Modern Mining October 2025

GOLD

Thor Explorations: Driving transformation in West African mining Africa’s mining landscape is undergoing a dynamic transformation, shaped by rising global demand for critical minerals, increased investment, and improved regulatory frameworks. However, while the continent continues to attract international interest for its vast untapped mineral wealth, it also grapples with structural and socioeconomic challenges surrounding infrastructure, remaining regulatory uncertainty, and governance.

Haulage trucks at work in the pit at the Segilola project.

A gainst this backdrop, a new generation of mining companies have emerged, adopting more responsible, sustainable development models to unlock long-term value while creating meaningful socioeconomic impact. Thor Explorations, a West Africa-focused gold producer dual-listed on the London AIM market and the TSX Venture Exchange (TSX-V), stands at the forefront of this shift. A new Eera of responsible mining Thor Explorations has distinguished itself as a leader in sustainable mining in West Africa. The company’s flagship asset, the Segilola Gold Project, is Nigeria’s first commercial gold mine and a model for high-grade, modern, and environmentally responsible mining in the region. As well as actively exploring to extend the life of mine at Segilola, the company is also advancing exploration programmes across Senegal and Côte d’Ivoire, with a key focus on the Douta Project, which represents the company’s next phase of growth. Through this strategic presence across multiple jurisdictions and commitment to responsible development,

Thor’s pipeline of regional exploration initiatives is designed to further diversify and scale its West African portfolio. The strategic importance of Segilola Thor’s Segilola Gold Mine holds the unique distinction of being Nigeria’s first and currently only modern, large-scale commercial gold mine. After completing construction in late 2021, Segilola commenced full-scale commercial production in 2022, marking a significant milestone not just for Thor, but also for the country’s mining sector at large. For decades, Nigeria was viewed as a resource rich country with significant mining potential, overshadowed by its oil and gas sector. However, Segilola’s success has played a pivotal role in shifting these antiquated perceptions of Nigeria, from a well-resourced but underdeveloped mining jurisdiction to a country which is taking steps towards establishing itself in the global gold production landscape. As a high-grade, open-pit operation, Segilola has produced an average of 89,224 ounces of gold in its first three years of production. Furthermore, recent operational results

16  MODERN MINING  www.modernminingmagazine.co.za | OCTOBER 2025