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 sectors, a skilled workforce, and a mining code that allows 100% project ownership, tax holidays and repatriation of foreign exchange.

  • Senegal: A proven mining jurisdiction with existing producing mines and projects under development. Strong local geological expertise and government institutions make it straightforward to operate there.

  • Côte d’Ivoire: One of West Africa’s success stories in moving projects from exploration to production; the country hosts many recent and active mine developments.


Segun believes Thor’s early mover status in Nigeria gave the company a blueprint and operational learnings that are transferable as they expand elsewhere.



Investor takeaways






  1. Base case strength: Segilola is producing cash at attractive margins and the company is debt‑free at the senior level while paying dividends — that reduces investment risk.

  2. High leverage to exploration success: Extending Segilola’s mine life materially increases free cash flow and shareholder value; Thor has increased exploration spend and drilling capacity to deliver that growth.

  3. Portfolio growth: The Douta PFS in Senegal is a near‑term milestone that could unlock meaningful rerating potential, and Côte d’Ivoire provides additional exploration upside.

  4. Jurisdiction risk: While some investors may perceive Nigeria as risky, Segun argues the country offers significant upside and has the regulatory framework and skills to support mining operations.



Conclusion



Thor Explorations today is a company with a strong, cash‑generating operation at Segilola and an active program to extend that mine life — a move that, at current gold prices and production metrics, translates into substantial free cash per added year. At the same time, Thor is advancing a development project in Senegal and building an early‑stage portfolio in Côte d’Ivoire. That combination of cash flow, dividends, near‑term development catalysts and exploration upside is what Segun argues makes Thor compelling today.



If you’re tracking junior producers and developers in West Africa, Thor is a name worth watching: they already produce, they’re paying shareholders, and they’re investing to create more ounces and more years of production.



Disclaimer & Declaration of Interest:



The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.





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