Thor Explorations posts sharp increase in revenue, profit

(Sharecast News) - Thor Explorations reported a sharp increase in revenue and profit for 2025 on Thursday, supported by higher gold prices and solid production at its Segilola mine in Nigeria, as the company highlighted strong cash generation and a debt-free balance sheet.

The AIM- and TSX-V-listed gold producer said it sold 94,130 ounces of gold in 2025, up from 84,965 ounces a year earlier, at an average realised price of $3,422 per ounce, compared with $2,288 in 2024.

Revenue rose to $325.5m from $193.1m, while net profit more than doubled to $196.2m from $91.1m.

EBITDA increased to $243.7m from $123.3m.

Cash operating costs rose slightly to $710 per ounce from $692, while all-in sustaining costs increased to $927 per ounce from $882.

The company ended the year with cash and cash equivalents of $137.8m, up from $12.0m, and confirmed it was now debt free following repayment of its senior facility at the end of 2024.

Operationally, Segilola produced 91,910 ounces of gold during the year, in the upper half of guidance, with 92,832 ounces recovered at a 93.9% recovery rate.

Ore processed totalled 962,891 tonnes at an average grade of 3.19 grams per tonne, while ore mined reached 1.48 million tonnes at 2.35 grams per tonne.

The stockpile increased 35% to nearly 2.0 million tonnes.

Thor said it returned around $18m to shareholders through dividends in 2025, following the introduction of a quarterly dividend policy of at least CAD 0.0125 per share.

A further special dividend of CAD 0.015 per share was paid after year-end, taking total shareholder returns to approximately $32m.

The company said it would maintain its dividend policy in 2026, with the next quarterly payment of CAD 0.0125 per share scheduled for 15 May.

Beyond Nigeria, Thor advanced its Douta project in Senegal to preliminary feasibility stage, outlining a pre-tax net present value of $908m and an internal rate of return of 73% based on a long-term gold price of $3,500 per ounce.

The firm also increased its ownership of the project to 100% and expanded its footprint through the acquisition of the Bousankhoba exploration permit.

In Côte d'Ivoire, exploration activity progressed across multiple licences, including drilling at Guitry and early-stage work at Marahui and Boundiali.

For 2026, the company guided to production of 75,000 to 85,000 ounces at an all-in sustaining cost of $1,000 to $1,200 per ounce, alongside exploration spend of up to $33m across Nigeria, Senegal and Côte d'Ivoire.

It was targeting a final investment decision for Douta and the start of construction in the second half of the year, while continuing to explore opportunities to extend the life of the Segilola mine through underground development.

"I am extremely proud of the team for delivering another year of strong operational performance," said chief executive Segun Lawson.

"Having entered the year with a debt free balance sheet, we have fully capitalised on the high gold price environment whilst maintaining our cost discipline throughout the year.

"As a result, our gold production of approximately 92,000 ounces has resulted in a record financial performance generating $325.5m in revenue and a net profit of $196.2m ending the year with $137.75m in cash."

He added that the company's strong cash flow had enabled it to transition to a dividend-paying business and positioned it to fund growth projects without shareholder dilution, particularly the planned development of Douta.

Separately, Thor announced that non-executive director Collin Ellison would retire with immediate effect, after seven years on the board.

At 1306 BST, shares in Thor Explorations were up 4.32% at 80.33p.

Reporting by Josh White for Sharecast.com.

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