Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has reported a strong first quarter performance, driven by continued cost discipline and gold prices.
The miner revenue of US$64 million for the first quarter of 2025, selling 22,750 ounces of gold at an average price of US$2,720 per ounce.
Net income for the period amounted to US$34.4 million, whilst earnings (EBITDA) was reported at US$43.6 million. It ended the quarter with US$24.70 million of net cash.
Thor produced some 22,790 ounces of gold, with its recovery rate reported at 93.7%, whilst the ‘all-in sustaining cost’ (AISC) was marked at US$950 per ounce.
In the period, the company paid its maiden quarterly dividend of CAD$0.125 per share.
Guidance for 2025 remains unchanged at 85,000 to 95,000 ounces of gold, at an AlSC of $800-$1,000 per ounce.
In terms of exploration and development, Thor highlighted that it has continued its underground drilling at the Segilola project, and initiated drilling on newly identified targets including Owode.
In Senegal, the Baraka 3 Prospect saw results that included 19 metres at 2.46 g/t Au and 26 metres at 1.31 g/t Au. Here, the company is completing a 12,000 metre drilling program to feed into the Douta Pre-Feasibility Study.
In Côte d'Ivoire, drilling at Guitry is scheduled for in company’s second quarter, and at Marahui its anticipated in the third quarter.
"On the exploration front, we made significant progress across our Nigerian portfolio during the quarter,” chief executive Segun Lawson said.
“The Segilola Underground drilling is ongoing and we look forward to updating the market with results later in Q2 2025.
“The identification and delineation of a number of targets also marks a promising development, and we have commenced drilling campaigns on these targets following the end of the quarter.
Lawson added: “I look forward to updating shareholders in due course on our continued progress on exploration and further developments across our project portfolio.”