Category: Top Story

BP Plc (LSE:BP.) said it expects to book post-tax impairments of between $4 billion and $5 billion in the fourth quarter of 2025, largely linked to its gas and low-carbon energy activities, as weaker oil and gas prices reduce asset values. The announcement weighed on the shares in Wednesday trading.

The company said the write-downs are mainly associated with its transition-related businesses and will be excluded from underlying replacement cost profit. However, analysts at Jefferies cautioned that the charges could still have an adverse effect on gearing.

Jefferies characterised the update as a “small -ve”, estimating a roughly 5% cut to consensus net income of $1.83 billion. The downgrade was attributed primarily to weaker-than-expected price realisations in the gas and low-carbon energy division.

BP said net debt is forecast to decline to between $22 billion and $23 billion by the end of the quarter, compared with $26.1 billion at the end of the third quarter. The reduction is supported by around $3.5 billion of divestment proceeds. Full-year divestments are now expected to total about $5.3 billion, exceeding earlier guidance of $4 billion. Jefferies said the pace of debt reduction broadly matches expectations, although it sits slightly above consensus forecasts.

Group upstream production is expected to be broadly flat quarter on quarter, in line with guidance. Oil output is forecast to be unchanged, while gas and low-carbon energy production is expected to decline. Figures include BP’s share of equity-accounted entities.

Within oil production and operations, weaker realised prices and timing effects in the Gulf of America and the United Arab Emirates are expected to lower underlying replacement cost EBIT by $0.2 billion to $0.4 billion. Jefferies described this impact as marginally negative relative to consensus assumptions.

In the gas and low-carbon energy segment, realisations are expected to reduce underlying replacement cost EBIT by $0.1 billion to $0.3 billion, including the impact of non-Henry Hub gas pricing. Gas marketing and trading performance is expected to be “average,” similar to the previous quarter, which Jefferies identified as the main downside driver in the update.

The customers and products division is expected to reflect seasonally lower customer volumes alongside broadly flat fuel margins. Realised refining margins are projected at around $0.1 billion, offset by increased turnaround activity and temporary capacity reductions following a fire at the Whiting refinery. Oil trading results are expected to remain weak, consistent with the third quarter, which Jefferies said was already anticipated by the market.

BP also disclosed that Brent crude prices averaged $63.73 per barrel during the fourth quarter, down from $69.13 in the previous quarter. Henry Hub gas prices averaged $3.55 per mmbtu, compared with $3.07 previously, while BP’s refining indicator margin fell to $15.2 per barrel from $15.8.

Finally, the company said its full-year 2025 underlying effective tax rate is now expected to be around 42%, above earlier guidance of roughly 40%, mainly reflecting changes in the geographical mix of profits. Jefferies said this was not a major surprise but noted it adds modest pressure at the group level.

MS International (LSE:MSI) reported largely steady interim results for the six months to 31 October 2025, with profit before tax of £8.47 million on revenue of £55.81 million, marginally lower year on year. On a like-for-like basis, excluding derivative impacts, profit before tax increased to £9.28 million, while cash balances improved to £35.73 million, reinforcing the group’s financial resilience.

The company described 2025 as a pivotal year following its strategic decision to refocus on the Defence and Security division and to explore the sale of its Forgings and Petrol Station Superstructures and Branding businesses. This repositioning has been accompanied by changes to the board, bringing in a younger and more internationally experienced leadership team, and by a strengthened operational footprint across the US and Europe.

Within Defence and Security, MS International secured a further annual contract from the US Navy for its MSI-DS 30mm naval weapon system. The group also expanded its support and maintenance facilities in the US and Poland and enhanced its US business development capabilities, positioning the division for growth across both naval and land-based defence markets.

The Forgings division continues to face softer near-term demand in the UK and US amid trade and policy uncertainty. However, the business has begun deliveries to Mitsubishi Logisnext America and is actively quoting for additional major lift-truck OEM programmes, pointing to a potentially meaningful growth pipeline in the US over the medium term.

