Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) reported steady third-quarter production at its Segilola gold mine in Nigeria and reaffirmed its full-year guidance, as it prepares to pay its next quarterly dividend.
For the three months to September 30, the London- and Toronto-listed miner poured 22,617 ounces of gold and sold 19,650 ounces at an average price of US$3,535 an ounce, generating US$69.5 million in revenue.
The company ended the period with nearly 6,000 ounces of unsold bullion and doré (the unrefined alloy produced before final refining), which it said was well positioned to benefit from higher gold prices.
Processing remained strong, with 250,459 tonnes of ore milled at an average grade of 3.11 grammes per tonne and a recovery rate of 94.3%.
Thor kept its full-year production target at 85,000 to 95,000 ounces and its all-in sustaining cost guidance between US$800 and US$1,000 an ounce.
Chief executive Segun Lawson said the miner’s decision to remain unhedged had allowed it to take advantage of record gold prices.
He added that Thor had completed the consolidation of its ownership in the Douta Project in Senegal and strengthened its exploration pipeline with the acquisition of the nearby Bousankhoba licence.
Drilling at Segilola continued to identify high-grade zones below the existing open pit, while exploration in Senegal and Côte d’Ivoire will ramp up following the wet season.
Thor declared a quarterly dividend of C$0.0125 a share, payable on November 14, maintaining the policy introduced earlier this year.