A group of Nigerian investors led by Segun Lawson has seen the value of its combined stake in Thor Explorations approach $60 million after the London-listed gold producer delivered another strong quarter, underlining the wealth being created from Nigeria’s first large-scale commercial gold mine.
Thor Explorations, which owns the Segilola Gold Mine in Osun State, reported second-quarter revenue of $77.3 million after selling 17,050 ounces of gold at an average realised price of $4,535 per ounce, benefiting from elevated global bullion prices.
The performance boosted the company’s adjusted net cash position to $225.6 million at the end of June, reinforcing its ability to fund expansion while rewarding shareholders through dividends.
The results have further increased the fortunes of three Nigerian shareholders who collectively own more than 11 percent of the company. Their combined holdings are now worth nearly $60 million at Thor’s current market valuation, making them one of the largest indigenous investor blocs in an internationally listed African mining company.
Segun Lawson, Thor’s founder and chief executive officer, remains the largest individual shareholder among the trio. He owns 31.6 million shares, representing about 4.74 percent of the company, a stake valued at roughly £18 million ($24 million) with Thor’s shares trading around 57 pence in London.
Kayode Aderinokun, one of the pioneers of commercial gold exploration in Nigeria, holds approximately 22.2 million shares, or 3.33 percent, worth about £12.7 million ($17 million). Folorunso Adeoye, an investor with interests spanning banking, oil, and mining, owns roughly 22.7 million shares, representing about 3.4 percent of the company and valued at nearly £12.9 million ($17.3 million).
While none of the three ranks among Nigeria’s billionaire class, their holdings illustrate the growing value being created in the country’s formal mining industry, a sector that has historically attracted little indigenous institutional wealth compared with oil and gas.
The largest shareholder in Thor remains the Africa Finance Corporation (AFC), the Lagos-headquartered multilateral infrastructure financier, which owns about 15.9 percent of the company through AFC Equity Investments. The stake is currently valued at approximately £60.6 million ($81 million).
AFC played a pivotal role in bringing Segilola into production by providing a financing package that combined senior secured debt, a gold stream prepayment facility, and equity capital at a time when commercial financing for large-scale mining projects in Nigeria remained scarce.
Thor produced 19,153 ounces of gold during the second quarter, bringing first-half output to 39,409 ounces. The Segilola processing plant treated 240,769 tonnes of ore at an average grade of 2.57 grams per tonne, achieving a gold recovery rate of 93.3 percent.
The company maintained its full-year production guidance of between 75,000 and 85,000 ounces while reaffirming all-in sustaining cost guidance of between $1,000 and $1,200 per ounce, positioning Segilola among the lower-cost gold producers globally despite inflationary pressures affecting the mining industry.
Thor also declared a quarterly dividend of 1.25 Canadian cents per share, payable on August 14, reflecting management’s confidence in the company’s cash-generating capacity.
Nigeria’s first commercial gold mine continues to reshape mining
Segilola represents one of the most significant milestones in Nigeria’s mining sector in decades.
The deposit, originally discovered in 1945 and historically known as the Iperindo gold reef, remained undeveloped for generations despite repeated exploration efforts.
Thor acquired the project in 2016 and successfully transformed it into Nigeria’s first industrial-scale commercial gold mine, pouring first gold in July 2021.
Lawson, a geologist trained at Imperial College London’s Royal School of Mines with experience in oil and gas corporate finance, led the acquisition and development of the project after co-founding Thor Explorations in 2011.
His partners brought decades of local mining expertise.
Aderinokun helped pioneer commercial exploration activities at Segilola through Tropical Mines, one of the original indigenous owners of the deposit, while Adeoye, through Pineridge Nigeria and Tropical Mines, played a role in introducing modern exploration standards into Nigeria’s mining industry.
Their long-term commitment stands in contrast to the relatively limited participation of Nigerian investors in large-scale mining projects, despite the country’s vast untapped mineral resources.
Expansion plans beyond Nigeria
Rather than relying solely on Segilola, Thor is positioning itself as a regional gold producer.
The company completed more than 20,000 metres of drilling across its portfolio during the second quarter, including underground exploration designed to extend the life of the Segilola mine.
It is also advancing the Douta gold project in Senegal towards a final investment decision, with negotiations on the mining convention expected to conclude during the third quarter.
Exploration activities are also continuing across the company’s licences in Côte d’Ivoire.
Management says cash flows generated from Segilola will finance the development of additional assets across West Africa, reducing reliance on a single producing mine and creating a diversified regional mining business.