Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) took advantage of record gold prices with second-quarter profits up by around 90%.
Gold sold from production at the Segilola gold mine in Nigeria during the three months totalled 23,588 ounces at an average gold price of US$2,309 per oz.
Thor said it utilised high-grade stockpiles, meaning cash coats were US$585 per oz with an all-in-sustaining (AISC) at US$802 per oz.
Second-quarter revenues jumped to US$53.8 million from US$41.3 million but profits were US$37.6 million up from US$25.6 million.
Net profits in the quarter were US$27.5 million compared to US$14.4 million.
Six monthly net profits also more than doubled to US$39.9 million (US$17.4 million) while net debt was reduced to US$2.7 million.
For the full year, Thor expects production of 90,000 oz, down from its previous guidance with AISC estimates lowered to between US$900 to US$1,000 per oz.
Segun Lawson, chief executive, added he was pleased with the second quarter performance.
"Following the commissioning of the various plant upgrades in Q2 2024, I'm pleased by our operational results for the Period, where we achieved a recovery rate of 94.6% and poured more gold than was recovered from the mine.
“The strong recovery rate during this period allowed us to reach our highest level of pouring for the last five quarters and we will continue to draw down from the Gold In-Circuit through the remainder of the year.
"We commenced a 12,000m drilling programme targeting the possible extension of the gold mineralisation underneath the Segilola ultimate open pit and plan to share the drilling results in September 2024.
"At Douta, we acquired the Douta West licence over the Period. We completed a 15,000m drill programme at Douta after the Period and await the remaining results from Douta and Douta-West.
"Looking ahead to the rest of the year, we have reduced our production guidance to 90,000 oz for 2024.
"This reduction comes following a fly rock incident in July and a corresponding prioritisation of the health and safety of our local community and employees.”