Segilola Gold production rises by 11% on Q1, as debt reduces by $14.5m

Segun Lawson

Thor Explorations Ltd yesterday announced the Q2 2022 operational update for its Segilola Gold Mine located in Nigeria. The update is for the three months to June 30, 2022.

A statement signed by the President and CEO of the company, Segun Lawson, said it produced 23,785 ounces of gold during the period under review, adding that there was Zero Lost Time Injuries.

While saying that compressed natural gas generators were also commissioned during the period, the President disclosed that the company reduced its Senior Debt Facility by US$14.5million, leaving an outstanding balance of US$38million.

Discussing the company’s targeted gold production in Q3 2022, Lawson said from 23,000 to 25,000 oz is hopeful to be produced, stating that full year 2022 production guidance is from 85,000 to 100,000 oz of gold.

According to Lawson, “the full year 2022 Sustaining Cost remains at US$850 to US$950 per ounce.”

“We remain very pleased by the Company’s operational performance, which continues to improve in all areas month on month. Q2 2022 gold production is up 11% on Q1 2022, returning a total of 45,128 oz of gold produced in the first half of the year.

“The Company also repaid US$14.5 million of its Senior Debt Facility in the period and has now reduced the facility by 29% at the end of the first half of the year.

“In the period, we commissioned a total of 6MW of CNG generating capacity which enables us to run the processing operations fully on CNG produced from Nigerian oil and gas operations. In doing so, we significantly reduce our greenhouse gas emissions, providing end user value addition for domestic gas production and lowering our operating costs.

“We anticipate continued improvements in our operations and production and have narrowed our full year guidance as a result,” he added.

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