Proactive Investors - Thor Explorations Ltd. (LON:THX) has reported to investors a solid operational performance for its third quarter.
It highlighted steady gold production remained steady, with 19,021 ounces produced in the quarter, in line with the year's targets. For the first nine months of 2023, it produced a total of 63,328 which was also ‘on target’.
The company reported revenue of $36.6 million for the three month period, a reduction from $55.7 million in the same quarter last year.
For the first nine months' of 2023 revenue amounted to $118.2 million, slightly lower than last year’s comparative of $121.9 million.
Net profit for the quarter was marked at $2.3 million, compared to $7.6 million, whilst net debt reduced significantly to $19.4 million from $40.7 million this time last year.
Thor said it had $8.3 million at the end of the quarter.
On the operational front, the company's Segilola gold mine, in Nigeria, continues to be a focus for the company's operations.
"Our Q3 2023 gold production of 19,104oz is in line with our August guidance update of 85,000oz for the full year.
“We are pleased to have achieved this and to have completed the pushback of the west wall, which means that the pit conditions have significantly improved. We are now well positioned to mine more flexibly and efficiently going forwards," chief executive Segun Lawson said in a statement.
Lawson added: "While the lower grades have led to lower revenue and profits in the quarter, we have maintained good levels of positive cash flow. We anticipate a stronger financial performance in the final quarter as the mine grade increases."
At the Douta project, Thor is progressing to the completion of a pre-feasibility study in the first quarter of 2024, whilst environmental and social impact studies, and, metallurgical study is ongoing.
Additionally, the company also highlighted progress in exploring and developing its regional lithium prospects – which included successful drilling at the Oyo project to advance the high potential exploration venture.