Thor Explorations Ltd. has released its operational update for Q4 and FY 2024, highlighting strong gold production from its Segilola Gold mine in Nigeria. In FY 2024, the company reported gold poured of 85,057 ounces, with 24,662 ounces produced in Q4 alone. The company has also fully repaid its senior debt to Africa Finance Corporation, achieving a net cash position. Q4 2024 revenue from gold sales reached approximately $62 million, with an average realised price of $2,497 per ounce.

Operational details from the Segilola mine include processing 247,075 tonnes of ore at an average grade of 3.08 g/t, resulting in a gold recovery of 24,662 ounces. The company aims for a production guidance of 85,000 to 95,000 ounces for FY 2025 while managing all-in sustaining costs between $800 and $1,000 per ounce. Upcoming challenges include finalising the updated Mineral Resource Estimate and a Preliminary Feasibility Study for the Douta Project.

Thor in 2025 will continue drilling across all its exploration properties in Nigeria and Senegal. The company has initiated a 7,500-metre underground drilling programme at Segilola and commenced additional reverse circulation drilling in Senegal. In Côte d’Ivoire, exploration work has started on new licences as part of the ongoing efforts to expand mining resources.

Segun Lawson, President & CEO, expressed satisfaction with the strong production results. He noted the company’s healthy financial position since repaying its senior debt, adding confidence for operational success in 2025. Lawson also mentioned ongoing engagements with federal ministries in Nigeria regarding prior allegations and emphasised efforts to strengthen local community development initiatives.

In summary, Thor Explorations has shown solid production performance for Q4 and FY 2024 with a total of 85,057 ounces poured. The company has eliminated senior debt, indicating a strengthened financial position. Looking towards 2025, they have set ambitious production targets and plan significant exploration and drilling activities across Nigeria and Senegal.

Original Source: www.juniorminingnetwork.com

The post Thor Explorations Reports Q4 2024 Gold Production and 2025 Guidance first appeared on Nigerian Mining News.