Thor Explorations Reports Strong Financial and Operational Results for H1 2024

Thor Explorations Ltd. (TSXV: THX) (AIM: THX) announced its financial and operational results for the three and six months ending June 30, 2024. The company reported revenue of $53.8 million for Q2 2024, a 30% increase from Q2 2023. Net profit for Q2 2024 was $27.5 million, up 91% from the same period last year.

Operationally, the company poured 21,742 ounces of gold during the period. The mill processed 174,000 tonnes of ore with a feed grade of 3.42 g/tAu and a recovery rate of 94.6%. This resulted in reduced gold in circuit by 3,652 ounces.

Thor also completed a plant upgrade and focused on near-mine exploration at Segilola. A 12,000-meter drilling programme aimed at extending gold mineralisation commenced. The company expects to release initial drilling results in September 2024.

The acquisition of the Douta-West Licence was completed, expanding exploration potential. Drilling activities at Douta and Douta West continued, with updated resource and feasibility study results expected in Q4 2024.

Thor maintains a positive outlook for FY2024, with revised production guidance of 90,000 ounces and an AISC of $900 to $1,000 per ounce.