Thor Explorations (THX) - Value All Round: Production, Exploration and Income

Interview with Segun Lawson, President & CEO of Thor Explorations Ltd. (TSX-V, AIM: THX)

Our previous interview:    • Thor Explorations (THX) - 100,000 oz pa Go...  

Recording date: 1st March 2023

Thor Explorations Ltd. is a TSX-V as well as AIM-listed West African focussed gold producer. The company’s flagship project, the Segilola gold project is located approximately 120 km northeast of Lagos. The project currently has an open-pit life of mine of five years, and commenced production in Q1 2022 after a ramp-up period. The project’s open-pit resource holds 517,800 ounces of gold in the probable category and 532,000 ounces of gold in the indicated category, with its underground resources showing 76,000 ounces of gold in the indicated category. The Douta project of the company is located in eastern Senegal and holds a land position of approximately 58 km2.

Thor Explorations Ltd. on the 10th of January 2023 published n operational update for its Q3 2023 activities. The company was able to produce 98,006 ounces of gold in FY 2022, which placed the production rate at the upper spectrum of its production guidance of between 90,000 and 100,000 ounces. The senior debt of the company was also reduced to USD$ 28.4 million. The company also completed 26,000 m of RC drilling at the Douta project in 2022.

The company on the 27th of January 2023 announced the initial drilling results from its reconnaissance drilling initiatives at the western prospects of the Segilola project. The assay results show highlights including 227 g/t of gold from a depth of 80 m. The company plans to further conduct exploration drilling at the project in 2023, aimed at further expanding the project‘s resources.

The company is underway with updating the mineral resource estimate of the Douta project and plans to complete an additional 40,000 m of drilling to enable the updated MRE in 2023.

0:00 - Company overview
1:01 - Explaining the Segilola Exploration updates
4:00 - Strategy for extending the mine life and maintaining the growth profile
5:39 - Overview and discussion about the Western Prospects of Segilola Exploration
7:24 - Next steps for the Segilola Exploration
9:34 - Sustainable financial position of the company
11:01 - Current market cap of the company
11:26 - Overview and plans for the Douta Project
15:14 - Discussion about the maiden resource of the Douta Project
17:34 - Comparing the Segilola Gold Project and Douta Project
19:46 - Possibility of doing PEA and PFS in 2023
20:30 - Experience in operating in Nigeria
23:00 - Being efficient in operating in Nigeria
24:25 - Difference between Canadian and British investors in terms of inquiry
27:23 - Focus of the company in 2023
29:25 - Timetable in paying the company’s debt
30:29 - Projected deliverables in 2023
32:03 - Outro

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