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Thor Explorations ( (TSE:THX) ) has shared an update.
Thor Explorations reported a solid start to 2026 at its flagship Segilola gold mine in Nigeria, pouring 20,256 ounces of gold in the first quarter and selling 15,417 ounces at an average realised price of $4,829 per ounce. The company ended the period with a cash balance of $154 million, 4,000 ounces of unsold bullion and an increased ore stockpile, underpinning an adjusted net cash position of $173 million and leaving its 2026 production and cost guidance unchanged.
Management is focusing on extending Segilola’s mine life through ongoing underground drilling, while ramping up exploration and resource conversion at the Douta project in Senegal and multiple licences in Côte d’Ivoire. With updated resource estimates and an optimised feasibility study planned for Douta, plus active drilling across Nigeria, Senegal and Côte d’Ivoire, Thor is positioning itself to grow beyond its single producing asset and potentially add new development projects, which could strengthen its production base and regional footprint if results are favourable.
More about Thor Explorations
Thor Explorations is a West Africa-focused mineral exploration and gold production company with assets in Nigeria, Senegal and Côte d’Ivoire. It owns 100% of the producing Segilola gold mine in Nigeria, holds a full economic interest in the Douta gold project in Senegal, and controls the Guitry gold project and additional exploration licences across its core jurisdictions, trading on AIM and the TSX Venture Exchange under the symbol THX.
The company’s strategy centres on expanding gold production at Segilola while advancing a pipeline of exploration and development projects. Through targeted drilling and feasibility work across its portfolio, Thor aims to extend mine lives, convert resources to higher-confidence categories and build a multi-asset gold platform in West Africa, supported by a strong balance sheet and disciplined cost management.
For detailed information about THX stock, go to TipRanks’ Stock Analysis page.