NEWS
RELEASE
NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
|
30 September
2024
|
TSXV/AIM:
THX
|
Response to Press Speculation
Thor Explorations Ltd. (TSXV / AIM:
THX) ("Thor Explorations" or the "Company") issues the following
statement regarding false claims and allegations, reported in the
press, by Special Advisers of the Osun State Government, Nigeria.
The allegations contain gross inaccuracies and false claims about
Thor's wholly owned subsidiary, Segilola Resources Operating
Limited ("SROL"), regarding tax evasion and unethical business
practices.
Thor Explorations fully rejects all
the allegations and has not been presented with any evidence by the
Osun State Government to support its claims. As reported in the
local media, the allegations were formally refuted by the Country
Manager of Segilola Resources Operating Limited. A link to the full
statement is available for review via following link: http://www.rns-pdf.londonstockexchange.com/rns/1272G_1-2024-9-29.pdf
The Company wishes to highlight in
particular, the incorrect and unsubstantiated claim that SROL has
engaged in tax evasion to the amount of ₦3,250,598,513
(approximately US$1.9 million).
Despite the significant nature of
this claim, Osun State Internal Revenue Service ("OSIRS") has not
provided a detailed breakdown, computation, or justification
explaining how this amount was determined. Upon receiving this
claim, SROL formally objected to the tax findings through its tax
consultants and presented detailed transaction records to
substantiate its own calculations of withholding tax and PAYE
remittances for which payments had already been duly
made.
Furthermore, on the 23rd of
September (prior to the various press releases), SROL received a
letter from the OSIRS after a review of the records presented by
the Company revising the initial tax liability from ₦3,250,598,513
to ₦99,347,105 (approximately US$62,500) for the five-year period
from 2019 to 2024. The Company is reviewing this figure as part of
its normal course of business.
The Company has written to the
Federal Ministry of Mines in its capacity as the sector regulator
to review the statements made and will seek dialogue with the State
Governor regarding the inaccurate and unsubstantiated claims made
by the State's Special Advisers.
As one of Nigeria's leading mining
companies, Thor Explorations remains committed to contributing to
the economic growth of the state and the country while adhering to
the highest ethical and operational
standards.
-
Ends-
Please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser
& Broker)
Henry Fitzgerald-O'Connor / James
Asensio / Harry Rees
Tel: +44 (0)
20 7523 8000
Hannam & Partners
(Broker)
Andrew Chubb / Matt Hasson / Jay
Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor
Relations)
Tel: +1 416 822 6483
Email: investor.relations@thorexpl.com
Yellow Jersey PR (Financial
PR)
Charles Goodwin / Shivantha
Thambirajah / Zara McKinlay
Tel: +44 (0) 20 3004
9512
thorexplorations@yellowjerseypr.com
BlytheRay (Financial
PR)
Tim Blythe / Megan Ray / Said
Izagaren
Tel: +44 207 138 3204
About Thor Explorations
Thor Explorations Ltd. is a West
Africa focused gold exploration, development and production with
projects located in Nigeria and Senegal. Thor holds a 100% interest
in its flagship Segilola Gold Project, located in Osun State,
Nigeria. Mining and production commenced at Segilola in 2021, with
first-year annual production of 95,000 ounces. Thor holds a 70%
interest in the Douta Gold Project located in south-eastern
Senegal, in partnership with local company International Mining
Company ("IMC"). Thor trades on both the AIM and TSX Venture
Exchanges under the symbol "THX".