London-listed Thor Explorations achieved record results for the year ended December 31, 2024, repaid all senior debt, had record gold sales and reached a major milestone of declaring a maiden dividend.

With a net profit of $91-million – up 740% year-on-year – strong cash flow from the company’s Segilola gold mine, in Nigeria, and a quarterly dividend policy now in place, Thor says it is poised for its next phase of growth across West Africa.

The company sold 84 965 oz gold at an average price of $2 288 /oz.

Its earnings before interest, taxes, depreciation and amortisation more than doubled to $133.3-million, from $55.3-million in the previous year.

All-in sustaining cost was down to $765/oz.

The group made a final payment of $4.1-million towards its senior debt facility with Africa Finance Corporation, fully settling its senior debt obligations.

The board has adopted a dividend policy to be applied for at least the next two years, aimed to balance between its growth ambitions and returning money to shareholders.

Dividends will normally be paid on a quarterly basis at an amount of C$0.0125 apiece each quarter, with the ability to increase the dividend amount based on cash reserves at the end of each quarter.

The first dividend will be payable on May 16 for shareholders on record at May 2.

It is currently intended that the dividend policy will be reviewed in two years, taking into consideration factors such as the extension of the Segilola mine life and capital commitments to near term development.

“I am pleased with our performance and progress as a group in 2024 where we generated record revenues from our Segilola gold mine whilst being disciplined in our cost control and focusing on our environmental, social and governance commitments,” CEO and president Segun Lawson highlights.

“Our primary objectives in 2024 were to fully repay our senior debt facility and strengthen our balance sheet. This was achieved whilst also expanding our exploration portfolio in Nigeria, Senegal and in Côte d’Ivoire.

“The group is now strongly positioned for a new dynamic phase with big increases budgeted in our exploration expenditure around Segilola and also across our entire portfolio, all funded by strong cash flow at Segilola,” he points out.

“Since the end of 2024, we have continued to strengthen our balance sheet and grow our cash balance whilst making further material improvements on our accounts payable position,” Lawson adds.