London Stock Exchange welcomes Thor Explorations to AIM
London Stock Exchange welcomes Thor Explorations, a West African focussed gold company to AIM under the ticker “THX”. The Company will be trading its common shares and has a market capitalization of circa. £135 million at admission. The listing is supplementary to the Company's listing on the TSX-V in Canada.
Thor Explorations, which will shortly commence gold production at its flagship asset, the Segilola Gold Project in Nigeria, believes the AIM listing will provide access to UK and European investors; offer additional liquidity for the Company's current and future shareholders; and broaden the marketing of its shares.
The construction of the Segilola Gold Project, set to become the first large-scale industrial gold mine in the country, is fully funded and nearing completion, with first gold pour expected in July 2021 and full commercial production expected in September 2021. Based on the updated reserve statement in March 2021, the mine is forecast to produce between 80,000 and 85,000 ounces of gold per year for an initial six-and-a-half-year mine life at an All In Sustaining Cost over the life of mine of $685 per ounce.
In addition to the Segilola Gold Project, which also has underground potential to add further upside to annual production, the Company has a diversified portfolio of mineral assets in West Africa. The Douta Gold Project in Senegal presents a major opportunity for the Company, and in preparation for completing a maiden resource at the prospective project this year, the Company has recently released several positive drill results from its ongoing drill programme. The project is located in a mining friendly jurisdiction and is approximately five kilometres from Endeavour’s Massawa deposit, where annual production of more than 200,000 ounces of gold has been projected. Moreover, Thor Explorations announced in May this year that it had acquired 100% ownership of the Central Houndé Project, located in south-western Burkina Faso, which includes three prospective early-stage exploration permits.
Furthermore, the Company has the opportunity to expand its Nigerian land package, with a first mover advantage in Nigeria, a region with significant exploration potential that remains underexplored by modern exploration techniques. The Company has a current licence holding of 913 square kilometres in an area known for its existing small scale artisanal and alluvial gold production. The Company, which has longstanding relationships in Nigeria, also has the strategic advantage of owning the first, and only, industrial scale processing plant on the gold bearing Ilesha Schist Belt.
Segun Lawson, President & CEO, stated: "This listing is a notable milestone for the Company that follows significant progress in recent years since our acquisition of the Segilola Gold Project in August 2016. The Company looks forward to achieving two further near term major milestones, namely the commencement of gold production at Segilola in Nigeria and a maiden resource estimate at Douta in Senegal.
“Thor Explorations’ long-term ambition is to be a West African, growth oriented and cash generative gold company with a focus on its continuing corporate responsibility in relation to people, the environment and local communities. We look forward to realising this goal with the support of existing investors and future investors joining us following this admission to AIM.”