THOR EXPLORATIONS LTD. Operational Highlights for Q2 2023 and H1 2023
Production Gold production for the Period totaled 23,078 ounces ('oz') (H1 2023: 43,707 oz)
All main operating units of the process plant continue to perform better than expected, with the plant operating above nameplate capacity
Several improvement projects at the process plant are being undertaken through the remainder of 2023
Three Loss Time Injuries ('LTIs') occurred in H1 2023, which triggered an increase in training and workplace inspections to improve working conditions
Exploration
The Company has prioritized exploration within a 25-kilometre ('km') radius of Segilola with the key objective being to extend the life of mine
Four main advanced exploration targets that have been defined are the Kola Prospect, Igila, Aye-Ile Western Prospects and Ijarigbe
The Kola Prospect is located 23km south of Segilola and is a new high-grade greenfield exploration discovery: Reverse Circulation drilling ('RC') was carried out at a low-level stream sediment zone and showed initial positive results, which included 7 metres ('m') grading at 25.98 g/t gold in the near-surface weathered horizon and 4 m at 30.17 g/t gold in the primary horizon
Exploration testing of the general area is continuing and drilling activities will continue through the remainder of the year
The Igila Prospect is located 15km west of Segilola
Exploration activities are ongoing and focused on delineating additional strike length and identifying additional lodes
The Aye-Ile Prospect is located 1.2km south-east from Igila
Drill testing has focused on the anomalous auger geochemistry located a north-east dipping vein-system that is developed on the same structural orientation as Igila
In
Thor Lithium -
Thor, through its fully owned subsidiary
An initial drilling program is being undertaken on one of the Company's prospects located in the West Oyo Project Area to confirm and delineate lithium-bearing mineralisation, such as spodumene and lepidolite at depth
Financial Highlights of the Period and H1 2023
Q2 2023 revenue of
Q2 2023 operating cost of
Q2 2023 EBITDA of
Q2 2023 net profit of
As of
Q2 2023 net debt of
Environment, Social and Governance
The Segilola HSE team commissioned a team of standby emergency responders in Q2 2023, with 28 personnel specifically trained to respond to emergency related, medical and operational situations at the SROL site
The Company progressed its livelihood restoration programs for the local communities
Vegetable farms were completed in Q1 2023 and produced their first crops and improved tomato species in Q2 2023, with commercial off-takers purchasing the produce
Fish farms in the local community neared completion in Q2 2023 with farming to commence in Q3 2023
Improved cocoa species seedlings were issued to the local community in Q2 2023 and training provided to the farmers to improve yields and commercial returns
In
Outlook
Segilola production for the full year expected to be 85,000 oz with AISC expectations maintained at
Q3 2023 production is expected to be below original expectations at the beginning of the financial year. However, Q4 gold production forecast remains in-line with original expectations, with potential upside as mining conditions continue to improve with the west wall push back nearing completion
Continue to advance exploration programs across the portfolio, including: Continuation of step-out drilling at Douta gold project in
Continuation of drilling at Segilola gold regional targets
Continuation of drilling at L06 lithium prospect in
Completion of the Douta preliminary feasibility study ('PFS') in Q4 2023
'The Company expects to achieve its total material mined forecast for H2, however grade control drilling for Q3 indicates a lower than forecast recovered gold production for the period. While the Q4 gold production forecast remains in-line with our original target, with potential upside as mining conditions continue to improve as the west wall push back nears completion, the Company considers it prudent to update guidance for 2023 to 85,000oz of recovered gold - the lower end of the previously announced range for the full financial year.
'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 have demonstrated positive results from initial exploration drilling activities. We plan to follow up with further drilling activities in Q3 and Q4 2023. At Douta, Thor is making great progress towards completing the PFS, which is scheduled to be completed in Q4 this year.
'With our strategy to identify high-value resource opportunities, Thor acquired a significant tenure in south-west
'We take the working conditions at our operations very seriously, and as such, Thor has increased training and workplace inspections to improve working conditions. The Segilola HSE team has also commissioned a team of standby emergency responders during the Quarter, with 28 personnel specifically trained to respond to emergency related, medical and operational situations at the SROL site. The program comprised classroom and practical sessions on how to respond to first aid cases, administering basic life support to unconscious victims and emergency response planning and activation processes to ensure there are fewer lost time injuries.
'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. I look forward to updating the shareholders on the developments made in the next quarter.'
About
Contact:
Tel: +44 (0) 20 7523 8000
Email: info@thorexpl.com
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