Thor Explorations Ltd. reported robust second-quarter gold production of 19,153 ounces from its Segilola mine in Nigeria, keeping its full-year guidance steady and on track to meet 2026 targets.
The AIM-listed company sold 17,050 ounces during the quarter at an average realised price of US$4,535 per ounce, generating revenue of US$77.3 million. First-half production totalled 39,409 ounces, supporting Thor’s goal of producing 75,000 to 85,000 ounces annually by 2026 with all-in sustaining costs expected between US$1,000 and US$1,200 per ounce.
As of June, Thor held US$207.5 million in cash and 4,514 ounces of unsold bullion, resulting in an adjusted net cash position of US$225.6 million. The company declared a quarterly dividend of C$0.0125 per share, payable on August 14.
Chief Executive Segun Lawson emphasized the company’s focus on extending the mine life at Segilola through underground and near-mine drilling initiatives. Thor completed over 10,000 metres of drilling in Nigeria, with results anticipated in the third quarter.
Additionally, Thor advanced discussions with the Senegalese government regarding the Douta mining convention, aiming for completion and a final investment decision this quarter. Exploration results from Senegal and Côte d’Ivoire are also expected soon, underscoring Thor’s expanding footprint in West Africa.
Thor Explorations remains committed to delivering value through disciplined production, cost management, and strategic exploration as it progresses toward its 2026 growth objectives.
