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Highlights:
Reduced All-in Sustaining Costs: Thor Explorations Ltd has adjusted its all-in sustaining cost guidance for the year, now anticipating costs to average between US$800 and US$900 per ounce of gold.
Trimmed Production Guidance: The company has revised its production forecast down to 85,000 ounces of gold for the year, citing heavy rainfall impacting operations at the Segilola project in Nigeria.
Operational Progress Amid Challenges: Thor successfully completed water extraction efforts from the Segilola pit, and has reported a total gold production of over 20,000 ounces in the third quarter.
Thor Explorations Ltd (LSE:THX) has announced a decrease in its all-in sustaining cost guidance for the year, now estimating production costs between US$800 and US$900 per ounce of gold. This revision comes despite facing challenges during the third quarter, particularly due to significant rainfall impacting operations at the Segilola project in Nigeria.
The adjusted cost forecast reflects ongoing cost-saving initiatives alongside a reduction in the anticipated production level. Production guidance has been lowered to 85,000 ounces of gold, down from the previous estimate of 90,000 ounces. This adjustment follows operational difficulties caused by extreme weather conditions affecting the Segilola site.
In the third quarter, Thor poured a total of 20,110 ounces of gold, derived from milling 201,958 tonnes of ore at an average grade of 3.22 grams per tonne. The company also reported an increase in ore stockpiles, which rose by 2,094 ounces to a total of 39,934 ounces. Additionally, Thor has made progress in managing its financial obligations, having paid off US$4 million of a senior debt facility, leaving a remaining balance of US$3.9 million.
Chief Executive Segun Lawson expressed satisfaction with the company's ability to produce over 20,000 ounces of gold during the quarter while concurrently reducing all-in sustaining cost guidance for the year. Furthermore, Lawson highlighted that the company is actively working with local authorities to address unfounded accusations from the Osun State government regarding tax and environmental practices, with a resolution anticipated by year-end.
