Thor Explorations company Ltd has announced that it’s firm has generated a revenue of $61.9 million after pouring 22,790 ounces of gold in Q1 2025, with gold sales reaching 22,750 ounces at an average realized price of $2,720 per ounce.
The President and CEO of Thor Explorations Ltd, Segun Lawson stated this while providing interim operational update for the Segilola Gold mine, located in Nigeria (“Segilola”), and for the Company’s mineral exploration properties located in Nigeria, Senegal and Côte d’Ivoire.
Speaking on operational highlights of the company, he said “The company’s process plant recovery increased to 93.7% in Q1 2025, up from 89.2% in Q4 2024. Mine production stood at 272,375 tonnes at an average grade of 2.42 g/t of gold, producing 21,152 ounces of gold. Additionally, 231,825 tonnes were milled at an average grade of 3.24 g/t of gold, demonstrating the company’s efficient mining and processing operations.”
He further said the ore stockpile decreased by 2,901 ounces to 41,399 ounces of gold at an average grade of 0.85 g/t. Gold in circuit (GIC) also decreased by 196 ounces to 3,959 ounces of gold.
All gold forward sales have been successfully delivered, with no outstanding forward contracts remaining, showcasing the company’s commitment to meeting its obligations.
The President and CEO of Thor Explorations Ltd, expressed satisfaction with the company’s solid operational performance in the first quarter of 2025.
Mr. Lawson stated that the company is providing a strong foundation for implementing its strategy and ambitions for the year.
After completing a strong operational and financial performance in 2024, I am pleased to report a solid operational first quarter and start to 2025. In the period, we unwound the entirety of our hedged gold positions and poured 22,790 ounces of gold.
This continues to strengthen our balance sheet and provides an excellent platform from which to implement our strategy and ambitions for the year.” Mr. Lawson stated.
Mr. Lawson said he looks forward to working towards these milestones and updating the market with progress during the course of Q2.
“In the Quarter, Segilola gold production costs have performed well against budget and we have continued to increase the intensity of our exploration activities. Our exploration teams in Nigeria, Senegal and Côte D’Ivoire have identified several new targets which we look forward to testing over the next six months.
I am excited to be advancing exploration on multiple fronts across our entire portfolio where we have several value accretive milestones to unlock. I look forward to working towards these milestones and updating the market with our progress during the course of Q2.” Mr. Lawson emphasised.
He said the company has maintained its production guidance for FY 2025, with a range of 85,000 to 95,000 ounces of gold and has also maintained its All-in Sustaining Cost (AISC) guidance range of $800 to $1,000 per ounce.
The President and CEO of Thor Explorations said following the completion of drilling programs, company said it plans to prepare an updated Mineral Resource Estimate and Pre-Feasibility Study (PFS) at the Douta Project adding that with these initiatives, Thor Explorations is well-positioned for growth and value creation in FY 2025.
” Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Côte d’Ivoire.
Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021.
Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal.
Thor trades on the TSX Venture Exchange under the symbol “THX.
Victoria Ibanga
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