Thor Explorations Ltd
XTSX:THX
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Thor Explorations Ltd
Thor Explorations Ltd. is a mineral exploration company. The company is headquartered in Vancouver, British Columbia. The firm is engaged in the acquisition, exploration and development of mineral properties in West Africa. Its projects include Segilola Gold Project, Douta Project and Central Hounde Project. Its Segilola Gold Project is located in Osun State of Nigeria, approximately 120 kilometers (km) northeast of Lagos. The property consists of mining license ML41 and exploration license EL19066. The Douta Project is located in the southeast region of Senegal within the Kenieba inlier, proximal to the Main Transcurrent Shear Zone. The Central Hounde Project consists of three contiguous permits located within the Hounde belt, approximately 260 km south-west of the capital Ouagadougou, in western Burkina Faso.
Thor Explorations Ltd. is a mineral exploration company. The company is headquartered in Vancouver, British Columbia. The firm is engaged in the acquisition, exploration and development of mineral properties in West Africa. Its projects include Segilola Gold Project, Douta Project and Central Hounde Project. Its Segilola Gold Project is located in Osun State of Nigeria, approximately 120 kilometers (km) northeast of Lagos. The property consists of mining license ML41 and exploration license EL19066. The Douta Project is located in the southeast region of Senegal within the Kenieba inlier, proximal to the Main Transcurrent Shear Zone. The Central Hounde Project consists of three contiguous permits located within the Hounde belt, approximately 260 km south-west of the capital Ouagadougou, in western Burkina Faso.
Strong Profitability: Thor Explorations delivered a net profit of $43.1 million in Q3 2025, driven by strong gold production, operational discipline, and high gold prices.
Production & Sales: Poured 22,600 ounces of gold and sold 19,650 ounces at an average price of $3,535 per ounce, generating nearly $70 million in revenue with $51.8 million EBITDA.
Raised Guidance: 2025 production guidance narrowed to 90,000–95,000 ounces (top half of initial guidance), and all-in sustaining cost guidance tightened to $900–$1,000 per ounce.
Balance Sheet: Balance sheet fully delevered, with an adjusted net cash position of $81 million and working capital surplus of $96.6 million; strong cash flow supports exploration and shareholder returns.
Dividend Return: Third dividend paid in Q3; $11.9 million returned to shareholders so far in 2025, with policy under review for a potential increase.
Growth Projects: Douta project in Senegal advancing to preliminary feasibility study release in coming weeks; exploration ramping up in Cote d'Ivoire with maiden resource expected at Guitry in Q1 2026.
Operational Efficiency: Recovery rates improved to 94.3% by Q3, and costs kept below $1,000/oz, supporting high margins.
Outlook: Q4 expected to be even stronger, with higher gold prices and more ounces to sell at improved margins; 8-month drilling campaign underway across all projects.
