Thor Explorations building on FY 2023 gold production
AIM- and TSX-V-listed Thor Explorations, which produces gold in Africa, has seen its shares climb almost 50% since the recent lows in March this year.
There's been a fair bit of news alongside the big push to record highs for the price of gold. IGTV caught up with CEO Segun Lawson.
(AI Video Summary)
Thor Explorations sees impressive share price rise
Thor Explorations, an AIM-listed company producing gold in Africa, has experienced a nearly 50% increase in share price since March lows, propelled by soaring gold prices. CEO Segun Lawson, discussing the company's outlook from Nigeria, highlights a projected production increase to 95,000-100,000 ounces annually over the next three years, from last year's 84,600 ounces. Despite rising costs, notably for ammonium nitrate and diesel, the high gold price, exceeding $2,300 per ounce, has allowed the company to maintain a strong margin.
Looking to the future
Moreover, Thor Explorations has expanded its portfolio, acquiring new licenses in Senegal to grow its resources and exploring lithium in Nigeria, leveraging high market demand. Financially, Thor Explorations is substantially reducing its senior debt, aiming for a debt-free status by year-end, thereby strengthening its balance sheet for further investments. The company's stock performance and strategic expansions indicate its underpinning value and optimistic future prospects in the gold and lithium markets.
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