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(Kitco News) – Thor Explorations (TSXV: THX) announced on Monday that in Q3 2023, its Segilola gold mine in Nigeria produced 19,104 ounces of gold (Q3 2022: 26,500 ounces).
The company said that Q3 2023 production was lower than expected due to the lower than forecast mine grade, adding that gold grades intercepted in grade control drilling were lower than reserve grades (based on exploration drilling).
Importantly, the company noted it has completed the pushback of the west wall which means that the pit conditions have “significantly” improved.
Thor also reported Q3 2023 revenue of $36.6 million (Q3 2022: $55.7 million) and net profit of $2.3 million (Q3 2022: net profit of $7.6 million).
“In terms of financial performance, whilst the lower grades have led to lower revenue and profits in the quarter, we have maintained good levels of positive cash flow. We anticipate a stronger financial performance in the final quarter as the mine grade increases,” said chief executive Segun Lawson.
The company also pointed out it maintains its FY 2023 production guidance of 85,000 ounces of gold and all-in sustaining costs (AISC) guidance of US$1,150 – US$1,350 per ounce.
Thor Explorations is engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola gold mine located in Osun State, Nigeria and has a 70% economic interest in the Douta gold project located in south-eastern Senegal.
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