Thor Explorations (LSE:THX) reported a standout performance for 2025, supported by robust output from its Segilola mine and a favourable gold price environment. Revenue rose to US$325.5 million, while net profit surged to US$196.2 million and EBITDA reached US$243.7 million. The company closed the year debt-free with US$137.8 million in cash, having sold 94,130 ounces of gold at an all-in sustaining cost of US$927 per ounce. Shareholder returns were also a focus, with approximately US$18 million distributed through dividends during the year, followed by a special payout that brought total returns to around US$32 million. The group also confirmed it will continue its quarterly dividend programme into 2026.
From an operational standpoint, Segilola produced 91,910 ounces of gold, in line with guidance, while ore stockpiles increased and drilling activity intensified both near-mine and underground to extend the asset’s lifespan. Across its broader portfolio, Thor progressed the Douta project in Senegal to the preliminary feasibility stage, highlighting strong project economics, while securing full ownership and adding the nearby Bousankhoba permit. In Côte d’Ivoire, the company expanded its footprint with the acquisition of the Loudiba licence and continued exploration work across Guitry, Marahui, and Boundiali. Plans for 2026 include increased exploration investment, further life-extension work at Segilola, and advancing Douta toward a potential construction decision in the second half of the year.
Thor also reported continued progress on environmental, social, and governance initiatives. These included a 6% reduction in greenhouse gas emissions, improved waste management efficiency, and increased reliance on recycled water. The company delivered 30 community-focused projects, while maintaining a workforce at Segilola that is 99% Nigerian. In addition, 86% of procurement for the operation was sourced locally, reinforcing its contribution to the domestic economy.
With a strong cash position, no debt, and ongoing dividend distributions alongside a growing project pipeline, Thor is positioning itself as an increasingly significant gold producer in West Africa, balancing financial performance with regional development and sustainability priorities.
More about Thor Explorations
Thor Explorations is a gold producer and exploration company focused on West Africa. Its core asset is the Segilola gold mine in Nigeria, complemented by a development pipeline led by the Douta project in Senegal and additional exploration licences in Côte d’Ivoire. The company’s strategy centres on developing high-grade gold assets while expanding its regional presence.
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