Canadian mining firm Thor Explorations has increased gold production at the Segilola Gold Mine in Nigeria from 84,609 ounces in 2023 to 85,057 ounces in 2024.
During Q4 2024, the company produced 24,662 ounces of gold, generating approximately $62 million in revenue. Thor Explorations has set a production target of 85,000 to 95,000 ounces for 2025.
“The mining and processing operations have run smoothly over the final Quarter following the successful implementation of new blasting strategies and improved mine planning processes earlier in the year,” stated Segun Lawson, President & CEO, Thor Explorations.
In addition to the production increase, the company has fully repaid its senior debt to the Africa Finance Corporation.
Thor Explorations is advancing an underground drilling program to expand the Segilola Mine while simultaneously conducting exploration and feasibility studies in Nigeria. The company is also spearheading the Douta gold project in Senegal and the Guitry gold project and Boundiali exploration permit in Ivory Coast.