The Company's Unaudited Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three months ended
All figures are in US dollars ('US$') unless otherwise stated.
Operational Highlights
Segilola Production
Gold production for the Period totaled 20,629 ounces ('oz')
Mill feed grade was 2.95 grammes per tonne ('g/t') gold with recovery at 94.1%
An increase in mining rates and the mining of higher grade ore zones is expected in Q2 2023
The main operating units of the process plant continue to perform better than expected, with the plant operating above nameplate capacity
Segilola Near-Mine Exploration
Identification of new high grade quartz vein system within 15 kilometers ('km') of Segilola, with multiple high grade drillhole intercepts including 1 meter ('m') at 310 g/t gold which equates to 10 oz of gold per tonne
Ongoing drilling will test both the strike length and depth potential of this system with additional drill results expected in Q2 2023
Regional exploration is continuing with ongoing drilling programs, stream sediment sampling programs and soil/auger programs with drilling results also expected in Q2 2023.
Douta
Mineral Resource Estimate ('MRE') at Douta supported by a total of 64,567 meters of drilling updated to a global resource of approximately 1.78 million oz of gold, an increase of 144% from its maiden resource.
Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dip
During the Period, workstreams designed to advance the project to the prefeasibility stage ('PFS') commenced including metallurgical and geotechnical drilling and also infill resource drilling. Drilling results from Douta are also expected in Q2 2023.
Financial Highlights
21,553 oz of gold sold with an average gold price of
Cash operating cost of
Q1 2023 revenue of
Q1 2023 EBITDA of
Q1 2023 net profit of
Cash and cash equivalents of
Senior debt facility with
Senior debt facility reduced to
Repayment of all outstanding EPC invoices
Net debt of
Environment, Social and Governance
The full operation of 6 MW compressed natural gas ('CNG') generators was achieved in
In Q1 2023, the Company's GHG emissions were 5,303 tons. For the equivalent period in 2022, the GHG emissions were 8,392 tons, a reduction of 3,089 tons representing a drop of 36% in GHG emissions and a significant step in the reduction of its carbon footprint
Vegetable farm construction commenced in the Period, including the erection of a greenhouse. Construction of fish farming ponds and associated processing and administration structures also commenced using two contractors from the host communities
Outlook
Production guidance of 85,000 to 95,000 oz for 2023 maintained, weighted towards the second half of the year, with an AISC guidance of
Advance exploration programs across the portfolio, including near mine and underground projects at Segilola, extension and infill programs at Douta and the assessment of potential targets in
Completion of the Douta preliminary feasibility study ('PFS') in Q4 2023
Applications for and acquisition of identified prospective exploration properties in
'This was envisaged to be a difficult quarter with a lower mined grade, difficult mining conditions in the
'We also continue to progress exploration at a fast pace at the
'As always, we have remained committed to our ESG goals, and this Period really reflects our ability to safeguard the environment and the local communities. The full operation of 6MW compressed natural gas generators was achieved in January and will greatly aid in our attempt to reduce GHG emissions. Elsewhere, we have been proudly progressing our livelihood restoration program and we look forward to offering further updates on all things ESG related throughout the year.
'When compared to the same operating period last year, we have significantly improved our numbers across the board, which is a testament to the hard work and efficiencies created in the Company.
'Our production guidance remains between 85,000 and 95,000 oz for 2023, one that is weighted towards the second half of the year, where we foresee less difficult operating conditions and correspondingly, a more efficient six months operationally.'
About
Contact:
President & CEO
Email: info@thorexpl.com
Nominated Adviser & Broker
Tel: +44 (0) 20 7523 8000
Broker
Tel: +44 (0) 20 7907 8500
Investor
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com
Ibu Lawson
Tel: +447909825446
Email: ibu.lawson@thorexpl.com
BlytheRay
Financial PR
Said Izagaren
Tel: +44 207 138 3203
Management Discussion & Analysis for Q1 2023
HIGHLIGHTS AND ACTIVITIES - FIRST QUARTER 2023
Operating results for the quarter were highlighted by the selling of 21,553 ounces ('oz') of gold during the year at a cash operating cost1 of
The Company maintains its production guidance at 85,000 to 95,000 oz for the year, while AISC1 guidance for 2023 is also maintained at
During the Period, the international price of key consumables used by the Company, in particular ammonium nitrate and diesel have reduced significantly from the levels experienced in the second half of 2022. These reductions in price are expected to result in lower than forecast consumable costs at Segilola as the Company resupplies.
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