The mine, located in Nigeria's Osun state approximately 120km northeast of Lagos, is a high-grade open-pit mine with a projected life-of-mine (LOM) all-in sustaining cost of US$685/oz, which the company said will provide strong cash flows over the LOM.

Commissioning of the processing plant began on July 19, and the ramp up will continue over the next six weeks. The company is targeting commercial production in September. From this point, the plant is planned to run at 715,000t/y, with a target of approximately 85,000oz/y of gold.

Segun Lawson, president and CEO of Thor Explorations, called it a "significant achievement" for the company, noting that the mine was built within budget and on schedule despite the Covid-19 pandemic.

He added: "I want to take this opportunity to once again commend our team's commitment and hard work in achieving this milestone, especially given Covid-19 related restrictions. We look forward to hosting an on-site inauguration ceremony of Nigeria's first commercial gold mine with state and federal authorities in the coming months."