Thor Explorations (OTCPK:THXP.F) 2025 Conference Transcript

Summary of Thor Explorations Conference Call Company Overview - Company: Thor Explorations (OTCPK:THXP.F) - Key Asset: Segilola Gold Mine in Nigeria - Other Projects: Douta Project in Senegal, Guitri and Marahou Projects in Côte d'Ivoire Key Highlights - Dividend Policy: Thor Explorations has declared a quarterly dividend, contributing to share price growth [1] - Production Metrics: - Produced over 22,500 ounces of gold in the last quarter, consistent for three quarters [1] - Sold just under 20,000 ounces, with 6,000 ounces remaining unsold at over $4,000 per ounce [1] - Revenue for the quarter was approximately $70 million [1] - Financial Performance: - Expected record numbers in revenue, net profit, and EBITDA for the year [2] - Transitioned from a net debt position of $12 million to an expected cash position of $120 million by year-end, including $24 million in dividends paid [2] - High recovery rates of gold between 93% and 94% [2] Operational Insights - Mining Efficiency: - High-grade ore with a head grade of 2.5 to 3 grams per ton [2] - No debt on the balance sheet after repaying senior debt [3] - Cash growth of $10-$12 million per month [3] - Exploration Potential: - Significant upside from ongoing exploration beneath the pit, with over 150,000 ounces of gold identified that are not included in economic projections [5] - First mover advantage in Nigeria, with plans to capitalize on underfunded exploration in the region [7][8] Project Developments - Douta Project in Senegal: - Contains 1.78 million ounces of gold, with ongoing drilling and a preliminary feasibility study expected by year-end [9][10] - Potential for a mine life of over 20 years based on current findings [11] - Côte d'Ivoire Projects: - Acquired Guitri license for $100,000 and a 2% NSR, with successful initial drilling revealing multiple mineralized lenses [12][13] - Marahou Project shows promising soil anomalies with grades up to 29.9 grams per ton [14] Future Outlook - Exploration Plans: - Continued drilling in Côte d'Ivoire and Senegal, with a focus on expanding resource estimates and mine life [15] - Sustainable Dividends: - Commitment to return dividends to shareholders quarterly for a minimum of two years [15] Additional Notes - Market Position: Thor Explorations is positioned as a leading gold producer in Nigeria, with plans to expand its footprint in West Africa [6][8] - Operational Strategy: The company is investing in its own drilling rigs to reduce costs and increase exploration efficiency [8]