Meanwhile, the Petrol Station Superstructures and Branding operations, now successfully combined, continue to trade strongly. Demand is being driven by large-scale fuel forecourt transformation projects and the evolution of multi-purpose fuel hubs incorporating EV charging and food-to-go offers. In response, the group plans to expand manufacturing capacity to capture rising demand from major retail customers.

Overall, MS International’s outlook is supported by solid financial performance and recent strategic progress, particularly within Defence and Security. However, technical indicators point to bearish share price momentum, and ongoing cash flow demands present potential risks. While valuation appears reasonable, it is not sufficient on its own to fully offset these technical and operational uncertainties.

More about MS International

MS International is a UK-based engineering group operating across Defence and Security, Forgings, and Petrol Station Superstructures and Branding. The company supplies naval and land weapon systems, industrial forgings and components, and designs and manufactures forecourt infrastructure solutions, serving defence customers in the UK, US and Europe alongside major fuel retailers investing in modern, multi-purpose fuel hubs.

Pearson (LSE:PSON) delivered 4% underlying sales growth at the group level in 2025, with performance strengthening into the final quarter as growth accelerated to 8% and contributions came from every division. The company expects adjusted operating profit of £610–615 million, representing roughly 6% underlying growth, while free cash flow conversion surpassed 95%. This supported a robust balance sheet, with net debt of about £1.1 billion and a £0.1 billion tax recovery linked to state aid.

Across the year, Assessment & Qualifications, Virtual Learning, Higher Education, English Language Learning, and Enterprise Learning & Skills all recorded growth. Momentum was particularly notable in the fourth quarter, when Virtual Learning and Enterprise Learning & Skills delivered standout performances. These results reflect rising demand for digital learning solutions and workforce-focused education.

From a strategic standpoint, Pearson continued to deepen its focus on artificial intelligence and enterprise partnerships. During the year, it introduced an AI-enabled Communication Coach integrated into Microsoft 365, announced a new strategic collaboration with IBM, secured a significant vocational training contract in Saudi Arabia, and was selected as the test delivery partner for Google Cloud certification programs. Management said the business enters 2026 with strong momentum and reiterated its unchanged medium-term targets, including mid-single-digit underlying revenue growth, gradual margin expansion, and consistently high cash conversion. While some headwinds remain in U.S. student assessment contracts, leadership expressed confidence in Pearson’s positioning within professional upskilling and digital learning markets.

Overall, Pearson’s outlook points to stable financial performance underpinned by strong cash generation and profitability. Ongoing strategic initiatives, along with corporate actions such as share buybacks and board updates, continue to support investor sentiment. That said, technical signals indicate a bearish trend in the share price, and revenue growth pressures have not fully eased.

More about Pearson

Pearson is a global lifelong learning group delivering digital learning content, assessments, qualifications, and data-driven education services. Its operations span assessment and qualifications, virtual learning, higher education courseware, English language learning, and enterprise learning and skills, serving institutions, employers, and learners around the world.

European equity markets are trading without clear direction on Tuesday, as muted volumes reflect investor caution ahead of a series of important data releases that could provide clearer guidance on the outlook.

Sentiment remains restrained amid ongoing concerns around tariffs and geopolitical tensions, while stock-specific moves are largely being driven by individual corporate developments rather than broader market conviction.

Uncertainty has been reinforced by comments from U.S. President Donald Trump, who said that any country continuing to do business with Iran would face a 25% tariff on all trade with the United States, a move that has added to global trade and political worries.

By mid-session, Germany’s DAX was up around 0.2%, while the UK’s FTSE 100 was hovering just below flat. France’s CAC 40 was underperforming slightly, down about 0.2%.

UK stocks mixed as company news drives moves

In London, Whitbread (LSE:WTB) jumped 4.7% after the hospitality group said the cost impact of the UK Budget would be lower than previously anticipated, easing pressure on margins.

Diageo (LSE:DGE) initially rose close to 2% on reports that the drinks group is exploring strategic options for its China operations, including a potential sale, although gains later faded to around 0.25%.

A number of stocks posted solid advances of between 1% and 2%, including Pershing Square Holdings, Mondi, Barclays, British Land, Prudential, Pearson, Informa and Shell.

