Thor Exploration (LSE:THX) - Nigerian Pioneer Preps 1.8M oz Senegal Gold Project for Q4 PFS

Interview with Segun Lawson, CEO of Thor Explorations Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/thor-explorations-lsethx-surging-cash-flow-debt-paydown-and-exploration-upside-for-2024-5141

Recording date: 5th September 2025

Thor Exploration (LSE:THX) has emerged as a compelling West African gold story, operating Nigeria's first large-scale commercial gold mine while building a multi-jurisdictional portfolio across the region. The company's Segilola mine produces approximately 85,000 ounces annually with industry-leading 93% recovery rates, positioning it among the lowest-cost producers globally.

The Nigerian operation currently faces a strategic inflection point as management evaluates the optimal transition from open-pit to underground mining. Recent drilling has revealed continued mineralization below the current pit design, with CEO Segun Lawson noting that rising gold prices favor extracting additional open-pit material before transitioning underground. Technical studies through year-end will determine the final approach, balancing strip ratio economics against favorable commodity pricing.

Thor's growth strategy centers on the advanced Douta project in Senegal, which holds 1.78 million ounces of global resources and is progressing toward a Q4 2025 preliminary feasibility study. The project targets 100-120,000 ounces of annual production using conventional processing methods, benefiting from Senegal's established mining infrastructure and regulatory framework.

Early-stage exploration in Côte d'Ivoire adds further portfolio diversification, with the Guitri project showing high-grade intersections across an 8km by 5km anomalous area. The company has committed to delivering a maiden resource by year-end, while the Marahui project presents additional upside with impressive rock chip results across a 5-kilometer anomaly.

Thor's capital allocation strategy reflects management confidence in both current operations and future growth prospects. The company has initiated quarterly dividend payments while simultaneously increasing exploration budgets across all jurisdictions. This balanced approach addresses immediate shareholder returns while maintaining aggressive investment in resource expansion, supported by strong cash generation and an improved balance sheet that provides access to development capital for future projects.

View Thor Exploration's company profile: https://www.cruxinvestor.com/companies/thor-explorations-ltd

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