Thor Explorations (THX) AI Stock Analysis

• Market Cap: C$1.04B
• Dividend Yield: 2.78%
• Average Volume (3M): 702.85K
• Price to Earnings (P/E): 4.5
• Beta (1Y): 1.41
• Revenue Growth: 92.67%
• EPS Growth: 207.16%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.09
• Shares Outstanding: 666,573,100
• 10 Day Avg. Volume: 731,645
• 30 Day Avg. Volume: 702,847
• PEG Ratio: <0.01
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 1.09
• P/FCF Ratio: 3.64
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$1.66
• Price Target Upside: 6.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 83 Outperform
• Price Target: C$2.00 ▲(28.21% Upside)

The score is driven primarily by strong financial performance (high margins, solid growth, strong cash conversion, and very low leverage). Technicals add support with a clear uptrend and constructive momentum. Valuation further boosts the score due to a very low P/E and a positive dividend yield.

Positive Factors

High Profitability and Margins

Sustained ultra-high margins indicate very strong unit economics and operational efficiency. These margins provide durable cushion against cost inflation, allow internal funding of growth and exploration, support dividend capacity and improve resilience across multi-year commodity cycles.

Very Low Financial Leverage

Extremely low leverage and a high equity ratio reduce refinancing and solvency risk, giving the company financial flexibility to fund Segilola development, absorb production hiccups, pursue bolt-on deals or raise selective project finance without materially stressing cash flow.

Strong Cash Generation

Robust free cash flow growth and high conversion of earnings into cash underpin sustainable funding for capex, exploration and shareholder distributions. Strong cash conversion reduces reliance on external capital and supports multi-year project execution and reserve replacement.

Negative Factors

Single-Asset, Single-Jurisdiction Concentration

Concentration in one flagship mine and one country increases exposure to country-specific regulatory, permitting and security risks. Any sustained local disruption or adverse policy change could materially impair production, cash flow and growth visibility over the medium term.

Commodity Revenue Exposure

Dependence on unhedged gold sales makes revenues and free cash flow structurally sensitive to long-term commodity cycles. This volatility can force shifts in capital allocation, exploration pacing or financing needs, complicating multi-year planning and consistent dividend funding.

Dependence on Exploration to Sustain Growth

Future scale-up hinges on continued exploration success and resource conversion. Exploration is inherently uncertain and capital intensive; failure to replace or expand reserves would constrain production growth, potentially leading to dilution or additional financing needs over several years.

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 deposits. Its flagship property is the Segilola gold project located in Osun State, Nigeria. The company was incorporated in 1968 and is based in Vancouver, Canada.

How the Company Makes Money

Thor Explorations generates revenue primarily through the production and sale of gold. The company operates the Segilola Gold Project, which is expected to produce gold at a competitive cost. Revenue is primarily derived from the sale of gold bullion on the open market. Additionally, the company may benefit from strategic partnerships with local and international mining firms, which can provide operational support and enhance its exploration efforts. Factors contributing to its earnings include gold market prices, production efficiency, and the company's ability to expand its resource base through exploration.

Thor Explorations Financial Statement Overview

Summary

Strong profitability and efficiency (TTM gross margin 61.84%, net margin 54.35%, EBIT margin 54.79%, EBITDA margin 68.21%) with positive revenue growth (11.73%). Balance sheet risk is low (debt-to-equity 0.018; equity ratio 91.09%) and cash generation is strong (FCF growth 35.98%; operating cash flow to net income 3.33).

Income Statement

Thor Explorations has demonstrated strong revenue growth and profitability. The TTM (Trailing-Twelve-Months) data shows a robust gross profit margin of 61.84% and a net profit margin of 54.35%, indicating efficient cost management and high profitability. The revenue growth rate of 11.73% in the TTM period reflects positive momentum. EBIT and EBITDA margins are also strong, at 54.79% and 68.21% respectively, showcasing operational efficiency.

Balance Sheet

The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.018 in the TTM period, suggesting low financial leverage and reduced risk. The return on equity is impressive at 61.90%, indicating effective use of equity capital to generate profits. The equity ratio stands at 91.09%, reflecting a strong equity base relative to total assets, enhancing financial stability.

Cash Flow

Thor Explorations shows strong cash flow performance with a free cash flow growth rate of 35.98% in the TTM period, indicating robust cash generation capabilities. The operating cash flow to net income ratio is 3.33, suggesting efficient conversion of net income into cash. The free cash flow to net income ratio of 0.95 further supports the company's ability to generate cash relative to its net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	282.45M	193.13M	141.25M	165.17M	7.82M	0.00
Gross Profit	179.95M	112.18M	38.68M	57.25M	2.51M	-112.34K
EBITDA	197.05M	129.38M	46.94M	85.06M	-1.69M	-3.71M
Net Income	163.00M	91.17M	10.87M	25.40M	-2.51M	-3.87M
Balance Sheet
Total Assets	346.41M	279.07M	259.11M	223.25M	263.22M	141.51M
Cash, Cash Equivalents and Short-Term Investments	80.58M	12.04M	10.39M	6.69M	1.62M	28.26M
Total Debt	3.93M	8.07M	14.35M	43.20M	91.56M	20.64M
Total Liabilities	30.85M	77.82M	146.92M	136.47M	188.05M	63.59M
Stockholders Equity	315.57M	201.25M	111.39M	86.78M	75.17M	77.91M
Cash Flow
Free Cash Flow	132.46M	57.66M	35.41M	55.71M	-63.73M	-12.47M
Operating Cash Flow	138.37M	61.76M	63.84M	84.39M	-22.36M	27.78M
Investing Cash Flow	-19.90M	-12.87M	-38.45M	-30.55M	-44.75M	-46.75M
Financing Cash Flow	-42.84M	-44.70M	-25.07M	-48.43M	37.22M	41.35M

Thor Explorations Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 1.56 is above the 20-day moving average (MA) of 1.48, above the 50-day MA of 1.34, and above the 200-day MA of 1.00, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 56.13 is Neutral, neither overbought nor oversold. The STOCH value of 52.39 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
THX	83 Outperform	C$1.04B	4.55	68.37%	2.78%	92.67%	207.16%
ORE	73 Outperform	C$1.50B	12.95	22.92%	―	34.05%	80.47%
MKO	71 Outperform	C$846.60M	22.79	29.30%	―	45.36%	-14.35%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAG	56 Neutral	C$640.31M	-27.87	-5.98%	―	-5.94%	-153.35%
AMRQ	52 Neutral	C$1.16B	-48.26	-10.64%	―	―	54.00%
OMG	47 Neutral	C$1.10B	-65.50	-76.61%	―	―	-111.48%

Thor Explorations Corporate Events

Thor Explorations Issues RSUs and New Shares Under Long-Term Incentive Plan

Thor Explorations has granted 3,826,963 restricted share units to senior management and employees under its long-term incentive plan, with the awards vesting in three equal annual tranches over a three-year period starting 2 January 2026, contingent on continued service. Settlement of the first tranche will involve issuing 1,275,654 new common shares, which will be admitted to trading on AIM and the TSX Venture Exchange, increasing the company’s issued share capital to 666,573,136 shares and marginally diluting existing shareholders while further aligning management incentives with shareholder interests.

The most recent analyst rating on (TSE:THX) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Thor Explorations stock, see the TSE:THX Stock Forecast page.