On the downside, Kingfisher slid about 4%, while Games Workshop fell roughly 3%. Rentokil Initial, ICG, Persimmon, Howden Joinery, Smith & Nephew, Berkeley Group Holdings, Centrica, InterContinental Hotels Group, Barratt Redrow, NatWest Group and Endeavour Mining declined between 1% and 2.4%.

Autos weigh on Germany; selective gains elsewhere

German equities were held back by weakness in the auto sector, with BMW, Daimler Truck Holding, Porsche Automobil Holding and Mercedes-Benz all trading lower.

Continental dropped 2.7%, while Fresenius Medical Care, Bayer, Heidelberg Materials, GEA Group, Deutsche Post and Qiagen were down between 1% and 2.2%.

In contrast, Symrise surged 4.2% after announcing it is in advanced talks with potential buyers regarding the sale of its terpenes business. Zalando climbed 4% after Barclays upgraded the stock to overweight and raised its price target to €35, up from €28.

Infineon gained 1.3%, while Commerzbank, SAP, Deutsche Bank, MTU Aero Engines and Allianz edged higher.

France sees broad weakness, with pockets of strength

In Paris, Saint-Gobain fell more than 4% and Vinci slipped 3.2%. Stellantis, EssilorLuxottica and Bouygues declined between 1.7% and 2%, while ArcelorMittal, Kering, Teleperformance, Publicis Groupe, Veolia Environnement, Engie and Renault also traded lower.

On the positive side, Bureau Veritas, Eurofins Scientific, TotalEnergies, Société Générale and Safran posted gains of 0.5% to 1.2%. Airbus added around 0.7% after reporting deliveries of 793 commercial aircraft to 91 customers in 2025, up from 766 in 2024 and 735 in 2023.

Economic data offers limited support

On the macro front, data showed France’s central government budget deficit narrowed to €155.4 billion at the end of November 2025, compared with €172.5 billion a year earlier.

In the UK, retail sales growth slowed in December despite the holiday season, according to the British Retail Consortium. Total retail sales rose 1.2% year on year, down from 3.2% growth in the same period last year.

Food sales increased 3.1%, while non-food sales fell 0.3%. In-store non-food sales declined 0.5%, and online non-food sales slipped 0.1%, although online penetration edged slightly higher to 38.6% from 38.5% a year earlier.

U.S. equity futures traded modestly lower on Tuesday, with investors taking a cautious stance ahead of a key inflation release and the first major results of the quarterly earnings season. Markets are also absorbing political tensions surrounding the Federal Reserve, while oil prices continue to rise amid escalating unrest in Iran.

Early pullback in futures

Futures tied to the main U.S. stock indices edged down in early trading as traders positioned for incoming macroeconomic data and corporate earnings. By 03:05 ET, Dow futures were lower by 46 points, or 0.1%, S&P 500 futures slipped 6 points, or 0.1%, and Nasdaq 100 futures declined 39 points, or 0.2%.

Wall Street ended Monday’s session higher after shaking off earlier pressure linked to concerns over a criminal investigation involving Federal Reserve Chair Jerome Powell and President Donald Trump’s proposal to cap credit card interest rates. The rebound was broad-based, with gains across technology, consumer staples and materials.

“Overall, the narrative is largely the same now as it was on Friday, with bulls still in control thanks to improving growth dynamics, healthy earnings, evidence of a generational improvement in productivity, and stimulus […] anticipation,” analysts at Vital Knowledge said in a note.

Scrutiny over Fed investigation

The Trump administration has come under increasing scrutiny after authorising a criminal investigation into Powell, prompting criticism from former Federal Reserve leaders and lawmakers from both sides of the aisle.

According to Reuters, the investigation was approved and launched by Jeanine Pirro, the U.S. Attorney for Washington and an ally of Trump, without briefing Attorney General Pam Bondi or Deputy Attorney General Todd Blanche. In a social media post, Pirro said the Justice Department acted after the Fed declined to engage on cost overruns related to the refurbishment of its Washington headquarters, adding that her office “makes decisions based on the merits.”

