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Thor Explorations ( (TSE:THX) ) has shared an update.
Thor Explorations reported record 2025 results driven by strong production at its Segilola mine and a higher gold price, with revenue climbing to US$325.5 million, net profit more than doubling to US$196.2 million and EBITDA rising to US$243.7 million. The company ended the year debt-free with US$137.8 million in cash, sold 94,130 ounces of gold at an AISC of US$927 per ounce, and returned about US$18 million to shareholders in 2025 dividends, followed by a special payout that has lifted total shareholder returns to roughly US$32 million, while confirming it will maintain its quarterly dividend policy through 2026.
Operationally, Segilola delivered 91,910 ounces of gold poured within guidance, expanded ore stockpiles and continued substantial near-mine and underground drilling aimed at extending mine life. Thor advanced its growth portfolio by taking Douta in Senegal to the preliminary feasibility stage with robust economics, consolidating 100% ownership and acquiring the adjacent Bousankhoba permit, while in Côte d’Ivoire it added the Loudiba licence, progressed drilling and sampling across Guitry, Marahui and Boundiali, and laid out a 2026 plan that includes new exploration spending, further Segilola life extension work and moving Douta towards construction in the second half of 2026.
The company also highlighted ESG progress, including a 6% annual reduction in greenhouse gas emissions, lower waste intensity, greater use of reclaimed water and extensive community investment, with 30 projects and programmes delivered and 99% of Segilola’s 2,026-strong workforce drawn from Nigerian nationals. With 86% of Segilola’s procurement sourced within Nigeria and a strong balance sheet supporting dividends and growth investment, Thor is positioning itself as a leading regional gold producer with an expanding footprint in West Africa and a focus on both financial returns and local economic impact.
More about Thor Explorations
Thor Explorations is a West Africa-focused gold producer and explorer, operating the Segilola gold mine in Nigeria and advancing exploration and development projects in Senegal and Côte d’Ivoire. The company targets high-grade gold deposits, with a core producing asset at Segilola, a growth pipeline led by the Douta project in Senegal, and additional early-stage licences in Côte d’Ivoire.
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