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Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2024
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulat...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2024This 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.Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - 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 the three months (\"Q2 2024\" or the \"Period\") and six months to June 30, 2024 (\"H1 2024\").The Company's Unaudited Condensed Interim Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and six months ended June 30, 2024, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/.All figures are in US dollars (\"US$\") unless otherwise stated. Financial Highlights for the Period and H1 202423,588 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. During the Period, lower cost medium and high-grade stockpile with an average grade of 3.42 grams per tonne of gold (\"g/tAu\") was fed through the mill resulting in a lower than expected cash operating cost and AISC.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. Net debt of US$2.7 million as at June 30, 2024.Operational Highlights for Q2 2024 and H1 2024Segilola ProductionGold Poured for the Period totalled 21,742 oz (H...