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Thor Explorations ( (TSE:THX) ) has issued an announcement.
Thor Explorations reported a strong first quarter of 2026, with revenue rising to US$74.3 million and net income to US$46.7 million, despite lower gold sales volumes from its Segilola mine in Nigeria. Higher realised gold prices, lower all‑in sustaining costs and a significantly strengthened net cash position of US$177.9 million supported a quarterly dividend, while production guidance for 2026 was maintained at 75,000 to 85,000 ounces.
Operationally, Segilola delivered more than 20,000 ounces of gold poured and continued a multi‑rig drilling campaign aimed at extending mine life and evaluating potential pit cutbacks and underground mining in light of higher gold prices. Thor advanced its growth pipeline with a positive pre‑feasibility study at the Douta project in Senegal, showing robust economics and an expanded resource, while ongoing drilling in Senegal and Côte d’Ivoire, together with enhanced ESG performance and community programmes, underpins its strategy to become a leading regional gold producer.
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 projects in Nigeria, Senegal and Côte d’Ivoire. The company targets open‑pit and potential underground gold deposits, with a particular emphasis on building long‑life, low‑cost operations supported by a growing regional resource base.
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