Earnings release
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W NEWS RELEASE NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES 08 April, 2025 TSXV/AIM: THX This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. THOR EXPLORATIONS ANNOUNCES AUDITED FINANCIAL AND OPERATING RESULTS F OR THE FULL YEAR AND THE UNAUDITED THREE MONTHS ENDING DECEMBER 31, 2024 AND MAIDEN DIVIDEND Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", “Thor” or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte d’Ivoire for the three months ending December 31, 202 4 (“Q4 2024”) and the audited financial results for the year ending December 31, 2024 (the “Year” or “FY 2024”). The Company's Consolidated Audited Financial Statements together with the notes related thereto, as well as the Management’s Discussion and Analysis for the year ending December 31, 2024, are available on Thor Explorations’ website at https://thorexpl.com/investors/financials/. All figures are in US dollars (“US$”) unless otherwise stated. FY 2024 Financial Highlights • 84,965 ounces (“oz”) of gold sold (FY 2023:73,356 oz) with an average gold price of US$ 2,288 per oz (FY 2023:US$1,907). • Cash operating cost of US$ 575 per oz sold (FY 2023:US$1,006 ) and all -in sustaining cost (“AISC”) of US$765 per oz sold (FY 2023:US$1,313). • FY 2024 revenue of US$193.1 million (“m”) (FY 2023: US$141.2 million). • FY 2024 EBITDA of US$133.3 million (FY 2023:US$55.3 million). • FY 2024 net profit of US$91.1 million (FY 2023: US$10.8 million). • FY 2024 cash and cash equivalents of US$12 million (FY 2023: US$7.8 million) • The Group made a final payment of $4.1 million towards its senior debt facility with Africa Finance Corporation (“AFC”). Following this repayment, the Group has fully settled its senior debt obligations. • Net cash of US$11.2 million (FY 2023: Net debt of US$15.9 million). • Maiden dividend payment and dividend policy of minimum of C$0.0125 per share per quarter (C$0.05 per year) Dividend • The Board has adopted a dividend policy to be applied for at least the next two years. The dividend policy reflects the Board’s aim to strike a balance between the Group’s growth ambitions and returning money to the Group’s shareholders.
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• Dividends will normally be paid on a quarterly basis at an amount of C$0.0125 per share each quarter, with the ability to increase the dividend amount based on the Group’s cash reserves at the end of each quarter. • The first dividend will be payable on 16 May 2025 for shareholders on record at 02 May 2025. • It is currently intended that the dividend policy will be reviewed in two years, taking into consideration factors such as the extension of the Segilola Mine Life and capital commitments to near term development projects. Proposed timetable: Event Date Ex-Dividend date May 1st 2025 Record date May 2nd 2025 Last day for currency election May 3rd 2025 Date of exchange rate used for Pounds Sterling May 14th 2025 Announcement of exchange rate in Foreign Designated Currencies May 15th 2025 Payment date May 16th 2025 FY 2024 Operational Highlights Segilola Production • FY 2024 gold poured of 85,057 oz. • 78,002 oz recovered with an average recovery rate of 90.75%. • 858,966 total tonnes (“t”) of ore processed over FY 2024 at an average grade of 3.14 g/t Au grammes per tonne (“g/t”) of gold (“Au”). • Total FY 2024 ore mined of 1,697,044 t at an average grade of 2.04 g/t Au. Segilola Near-Mine and Regional Exploration • Near mine exploration focused on testing depth extensions of the Segilola deposit, with a diamond drilling program targeting the continuity of high -grade shoots down -plunge to the south . Early results confirm mineralisation below the current final pit design. • Drilling returned encouraging high-grade intercepts both north and south of the existing resource, indicating the potential for extensions and new target areas beyond the current limits of the Segilola resource. • Regional exploration efforts concentrated on geochemical sampling targeting structurally complex zones within the Ilesha Schist Belt identified through geological modelling as prospective for gold mineralisation. • Stream sediment sampling continued across the region, delineating a 10 by 5 kilometre (“km”) area of gold anomalism approximately 52 km due south of the Segilola operation. The Company secured new exploration tenure covering the area. A follow-up exploration program commenced late in the period over selected geochemical targets and has continued through 2025. Douta • Workstreams in support of a Preliminary Feasibility Study (“PFS”) were advanced during 2024 on the metallurgical test work, process flow sheets and resource update. • Exploration at the Makosa Resource focused on expanding the resource base along the 6km strike from Makosa Tail to the northern extent of the deposit, with RC drilling targeting increased oxide resource definition at the parallel Makosa East Prospect. • At the Makosa East Prospect, drilling conducted confirmed continuity of gold mineralisation at both ends of the trend with several higher-grade intersections • The discovery of the Baraka 3 Prospect following the end of the Period had implications on the timing of the Douta PFS. The drilling intersections delineate a wide, near surface oxide layer on a structure that extends for approximately 3 kilometres. • Baraka 3 discovery has justified an accelerated drilling program as the Company believes that should this mineralisation continue, Douta-West may present a new source of early years production that may merit incorporation into the PFS which, if included, would have a positive impact on the economics of the Douta PFS. • The Company aims to update the timing of the PFS completion once the drilling programs have been completed.
