Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) reported gold production of 23,785 ounces (oz) in the second quarter and narrowed its full-year guidance in an operational update released Friday for its Segilola gold mine in Nigeria.
The 23,785 ounces of gold produced in the three months ended June 30 is an increase of 11% quarter over quarter, for a total of 45,128 oz produced in the first half of 2022.
"We remain very pleased by the company's operational performance, which continues to improve in all areas month on month,” CEO Segun Lawson said in a statement. "The company also repaid US$14.5 million of its senior debt facility in the period and has now reduced the facility by 29% at the end of the first half of the year.
READ: Thor Explorations posts revenue of US$24.8M in first quarter as it achieves commercial production at Segilola mine
Also in the quarter, Thor commissioned compressed natural gas (CNG) generators, the company noted.
"In the period, we commissioned a total of 6MW of CNG generating capacity which enables us to run the processing operations fully on CNG produced from Nigerian oil and gas operations,” Lawson said. “In doing so, we significantly reduce our greenhouse gas emissions, providing end user value addition for domestic gas production and lowering our operating costs.”
Looking ahead, the company projects between 23,000 and 25,000 oz of gold production in the third quarter and has narrowed its full-year 2022 production guidance to between 85,000 to 100,000 oz of gold (from 80,000 to 100,000 oz previously).
Its full-year 2022 all-in sustaining cost remains at US$850 to US$950 per ounce, the company said.
Thor Explorations is focused on mineral properties in Nigeria, Senegal and Burkina Faso. It holds a 100% interest in the Segilola gold project in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project in south-eastern Senegal.
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