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Thor Explorations Announces Financial and Operating Results for the Three and Nine Months Ending September 30, 2023
Focus on drilling regional Segilola gold targets, continuation of lithium prospects Vancouver, B...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"Thor Explorations Announces Financial and Operating Results for the Three and Nine Months Ending September 30, 2023Focus on drilling regional Segilola gold targets, continuation of lithium prospectsVancouver, British Columbia--(Newsfile Corp. - November 27, 2023) - Thor Explorations Ltd. (TSXV: THX) (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 and Senegal for three (\"Q3 2023\" or the \"Period\") and nine months to September 30, 2023.Financial Highlights of Q3 2023 and nine months to Sept 2023US$Q3 2023Q3 2022Nine months to Sept 2023Nine months to Sept 2022Revenue $36.6m$55.7m$118.2m$121.9mAISC*$1392/oz$1378/oz$1321/oz$1273/ozCash operating cost$1193/oz$1137/oz$1005/oz$991/ozEBITDA$11.8m$17.8m$47.0m$49.0mNet Profit$2.3m$7.6m$14.5m$17.8mCash at end of period$8.3m$2.5m- -Net Debt$19.4m$40.7m- - * all-in sustaining costOperational Highlights for Q3 2023 Gold production targets on track for FY23 guidanceGold production for the Period totalled 19,021 ounces (\"oz\")Nine months to Sept '23 production of 63,328 oz - in line with expectations All main operating units of the process plant continue to perform well, with the main west wall push back completedOngoing improvements at process plant being undertaken and to be commissioned in Q4 2023Focused exploration at Segilola Focus of gold exploration activities within a 25km radius from the Segilola operationsContinuation of reverse circulation (\"RC\") drilling, stream sediment sampling and grid auger sampling at the Kola Prospect, 23km south of Segilola Continuation of diamond drilling on identified high-grade quartz-vein style mineralisation at Aye-Ile prospect which is located 15km west of Segilola with several narrow high-grade intersections drilledOngoing Preliminary Feasibility Study Workstreams of Douta ProjectFurther progress made with Pre-Feasibility Study (\"PFS\") workstreams with an expected completion for Q1 2024Environmental and Social Impact Assessment is ongoingMetallurgical test work is continuing at IMO Laboratory in Perth, Western AustraliaCompilation and reporting of geotechnical dataResource drilling, which targeted the higher-grade parts of the existing...