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Côte d’Ivoire • During 2024 Thor also expanded its operations into Côte d’Ivoire following the signing of a binding agreement with Endeavour Mining Corporation to acquire a 100% interest in the Guitry Gold Project. • The Company entered into two additional option agreements to acquire an 80% interest in the Boundiali Exploration permit, an early -stage gold exploration project located in north east C ôte d’Ivoire and to acquire an 80% interest in the Marahui Exploration permit, an early -stage gold exploration project located in north west Côte d’Ivoire. • At the Guitry Project, the Company is currently assessing the legacy database and planning for target-generative geochemical surveys. • Initial soil geochemical sampling was conducted at the Boundiali Project as part of due diligence, identifying a 1km by 5km gold -in-soil anomaly in the eastern sector . Further infill sampling is planned. • Initiated exploration activities at the Marahui Permit in Q4 2024, including detailed mapping and soil geochemical sampling, defining a 4km long well constrained soil anomaly with drilling planned for Q3 2025. Lithium Exploration • Thor has secured over 600km 2 of granted tenure in Nigeria that forms Oyo State, Kwara State and Ekiti State Lithium Project Areas. • Exploration activities during 2024, comprising geological mapping, stream sediment sampling, and detailed auger soil sampling, focused on generating targets within its exploration permits. Environment, Social and Governance • Published inaugural Sustainability and ESG Report (2023) in November 2024, aligning with GRI standards, and continued consistent data collection throughout 2024 for the forthcoming 2024 report due Q2 2025. • Maintained monthly environmental compliance monitoring across operations, with Q4 2024 results showing air, noise, and water emissions broadly in line with the 2008 EIA baseline, aside from elevated dust levels due to seasonal Harmattan winds and dry conditions. • Initiated optimisation measures to improve output from three 1.6 Mega Watt (“MW”) compressed gas generators, aiming to lower GHG emissions from power generation and reduce overall energy costs. • Sustained strong employment at the Segilola Project, with over 1,700 workers in Q4 2024 including 32% from host state Osun. • Advanced Community Development Agreement (“CDA”) commitments in Q4 2024 through continued educational scholarships (26 students) and quarterly palliative distributions for elderly residents. • Progressed baseline data collection for the Douta Project’s Environmental Impact Assessment (“EIA”) and incorporating findings into the Preliminary Feasibility Study (“PFS”). The EIA was submitted in late Q1 2025. Post FY 2024 Highlights • In March 2025, following a notice served by Osun State authorities in September 2024 regarding a disputed tax claim of ₦98.3 million (approx. US$61,900), a fact -finding committee commissioned by the Minister of Mines concluded that the Group had complied with all legal and regulatory obligations, and that the allegations were unfounded. o The Group continues to engage with the Osun State Government through the appropriate legislative processes to ensure that tax assessments are conducted in accordance with applicable laws. o No material financial impact is expected, and updates will be provided once a final and undisputed assessment is agreed upon. • Further positive results from its ongoing diamond drilling program at the Segilola that targets the down-plunge potential beneath the current open pit extent . The results further highlight the potential to extend the Segilola resource both along strike to the south and at depth.
