Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the optionality that being debt free with large margins from gold production is providing.  This is allowing the Company to increase exploration initiatives around the Segilola Mine, in Nigeria, as well as exploration activities at the Douta Gold Project, in Senegal.  We also discuss the ramp of exploration over at the Guitry Gold Project and exploration portfolio in Cote D’Ivoire.

Segun reiterated the 2025 guidance at the Segilola Mine is still on track for 85,000 – 95,000 ounces of gold production this year.  The Company anticipates very nice margins at the current $3,000 gold prices and a projected full year 2025 All-in Sustaining Cost (“AISC”) guidance of $900 to $1,000 per ounce.  We also reiterated the key company milestone in Q4 of the final and full repayment of the senior debt facility with Africa Finance Corporation (“AFC”). The Company now has no senior debt and has a net cash position in 2025.

The exploration team is busy with ongoing drilling around the Segilola mine, both at depth under the existing pit and also at surface delineating potential satellite pits to extend the mine life.  Any resource expansion will be very accretive as there will be no more material capex as the sunk costs have already been paid for, so this remains a key focus of the Company.

Transitioning over to the Douta Project, the RC drilling program last year was focused on increasing the percentage of oxide resources at the Makosa East Prospect, which runs parallel to the main Makosa mineralized trend and is ongoing. Then on March 24^th, a press released announced that two discovery holes in its Douta-West license, at the Baraka 3 Prospect, returned 19 meters (m) at 2.46g/t Au from 29m depth, and 26m at 1.31 g/t Au from 21m depth.  Segun outlines that they have wanted to keep drilling this new Douta-West concession because it may be meaningful at the early part of the mining sequence, improve the payback and economics, and this will be factored into the upcoming Pre-Feasibility Study (“PFS”) and Mineral Resource Estimate, as the next major milestone for the company later this year.

Wrapping up we discussed the early stage exploration prospectivity and work planned later this year at their 100% interest in the Guitry Gold Project in Cote D’Ivoire. The exploration portfolio at the Guitry and Boundiali licenses will see the continuation of geochemical work programs and an initial drill program on identified targets.

If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

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