The probe has raised concerns about the Fed’s independence and pushed U.S. Treasury yields higher. Former Fed Chairs Janet Yellen, Ben Bernanke and Alan Greenspan criticised the move, saying “[t]his is how monetary policy is made in emerging markets with weak institutions,” and warning of the “negative consequences” for inflation and the broader economy. Republican Senator Thom Tillis also described the investigation as a “huge mistake.”

Inflation reading in focus

Attention now shifts to the December U.S. consumer price index, one of the most closely watched inflation measures ahead of the Federal Reserve’s policy meeting later this month.

Economists expect headline CPI to show a 2.7% annual increase, unchanged from November, with monthly inflation also forecast at 0.3%. Core CPI, which strips out food and energy, is expected to tick up to 2.7% year on year from 2.6%, and to 0.3% month on month from 0.2%.

Analysts at ING warned that core inflation could surprise to the upside, noting that disruptions caused by a prolonged government shutdown likely delayed data collection in November. “Compared with the full month of November 2024, this timing likely skewed that inflation reading lower. Reverting to more standard collection timings in December means risks of a hotter read,” they said.

While the Fed has recently prioritised signs of cooling in the labour market when easing policy, persistent inflation could complicate the outlook. Markets largely expect the central bank to keep rates unchanged at 3.50%–3.75%, according to CME FedWatch.

Big banks kick off earnings season

Investor sentiment could also be shaped by earnings from major U.S. banks, starting with JPMorgan Chase (NYSE:JPM) later on Tuesday. Results from Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) are due on Wednesday, followed by Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) on Thursday.

Alongside inflation data, the bank results are expected to set the tone for equity markets in the early weeks of 2026. While the S&P 500 has extended its gains after a third straight year of double-digit growth in 2025, uncertainty remains around the trajectory of interest rates and rising geopolitical risks.

Oil prices extend rally

Oil prices climbed for a fourth consecutive session, as intensifying anti-government protests in Iran fuelled concerns over potential supply disruptions from the major OPEC producer.

Brent crude futures rose 0.5% to $64.16 a barrel, while U.S. West Texas Intermediate advanced 0.8% to $59.82. Brent touched a seven-week high in the previous session, and WTI reached its highest level in a month.

European equity markets traded slightly firmer on Tuesday, with investors balancing geopolitical risks against key economic data and the start of the quarterly earnings season.

By 08:05 GMT, Germany’s DAX was up 0.1% and London’s FTSE 100 added 0.1%, while France’s CAC 40 slipped 0.1%.

Wall Street momentum offers support

European sentiment took a modest boost from the U.S., where the S&P 500 closed at a fresh record high, led by continued strength in technology stocks. Markets were also encouraged by gains in Asia after Japan’s Nikkei 225 reached a new peak, helped by reports that Prime Minister Sanae Takaichi could call an early election to strengthen her parliamentary position—a move that could open the door to additional fiscal stimulus.

Despite these positives, upside in Europe appeared capped as investors remained focused on escalating tensions in Iran. Widespread protests against the country’s clerical leadership have reportedly been met with force, raising concerns over instability in the region.

U.S. President Donald Trump said on Monday that any country doing business with Iran would face a 25% tariff on trade with the United States. Iran’s main trading partners include China, several East Asian economies, Iraq, the United Arab Emirates, Turkey and Germany. Trump is also expected to meet senior advisers later in the day to review policy options on Iran.

U.S. inflation data awaited

With little in the way of European economic releases on Tuesday, attention is firmly on the latest U.S. consumer price data, the final major inflation reading ahead of the Federal Reserve’s policy meeting later this month.

Economists expect headline CPI to come in at 2.7% year on year for December, unchanged from November, with monthly inflation also seen holding at 0.3%. Core inflation, which excludes food and energy, is forecast to edge higher to 2.7% annually from 2.6%, and to 0.3% month on month from 0.2%.

Corporate news in focus

In Europe’s corporate sector, Lindt & Spruengli (TG:LSPP) said organic sales rose just over 12.4% in 2025, slightly ahead of market forecasts, with the Swiss chocolatier benefiting from higher cocoa prices.

Sika (TG:SIKA) reported a 4.8% decline in full-year sales, as weak construction demand and currency headwinds offset growth achieved in local currencies.

In the UK, Whitbread (LSE:WTB) posted a 2% rise in third-quarter group sales, supported by stronger accommodation revenue in both the UK and Germany.

