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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. Segilola is projected to produce between 80,000 and 100,000 oz of gold in 2022 at an All in Sustaining Cost of US$850-950 per oz. The project is expected to produce approximately 100,000 ounces per year for the following four years.

Following an updated Mineral Resource and Mineral Reserve Estimate and improved Life of Mine plan announced in the first quarter of 2021, Segilola contains a high grade open pit probable reserve of 517,800 oz at 4.02 grams per tonne (“g/t”) within an open pit indicated MRE of 532,000 oz of gold grading at 4.5 g/t, and an underground indicated resource of 76,000 oz of gold grading at 6.1 g/t, with additional significant exploration upside potential.

Segilola Probable Reserve Estimate

MethodCategoryTonnage (kt)Grade (g/t gold)Contained Metal ('000 oz gold)
Open CutProbable4,0074.02518

Segilola Resource Estimate

Open Pit (>0.30g/t)Potential underground (>2.5g/t)
CategoryTonnes (kt)Grade (g/t AU)Gold (koz)Tonnes (kt)Grade (g/t Au)Gold (koz)

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
NPV (5% discount rate)$225m$310m$404m$494m
Payback Period1.310.80.7

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.

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