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Thor Explorations Announces Release of Fact-Finding Committee Report on Osun State Dispute
Vancouver, British Columbia--(Newsfile Corp. - March 26, 2025) - Thor Explorations Ltd. (TSXV: TH...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"Thor Explorations Announces Release of Fact-Finding Committee Report on Osun State DisputeVancouver, British Columbia--(Newsfile Corp. - March 26, 2025) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) (\"Thor\" or the \"Company\") announces that its wholly owned operating subsidiary in Nigeria, Segilola Resources Operating Limited (\"SROL\") has received a copy of the report of the Inter-Ministerial Fact-Finding Committee on the dispute between SROL and the Osun State Government (the \"Report\").Following a meeting held on the 25th of March 2025 in Abuja with all relevant parties, the report has been formally released to SROL. Importantly, the Report affirms SROL's compliance with its legal and regulatory obligations, and that the allegations of wrongdoing were unfounded.Additionally, the report confirmed that the ₦3.25 billion (USD$2.086M) tax invoice was not valid and unsubstantiated. The Committee recommended that the revised tax invoice of ₦98,347,105.18 (USD$64.1K), issued on 23rd September 2024, should be subject to a final reconciliation process to be affected by both parties and to facilitate an amicable resolution.Regarding the environmental allegations, the report also confirmed the lack of evidence of any environmental pollution on the part of SROL and thus, no basis for the claim for additional environmental levies. While the report addresses the key concerns, SROL remains open to continued engagement with the Osun State Government to resolve any outstanding matters amicably and in good faith.For full details on the findings and recommendations of the Inter-Ministerial Fact-Finding Committee, please refer to the report available on our website via the following link: https://thorexpl.com/site/assets/files/2835/report_of_the_fact_apds_26_11_2024.pdfThor would like to take the opportunity to thank the Honourable Minister for Solid Minerals Development and the Inter-Ministerial Fact-Finding Committee for their efforts in resolving these matters.Osun State Government Shareholding in ThorThe Company also wishes to clarify the position regarding Osun State Government's shareholding in Thor.In August 2016, when Thor completed the acquisition of the Segilola Gold Project, Thor issued 5,192,869 ordinary shares to the Osun State Government and local community as part of its social responsibility to enable the Sta...