Thor Explorations Ltd president and CEO Segun Lawson joined Proactive's Stephen Gunnion with details of a second-quarter production update and strategic plans.
The quarter saw Thor Explorations pour nearly 22,000 ounces of gold at its Segilola mine in Nigeria, following significant plant upgrades that boosted efficiency and gold recoveries to 94%.
Lawson highlighted the company's achievement in halving its outstanding debt with Africa Finance Corporation (AFC), reducing it to $7.9 million. With two more payments scheduled, Thor Explorations aims to clear this debt by the end of the year, benefiting from the current high gold prices.
Exploration activities around Segilola have ramped up, with a focus on extending the mine life through underground exploration. Initial results from these efforts are expected in Q3, potentially adding significant value by increasing the mine's lifespan.
In Senegal, the company has made strides in its drilling program at the Douta project, targeting shallow oxide resources. Encouraging results have been reported, and a preliminary feasibility study is expected later this year.
Thor Explorations is also venturing into lithium exploration in Nigeria, expanding its landholding and launching a new drilling campaign. This move aims to provide additional growth opportunities for shareholders.
Lawson reaffirmed the company's full-year target of producing over 95,000 ounces of gold at an all-in sustaining cost of $1,100 to $1,200 per ounce. The strong cash flows from Segilola, combined with exploration upsides in Nigeria and Senegal, underpin Thor Explorations' robust value proposition, he added.
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