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(Alliance News) - Thor Explorations Ltd on Tuesday said revenue surged in the first quarter despite its expectation of a difficult period.
The mineral exploration company focused on developing assets in Nigeria, Senegal and Burkina Faso reported revenue in the first quarter of GBP40.3 million, up 62% from GBP24.9 million a year ago. The firm said gold revenue in the quarter was for GBP40.2 million, up from USD24.8 million, while silver revenue was USD43,773, up from USD15,520.
It said pretax profit increased 23% to GBP4.3 million, from GBP3.5 million the year prior.
Looking ahead, the firm said it expects production to be weighted towards the second half of 2023, but maintained its guidance of between 85,000 and 95,000 ounces of gold, at a cost of USD1,150 to USD1,350 per ounce.
Chief Executive Segun Lawson said: "This was envisaged to be a difficult quarter with a lower mined grade, difficult mining conditions in the Segilola Pit west wall and a higher utilization of heavy equipment. The company's performance during the period demonstrates the amount of progress we have made at Segilola."
"The main operating units continue to perform better than expected and operate above capacity, so our production at the mine totalled 20,629 ounces. Our costs were at the higher end of our guidance, however we expect our costs to reduce materially in the second half of the year as we complete our mining in the current difficult areas."
Thor Explorations shares fell 1.4% to 18.00 pence each in London on Tuesday afternoon.
By Harvey Dorset, Alliance News reporter
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