Thor Explorations – Update On Q1 Financials With An Exploration Update At Segilola and Douta

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the Q1 2024 financial results and operations at the Segilola Gold Mine, and provides a gold exploration update for Segilola,  the Thor Lithium claims in Nigeria, and increased land and exploration at the Douta Project in Senegal.


Financial Highlights


  • 17,420 oz of gold sold with an average gold price of US$2,033 per oz.
  • Cash operating cost of US$418 per oz sold and all-in sustaining cost (“AISC”) of US$632 per oz sold. [In Q1 2024, lower cost medium and high grade stockpile was fed through the mill resulting in a lower than expected cash operating cost and AISC].
  • Q1 2024 revenue of US$33.3 million
  • Q1 2024 EBITDA of US$23.3 million
  • Q1 2024 net profit of US$12.4 million
  • Cash and cash equivalents of US$2.8 million as at March 31, 2024
  • Senior debt facility reduced to US$15.2 million as at March 31, 2024.
  • Net debt of US$14.3 million as at March 31, 2024.



Segilola Production


  • Gold recovered for the Period totalled 19,589 ounces.
    • Mill feed grade was 2.85 grammes per tonne gold with recovery at 90.71%
    • The process plant maintained the Q4 2023 productivity levels, higher than design, throughput rates with all the main operating units continuing to perform better than expected.
    • A leach circuit tank upgrade aimed at reducing the gold in circuit through 2024 was completed in the Period.


Segilola Near-Mine Exploration


  • Exploration during the Period has prioritised working up near mine drill targets as well as carrying out structural studies aimed at designing drill programmes for the Segilola Underground Resource in Q2 2024. The Company is aiming to define an updated underground resource before the end of 2024.


    • 10,000 metres of drilling expected to commence in June 2024, with a likely increase to the size of the drilling programme should there be successful drilling results.


Douta Exploration


  • In the post period, the acquisition of the Douta-West Licence (announced April 3, 2024) was completed. The license lies contiguous to the Company’s existing Douta Permit and contains advanced exploration targets.
  • Thor’s strategy is to combine both licences and scale up the size of a combined Douta Project for the Douta Preliminary Feasibility Study (“PFS”). The Douta PFS workstreams continue, alongside the growth of the oxide component of the resource across both licences.
  • This growth will add to the existing mineral resource estimate (“MRE”) that currently comprises of a total of approximately 1.78 million ounces (“Moz”) of gold.
  • A 15,000 meter drilling program commenced after the Period and is targeted at growing the current oxide component of the resource from approximately 250,000 oz to over 500,000 oz over the next six months.


If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email me at


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




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