Thor Explorations (LSE:THX) capped off 2025 with a robust operational and financial performance, reporting fourth-quarter gold production of 23,719 ounces from its Segilola mine in Nigeria. This lifted full-year output to 91,910 ounces, supported by strong metallurgical recoveries alongside increased ore stockpiles and gold-in-circuit inventory.
During the quarter, the company delivered record unaudited revenue of US$108 million, generated from gold sales of 25,830 ounces at an average realised price of US$4,189 per ounce. Thor ended the period with approximately US$137 million in cash and no outstanding payables, underscoring its strengthened balance sheet. Reflecting this performance, the company declared a Q4 dividend of C$0.0275 per share, which included a bonus element, and confirmed its intention to continue paying quarterly dividends throughout 2026.
Looking ahead, Thor set its 2026 production guidance at between 75,000 and 85,000 ounces, with all-in sustaining costs expected to range from US$1,000 to US$1,200 per ounce. Alongside steady production, the company is advancing its growth pipeline, with a preliminary feasibility study for the Douta project in Senegal scheduled for release on 26 January 2026. Ongoing drilling programs are also underway across the portfolio, including underground drilling at Segilola and further exploration activities in Nigeria, Senegal and Côte d’Ivoire, positioning Thor for potential development decisions and additional resource growth in the coming year.
More about Thor Explorations
Thor Explorations Ltd is a West Africa-focused gold mining and exploration company with assets across Nigeria, Senegal, Côte d’Ivoire and Burkina Faso. Its portfolio includes a 100% owned interest in the producing Segilola Gold Project in Osun State, Nigeria, a 100% economic interest in the Douta Gold Project in south-eastern Senegal, and a 100% interest in the Guitry Gold Project in Côte d’Ivoire. The company is listed on AIM and the TSX Venture Exchange under the ticker THX.
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