Thor Explorations: Strong Q4 2024 Gold Production and 2025 Outlook

Thor Explorations Ltd. (TSXV: THX) (AIM: THX) has announced a robust fourth quarter and full year 2024 operational update, highlighting the company's strong performance and growth prospects. The company's Segilola Gold Mine in Nigeria achieved a significant gold production milestone, while the Douta Project in Senegal is on track for development. Additionally, Thor Explorations has scheduled an investor webinar to discuss its Q3 2024 financial and operational results, project updates, and future corporate strategy.

In the fourth quarter of 2024, Thor Explorations poured 24,662 ounces (oz) of gold, bringing the full year production to 85,057 oz. This strong performance allowed the company to fully repay its senior debt facility with Africa Finance Corporation (AFC), resulting in a net cash position. Gold sales in Q4 2024 amounted to 24,936 oz at an average realized price of US$2,497, generating unaudited revenue of approximately $62 million.

Segun Lawson, President & CEO of Thor Explorations, stated, "I am pleased to report a strong production quarter for Thor, which has resulted in the Company achieving our revised production guidance for the full year in 2024, having poured 85,057 oz of Au. The mining and processing operations have run smoothly over the final Quarter following the successful implementation of new blasting strategies and improved mine planning processes earlier in the year."

The company's FY 2025 production guidance range is set at 85,000 to 95,000 oz of gold, with an All-in Sustaining Cost (AISC) guidance range of $800 to $1,000 per oz. Thor Explorations is also on track to finalize the updated Mineral Resource Estimate and Preliminary Feasibility Study (PFS) at the Douta Project in Q1 2025.

Drilling programs across the company's exploration portfolio are planned for 2025, including a 7,500-meter underground drilling program at the Segilola mine, additional Reverse Circulation (RC) drilling at the Douta project in Senegal, and initial drill programs in Cote D'Ivoire. These programs aim to increase the resource inventory and extend the mine life, contributing to the company's ability to maintain its production guidance.

Thor Explorations is hosting a live investor webinar on November 14, 2024, to discuss its Q3 2024 financial and operational results, project updates, and future corporate strategy. This session is open to both existing and potential investors, offering an opportunity to engage with the company's leadership and learn more about its growth prospects.




In conclusion, Thor Explorations' strong Q4 2024 gold production, coupled with its 2025 operating guidance and investor webinar, demonstrates the company's commitment to growth and engagement with its stakeholders. With a net cash position and a robust production outlook, Thor Explorations is well-positioned to continue its success in the gold mining sector.