By: Creamer media

Thor Explorations is leveraging its flagship Segilola gold mine in Nigeria as a springboard for significant growth across the highly prospective West African region. With a strong operational base and a recently cleared balance sheet, the company is advancing a multi-pronged strategy focused on exploration and project development.

Unlocking Potential at the Flagship Segilola Mine

The Segilola project, Nigeria's largest gold-producing mine, is on track to produce between 85,000 and 95,000 ounces in the 2025 financial year. A key development is the full repayment of the project's senior debt facility in December 2024, which has freed up cash for an accelerated exploration program.

Recent drilling has successfully intersected gold below the existing open-pit design, indicating strong potential to extend the mine's life. "We believe there will be an inflection point where this mine will transition from an openpit to an underground [operation]," said CEO Segun Lawson. Ongoing work aims to define sufficient resources for an updated mine plan.

Strategic Portfolio Diversification in Senegal and Côte d'Ivoire

Thor is actively diversifying its portfolio to reduce jurisdictional risk and build new growth pipelines.

• Douta Project, Senegal: The company recently acquired 100% ownership of the Douta project, providing full control over its development. A prefeasibility study is targeted for the end of 2025, with much of the foundational work already complete.
• Bousankhoba Permit, Senegal: The acquisition of this adjacent exploration ground provides "upside potential" to either extend the future Douta mine's life or increase its production capacity.
• Guitry Project, Côte d'Ivoire: A maiden drilling campaign at the 100%-owned project has yielded "positive" results. The company is motivated by Côte d'Ivoire's status as a regional success story for gold exploration.

Capitalizing on a Favorable Regional Environment

Thor's strategy is underpinned by the attractive fundamentals of West Africa, including its underexplored Birimian greenstone belt, relatively efficient permitting processes, and supportive governments. This combination, along with high gold prices, presents a strong opportunity for value creation as the company executes its expansion plans.