Segilola Gold Project
The Company’s flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres northeast of Lagos
At Segilola, Thor completed its fourth full successful year of production in 2025. The mine produced 91,910 ounces of gold in 2025, 85,057 ounces of gold in 2024, 84,609 ounces in 2023, and 98,006 ounces in 2022.
Early results of near mine exploration drilling programs confirm mineralisation
below the pit design.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.
Gold reserves at Segilola, with an average grade of 4.02 g/t, confirming strong resource potential.
Net Present Value (5%) for the project at a gold price of US $1,400/oz, highlighting solid economics.
Gold produced in 2025.
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
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.
|
|
Downside Case $1400/oz gold
|
Tonnage (ktBase Case $1600/oz gold
|
Upside Case $1800/oz gold
|
High Upside Case $2000/oz gold
|
|---|---|---|---|---|
|
Cashflow
|
$XXXm
|
$XXXm
|
$XXXm
|
$XXXm
|
|
NPV (5% discount rate)
|
$XXXm
|
$XXXm
|
$XXXm
|
$XXXm
|
|
IRR
|
XX%
|
XX%
|
XX%
|
XX%
|
|
Payback Period
|
X.X
|
X.X
|
X.X
|
X.X
|
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, the Segilola Gold Mine
has now completed three full years of production, producing an average of
89,224 ounces of gold a year. The Company’s main focus in Nigeria is to extend
the mine life through exploration,an objective which has been bolstered by
encouraging early results of near mine exploration drilling programs confirming
mineralisation below the pit design.
