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The Company's flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres ("km") northeast of Lagos. The Segilola Gold Mine has completed two full years of production, with full year gold 2022 production of 98,006 ounces of gold and 84,609 ounces of gold in 2023 calendar year. The Company expects to produce 95,000-100,000 ounces of gold in the 2024 calendar year. The Segilola Gold Mine was built based on a total probable reserve of 517,800 ounces of gold grading at 4.02g//t in March 2021, and possesses additional significant near mine exploration upside potential.
Segilola Probable Reserve Estimate
| Method | Category | Tonnage (kt) | Grade (g/t gold) | Contained Metal ('000 oz gold) |
|---|---|---|---|---|
| Open Cut | Probable | 4,007 | 4.02 | 518 |
Segilola Resource Estimate
| Open Pit (>0.30g/t) | Potential underground (>2.5g/t) | |||||
|---|---|---|---|---|---|---|
| Category | Tonnes (kt) | Grade (g/t AU) | Gold (koz) | Tonnes (kt) | Grade (g/t Au) | Gold (koz) |
| Indicated | 3,700 | 4.5 | 532 | 386 | 6.1 | 76 |
| Inferred | 32 | 2.5 | 3 | 411 | 5.0 | 65 |
The Segilola deposit comprises a system of stacked, steeply-dipping, parallel quartz-pegmatite veins which are characterised by wide-spread high-grade, sometimes visible, free-milling gold. The most recent drilling campaign focussed on converting in-pit inferred to indicated. Previous drilling beneath the base of the proposed open pit identified several steep shoot-structures which have been interpreted within the hanging wall lodes (Figure 4). The full potential of an underground resource has yet to be realised and ongoing exploration is planned to upgrade the current inferred underground resource to indicated and to test the continuation of the shoots at depth.
Segilola Project After Tax Economic Sensitivity
| Downside Case $1400/oz gold | Base Case $1600/oz gold | Upside Case $1800/oz gold | High Upside Case $2000/oz gold | |
|---|---|---|---|---|
| Cashflow | $272m | $372m | $473m | $575m |
| NPV (5% discount rate) | $225m | $310m | $404m | $494m |
| IRR | 63% | 85% | 107% | 130% |
| Payback Period | 1.3 | 1 | 0.8 | 0.7 |
Having successfully built the Segilola Gold Project through the Covid-19 pandemic, The Company is now in production from its flagship project. After a production ramp-up phase in the fourth quarter of 2021 Thor has now moved into commercial production in and expects to produce 80,000 to 100,000 oz gold in 2022.
