Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said it has settled a tax dispute with authorities in Nigeria's Osun State, paying outstanding taxes owed by its subsidiary, Segilola Resources Operating Limited (SROL).
The company clarified that the payment, totaling 98.3 million naira (approximately $61,900), was made despite not being granted the standard 30-day review period.
Thor noted that there had been no operational disruptions at its Segilola gold mine, which continued functioning normally during the process.
The firm also disputed claims from some local media outlets, stating that figures mentioned in their reports were "false and unsubstantiated."
Thor said it is working with Nigeria's Federal Ministry of Mines to prevent similar incidents in the future.
The Segilola mine, Nigeria’s first commercial-scale gold mining project, began production in 2021.