Thor Explorations Ltd (TSX-V: THX, AIM: THX, OTC: THXPF) has informed investors that a final report regarding its dispute with Nigeria’s Osun State Government has confirmed the company’s full compliance with all legal and regulatory requirements.
Following a meeting held on 25 March 2025 in Abuja with all relevant stakeholders, a final report has been officially released to Segilola Resources Operating Limited (SROL). The report affirms that SROL has fully complied with all legal and regulatory obligations and concludes that the allegations of wrongdoing were unfounded.
Crucially, the report also determined that the ₦3.25 billion (USD$2.086 million) tax invoice previously issued was invalid and lacked supporting evidence. Instead, the Committee recommended that a revised tax invoice of ₦98,347,105.18 (USD$64,100), dated 23 September 2024, undergo a final reconciliation process between both parties to ensure a mutually agreeable resolution.
On the matter of environmental concerns, the report confirmed there was no evidence of pollution attributable to SROL. As such, there is no basis for any additional environmental levies.
While the findings address the key issues raised, SROL remains committed to maintaining constructive dialogue with the Osun State Government to resolve any remaining matters in a cooperative and good-faith manner.
The full report from the Inter-Ministerial Fact-Finding Committee, including all findings and recommendations, is available on our website at the following link:
Report of the Fact-Finding Committee – November 26, 2024
Thor Explorations Ltd extends its appreciation to the Honourable Minister for Solid Minerals Development and the Inter-Ministerial Fact-Finding Committee for their diligent efforts in resolving these issues.
Clarification on Osun State Government’s Shareholding in Thor
Thor would also like to clarify the Osun State Government’s shareholding in the Company.
In August 2016, as part of the acquisition of the Segilola Gold Project, Thor issued 5,192,869 ordinary shares to the Osun State Government and the local community. This issuance was part of Thor’s social responsibility initiative, aimed at ensuring that the State and surrounding communities could benefit from the project’s success. These shares form part of Thor’s issued share capital and do not carry any preferential rights. The share certificate—previously held in custody by Tropical Mines Limited, the former project owners—was formally handed over to the State at the Abuja meeting on 25 March 2025, with full awareness of all parties.
Separately, in 2016, Thor also issued 20,771,478 ordinary shares to the Nigerian Mining Corporation, which currently holds a 3% stake in the Company. Together, these shareholdings form part of Thor’s total issued capital of 664,244,710 ordinary shares.
