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Highlights
- Thor Explorations pours 85,057 oz of gold in FY 2024, with Q4 production of 24,662 oz.
- Company successfully repays its senior debt, marking a debt-free position and a strong cash balance.
- FY 2025 production guidance set at 85,000 to 95,000 oz, with a focus on continued exploration and development.
Thor Explorations Ltd. (TSXV / LSE:THX) has announced its operational update for the fourth quarter (Q4) and full year 2024. The Company's flagship Segilola Gold Mine, located in Nigeria, has achieved notable production milestones, demonstrating its capacity for growth and operational excellence.
For the year, Thor poured a total of 85,057 ounces (oz) of gold, a solid achievement that highlights the success of its mining operations. In Q4 alone, the Company poured 24,662 oz of gold, maintaining a steady production pace despite the challenges of the market. Additionally, gold sales for Q4 totaled 24,936 oz at an average realized price of US$2,497, generating approximately $62 million in unaudited revenue.
Repayment of Senior Debt Strengthens Financial Position
A significant milestone for Thor in FY 2024 was the full repayment of its senior debt facility with the Africa Finance Corporation (AFC). The Company has now cleared all senior debt obligations and enters FY 2025 with a net cash position. This debt-free status enhances Thor's financial flexibility, enabling it to focus on growth initiatives without the constraints of outstanding debt.
Operational Success at Segilola Gold Mine
Thor’s Segilola Gold Mine continues to be a key asset in its portfolio, delivering solid production figures. During Q4 2024, the mine produced gold from 247,075 tonnes of ore, achieving an average grade of 3.08 g/t, which resulted in the production of 24,662 oz of gold. For the entire year, Segilola processed 383,699 tonnes of ore at an average grade of 2.30 g/t, producing a total of 28,411 oz of gold.
In addition to production, the Company saw growth in its ore stockpile, which increased by 3,909 oz to reach a total of 44,300 oz. This includes a high-grade stockpile of 1,201 oz from 8,865 tonnes of ore at an average grade of 4.21 g/t, and a medium-grade stockpile of 4,649 oz from 69,608 tonnes of ore at 2.08 g/t.
Furthermore, Thor released 2,835 oz of gold from its gold-in-circuit (GIC) inventory, reducing the total GIC to 4,155 oz. This management of in-circuit gold demonstrates the Company's commitment to optimizing its gold recovery processes and enhancing cash flow.
Looking Ahead: Strong Production Outlook and Exploration Expansion
As Thor looks towards FY 2025, it is forecasting gold production between 85,000 and 95,000 oz, with All-in Sustaining Costs (AISC) ranging from $800 to $1,000 per ounce. These figures are indicative of Thor’s ongoing commitment to operational efficiency and profitability, despite market fluctuations.
Exploration will be a major focus in the coming year. The Company is set to finalize its updated Mineral Resource Estimate and Preliminary Feasibility Study (PFS) for its Douta Project in Senegal by Q1 2025. Additionally, Thor plans to continue its exploration programs across various sites, including:
- A 7,500-meter underground drilling program at Segilola to expand its resource base.
- Ongoing scout drilling in Nigeria on identified targets.
- Reverse Circulation drilling at Douta to target additional oxide resources.
- Continued geochemical and drilling programs in Côte d'Ivoire, focusing on the Guitry and Boundiali licenses.
With these initiatives, Thor is positioning itself for sustained growth, and the Company remains confident in its ability to achieve long-term success and deliver value to shareholders.
