Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) president and CEO Segun Lawson speaks to Thomas Warner from Proactive after the West Africa focused gold producer released a production update for 2023 and fresh guidance for 2024.
Lawson provides a comprehensive update on the company's performance and plans, saying that Thor Explorations produced 21,798 ounces of gold in Q4 2023, contributing to a total annual production of nearly 85,000 ounces.
Despite facing challenges, the company successfully completed significant projects, including the west wall expansion, which improved the mine's efficiency and reduced costs. Lawson emphasises the completion of capital expenditure projects that enhanced recovery rates, and he highlighted the absence of major CapEx obligations for 2024.
This year, the company's focus will shift to operating efficiently and expanding exploration activities in Nigeria. Thor Explorations reported success in exploration last year, discovering high-grade gold intersections in the southern prospects area near the mine.
Additionally, Lawson touches on the potential of lithium exploration. While he says recent drill results haven't warranted a standalone press release, the company is planning another drilling campaign to explore the value of lithium for shareholders.
Looking ahead to 2024, Lawson expresses optimism, citing strong gold prices and the company's guidance of producing 95 -100,000 ounces at a cost of around $1,200 per ounce. The company also anticipates completing a preliminary feasibility study for its Douta Project in Senegal, delayed due to metallurgy testing.