Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins us to review the Q4 and full year financials and operations from the Segilola Mine, as well as exploration activities around both Segilola in Nigeria. We discuss further drill results from the ongoing 2024 exploration program at the Douta Gold Project, in Senegal, as it builds towards a PFS.  We also discuss the recent acquisition of the Guitry Gold Project and exploration portfolio in Cote D’Ivoire.

Segun outlined that the gold poured at the Segilola Mine for the full year of 2024 totaled 85,057 ounces (“oz”), which met guidance, and the 2025 guidance is for 85,000 – 95,000 ounces of gold production. Full year 2025 All-in Sustaining Cost (“AISC”) guidance has been set in a range of $800 to $1,000 / oz, providing solid margins at current gold prices. We also noted 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 moving into 2025. The Company is exploring offering a return to shareholders via a dividend later this year. 

Q4 Highlights:

• 24,662 oz poured during the fourth quarter 2024
• Gold sales in Q4 2024 of 24,936 oz at an average realized price of US$2,497 resulting in unaudited revenue of approximately $62 million
• Gold produced from 247,075 tonnes (“t”) milled at an average grade of 3.08 grammes per tonne (“g/t”) of gold (“Au”)
• Mine production of 383,699 t at an average grade of 2.30g/t of Au for 28,411oz

We reviewed that the priority of the Company’s exploration strategy at Segilola is extending the mine life through delineation of potential additional underground resources, as well as additional geochemical sampling continued at near mine open pit targets. After the 12-hole proof-of-concept deeper drilling program in 2024 was successful, the next phased of Segilola underground drilling will consist of 7,500 meters of drilling commencing imminently.

Transitioning over to the Douta Project, the RC drilling program was focused last year on increasing the percentage of oxide resources at the Makosa East Prospect, which runs parallel to the main Makosa mineralised trend and is ongoing. Additional infill drilling was completed at the Makosa North, Mansa and Maka prospects. Remaining Pre-Feasibility Study (“PFS”) and Mineral Resource Estimate update workstreams are being completed, with a target completion in Q1 2025, as a major milestone for the company this year.

Wrapping up we discussed the signing of a binding agreement last year with Endeavour Mining Corporation to acquire a 100% interest in the Guitry Gold Project in Cote D’Ivoire. The exploration portfolio at the Guitry and Boundiali licenses will be getting a fair bit of exploration work this year, with 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 , and we’ll get those submitted to management or discussed in future interviews.

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

.

Click here to follow the latest news from Thor Explorations