Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said it has moved into a net cash position after what it said was another strong production quarter.
Some 24,662 ounces of gold was poured from the Segilola gold mine in Nigeria during the fourth quarter of 2024. bringing the total for the year to 85,057oz.
Thor added that a final and full repayment of the senior debt facility with Africa Finance Corporation (AFC) has also been made, meaning it now has no senior debt and a net cash position.
Gold sales in the quarter were 24,936 oz at an average realized price of US$2,497 resulting in unaudited revenue of approximately US $62 million.
For the current year, Thor is guiding to production of between 85-90,000oz at sustaining costs of between US$800-1,000oz.
A finalised mineral resource estimate and preliminary feasibility study at the Douta Project is also scheduled for this quarter.
Segun Lawson, chief executive, said mining and processing operations had run smoothly over the quarter following the implementation of new blasting strategies and improved mine planning processes earlier in the year.
"The quarter also marked a significant milestone for the Company as we have now fully repaid our senior debt facility with AFC.
"We start the year 2025 well-positioned for a strong operational and financial performance.
"At Douta, work on the PFS is being finalised having carried out additional variability studies on the metallurgy and as we refine quotations from certain potential equipment manufacturers and contractors.
Whilst completion of the PFS has taken longer than envisaged, I believe that the additional time is justified by the benefit of the enhanced level of detail and accuracy
"We are continuing our engagement with the relevant Federal Ministries in Nigeria, including the Ministry of Solid Minerals Development relating to the previous allegations made against the Company by officials of the Osun State.
“We understand that the review conducted by the Federal Ministry of Mines has been completed and we await the public announcement of their findings. We anticipate that there will be no substantiation of any of the allegations made.”