Name of the Project
Segilola gold project.

Location
Osun state, Nigeria.

Project Owner/s
Thor Explorations.

Project Description
The project comprises an openpit gold mine, based on a probable reserve of four-million tonnes grading 4.02 g/t gold.

It includes a new 715 000 t/y processing plant comprising a conventional crushing circuit, two-stage grinding, gravity, carbon-in-leach, elution, electrowinning and smelting to produce gold ore.

Production is estimated at 85 000 oz/y over a five year life-of-mine.

The full potential of an underground resource has yet to be realised and ongoing exploration is planned to upgrade the current inferred underground resource to indicated resources and to test the continuation of the shoots at depth.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Segilola openpit has a net present value, at a 5% discount rate, of $310-million and an internal rate of return of 85% in the base case, with payback of one-year.

Capital Expenditure
$104.5-million.

Planned Start/End Date
Construction on the project started in March 2020 and first gold was poured in July 2021.

Latest Developments
Thor has reported that operations at Segilola continued to perform on budget and within design capacity, without any unplanned stoppages, during January.

Total gold production for the month was 7 041 oz at a recovery rate of 93%, with regular gold exports occurring without any issues.

The Segilola process plant is operating continuously above the design mill throughput, with 75 714 t of ore at about 3 g/t processed during January – a 19.2% increase on December. The gravity circuit has also outperformed its design specification, with a recovery of more than 60%.

Key Contracts, Suppliers and Consultants
Norinco International (engineering, procurement and construction).

Contact Details for Project Information
Thor Explorations, tel +1 778 373 0102 or email info@thorexpl.com.