Thor Explorations denies reports of tax evasion in Nigeria

In response to these reports, Thor Explorations has written to the Nigerian Ministry of Mines to verify the statements made and will seek discussions with the state governor about the allegations.

According to Thor, the state’s claim that the company evaded over 3.25 billion Nigerian naira (approximately $1.9 million) in taxes is “false and baseless,” and the Osun State Internal Revenue Service has not even a detailed breakdown of this amount will be provided.

Furthermore, the company states that recently, following an examination of the documents submitted by the company, SROL received a letter from the OSIRS reducing the original tax liability for the five-year period commencing in 2019 from the above amount to approximately 99.35 million naira (approximately 62,500 US dollar) was adjusted -2024. The company is reviewing this figure as part of its normal course of business, it added.

Thor Explorations is one of the leading mining companies in Nigeria and successfully brought the Segilola Gold Project into production in 2021. The mine produced an average of 91,000 ounces of gold per year in its first two full years of production and is expected to reach 95,000 ounces-100,000 ounces this calendar year.

Shares of Thor Explorations were trading 4.8% lower at C$0.30 apiece as of 12:15 p.m. ET on Monday, giving the company a market cap of C$207.2 million. The stock has fluctuated between CAD 0.17 and CAD 0.35 over the last 52 weeks.