Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said it produced 98,006 ounces of gold in 2022 at the Segilola Gold mine, located in Nigeria, which was its first full calendar year of commercial production.
The gold production was at the top end of the company's guidance range of 90,000 to 100,000 ounces. The plant operated above nameplate capacity, and exploration activities ramped up across the company's portfolio, delineating drill targets for 2023.
Thor Explorations said it sold 92,489 ounces of gold at an average price of US$1,767 per ounce. Its cash operating cost per ounce sold was US$821, and its all-in-sustaining cost (AISC) per ounce sold was US$1,091.
The company's revenue for the full year 2022 was US$165.2mln, while its EBITDA was US$71.7mln and its net profit was US$25.4mln. The company also reduced its senior debt facility significantly from US$54mln to US$28.4mln as of 31 December 2022.
In the results statement, Thor Explorations president and CEO Segun Lawson commented: "Despite the global supply chain issues that Thor faced, which contributed to a higher than budgeted AISC, the company still managed to achieve an annual operating profit of US$40mln and a net profit of US$25.4mln."
"This highlights the quality and operating efficiency of Segilola and the value that it has to offer. Importantly, it provides us with a solid platform from which to grow," he added.
Looking ahead, Thor Explorations has set its production guidance at 85,000 to 95,000 ounces for 2023, with an AISC guidance of US$1,150 to US$1,350 per ounce.
The company said it will advance exploration programs across its portfolio, including near-mine and underground projects at Segilola, extension and infill programs at Douta, and the assessment of potential targets in Nigeria. It aims to complete the Douta preliminary feasibility study in the fourth quarter of 2023.