Thor Explorations posts higher Q1 revenue, earnings

(Sharecast News) - Thor Explorations reported higher first-quarter revenue and earnings on Tuesday as a stronger gold price offset lower sales volumes, while the company continued to advance exploration and development work across Nigeria, Senegal and Côte d'Ivoire.

The AIM-traded gold producer and explorer said it sold 15,417 ounces of gold in the three months ended 31 March, down from 22,750 ounces a year earlier, at an average realised price of $4,820 per ounce, compared with $2,720 in the first quarter of 2025.

Revenue rose to $74.3m from $64.0m, while EBITDA increased to $55.8m from $43.6m.

Net income rose to $46.7m from $34.4m, and adjusted net cash stood at $177.9m at the end of the period, compared with $24.7m a year earlier.

At the Segilola mine in Nigeria, gold poured totalled 20,256 ounces, down from 22,790 ounces in the first quarter of 2025.

The company processed 239,644 tonnes of ore at an average grade of 2.54 grams per tonne, with 18,199 ounces recovered at a recovery rate of 93.1%.

Cash operating costs improved to $672 per ounce sold from $711 a year earlier, while all-in sustaining costs fell to $936 per ounce from $950.

Thor reiterated 2026 production guidance of 75,000 to 85,000 ounces at an AISC of $1,000 to $1,200 per ounce.

The company said exploration at Segilola remained focused on extending mine life, with a six-rig diamond drilling programme continuing during the quarter to test depth extensions.

Initial results were expected in the second quarter. Independent studies have also started to assess potential pit cutbacks before any transition to underground mining.

In Senegal, Thor released a pre-feasibility study and updated resource estimate for the Douta gold project during the period.

The study outlined a 12.6-year operation producing 1.0m ounces of gold from 37m tonnes of mill feed, with a pre-tax net present value of $908m at a 5% discount rate and an internal rate of return of 73%, based on a long-term gold price of $3,500 per ounce.

The updated Douta resource included 50.6m tonnes at 1.04 grams per tonne for 1.7m ounces in the indicated category, and 9.3m tonnes at 0.92 grams per tonne for 273,000 ounces inferred.

Thor said it was now focused on obtaining the mining permit and continuing drilling across Douta-West and Bousankhoba.

In Côte d'Ivoire, work focused on drilling targets at the Guitry and Marahui projects.

At Marahui, soil sampling and mapping defined two parallel anomalous structures, with rock chip samples returning grades including 19.3 grams, 10.0 grams and 9.97 grams per tonne of gold.

Initial reverse circulation drilling has started, with results targeted for release in the second quarter.

President and chief executive Segun Lawson said Thor had made a strong start to 2026, delivering "excellent financial results" while advancing the next phase of growth across its portfolio.

"Operationally, Segilola continued to perform well, with 20,256 ounces of gold poured during the Quarter, we are particularly pleased with our strong cost control, with a cash operating cost of US$672 per ounce sold and AISC of US$936 per ounce sold," Lawson said.

He added that Douta represented a major growth opportunity, with potential to become a long-life gold operation supported by strong early cash flow, rapid payback and further exploration upside.

At 1249 BST, shares in Thor Explorations were up 4.9% at 75p.

Reporting by Josh White for Sharecast.com.

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