Gold miner Thor Explorations saw good developments across its Segilola gold mine, in Nigeria, and its mineral exploration properties located in Nigeria, Senegal and Burkina Faso for the three and six months to June 30, president and CEO Segun Lawson says.

“Operations are performing well, with the processing plant still operating above nameplate design. The company posted strong revenues for half one of $81-million, with earnings before interest, taxes, depreciation and amortisation (Ebitda) of $35.1-million and a net profit of $12-million for the same period,” he points out.

Gold production for the period totalled 23 078 oz.

All main operating units of the process plant continue to perform better than expected, with the plant operating above nameplate capacity.

Second-quarter revenue was $41.3-million while revenue for the first half of the year was $81.7-million.

Thor expects to achieve its total material mined forecast for the second half of the year; however, grade control drilling for the third quarter so far indicates a lower-than-forecast recovered gold production for the period.

While the fourth-quarter gold production forecast remains in line with the company’s original target, with potential upside as mining conditions continue to improve as the west wall pushback nears completion, the company says it considers it prudent to update guidance for the full year to 85 000 oz of recovered gold – the lower end of the previously announced range.

“As we look to extend the life-of-mine at Segilola, Thor has located several exploration targets within close proximity to the project.

“These exploration targets are encouraging so far and have demonstrated positive results from initial exploration drilling activities. We plan to follow up with further drilling activities in quarter three and quarter four 2023,” Lawson says.

At Douta, in Senegal, Thor is said to be making good progress towards completing the prefeasibility study, which is scheduled to be completed in the fourth quarter this year.

“With our strategy to identify high-value resource opportunities, Thor acquired a significant tenure in south-west Nigeria, which is known for lithium-bearing pegmatite deposits. An initial drilling programme is being undertaken on the West Oyo project area, with the objective to confirm and delineate lithium-bearing mineralisation.

“I am pleased to confirm that, post-period, the programme confirmed spodumene as the main lithium-bearing mineral, together with minor lepidolite. We will continue to explore the area and believe this poses a great opportunity to increase shareholder value,” Lawson informs.

Thor has also increased training and workplace inspections to improve working conditions, following three lost-time injuries in the period.

“The company is in a good position to advance its projects in the next quarter, with further developments made at its exploration prospects, as well as improvements in processing capabilities which should result in improved production,” Lawson avers.