Zak Mir talks to Segun Lawson, President & CEO of Thor Explorations

Zak Mir talks to Segun Lawson, President & CEO of Thor Explorations, in the wake of the recent announcement that the West African-focused minerals exploration and mining Company, which is currently producing gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing its exploration properties in Senegal and Côte d’Ivoire. They include the Douta Gold Project in Senegal which is being advanced towards development.

We delved into the company’s current priorities, the recent high-grade mineralisation intersected at Segilola (its flagship mine in Nigeria), and the broader growth story across West Africa — including projects in Senegal and Côte d’Ivoire. Below, I summarise the key takeaways, numbers and strategy Segun shared, and what it means for Thor’s investors.

Why Segilola remains the priority

Segilola is Thor’s cash cow. Segun made it clear that the company’s main focus this year is extending the mine life at Segilola because each additional year of production at current metrics is highly value‑creative.

• Segilola is already one of the lower cost gold mines globally for Thor; the company has fully repaid senior debt and is building cash monthly.
• Current production averages around 85,000 ounces per year.
• All‑in sustaining costs (AISC) are running at just under $1,000 per ounce.

Segun put the economics in stark terms: at a gold price around $3,000/oz and the production/AISC profile above, every additional year of mine life translates into substantial free cash flow, which he described as “north of $100 million of free cash for every additional year” added to the bottom line.

Actions underway to grow resource and life of mine

Thor isn’t relying on hope — they’ve been actively investing to find more ounces and accelerate drilling:

• Increased exploration budget for Nigeria.
• Purchased new drilling rigs to speed up the pace of drilling.
• Completed structural studies over the last few years to better target mineralized zones.

Segun emphasized that with the mine’s strong margins, “every additional ounce of gold we find now is hugely value creative.”

Where Thor stands financially and why it may not be “too late”

Thor’s share price has performed strongly — up roughly 2x year‑to‑date at the time of our discussion — and Segun addressed an obvious investor question: is it too late to get in?

"“I don't think so. Our values are underpinned by our production and existing mine life. If we were, in the unlikely event, not to find another ounce of gold, we would still generate very strong cash. We are paying a dividend at the moment over the next two years and we are delivering value to shareholders just based on our existing project.”"

In short: Thor already generates strong cash flow from Segilola, has a clean balance sheet after repaying senior debt, and is returning capital to shareholders. That base case gives investors downside protection while the company pursues upside through exploration and development.

Development and exploration pipeline: Senegal and Côte d’Ivoire

Segun highlighted two key growth pillars beyond Nigeria:

Senegal (Douta and related assets)

• The Douta project is advancing through a Preliminary Feasibility Study (PFS) expected to be completed soon; this will be the first time a formal set of economics are published for the asset.
• Segun described Douta as materially larger in terms of ounces than what Thor currently produces in Nigeria and expects a mine life north of 10 years, although at a lower grade and hence likely a lower margin compared to Segilola.
• The PFS is viewed as a significant rerating opportunity for the company once economics are released.

Côte d’Ivoire (early stage and near‑term drilling)

• Thor entered Côte d’Ivoire in 2024 and has started reporting drilling results.
• Segun noted encouraging results at the company’s Guichi (100% owned) project and mentioned an earlier‑stage target, Maravei, where they plan to start drilling later in Q3 and continue through year‑end.
• This jurisdiction provides “blue sky” exploration upside and a portfolio of targets at different stages of maturity.

Why these jurisdictions — and why Thor’s approach works

Thor operates in Nigeria, Senegal and Côte d’Ivoire — three very different operating landscapes, but Segun argued each has strong merits:

• Nigeria: Thor built the first (and so far only) large‑scale gold mine in the country. Rather than viewing Nigeria as an exotic, risky jurisdiction, Segun points out that it’s a sophisticated economy with large amounts of foreign direct investment across sector