Thor Explorations (LSE:THX) reported a strong second quarter, with solid production from its Segilola Gold Mine in Nigeria, robust cash generation and continued progress across its exploration portfolio in West Africa. The company maintained its full-year production and cost guidance while advancing development work at its key growth projects.
Segilola delivers another strong quarter
During the second quarter, Segilola produced 19,153 ounces of gold from 240,769 tonnes of ore processed at an average grade of 2.57 grams per tonne. Gold recoveries remained high at 93.3%, supporting efficient operations and strong financial performance.
Gold sales generated revenue of US$77.3 million during the quarter, while Thor ended the period with a net cash position of US$225.6 million, reinforcing the strength of its balance sheet and providing financial flexibility to support future growth.
The company also reaffirmed its production and operating cost guidance for the full year, reflecting confidence in the continued performance of its flagship Nigerian operation.
Exploration programmes support long-term growth
Thor continued to invest heavily in exploration across its assets in Nigeria, Senegal and Côte d’Ivoire, completing more than 20,000 metres of drilling during the quarter.
The work is focused on extending the operational life of the Segilola mine while expanding and upgrading mineral resources at the Douta Gold Project in Senegal. Alongside exploration activity, the company moved closer to securing a mining convention and reaching a final investment decision for Douta, representing another important milestone in its development strategy.
Thor also maintained its quarterly dividend and received exchange approval for the appointment of a new director, reflecting its ongoing commitment to shareholder returns and corporate development.
Investment outlook
Thor Explorations continues to combine strong operational performance with disciplined capital management. A substantial net cash position, consistent production and maintained guidance provide a solid financial foundation, while ongoing exploration and project development offer multiple opportunities to increase future production across West Africa.
The combination of cash generation, organic growth potential and continued shareholder distributions positions the company well as it seeks to expand its regional gold production portfolio.
About Thor Explorations
Thor Explorations is a West Africa-focused gold producer and exploration company with operations and development assets in Nigeria, Senegal and Côte d’Ivoire. Its portfolio includes the producing Segilola Gold Mine in Nigeria, the Douta Gold Project in Senegal and the Guitry Gold Project in Côte d’Ivoire, together with additional exploration licences across the region. The company is listed on AIM and the TSX Venture Exchange.
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