In response to these reports, Toll Explorations will write to the Nigerian Ministry of Mines to review the statement and seek dialogue with state governors regarding the allegations.
Soh said the state’s claims that the company evaded more than 3.25 billion Nigerian Naira (approximately $1.9 million) in taxes were “inaccurate and baseless” and that the Osun State Internal Revenue Service (OSIRS) does not even provide a detailed breakdown of the process. This amount has been decided.
The company also recently received a letter from OSIRS after reviewing the records submitted by SROL, reducing its initial tax liability for the five years from 2019 to 2024 to approximately 99.35 million naira (approximately $62,500) from the aforementioned amount. He also stated that he received a letter to amend the matter. . The company added that it was reviewing the figures as part of its normal operations.
Thor Explorations is one of Nigeria’s leading mining companies and successfully brought its Segilola gold project into production in 2021. The mine is expected to produce an average of 91,000 ounces of gold per year in its first two full years of production, reaching 95,000 ounces. -100,000 oz for this calendar year.
Thor Explorations shares were down 4.8% at C$0.30 a share by 12:15 p.m. ET Monday, giving the company a market capitalization of C$207.2 million. Over the past 52 weeks, the stock price has ranged from CA$0.17 to CA$0.35.
