Thor Explorations Announces Audited Financial and Operating Results for the Full Year and the Unaudited Three Months Ending December 31, 2024 and Maiden Dividend

Core Viewpoint - Thor Explorations Ltd. reported strong financial and operational results for FY 2024, achieving record revenues and profits, while also announcing its maiden dividend, reflecting confidence in the company's growth and sustainability [2][21][48]. Financial Highlights - FY 2024 gold sales reached 84,965 ounces, up from 73,356 ounces in FY 2023, with an average gold price of US$2,288 per ounce compared to US$1,907 in FY 2023 [6]. - Revenue for FY 2024 was US$193.1 million, a significant increase from US$141.2 million in FY 2023 [6]. - EBITDA for FY 2024 was US$133.3 million, compared to US$55.3 million in FY 2023 [6]. - Net profit for FY 2024 was US$91.1 million, up from US$10.8 million in FY 2023 [6]. - Cash and cash equivalents at year-end were US$12 million, an increase from US$7.8 million in FY 2023 [6]. Dividend Announcement - The company announced a maiden dividend payment of C$0.0125 per share per quarter, with the first payment scheduled for May 16, 2025 [6][53]. - The dividend policy aims to balance growth ambitions with returning value to shareholders and will be reviewed in two years [6][54]. Operational Highlights - The Segilola Gold Mine produced 85,057 ounces of gold in FY 2024, with a recovery rate of 90.75% [12]. - A total of 858,966 tonnes of ore were processed at an average grade of 3.14 g/t Au [12]. - Near-mine exploration confirmed mineralization below the current pit design, indicating potential for resource extensions [12]. - Regional exploration efforts identified a 10 by 5 km area of gold anomalism approximately 52 km south of Segilola [12]. Strategic Outlook - The company plans to focus on extending the Segilola mine life and advancing the Douta Project in Senegal in 2025 [22][43]. - Exploration expenditure is budgeted at US$7.5 million - US$10 million in Nigeria and US$5 million - US$7.5 million across West Africa for 2025 [28]. - The company aims to enhance shareholder value through its exploration activities and maintain strong ESG commitments [25][40].