Thor Explorations Ltd (TSE:THX)
:THX
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Thor Explorations
(THX)
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Rating:88Outperform
Price Target:
C$2.00
▲(26.58% Upside)
Action:ReiteratedDate:04/11/26
High score driven primarily by strong financial performance (high margins, strong free cash flow, and very low leverage) and attractive valuation (very low P/E with a dividend). Technicals are supportive with an uptrend, though near-overbought signals add some short-term pullback risk.
Positive Factors
High profitability margins
Reported gross margin of ~66% and net margin of ~60% reflect a structurally profitable operating model and strong operating leverage. Sustained high margins support durable cash generation, fund sustaining/growth capex, and provide a margin cushion against moderate cost or price moves over months.
Negative Factors
Commodity cyclicality exposure
Business economics are closely tied to volatile gold prices and mining cost swings. The unusually sharp margin expansion to 2025 can reverse if metal prices fall or costs rise, making earnings and cash flows sensitive to multi-month commodity cycles and reducing earnings durability.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability margins
Reported gross margin of ~66% and net margin of ~60% reflect a structurally profitable operating model and strong operating leverage. Sustained high margins support durable cash generation, fund sustaining/growth capex, and provide a margin cushion against moderate cost or price moves over months.
Read all positive factors
Thor Explorations (THX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$999.86M
Dividend Yield2.78%
Average Volume (3M)702.85K
Price to Earnings (P/E)4.2
Beta (1Y)1.84
Revenue Growth92.67%
EPS Growth207.16%
CountryCA
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)0.14
Shares Outstanding666,573,100
10 Day Avg. Volume731,645
30 Day Avg. Volume702,847
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)2.23
Price to Sales (P/S)2.55
P/FCF Ratio4.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.59Price Target Upside63.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.35
Revenue Forecast (FY)C$366.07M
Thor Explorations Business Overview & Revenue Model
Company Description
Thor Explorations Ltd., a natural resources company, engages in the acquisition, exploration, development, and production of mineral properties in Senegal, Burkina Faso, Nigeria, and Canada. The company primarily explores for gold and silver depos...
How the Company Makes Money
Thor Explorations primarily makes money by producing and selling gold (and potentially other associated metals where applicable) from its mining operations. Revenue is generated when mined ore is processed to produce gold doré (or equivalent salea...
Thor Explorations Earnings Call Summary
Earnings Call Date:Nov 11, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Jun 02, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance with significant profitability and cash flow achievements despite facing operational and legal challenges. The company's strategic expansion and exploration activities show promise for future growth.Positive Updates
Record Profitability and Cash Position
Despite operational challenges, the company generated revenues of over $40 million, an EBITDA of over $27 million, and a net profit of $17.5 million in Q3. The company transitioned from a net debt position of $2.7 million at the end of June to a net cash position of $2.7 million at the end of September.
Negative Updates
Operational Challenges at Segilola Mine
Q3 faced several operational challenges including a fly-rock incident, late delivery of a liner, and excessive rainfall, leading to reduced production and a lowering of annual guidance to 85,000 ounces.
Read all updates
Q3-2024 Updates
Positive
Negative
Record Profitability and Cash Position
Despite operational challenges, the company generated revenues of over $40 million, an EBITDA of over $27 million, and a net profit of $17.5 million in Q3. The company transitioned from a net debt position of $2.7 million at the end of June to a net cash position of $2.7 million at the end of September.
Read all positive updates
Company Guidance
In the Q3 2024 earnings call for Thor Explorations Limited, CEO Olusegun Lawson provided detailed guidance on the company's operations and financial performance. The Segilola Gold Mine in Nigeria faced several operational challenges, including a fly-rock incident, delays in liner delivery affecting mill efficiency, and adverse weather conditions, leading to a revision of the annual gold production guidance to 85,000 ounces. Despite these hurdles, the company reported a profitable quarter with revenues exceeding $40 million, EBITDA of over $27 million, and a net profit of $17.5 million. The company successfully transitioned from a net debt position of $2.7 million at the end of June to a net cash position of $2.7 million by the end of September. Lawson highlighted the company's focus on expanding exploration efforts, notably in Senegal and Cote d'Ivoire, with an exploration budget of approximately $7 million for projects outside Nigeria. The company anticipates maintaining all-in sustaining costs between $800 and $900 per ounce and expects to eliminate its senior debt by the end of the year, enhancing its financial flexibility for future growth initiatives.Thor Explorations Financial Statement Overview
Summary
Income Statement
91
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
88
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 331.18M | 193.13M | 141.25M | 165.17M | 7.82M |
| Gross Profit | 218.30M | 112.18M | 38.68M | 57.25M | 2.51M |
| EBITDA | 246.61M | 129.38M | 46.94M | 85.06M | -1.69M |
| Net Income | 199.65M | 91.17M | 10.87M | 25.40M | -2.51M |
Balance Sheet | |||||
| Total Assets | 406.34M | 279.07M | 259.11M | 223.25M | 263.22M |
| Cash, Cash Equivalents and Short-Term Investments | 137.50M | 12.04M | 10.39M | 6.69M | 1.62M |
| Total Debt | 2.59M | 8.07M | 14.35M | 43.20M | 91.56M |
| Total Liabilities | 27.03M | 77.82M | 146.92M | 136.47M | 188.05M |
| Stockholders Equity | 379.32M | 201.25M | 111.39M | 86.78M | 75.17M |
Cash Flow | |||||
| Free Cash Flow | 183.85M | 57.66M | 35.41M | 55.71M | -63.73M |
| Operating Cash Flow | 188.92M | 61.76M | 63.84M | 84.39M | -22.36M |
| Investing Cash Flow | -28.09M | -12.87M | -38.45M | -30.55M | -44.75M |
| Financing Cash Flow | -32.82M | -44.70M | -25.07M | -48.43M | 37.22M |
Thor Explorations Technical Analysis
Positive
1.58
Price Trends
1.47
Positive
1.41
Positive
1.21
Positive
Market Momentum
0.02
Negative
55.53
Neutral
65.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:THX, the sentiment is Positive. The current price of 1.58 is above the 20-day moving average (MA) of 1.39, above the 50-day MA of 1.47, and above the 200-day MA of 1.21, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 55.53 is Neutral, neither overbought nor oversold. The STOCH value of 65.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:THX.
Thor Explorations Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | C$999.86M | 4.23 | 65.00% | 2.78% | 92.67% | 207.16% | |
66 Neutral | C$934.48M | 11.75 | 28.92% | ― | 45.36% | -14.35% | |
66 Neutral | C$1.69B | 10.62 | 18.62% | ― | 34.05% | 80.47% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | C$620.70M | -26.89 | -6.57% | ― | -5.94% | -153.35% | |
47 Neutral | C$1.62B | -66.86 | -72.54% | ― | ― | -111.48% |
* General Sector Average
TSE:THX
Thor Explorations
1.50
0.91
154.24%
TSE:OMG
Omai Gold Mines
2.35
1.89
405.38%
TSE:MKO
Mako Mining Corp
11.20
6.68
147.79%
TSE:ORE
Orezone Gold
2.51
1.19
90.15%
TSE:JAG
Jaguar Mining
7.52
4.49
148.18%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.