Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) shares started higher as the gold miner reported record revenue and net profit for 2024, and declared its maiden dividend.
Revenue rose to $193.1 million, from $141.25 million in the previous year, with some 84,965 ounces of gold sold at an average realised price of $2,288 per ounce.
Net profit increased substantially to $91.2 million, from $10.9 million, as revenue rose and cash operating costs dropped to $575 per ounce, from $1,006, with the all-in sustaining cost (AISC) dropping to $765 per ounce from $1,313.
During the year, Thor completed repayment of a senior debt facility and closed the year with a net cash balance of $11.2 million.
It now has the financial wherewithal to kick off dividends, starting with a maiden dividend of C$0.0125 per share to be paid on 16 May.
"I am pleased with our performance and progress as a group in 2024 where we generated record revenues from our Segilola Gold mine whilst being disciplined in our cost control and focusing on our ESG commitments,” chief executive Segun Lawson said in a statement.
In London, Thor shares were up around 17%, trading at 25.73p each. In Toronto, Thor shares were up 17.5% near the closing bell.
“Our primary objectives in 2024 were to fully repay our senior debt facility and strengthen our balance sheet. This was achieved whilst also expanding our exploration portfolio in Nigeria, Senegal and in Côte d'Ivoire,” Lawson added.
Lawson described the maiden dividend as a major milestone in the miner’s evolution, validating management’s confidence in the overall strength and sustainability of our business.
“Our dividend policy demonstrates our dedication to returning part of our strong cash flow generation to shareholders without forgoing our ability to self-fund our growth,” he said.
In terms of operational highlights, Thor noted Segilola operations in Nigeria delivered 85,057 ounces of gold, and progress continued at Douta in Senegal where work through the year has pushed the project towards completion of a prefeasibility study.
In Côte d'Ivoire, Thor is advancing an exploration project portfolio including the Guitry project (acquired in 2024), the Boundiali project, and the Marahui Permit.
It also, in 2024, advanced exploration activities on potential lithium project in Nigeria.
Looking ahead, Thor forecasts 85,000 to 95,000 ounces of gold production in 2025, targeting AISC of $800 to $1,000 per ounce.
“I look ahead to 2025 with confidence that we have the right strategy, a portfolio capable of unlocking significant values, cashflow to support our activities and the right team to deliver on our objectives,” Segun Lawson added.