Thor Explorations posts strong Q1 as Segilola cash flows fund Douta-led growth

The latest update is out from Thor Explorations ( (TSE:THX) ).

Thor Explorations reported a strong first quarter of 2026, with Segilola gold sales of 15,417 ounces at a sharply higher average realised price of US$4,820 per ounce, driving revenue to US$74.3 million, EBITDA to US$55.8 million and net income to US$46.7 million, while cutting cash operating costs to US$672 per ounce and building adjusted net cash to US$177.9 million. Despite slightly lower production, the company paid a quarterly and bonus dividend, maintained all-in sustaining costs below US$1,000 per ounce and reiterated full-year production guidance of 75,000 to 85,000 ounces with AISC of US$1,000 to US$1,200.

Operationally, Thor continued to extend the life and scope of its portfolio, advancing drilling at Segilola to assess deeper and regional targets, progressing extensive exploration in Nigeria and Côte d’Ivoire, and delivering a pre-feasibility study at Senegal’s Douta project that outlined a 12.6‑year, 1‑million‑ounce production profile with strong economics and low initial capital. The group also reported improved safety performance under a new behavioural-based HSE system, reductions in water, waste and carbon intensities, ongoing ESG reporting, and plans to secure a mining permit for Douta while deploying up to US$33 million in exploration spend across its three core jurisdictions in 2026.

More about Thor Explorations

Thor Explorations is a West Africa-focused gold mining and exploration company listed on the TSX Venture Exchange and AIM, operating the Segilola gold mine in Nigeria and advancing exploration and development projects in Nigeria, Senegal and Côte d’Ivoire. Its portfolio includes the producing Segilola mine and the Douta gold project in Senegal, alongside early-stage exploration licences such as Guitry and Marahui in Côte d’Ivoire.

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