Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) leapt 20% to a year’s high as it revealed bumper earnings for the half year to end June and a near wiping out of its debt.
The Nigeria-focused gold miner reported interim net profits of US$39.9 million, up 129%, adding debt for the group was now down to just US$2.7 million net.
For the full year ear, Thor expects to produce around 90,000 oz, lower than expected to due to a rock fall incident and subsequent safety checks, but added that all-in-costs for the year will also fall to between US$900-1,000 an oz.
Spot gold currently is around US$2,505.
On AIM Thor shares rose 3p to 20p.