Thor Explorations – Record Amount Of Gold Poured In Q2 - Recap Of Quarterly and H1 Financials At Segilola Mine, Exploration Updates From The Douta Project

The KE Report

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the Q2 and H1 financials and operations from the Segilola Mine, as well as exploration activities around both Segilola in Nigeria, and further drill results from the ongoing 2024 exploration program at the Douta Gold Project, Senegal.

Financial Highlights for the Period and H1 2024

• 23,588 ounces ("oz") of gold ("Au") sold in Q2 2024 with an average gold price of US$2,309 per oz.
• Cash operating cost of US$585 per oz sold and all-in sustaining cost ("AISC") of US$802 per oz sold.
• Q2 2024 revenue of US$53.8 million (Q2 2023: US$41.3 million) and H1 2024 of US$87.1 million (H1 2023: US$81.7 million).
• Q2 2024 EBITDA of US$37.6 million (Q2 2023: US$25.6 million) and H1 2024 of US$60.9 million (H1 2023: US$40.3 million).
• Q2 2024 net profit of US$27.5 million (Q2 2023: US$14.4 million) and H1 2024 of US$39.9 million (H1 2023: US$17.4 million).
• The Company paid a further US$7.9 million towards its senior debt facility, leaving a balance of US$6.5 million which is scheduled to be fully repaid by the end of the calendar year, with net debt of US$2.7 million as at June 30, 2024.

Operational Highlights for Q2 2024 and H1 2024 At Segilola:

• This Period saw the completion and commissioning of the plant upgrade and the beginning of the drawdown of the gold in circuit.
• Gold Poured for the Period totaled 21,742 oz (H1 2024: 40,285 oz), with a mill feed grade that was 3.42 g/tAu with recovery at 94.6%. This Period saw the highest recovery rate and highest number of ounces poured by the Company in its last five quarters.
• The stockpile balance increased by 37% to 1,179,693 tonnes of ore at an average grade of 1.01g/t. The significant stockpile available offers flexibility and low risk for future process plant production.

Segilola Exploration

• The focus was on near mine exploration and the delineation of potential additional underground resources at Segilola. Structural studies which commenced in Q1 2024 were completed in the Period and interpreted to assist the drilling programs.
• A 12,000 metre ("m") drilling program targeting the possible extension of the gold mineralization underneath the designed open pit commenced late in the Period.
• The Company's exploration activities carried out in Q2 2024 were a continuation of both geochemical target generations and drilling those targets that justify follow up testing.
• Regional stream sediment and soil/auger sampling programmes continued with the objective of generating drilling targets.

Next Segun and I shifted over to the Dout Project, and he highlighted the acquisition of the Douta-West License in Q2 2024, and that the company has been drilling and releasing results from these new concessions, with the plan to combine both licenses and scale up the size of a combined Douta Project for the Douta Project Resource update in Q4 2024 and the Douta Preliminary Feasibility Study ("PFS") in 2025. The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces of gold in all categories.

If you have any questions for Segun regarding Thor Explorations, then please email them into me at [e-mail] , and we’ll get those submitted to management or discussed in future interviews.

*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

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