Thor Explorations profit climbs as gold sales, prices rise in 2025

(Alliance News) - Thor Explorations Ltd on Thursday reported higher profit in 2025, during which gold sales benefitted from strong pricing.

The Vancouver, Canada-based mining company booked USD199.3 million in annual pretax profit, up from USD91.2 million in 2024.

Revenue advanced to USD325.3 million from USD193.1 million, while gold sales totalled 94,130 ounces, up from 84,965 oz, at an average price per ounce of USD3,422, compared with USD2,288 on-year.

All-in sustaining cost was USD927 per ounce sold, up from USD882. The company ended December with a cash balance of USD137.8 million, versus USD12.0 million at the end of 2024. It added that it is now debt-free, having repaid a senior debt facility with Africa Finance Corp.

Thor in 2025 set a new dividend policy, under which it will pay at least CAD0.0125 per share each quarter, which is around USD0.0090. The company also declared a special dividend of CAD0.015 per share in 2025. It plans to maintain its ordinary payout policy through 2026, with the next quarterly payment of CAD0.0125 due May 15.

Looking to the year ahead, Thor is targeting production between 75,000 and 85,000 ounces, at an all-in sustaining cost of USD1,000 to USD1,200 per ounce.

By region, it is eyeing 2026 exploration expenses from USD9 million to USD11 million in Nigeria, USD10 million to USD12 million in Senegal and USD8 million to USD10 million in Ivory Coast.

The company aims to extend the life of Nigeria's Segilola mine by defining additional resources. It aims to secure permits for Senegal's Douta gold project to reach a final investment decision and begin construction in the second half of 2026, having secured 100% ownership of Douta in 2025.

"Our acquisition of the Bousankhoba licence has enabled us to expand the project footprint and we believe the project continues to have promising growth potential," commented Chief Executive Segun Lawson.

In Ivory Coast, it is planning continued work on the Guitry and Marahui projects.

CEO Lawson praised the company's "record" peformance, saying: "We have fully capitalised on the high gold price environment whilst maintaining our cost discipline throughout the year."

Lawson added: "We have the cash flow and team to underpin our activities across the group and are better positioned than ever to deliver on our objectives.

Thor Explorations shares rose 4.7% to 80.60p on Thursday morning in London, having more than trebled over the past year.

By Holly Munks, Alliance News reporter

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