Thor Explorations Ltd, listed on TSX-V, AIM, and OTC as THX, announced consistent operational and financial results, sharing its annual production goal for the Segilola gold mine located in Nigeria’s Osun State.
In the first half of the year, the company declared a gold production of 43,707 ounces. The second quarter alone saw the production of 23,078 ounces.
The firm’s revenue for the quarter ending June 30, 2023, stood at a consistent US$41.3 million. However, the half-yearly revenue saw an increase to US$81.7 million from the previous year’s US$66.2 million.
The quarterly underlying earnings (EBITDA) rose to US$19 million from US$17.7 million in 2022, and all-in costs remained at US$1,230 per ounce. Cash reserves as of June 30 were US$11.1 million.
The company anticipates an annual gold output of 85,000 ounces, with all-in-sustaining costs between US$1,150-US$1,350 per ounce, leaning towards the lower end of their guidance.
Thor noted that current drilling data suggests potential deviations from the predicted gold production, yet they remain optimistic for the year’s final quarter. They emphasize a cautious approach to assessing future prospects.
In efforts to prolong Segilola’s lifecycle and diversify its mineral portfolio, Thor, through its subsidiary Newstar Minerals Limited, has obtained a significant land area in southwest Nigeria, notable for its lithium and pegmatite deposits. The acquisition includes known lithium-pegmatite deposits and a vast uncharted pegmatite-rich region.
Newstar Minerals initiated a drilling endeavour in the West Oyo region to determine the extent of lithium minerals underground. The initial findings are promising, revealing substantial lithium oxide concentrations. Spodumene is the primary lithium mineral found, with smaller traces of lepidolite.
CEO Segun Lawson expressed optimism about the company’s prospects, emphasizing that the coming quarter will see advancements in exploration and improved processing capabilities. He anticipates sharing these updates with shareholders soon.
