Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) profits jumped higher in its latest quarter helped by the record prices for gold recently.
Revenues for the quarter to September rose to US$40.2 million (Q3 2023: US$36.6 million) with underlying profits of [EBITDA] of US$27.4 million (Q3 2023: US$10.5 million).
Net profit bounced even more to US$17.5 million (Q3 2023: US$0.9 million).
Production at Segilola, in Nigeria, totalled 20,000 oz during the quarter with gold sales of 18,167oz at an average price of US$2,328 per oz.
Cash operating costs were US$585 per oz sold and all-in sustaining cost (AIS") at US$766 per oz sold.
As of 30 September, Thor said it had a net cash position of US$2.7 million.
Thor has been involved in a tax dispute with the local Osun State and a fact-finding report by Nigeria’s Minister of Mines is expected shortly.
“We look forward to the findings of the Committee and remain confident regarding our position on all the allegations made by Osun State,” said Segun Lawson, Thor’s chief executive.
Lawson commented that Thor had navigated through a challenging operational quarter, adding that underground exploration work at Segilola had started well with all fieldwork and drilling at Douta completed for an updated resource and PFS.