Thor Explorations has reported gold production of 26,523 ounces in Q3 2022 and 71,651 ounces in 9M 2022 at the Segilola gold mine, located in Nigeria.
The company also reported a net profit of $10,431,167 ($0.016 profit per share) for the nine months to September 30, 2022, as compared to a net loss of $4,644,514 ($0.007 loss per share) for the nine months ended September 30, 2021.
In 2022, the company expects to produce between 90,000 and 100,000 ounces of gold, adding that it continues to advance the Douta project towards a preliminary feasibility study.
President and CEO Segun Lawson stated, “This has been another outstanding quarter for the company. Over the period the Segilola mine has continued to produce at a steady rate, with the company increasing production guidance twice over the last nine months. I am grateful for the dedication and hard work shown by the team at site during this quarter and across the rainy season to keep production steady.
“The exploration programmes upcoming across our portfolio provide great potential for the company and I am positive that we have the teams, both managerial and on the ground, to realise the full potential of each project.”
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.