Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF, FRA:T2X) delivered higher first-quarter earnings as a much stronger realised gold price more than offset lower gold sales from its Segilola mine in Nigeria.
The London and Toronto-listed gold miner reported revenue of US$74.3mln for the three months to March 31, up from US$64.0mln a year earlier, while EBITDA rose to US$55.8mln from US$43.6mln.
Net income increased to US$46.7mln from US$34.4mln, with adjusted net cash rising sharply to US$177.9mln from US$24.7mln. Thor sold 15,417 ounces of gold during the quarter at an average realised price of US$4,820 per ounce, compared with 22,750 ounces at US$2,720 per ounce in Q1 2025.
At the Segilola mine, gold poured totalled 20,256 ounces, with 239,644 tonnes of ore processed at 2.54 grams per tonne gold. Cash operating costs were US$672 per ounce sold and all-in sustaining costs were US$936 per ounce sold.
“I am pleased to report a strong start to 2026, with the Company continuing to deliver excellent financial results while continuing to advance the next phase of growth across the portfolio,” chief executive Segun Lawson said.
He added: “Looking ahead, we remain focused on delivering our gold production, while continuing to advance our exploration programmes across Nigeria, Senegal and Côte d’Ivoire and importantly, reaching a final investment decision for the Douta Project.”
Thor told investors that work continues to extend Segilola’s mine life, with six diamond drill rigs testing depth extensions and initial results expected in the second quarter. Independent studies have also begun on potential pit cutbacks ahead of any transition to underground mining.
In Senegal, the company highlighted the pre-feasibility study for the Douta gold project, which outlined a 12.6-year operation producing 1.0mln ounces of gold, with a pre-tax NPV of US$908mln and IRR of 73% at a long-term gold price of US$3,500 per ounce.
Thor reiterated 2026 production guidance of 75,000 to 85,000 ounces at AISC of US$1,000 to US$1,200 per ounce, with the Douta mining permit among its stated priorities.
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