Nigeria-focused gold miner Thor Explorations has been listed on London’s AIM market with an expected market capitalisation of around £127million.
The firm has a number of assets in the West African country, and is expecting to produce its first gold in July. Thor’s most advanced project is its 100% owned Segilola Gold Project, located in Osun State Nigeria. The Segilola Gold Project is considered Nigeria’s most advanced gold project with a total probable reserve of 517,800 ounces of gold grading at 4.02g/t as of of March 2021.
The firm 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.
Access for investors
“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,” said Chief executive Segun Lawson.
“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,” he added.
Nigeria’s mining minister Olamilekan Adegbite welcomed the move, and noted that 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,” said Olamilekan Adegbite.
