26th Mar 2025 10:55
(Alliance News) - Thor Explorations Ltd on Wednesday said it would be open to continued engagement with the Osun State government in Nigeria, as it detailed the supportive findings of its committee's report.
The Vancouver, Canada-based gold producer with operations in West Africa noted that it had received a report on the dispute between its subsidiary, Segilola Resources Operating Ltd and Nigeria's Osun State government.
Shares in Thor Explorations rose 8.5% to 25.50 pence on Wednesday morning in London.
The findings of the Inter-Ministerial Fact-Finding Committee, said Thor Explorations, affirm Segilola Resources' regulatory and legal compliance with its obligations, and that "the allegations of wrongdoing were unfounded."
In September, the firm responded to what it referred to as "false claims and allegations, reported in the press, by Special Advisers of the Osun State Government, Nigeria".
It said: "The allegations contain gross inaccuracies and false claims about Thor's wholly owned subsidiary, Segilola Resources Operating Ltd, regarding tax evasion and unethical business practices."
On Wednesday, Thor Explorations said the findings of the committees report confirmed that its USD2.1 million tax bill was both "unsubstantiated" and "not valid", with the committee recommending the revised tax invoice of USD64,100 be subject to reconciliation.
Environmental allegations were also found to be false, said Thor, with the report confirming "the lack of evidence of any environmental pollution" by its subsidiary, with no justification for additional environmental levies.
Thor said the report addressed the key concerns but added that Segilola Resources would be willing to continue engagement to resolve any outstanding matters with the Osun State government.
Thor also clarified its position regarding the Osun State government's shareholding in Thor, noting that it issued 5.2 million shares to the body in 2016 as part of its acquisition of the Segilola Gold Project.
It added that it also issued 20.8 million shares to the state-owned Nigerian Mining Corp in 2016, with both shareholdings still constituting part of its issued share capital.
By Christopher Ward, Alliance News reporter
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