Thor Explorations Ltd. has reported some 23,719 ounces of gold poured at the Segilola Gold mine, in Nigeria, during the fourth quarter.
The company said full-year 2025 gold poured totalled 91,910 ounces.
Gold sales in Q4 were 25,830 ounces at an average realised price of US$4,189 per ounce. Thor said this delivered record quarterly revenue of US$108 million on an unaudited basis.
Thor reported an unaudited cash balance of approximately US$137 million at quarter end. It also reported bullion inventory of 3,188 ounces.
Operationally, Thor said 242,182 tonnes were milled in Q4 at an average grade of 3.31g/t gold with process plant recovery of 94.8%. Mine production totalled 580,615 tonnes at an average grade of 1.71g/t gold for 31,932 ounces.
The company declared a total Q4 dividend of C$0.0275 per share. This includes the standard quarterly dividend of C$0.0125 per share plus a bonus dividend of C$0.015 per share.
For 2026, Thor said dividends will continue quarterly at C$0.0125 per share, totalling C$0.05 for the calendar year, with the ability to increase the dividend amount based on cash reserves at the end of each quarter. The proposed timetable lists an ex-dividend date and record date of 23rd January, and a payment date of 13th February.
Thor set 2026 production guidance at 75,000 to 85,000 ounces of gold. It guided all-in sustaining cost at US$1,000 to US$1,200 per ounce.
Segun Lawson, Thor chief executive, highlighted at US$4,189 the firm saw its highest achieved gold price per ounce, to date, and that also resulted in record quarterly revenue.
Lawson also said the company’s cash generation in the quarter enabled it to repay outstanding payables and support the bonus dividend. He added that near-mine exploration continued in Nigeria targeting mineralisation beneath the Segilola open pit, with drill results expected later in Q1 2026.
“We are extremely pleased to report a strong final production quarter, which has resulted in the Company achieving our narrowed production guidance of 91,910 ounces, which was also in the top half of the original production guidance for the full year 2025,” Lawson said.
“We are pleased to return some of this surplus cash to our shareholders in the form of a bonus dividend, in line with our commitment to return funds to shareholder whilst retaining sufficient cash on our balance sheet to fund all our activities across the Group and continue to grow our cash reserves.”
In Senegal, Thor said detailed work on the Douta preliminary feasibility study is being finalised, with release expected on 26th January 2026. The company also highlighted drilling plans across its portfolio, including Segilola underground drilling, scout drilling in Nigeria, additional reverse circulation drilling at Douta, and drilling and geochemical work in Côte d’Ivoire.
“We are excited by the year ahead,” Lawson added.
“Gold production from Segilola continues to strengthen the company’s balance sheet. We continue to work towards a Segilola underground development decision and the Company has several catalysts across all of its projects, particularly at the Douta Project and in Cote d’Ivoire.”
