Nigeria Focused Gold Miner Thor Exploration Lists in London
Nigeria focused gold miner, Thor Explorations, this morning announces admission of its shares to start trading on the alternative investment market (AIM ) of the London Stock Exchange with an expected market capitalisation of around GBP127 million.
The company said in a statement while it also noted that its shares will continue to be listed and traded on the TSX Venture Exchange in Canada. The firm has a number of assets in the West African country and is expecting to produce its first gold in July.
It is expecting to produce 40,000 ounces of gold from the Segilola project this year, growing to 100,000 ounces in 2022. Along with Nigeria, the company is also developing assets in Senegal and Burkina Faso.
Commenting, Segun Lawson, President and Chief Executive said, “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 strong pipeline of organic opportunities is supported by low-cost production at Segilola, with a target of 40,000 ounces this calendar year and forecast of over 100,000 ounces in 2022.
“With near term production, a clearly defined growth strategy, a positive market setting for gold and a track record of exploration and development success, we are excited to have brought the opportunity to invest in our growing Company to London.”
Also, Arch. Olamilekan Adegbite, Honourable Minister of Mines and Steel Development Nigeria, said, “The Segilola Gold Project is a pioneering project in Nigeria which we have supported through its development. Listing on the AIM market of the London Stock Exchange is not only a testament to the outstanding work carried out by Thor Explorations, but it is also a demonstration that Nigerian Mining Sector is well positioned to attract international mining companies and investment.
“We look forward to providing them with our continued support as they transition into mining operations, gold production and further exploration activities in Nigeria.”
In addition, Samaila Zubairu, President & CEO of Africa Finance Corporation, said: “This milestone for Thor Explorations also represents a breakthrough for Nigeria in unlocking value from what we consider the nation’s vast mineral potential.
“As a significant investor in the Thor Explorations, it also showcases AFC’s unique ability to identify good quality early stage infrastructure projects to attract foreign investment. We look forward to a continued partnership with Thor Explorations, the Ministry of Mines and the Central Bank of Nigeria in supporting the Segilola project, its gold offtake, and to continue to advance Nigeria’s mining sector.”
Nigeria Focused Gold Miner Thor Exploration Lists in London
