Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has issued an update on its Segilola Gold Mine in Nigeria for the three months to September 30, 2022, highlighting another record quarter of production.
"This has been another record quarter of production at Segilola, beating our Q3 2022 guidance by over 1,500 ounces. We are extremely pleased with the performance of all the operational teams who have delivered this outstanding quarter during the rainy season,” Segun Lawson, Thor president and CEO said in a statement.
There were also other key positives in the update.
"The company also repaid US$10.3 million of its senior debt facility in the period and has now reduced the facility by almost 50% in nine months of commercial production. The company now has a reduced debt repayment profile over the next nine months," Lawson said.
READ: Thor Explorations reports 'milestone' second quarter; posts net profit of over US$6M
Operational highlights in the period include:
- 26,523 ounces (oz) of gold produced exceeding guidance for the quarter of 23,000-25,000 oz
- Average ore mined grade of 4.43 grammes per tonne (g/t)
- Senior debt facility tranche of $10.3 million paid reducing senior debt facility to US$28.9 million
Outlook
Production guidance for Q4 2022 is 25,000 to 27,000 oz of gold while full-year 2022 production guidance remains at 90,000 to 100,000 oz of gold, the company said, adding that full-year 2022 all-in sustaining cost (AISC) remains at US$850 to US$950 per ounce.
"We aim to be at the upper end of our guidance for the year, with our all-in-sustaining costs remaining in line with the US$850-US$950 per ounce guidance,” Lawson said.
"We also look forward to commencing the deeper exploration drilling at Segilola during this fourth quarter of the year. This programme is focussed on potential down dip extensions with the objective of mine life extension."
The company said it has granted restricted share units (RSUs) under its long-term incentive plan to its executive management, with CEO Lawson getting 897,000 RSUs, VP of corporate development James Philip getting 676,936 RSUs and general manager Mike Kelly getting 825,240 RSUs.
Thor Exploration is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria, and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal.
Contact the author at jon.hopkins@proactiveinvestors.com