Interview with Segun Lawson, CEO of Thor Explorations Ltd (LSE:THX)

Our previous interview: https://www.cruxinvestor.com/posts/thor-explorations-thx-value-all-round-production-exploration-and-income-3005

Recording date: 13th September 2023

Thor Explorations is an emerging senior gold producer focused on acquiring, exploring, and developing gold projects located in West Africa. With an operating mine generating cash flow in Nigeria, a large-scale development project advancing in Senegal, and early-stage lithium exploration underway in Nigeria, Thor is leveraging its operational expertise and strategic relationships to unlock the vast mineral wealth across the region.

Thor's flagship asset is the high-grade Segilola open pit gold mine, located in the prolific Osun Gold Belt in southwestern Nigeria. Having commenced production in 2021, Segilola forms the cornerstone asset in Thor's portfolio, producing 43,000 ounces of gold in the first half of 2022.

With mining transitioning into higher grade zones, Thor has revised full year 2022 production guidance to a sustainable 85,000 ounces. The long-term goal is to leverage Segilola's central processing infrastructure to consolidate regional resources, extending mine life beyond the current 12-year outlook.

Systematic exploration efforts targeting satellite deposits within trucking distance of the Segilola mill have delivered promising results. Thor is also assessing opportunities to acquire advanced projects from junior explorers to bolster growth.

The most significant near-term growth driver is Thor's Douta Gold Project in southeastern Senegal's highly productive Kéniéba Inlier gold belt. With already defined resources of 1.78 million ounces of gold, Douta offers Thor scale potential in a jurisdiction with an established history of gold mining operations.

Following a recently completed 15,000-meter drilling campaign aimed at upgrading resources and expanding mineralization, Thor is completing a feasibility study positioning Douta to become its second operating mine. With estimated average annual production above 100,000 ounces, Douta could potentially double Thor's total gold output over the next few years.

Leveraging its first-mover advantage and strong government relationships in Nigeria, Thor has also acquired an extensive portfolio of high-grade lithium pegmatite occurrences exhibiting strong continuity in surface outcrops and shallow drilling intercepts.

Through a separate corporate entity, Thor has commenced a 5,000-meter maiden drilling program to delineate resources on its core targets. With lithium demand forecast to grow exponentially to support electric vehicle and battery markets, successful exploration could position Thor to capitalize on surging lithium prices.

Thor Explorations is led by a board and management team with decades of experience successfully exploring, developing, and operating mines across Africa. Having already built Segilola on time and budget, this seasoned team is focused on delivering value for shareholders by executing on a clear growth strategy for its asset portfolio.

Trading at an attractive valuation relative to peers, and with a fully funded plan to substantially grow production, Thor offers investors an opportunity to gain exposure to high-upside gold and lithium assets in mining-friendly African jurisdictions. As Thor systematically unlocks value across its portfolio, shares in the company offer an appealing risk/reward proposition.
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View Thor Explorations' Company Profile: https://www.cruxinvestor.com/companies/thor-explorations-ltd

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