However, much of the market’s attention is on the U.S., where earnings from JPMorgan Chase (NYSE:JPM) and Bank of New York Mellon (NYSE:BK) later in the session will effectively kick off the Wall Street earnings season. Expectations for banks are generally upbeat, though Trump’s announcement that credit card interest rates will be capped at 10% from January 20 could complicate the outlook.

Oil prices extend gains

Oil prices moved higher for a fourth straight session, as concerns grew over potential supply disruptions from Iran amid intensifying unrest.

Brent crude futures rose 0.5% to $64.16 a barrel, while U.S. West Texas Intermediate gained 0.8% to $59.82. Brent hit a seven-week high in the previous session, with WTI touching a one-month peak.

Iran, one of OPEC’s largest producers, is facing its most significant wave of anti-government protests in years, adding to uncertainty around global energy supply.

UK equities were largely unchanged in early trading on Tuesday, while the pound held steady as investors awaited comments from Bank of England Governor Andrew Bailey later in the day. Corporate updates from Whitbread, PageGroup and the announcement of a new chief executive at Rentokil were also in focus.

By 0832 GMT, the FTSE 100 was up 0.03%, while sterling edged 0.01% higher against the dollar to 1.34. Elsewhere in Europe, Germany’s DAX rose 0.1%, while France’s CAC 40 slipped 0.2%.

Bank of England speakers in focus

Markets are closely watching Governor Andrew Bailey’s speech on Tuesday morning for clues on the outlook for UK monetary policy, particularly given divisions within the Monetary Policy Committee and a light economic data calendar.

This week’s only major UK data release is Thursday’s GDP report, which could influence sentiment. The next key releases on jobs and inflation are due on January 20–21. Two additional MPC members, Alan Taylor and Dave Ramsden—both of whom voted for a rate cut at the December meeting—are scheduled to speak on Wednesday.

ING highlights EUR/GBP valuation

ING said the EUR/GBP exchange rate has settled below 0.870, a level its models suggest is moderately undervalued in the near term. The bank continues to expect the Bank of England to cut rates in March, a more dovish view than current market pricing, which implies a smaller 10 basis point move. ING said this outlook supports expectations for a gradual recovery in EUR/GBP over coming months.

Rentokil appoints new CEO

Rentokil Initial PLC (LSE:RTO) announced the appointment of Mike Duffy as its new Chief Executive Officer and Executive Director, effective 16 March 2026. Duffy will join as CEO Designate on 16 February, succeeding Andy Ransom, who will step down after several years in the role. Ransom will remain involved through to the company’s AGM on 7 May 2026 to support the transition.

FTSE 100 earnings and updates

PageGroup PLC (LSE:PAGE) reported a 4.6% decline in fourth-quarter gross profit, as weaker conditions in Europe and the UK offset growth in the Americas and Asia-Pacific. Quarterly gross profit fell to £190.7 million from £200.1 million a year earlier.

Trustpilot Group PLC (LSE:TRST) said it expects full-year 2025 bookings to rise 18% on a constant-currency basis to $291 million, up from $239 million in 2024. Annual recurring revenue is forecast at $296 million, while revenue is expected to increase to $261 million.

Whitbread PLC (LSE:WTB) posted a 2% increase in third-quarter group sales to £781 million, supported by stronger accommodation revenue in both the UK and Germany.

Games Workshop Group PLC (LSE:GAW) delivered a record half-year performance, with core revenue up 17.3% to £316.1 million for the 26 weeks to 30 November 2025. Profit before tax rose to £140.8 million, while earnings per share increased to 319.9p.

Persimmon PLC (LSE:PSN) reported total home completions of 11,905 in 2025, up 12% year on year and ahead of expectations. Private completions rose 8%, while partnership completions declined amid softer bulk and build-to-rent demand late in the year.

THG Holdings PLC (LSE:THG) recorded its strongest quarterly revenue growth since 2021 in the fourth quarter of 2025, with constant-currency sales up 7.0%. Second-half revenue increased 6.7%, around 14% above the top end of prior guidance.

