to 95,000 ounces in FY 2025. The All-in Sustaining Costs (AISC) range of $800 to $1,000 per ounce signals a sustainable business model amidst fluctuating gold prices.
As Thor prepares for an investor webinar on January 15, 2025, discussing operational updates and 2025 guidance, investor sentiment looks positive. The anticipated completion of the Preliminary Feasibility Study for the Douta Project, alongside ongoing drilling programs, presents additional catalysts for value creation.
Investors should consider accumulating shares of Thor Explorations as it continues to demonstrate operational strength and financial stability. The elimination of debt and strong production performance could lead to potential upward stock price momentum, particularly if the broader gold market remains favorable. Moreover, active communication with investors showcases management's commitment to transparency and stakeholder engagement, building confidence in Thor's strategic direction.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Thor Explorations Ltd. (TSXV: THX) (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")
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:
Segilola underground drilling programme next phase consisting of 7,500 metres of drilling
Nigeria - continuation of scout drilling programmes on identified targets
Senegal (Douta licence) - additional Reverse Circulation ("RC") drilling targeting additional oxide resources
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:
3.0 metres ("m") grading 11.24 g/tAu from 294m in drillhole SNMDD011
3.5m grading at 4.10 g/tAu from 293m in drillhole SNMDD016
1.8m grading at 39.7g/tAu from 221m in drillhole SNMDD027
3.4m grading at 4.80g/tAu from 74m in drillhole SNMDD028
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
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236902
FAQ**
How does the operational performance of Thor Explorations Ltd. (THX:CC) at the Segilola Gold mine impact the local economy and communities in Vancouver, British Columbia, given the company's commitment to corporate social responsibility?
In what ways could the exploration activities in Nigeria, Senegal, and Côte d'Ivoire by Thor Explorations Ltd. (THX:CC) influence investment interests and market sentiment in Vancouver's mining sector?
With Thor Explorations Ltd. (THX:CC) reporting strong production numbers and a robust financial position, what implications might this have for junior mining companies and investors based in Vancouver, British Columbia?
As Thor Explorations Ltd. (THX:CC) prepares for its investor webinar on operational updates, how can local investors in Vancouver leverage the information shared to make informed decisions about their investments in the mining industry?
**MWN-AI FAQ is based on asking OpenAI questions about Thor Explorations Ltd. (TSXVC: THX:CC).
NASDAQ: THX:CC
THX:CC Trading
2.0% G/L:
$0.255 Last:
270,285 Volume:
$0.255 Open:
