Can you update our audience on the latest developments at the Segilola mine?

We achieved our first gold pour in July 2021 and commenced commercial production on January 1st, 2022. In its first two production years, Segilola performed in line with our projections, producing over 95,000 oz in 2022 and 85,000 oz in 2023. This year, we anticipate production will once again reach approximately 95,000 oz, aligning with our targets. Segilola benefits from a competitive AISC on the lower end of the cost curve, attributable to its high-grade deposit and the use of compressed natural gas instead of diesel for power. As Nigeria’s first and only large-scale gold mine, Segilola has been a learning experience for both Thor Explorations and the country, setting a precedent for procurement, navigating customs, and engaging with the government, all the way from permitting to mine construction, operation, and gold export. The main challenges we encountered were establishing effective communication with the government and creating supply chain links for necessary materials and services, such as sodium cyanide and ammonium nitrate imports, which were previously unavailable in Nigeria for mining purposes. As a result, Segilola stands as a pioneering and unique project within the country. 

What attracted you to acquire the Duta West project and how does that consolidate your presence in Senegal? 

Although we decided to prioritize Segilola because it offered a faster route to production, our exploration efforts in Senegal were highly successful. With the acquisition of the Duta West license, we now have a contiguous landholding where we defined a resource of 1.78 million oz—a significantly larger prospect compared to the Segilola deposit. The Duta and Duta West properties are situated just five kilometers from Endeavour’s Massawa, in a well-established gold region. Following the drilling campaign initiated this year, we plan to complete a preliminary feasibility study and secure project permitting, leading to a definitive feasibility study. Our aim is to begin construction within three to four years, with the target of having two mines producing approximately 100,000 oz/y within that timeframe. Duta West holds significant upside potential, with over 7 km of strike length that remains open at depth.

How is Thor Explorations perceived by investors now that it has a multi-jurisdictional focus?

We are currently valued solely on our Nigeria project, which is ironic considering that the Senegal project is a much larger one with the potential to generate much more value for our shareholders. Once we complete our preliminary feasibility study this year, it will be the first opportunity for people to assign economic value to that project, and I anticipate this will be reflected in our share price and overall valuation. 

Thor Explorations has won the Labor Award at Mining Indaba this year. Could you comment on the labor and skills development programs you carry out in Nigeria?

We are very pleased to have won the award, especially as the first movers in the country. Given Nigeria's legacy issues in the oil and gas sector, it was crucial to get things right from both community and labor perspectives. As it was Nigeria’s first gold mine, we imported technical expertise, including our mine and process managers and metallurgists from various parts of Africa. However, our focus has been on transferring knowledge to locals, recruiting locally, and upskilling as much as possible. We emphasize diversity, particularly increasing the number of women in technical roles. Inspired by reports in Australia that found out female truck drivers have a better safety record compared to their male counterparts, we did the same with very positive results, despite the fact that being a female truck driver in a country like Nigeria can be seen as taboo. Thor Explorations places significant focus on upskilling opportunities: for instance, we train our employees who come in with secondary education to prepare them to take higher-paid and higher-skilled positions. Our hope is to play a part in building Nigeria’s mining skill base.

Do you have a final message for our readers?

We are underpinned by strong cash flow from Segilola that allows us to tap into both further growth opportunities in exploration in Nigeria and also the development of our second project in Senegal, which gives us a fantastic near-term opportunity.