Gamma Communications PLC (LSE:GAMA) said trading for the year ended 31 December 2025 is expected to be in line with market forecasts, with adjusted EBITDA and adjusted earnings per share within consensus ranges.

Hunting PLC (LSE:HTG) reported a 7% year-on-year increase in full-year 2025 EBITDA to around $135 million, with margins improving to 13%. The group ended the year with an order book of approximately $350 million.

Games Workshop (LSE:GAW) delivered record results for the 26 weeks to 30 November 2025, with total revenue increasing to £332.1m from £299.5m a year earlier and operating profit rising to £140.4m from £126.1m. The performance was driven by strong core sales across all 23 core countries and all three main sales channels, more than compensating for a sharp decline in licensing revenue during the period.

Profit before tax advanced to £140.8m, while earnings per share improved to 319.9p. Strong cash generation enabled the group to continue funding dividends while investing further in its operational footprint, including expanded UK manufacturing capacity, upgrades to warehousing infrastructure and early-stage planning for a new Warhammer World flagship location in North America.

Management said the business has so far absorbed around £6m of additional US tariff costs through a combination of efficiency improvements, modest price increases and lower stock write-offs. Alongside this, Games Workshop continues to build out its licensing pipeline, with a growing slate of video game titles and screen projects in development, including live-action and animated collaborations with Amazon MGM Studios. The company also reiterated its cautious approach to artificial intelligence, emphasising the protection of its intellectual property and the importance of human-led creative processes.

Overall, the outlook is underpinned by strong financial performance, resilient core demand and positive corporate developments, although valuation remains elevated and technical indicators suggest the shares may be approaching overbought levels.

More about Games Workshop Group PLC

Games Workshop Group PLC is a UK-based manufacturer and retailer of fantasy miniatures and related products, best known for its Warhammer brand. The group sells globally through trade, retail and online channels and complements its core tabletop gaming business by licensing its intellectual property into video games and media projects, serving hobbyists and wider pop-culture audiences worldwide.

Trustpilot Group plc (LSE:TRST) delivered a strong trading performance in 2025, with bookings climbing 22% to $291m, or 18% on a constant-currency basis. Annual recurring revenue increased 28% to $296m, while reported revenue rose 24% to $261m, reflecting broad-based growth across the UK, Europe and North America.

The company said adjusted EBITDA is expected to exceed current market expectations, supported by faster growth in the second half of the year, stronger new customer acquisition—particularly among enterprise clients—and improving gross retention rates. Cash generation remained solid, allowing Trustpilot to complete $72m of share buybacks during the year. Building on this, management plans to extend the programme by up to a further £10m, highlighting confidence in the group’s ongoing cash flow profile.

Operationally, Trustpilot emphasised the increasing relevance of its platform in AI-driven answer engine optimisation, alongside the rollout of new AI-powered fraud detection tools. These technologies enabled the removal of 7.8 million fake reviews during the year, reinforcing the platform’s core trust and authenticity proposition. The company also disclosed that it is responding to a draft Statement of Objections from the Italian competition authority relating to an alleged breach of the Italian Consumer Code. Trustpilot noted that Italy represents less than 5% of group revenue and does not expect any outcome to have a material financial impact.

From a governance perspective, Trustpilot has completed an audit tender process and plans to appoint Ernst & Young LLP as its new external auditor from the 2026 financial year, replacing PricewaterhouseCoopers LLP following a long period of service.

While Trustpilot’s outlook is underpinned by strong revenue growth and improving profitability, this is tempered by bearish technical indicators and a relatively high valuation. The company’s fundamentals remain supportive, but investors may look for clearer improvements in technical trends and valuation metrics going forward.

More about Trustpilot Group Plc

Trustpilot Group plc is a global online reviews platform connecting consumers and businesses, aiming to serve as a universal symbol of trust in digital commerce. Founded in 2007, the group hosts more than 361 million reviews and generates around 160 billion annual brand impressions, serving approximately 1.3 million businesses and consumers worldwide. Headquartered in Copenhagen with over 1,000 employees, Trustpilot operates across the UK, Europe, North America and Australasia, helping companies build credibility, enhance online visibility and improve customer experience through its open and independent review system.

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.