Thor Explorations (LSE:THX) delivered record first-half revenue, EBITDA and net profit for the six months ended June 30, 2026, supported by strong operating margins and a growing net cash position as the company continued exploration across its West African portfolio.
Second-quarter revenue reached $77.6 million, while net profit came in at $48.7 million. Thor ended the period with an adjusted net cash position of $218.6 million, providing financial flexibility as it invests in exploration and potential mine-life extensions.
Gold production and sales during the second quarter were lower than a year earlier, although the company retains a substantial stockpile of lower-grade material equivalent to approximately two years of plant feed. This inventory provides additional processing flexibility and helps reduce near-term dependence on newly mined ore.
At the Segilola gold mine in Nigeria, processing operations maintained high recovery rates and experienced minimal downtime. Thor is continuing its life-of-mine extension drilling programme, including work designed to assess mineralisation at depth and the potential for underground development beneath the existing open-pit design.
Regional exploration around Segilola is also progressing, with geochemical programmes identifying additional gold anomalies that could provide targets for future drilling.
Elsewhere in West Africa, Thor continued extensive exploration programmes in Senegal and Côte d’Ivoire using reverse circulation, RAB/air-core drilling and soil sampling.
Work in Senegal has extended known mineralised systems along a corridor spanning approximately 10 kilometres, highlighting the potential to expand the company’s resource base beyond its producing Segilola operation. Exploration in Côte d’Ivoire is similarly aimed at advancing prospective gold targets and building a broader development pipeline.
Thor also reported improvements in several environmental measures during the quarter. Raw water withdrawals and greenhouse gas emissions declined significantly compared with Q2 2025, while emissions intensity per ounce of gold produced remained stable.
Community investment continued around Segilola through school and infrastructure improvements, support for local businesses and other social programmes. These initiatives form part of the company’s efforts to maintain relationships with communities surrounding its operations.
The combination of record first-half financial performance, a substantial net cash position and continued exploration gives Thor flexibility to pursue both mine-life extension opportunities at Segilola and potential resource growth elsewhere in West Africa.
Future exploration results will be important in determining whether the company can convert its regional targets and deeper Segilola mineralisation into additional resources capable of supporting longer-term production.
More about Thor Explorations
Thor Explorations Ltd is a gold producer and exploration company focused on West Africa, with its flagship Segilola gold mine located in Nigeria.
Alongside gold production at Segilola, the company operates exploration programmes across Nigeria, Senegal and Côte d’Ivoire aimed at extending existing mineralised systems, identifying new resources and evaluating potential underground mining opportunities.
Segilola currently operates as an open-pit mine, supported by a significant stockpile of ore that provides additional flexibility for plant operations.
Thor Explorations shares trade on the London Stock Exchange under the symbol THX.
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