par Thor Explorations Ltd. (isin : CA8851491040)
Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2024
Thor Explorations Ltd. (THX) This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations", "Thor" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria and Senegal for the three months ("Q2 2024" or the "Period") and six months to June 30, 2024 ("H1 2024"). The Company's Unaudited Condensed Interim Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and six months ended June 30, 2024, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/. All figures are in US dollars ("US$") unless otherwise stated. Financial Highlights for the Period and H1 2024
Operational Highlights for Q2 2024 and H1 2024 Segilola Production
Segilola Exploration
Douta
Lithium
Environment, Social and Governance
Outlook
Segun Lawson, President & CEO, stated: "We are pleased with the Company's operational performance for the second quarter and first half of 2024, where our financial performance has continued to improve year on year and we once again made a material paydown of our senior debt facility. With gold prices continuing to rise over the quarter, Q2 2024 revenue has increased by 30% compared to Q2 2023 generating a record net profit of US$27.5 million for the Period, an impressive increase of 91% compared to Q2 2023. Net profit for the first half of the year was US$$39.9 million. "The Company has reduced its senior debt to US$6.5 million which is scheduled to be fully repaid this financial year. We also continue to make progress on our payables, making a US$6.4 million reduction in the period." "Following the commissioning of the various plant upgrades in Q2 2024, I'm pleased by our operational results for the Period, where we achieved a recovery rate of 94.6% and poured more gold than was recovered from the mine. The strong recovery rate during this Period allowed us to reach our highest level of pouring for the last five quarters and we will continue to drawdown from the Gold In Circuit through the remainder of the year. "We have continued to focus on near mine exploration at Segilola and the structural studies which commenced in Q1 2024 were completed in the Period. We commenced a 12,000m drilling programme targeting the possible extension of the gold mineralisation underneath the Segilola ultimate open pit and plan to share the drilling results in September 2024. We also commenced stream sediment and soil samples over the Period, which returned promising results. "At Douta, we acquired the Douta West licence over the Period. We completed a 15,000m drill programme at Douta after the Period and await the remaining results from Douta and Douta-West, which combined with the ongoing metallurgical studies will be used to update the Douta Resource and subsequently the Douta Preliminary Feasibility Study. "Exploration in our lithium licences remained positive in the Period with many samples collected and analysed during the Period which led to the conducting of a first pass drilling campaign in the exploration areas. We are currently finalising drill targets for our Q3 2024 drilling programme in the Komu area and I look forward to updating you on the results. "We have also continued to enhance our ESG policies in which targeted actions over previous quarters have begun to take effect, with an increase in reporting of unsafe events which is a testament to the hard work of our HSE team. We have also continued to actively engage with the host community around Segilola and we now have 20% of the workforce from the host communities. "Looking ahead to the rest of the year, we have reduced our production guidance to 90,000 oz for 2024. This reduction comes following a fly rock incident in July and a corresponding prioritisation of the health and safety of our local community and employees as we mine in the southern areas of the pit. I'm pleased to report that nobody was injured during the incident and following a three week period of feeding lower grade than planned grade ore sourced from stockpiles to the process plant, we have returned to the original mine plan. We have also lowered our AISC guidance to below US$1,000 per oz. "We look forward to progressing the drilling of the Segilola Underground Resource where we have a better understanding of the mineralisation and the structural controls. We look forward to updating our shareholders with the results in September."
About Thor Explorations Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX". 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.
THOR EXPLORATIONS LTD.
For further information please contact: Thor Explorations Ltd Canaccord Genuity (Nominated Adviser & Broker) Hannam & Partners (Broker) BlytheRay (Financial PR) Yellow Jersey PR (Financial PR)
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ISIN: | CA8851491040 |
Category Code: | MSCM |
TIDM: | THX |
Sequence No.: | 342337 |
EQS News ID: | 1973551 |
End of Announcement | EQS News Service |