London Stock Exchange welcomes Thor Explorations, a West African focussed gold company to AIM under the ticker “THX”. The announcement of its admission to trading on Alternative Investment Market AIM of the London Stock Exchange was made on Tuesday 22
Thor Explorations Ltd.’s common shares have been admitted to trading on the Alternative Investment Market of the London Stock Exchange.
Thor Explorations is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100-per-cent interest in the Segilola gold project located in Osun state of Nigeria and has a 70-per-cent economic interest in the Douta gold project located in southeastern Senegal.
Segun Lawson, president and chief executive officer, stated: “Today’s admission to the AIM market of the London Stock Exchange represents another milestone in the development of the company, offering wider access for investors as we progress through a transformational period in the company’s development. We continue to focus on pouring first gold at the Segilola project in Nigeria in July, 2021, targeting publication of a maiden resource at Douta in Senegal by the end of 2021 and the exploration programs focused on the company’s exploration licences running along the Ilesha schist belt in Nigeria.
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.”
“I am so Proud and excited for Segun Lawson and his company Thor Exploration who announced their listing on the London Stock Exchange
A Nigerian owned multinational business which will bring honest opportunities and revenue back into the country.
Watch this space… watch THIS MAN! This is the kind of positive example our nation needs.” says Lola Adofope, Managing Director at BUSINESS TRAVEL MANAGEMENT LTD
“Segun Lawson is the first son of my friend Kolapo Lawson. For a company to be listed on the London Stock Exchange is no mean feat. I’m really proud of what some of our children are doing the world over. For us to encourage Segun and his co- founders, I’ll encourage those, who normally invest or who may consider investing in the LSE, to first carry out their due diligence in consideration of investing in Thor Exploration Company.
This just one of the benefits of sound education.”-Sonny Iroche.