LONDON: Thor Explorations Ltd. has reported a successful operational and financial year for 2023, with significant achievements at its Segilola Gold Mine in Nigeria and exploration properties across Nigeria, Senegal, and Burkina Faso.
The company sold 73,356 ounces of gold at an average price of $1,907 per ounce, generating revenue of $141.2 million and an EBITDA of $55.3 million. Despite operational challenges, the Segilola Gold Mine produced approximately 85,000 ounces of gold, surpassing the projected 72,000 ounces.
President & CEO Segun Lawson highlighted the completion of the western wall pushback and plant upgrades, which contributed to the mine’s performance. The company also reduced its senior debt facility from $54.0 million to $22.6 million and ended the year with a net profit of $10.8 million.
Looking ahead to 2024, Thor Explorations aims to extend the Segilola Mine life, with over 100,000 ounces of underground resources yet to be incorporated into the mine plan. The company also plans to advance the Douta Gold Project in Senegal towards a Pre-Feasibility Study (PFS) and increase its oxide resource target to 500,000 ounces.
Lawson expressed confidence in the company’s growth strategy, emphasizing safety, environmental, social, and governance standards, and capitalizing on opportunities in Nigeria, including lithium exploration. With a strong position for debt repayment and a focus on extending mine life and exploration, Thor Explorations is poised for continued success in the high gold price environment.