Thor Explorations Ltd on Monday said it expects flat full-year production after reporting strong third quarter results ahead of commission findings regarding an ongoing tax dispute in Nigeria.

The Vancouver, Canada-based gold producer with operations in West Africa said pretax net profit jumped to $17.5 million in the third quarter ended September 30 from a restated $927,845 a year prior.

Revenue increased 9.9% to $40.2 million from $36.6 million as cost of sales reduced 40% to $18.1 million from $30.2 million.

The company produced 20,000 ounces of gold and sold 18,167 ounces in the quarter at an average price of $2,328 per ounce.

Earnings before interest, tax, depreciation and amortisation doubled to $27.4 million from $10.5 million.

Chief Executive Officer Segun Lawson said: ‘The quarter also marked our strategic entry into Cote d’Ivoire, with the acquisition of the Guitry and Boundiali projects, which will further diversify and strengthen our portfolio in West Africa as we look to unlock value at these projects.

‘We look forward to completing the year with another profitable quarter whilst delivering further value through exploration upside in Nigeria and through advancing the Douta project to its next milestone.’

For full-year 2024 the company guides gold production of 85,000 ounces, broadly flat compared with 2023 production of 84,609 ounces.

Also Monday, Thor provided an update on its ongoing Osun State tax dispute in Nigeria. In October the company’s Segilola Resources subsidiary was accused of tax evasion and unethical business practices by the Osun State government.

At the time, Thor said it fully rejects the allegations claiming that it had not been presented with any evidence to support the accusations.

According to CEO Lawson, the Minister of Mines in Nigeria commissioned a fact-finding committee to investigate the claims with the findings due to be reported within seven days.

‘The committee provided Osun State with an extension to submit evidence of its claims by 8th November and the company expects the Minister to disclose its findings in the near future. We look forward to the findings of the committee and remain confident regarding our position on all the allegations made by Osun State,’ Lawson commented.

Thor Explorations shares were up 1.7% at 15.25 pence each in London on Monday afternoon.

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