(Kitco News) - Thor Explorations (TSXV: THX) said today that during the three months ended June 30, 2022, its Segilola mine in Nigeria produced 23,785 ounces of gold (Q1: 21,343 ounces) as the mine achieved commercial production. In H1 2022, the company’s gold production was 45,128 oz.
The company added it recorded sales revenue of $66,220,229 for the six months ended June 30, 2022, compared to $nil for the six months to June 30, 2021.
The company also reported a net profit of $6,305,101 ($0.01 profit per share) for the six months to June 30, 2022, as compared to a net (loss) of ($5,103,924 ($0.90 loss per share) for the six months ended June 30, 2021.
Thor explained that the move to profit for the six months was largely due to sales in H1 2022 of $66,220,229 compared to nil in H1 2021, as well as foreign exchange gains of $5,824,295 from loss of $2,372,083 in H1 2021.
President and CEO Segun Lawson stated, "This has been a milestone quarter for the company, generating a net profit of over US$6m for the period. We are pleased to have completed another strong quarter at the upper end of our guidance, improving on our performance in the first quarter of the year. Significantly, the company repaid its largest scheduled debt repayment in the period reducing its facility by 29% in the first six months of commercial production.
"This has been a very encouraging first six months of the year and, as such, we are pleased to narrow our full year production guidance for the second time to 90,000 to 100,000 ounces at an all-in sustaining cost of US$850 - US$950 per ounce."
The company also said it plans to continue advancing the Douta project to preliminary feasibility study and implement exploration programmes across the portfolio, focusing on near mine and underground exploration at Segilola, extension drilling at Douta as well as accessing regional targets in Nigeria.
Thor Explorations 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 Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal.