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• Discovery drill holes drilled in Senegal at the Baraka 3 Prospect on the Douta -West Licence confirm near-surface gold mineralisation over a 3km trend. • Appointment of Mr. Franklin Edochie to the Company’s Board of Directors. Outlook • Production guidance of 85,000-95,000 oz for 2025 with an AISC guidance of US$ $800 - $1,000 per oz. • Exploration expenditure guidance of US$7.5 million – $10 million in Nigeria and US$5 million – $7.5 million across West Africa for 2025. • Advance exploration programs across the portfolio, including near mine and underground drilling program at Segilola. • Drilling and infill programs at Douta, with an accelerated drilling program at Baraka 3. • Advancing exploration in Nigeria on newly acquired concessions and joint partnership options on potential targets. • Continue to advance the Douta project towards PFS incorporating results from Baraka 3 drilling with the Douta PFS timing to be provided on completion of the drilling program. Segun Lawson, President & CEO, stated: “I am pleased with our performance and progress as a Group in 2024 where we generated record revenues from our Segilola Gold mine whilst being disciplined in our cost control and focusing on our ESG commitments. Our primary objectives in 2024 were to fully repay our senior debt facility and strengthen our balance sheet. This was achieved whilst also expanding our exploration portfolio in Nigeria, Senegal and in Côte d’Ivoire. The Group is now strongly positioned for a new dynamic phase with big increases budgeted in our exploration expenditure around Segilola and also across our entire portfolio, all funded by strong cash flow at Segilola. Since the end of 2024, we have continued to strengthen our balance sheet and grow our cash balance whilst making further material improvements on our accounts payable position. We are pleased to announce our dividend policy and maiden dividend. The announcement is a major milestone for Thor in our company’s evolution and validates our confidence in the overall strength and sustainability of our business. Our dividend policy demonstrates our dedication to returning part of our strong cash flow generation to shareholders without forgoing our ability to self-fund our growth. In 2025, the Group’s strategy will be focussed on increasing shareholder value by extending the Segilola mine life and advancing the Douta Project in Senegal. At the same time, we are encouraged by the early exploration results on our newly assembled portfolio in Côte d’Ivoire. We look forward to advancing these projects through 2025. The Douta Gold Project, which now consists of two prospective licences, remains a project which we aim to build from within our organic portfolio. We look forward to advancing this key project of ours through 2025. Furthermore, in 2024, we continued to capitalise on our first mover advantage in Nigeria through the acquisition of prospective exploration ground in Ondo State, approximately 55 kilometres due south of Segilola. We are well positioned to carry out exploration at a faster rate than ever before and without the constraints of servicing our senior debt facility. At the forefront of our operations, Environmental, Social and Governance (“ESG”) standards have not been compromised with the Group winning a number of awards in 2024. Thor published its maiden Sustainability and ESG Report 2023 in November 2024. We invite our stakeholders to review this report. The information within the report is in alignment with GRI reporting standards. ESG data has also been consistently gathered during 2024 with the 2024 Sustainability Report due in Q2 2025. We were pleased in March 2025 to receive a copy of the report of the Inter -Ministerial Fact -Finding Committee on the dispute between SROL and the Osun State Government. This report affirmed our compliance with all our legal and regulatory obligations. We c ontinue to pride ourselves on maintaining best practice standards across all our operations.
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I am incredibly proud of what we have achieved in 2024 which is the result of the hard work and commitment of all our employees, leadership team, board and stakeholders. I would like to take this opportunity to thank them for their continued support, dedication and commitment. I look ahead to 2025 with confidence that we have the right strategy, a portfolio capable of unlocking significant values, cashflow to support our activities and the right team to deliver on our objectives. ” Investor webinar to discuss FY24 results Thor is pleased to announce that Segun Lawson, President, and CEO, will provide a live investor session via the Investor Meet Company platform on Thursday 10 April 2025 at 2:00pm BST. The session will discuss in detail the announced FY24 results. The presentation is open to all existing and potential investors. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00 am the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Thor Explorations plc via: https://www.investormeetcompany.com/thor-explorations-ltd/register-investor Investors who already follow Thor Explorations on the Investor Meet Company platform will automatically be invited. Whilst the Company may not be able to answer every individual question, the aim is to address the issues raised by investors Responses to the Q&A will be published at the earliest opportunity on the Investor Meet Company platform following the presentation Investor feedback can also be submitted directly to management after the event to ensure the Company can understand all investor views. For further information, please email: thorexplorations@yellowjerseypr.com About Thor Explorations Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Pro ject located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south -eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”. THOR EXPLORATIONS LTD. Segun Lawson President & CEO