Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) reported gold sales of 22,750 ounces in the first quarter of 2025, generating US$61.9 million of revenue.
It saw a realised gold price of US$2,720 per ounce – and, against a backdrop of soaring gold prices, the miner unwound all its hedges.
Some 22,790 ounces of gold were poured in quarter. Gold recovery from the process plant increased to 93.7%, up from 89.2% in the previous quarter.
Full-year production guidance is retained, at 85,000 to 95,000 ounces, with the all-in sustaining cost (AISC) forecast between US$800 and US$1,000 per ounce.
“I am pleased to report a solid operational first quarter and start to 2025,” chief executive Segun Lawson said in a statement.
“This continues to strengthen our balance sheet and provides an excellent platform from which to implement our strategy and ambitions for the year.” He added: "Segilola gold production costs have performed well against budget and we have continued to increase the intensity of our exploration activities.”
Exploration activities continued across all regions. At Segilola, 2,645 metres of underground drilling was completed.
In Senegal, two discovery holes were drilled at the Baraka 3 Prospect.
Côte d'Ivoire exploration included soil geochemistry programs that identified multiple anomalies.
Lawson added: “Our exploration teams in Nigeria, Senegal and Côte D'Ivoire have identified several new targets which we look forward to testing over the next six months.
“I am excited to be advancing exploration on multiple fronts across our entire portfolio where we have several value accretive milestones to unlock.”