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Since founding the Company in 2009 the management team has overseen the rapid and successful development of the Mako Mine from a greenfields discovery to production in just over 6 years.

With a demonstrable track record of success, the management team’s holistic approach to project evaluation allows Toro Gold to assess and pursue opportunities from the earliest stages of grassroots exploration through to “shovel ready” projects and on to operating mines.

Martin Horgan

Director and Chief Executive Officer

A mining engineer by training, Martin has worked across numerous areas of the mining sector including as an engineer for Gold Fields in South Africa, for Steffen Robertson & Kirsten in the UK and RSA offices, at Barclays Capital and as Executive Director of BDI Mining Corp. At Barclays his responsibilities included the origination and execution of mining project finance and advisory business across the African and the Middle East regions, global responsibility for the technical appraisal and review of all investments, environmental and social compliance of the investments in line with international standards and the financial modelling of all transactions. As Executive Director of AIM listed BDI Mining, Martin was part of the team which negotiated the sale of the Company to Gem Diamonds in 2007 realising a record share price for the Group.

Howard Bills

Chief Exploration Officer

Howard trained as a geologist at Kingston Polytechnic (1978) and at Royal School of Mines (1983) and has spent over 35 years working in the tropics working on gold and diamond exploration projects predominantly in sub-Saharan Africa. Howard has undertaken work for BP Minerals, SAMAX, Rio Tinto, SRK Consulting, AXMIN and is a co-founder of Toro Gold.

Since 1990 Howard has worked in the Junior gold exploration sector and has developed a systematic and cost effective approach to managing gold exploration projects in Archaean and Proterozoic terranes in West, Central and East Africa. Howard has been involved in the exploration process leading to commercial discoveries in Tanzania, Central African Republic and Senegal.

Prior to co-founding Toro Gold with Martin Horgan in 2009 Howard was Exploration Manager for AXMIN and managed the discovery and development of the 3Moz Passendro gold project (in the CAR) from grassroots in 1999 to completion of the feasibility study in 2008.

At Toro Howard has managed geology and exploration at the Mako project through the exploration and development process as well as managing exploration on Toro’s portfolio of exploration permits across sub-Saharan Africa.

Boubacar Thera


Boubacar Thera is a mining administrator and lawyer, has been involved with francophone African countries since 1994. Prior to joining the Group in 2009 Mr Thera was appointed Manager and Chief Government Liaison Officer of AXMIN and African Selection Mining, and has previously acted as a consultant for other mining companies.

Martin Page

Chief Financial Officer

Martin is a qualified Chartered Accounted with over 12 years of post-qualification experience. He qualified with a mid-tier firm and spent his early career in client service, predominantly advising the mining sector.

Prior to joining Toro Gold, Martin served as Chief Financial Officer of the Curzon Group, a privately owned group operating across a number of sectors – including physical commodity trading and management of a number of pre-development African based natural resources assets. Martin oversaw all aspects of the finance function of the Curzon group including reporting, budgets, deal structures and general compliance.

Previously Martin was Head of Finance at Amara Mining plc, a listed gold mining, exploration and development company where he led the group finance team overseeing statutory reporting, fiscal planning and management accounts.

Francois du Plessis

Legal & Commercial Counsel

Francois is a dual qualified English and South African solicitor with over 17 years of post-qualification legal experience in the mining sector. Francois started his career in commercial litigation in South Africa before moving in the early 2000s to Maitland Advisory’s Paris and later London offices as a senior associate in the firm’s international commercial arbitration and corporate commercial teams.

Prior to joining Toro Gold , Francois was the founder and CEO of Garlaban Consult Ltd, UK based consultancy firm that specialised in rendering in-house legal and transaction management support services in the junior mining and private equity sectors. Previously Francois was co-founding partner and general counsel to Greenstone Capital LLP the UK based and FCA regulated adviser to the Greenstone mining and metal private equity funds. Francois left private legal practice in 2008 to become general legal counsel to the privately held Strata Group of companies and its AIM listed subsidiaries, Zanaga Iron Ore Co Ltd and Ncondezi Energy Ltd.

Francois holds BA (Law), LLB and LLM degrees from Stellenbosch University and a Masters degree in Commercial Law (DEA Droit des Affaires) from the University of Aix-Marseille III.

Glen Armstrong

Senior Environmental and Social Advisor to the Board

An environmental scientist and public health specialist by training, Glen has nearly 30 years experience in environmental management and social development, much of it International, having worked extensively across Africa, Latin America and South East Asia as well as Europe. As Managing Director of Aspinwall and Company he led one of the UK’s leading and most respected consultancies before joining IFC as head of its Environmental and Social Development team in Washington DC, responsible for environmental and social analysis of all its investments worldwide. After moving back to the UK he continued as an advisor to IFC and the World Bank during which he played a key role in facilitating the Equator Principles. In 2003, he co-founded Sustainable Finance Ltd providing E&S risk management services to over 40 major Banks globally before the Company was acquired by PWC in 2008. Since 2008 he has acted as an advisor to a range of organisations.

Paul Cannon

Group Environmental and Social Performance Manager

Paul is an environmental and social specialist with 15 years experience integrating environmental and social sustainability into the design and implementation of work plans and projects. Over the last 7 years he has worked in the West African mining sector as both a consultant and within industry. This has included site-based accountability for environmental and social performance and the facilitation of permitting processes for new projects. Previously he worked as an environmental and social consultant in Australia and Asia. During this time he successfully managed projects for the private sector, government and development agencies (including World Bank, Asian Development Bank, Agence Française de Développement, UNIDO, UNHabitat and DANIDA). Much of his work has been undertaken in the natural resource development sector, particularly associated with impact assessment, baseline studies, and management and monitoring planning for large infrastructure projects in the mining and energy sectors.

Russell White

General Manager, Mako Mine

Russell has almost 30 years experience in mineral processing including 14 years in mine commissioning and operations and 13 years in consulting engineering as Process Engineer and Project Design, and Commissioning Manager for firms such as Ausenco, Lycopodium and BHP Engineering. Russell has gained significant experience in African gold development through his work on numerous West African gold projects. Prior to his role as Design and Study Manager at Endeavour’s Agbaou, Hounde and Nzema Sulphide gold projects, he fulfilled the role of Design and Commissioning Manager at Teranga’s Sabodala gold operation in Senegal. More recently he has designed and managed the installation of crushing circuits at the Nzema and Tabakoto projects. As Project Manager for Mako, Russell oversaw the development of the mine from DFS stage through to construction and first gold pour.