Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has delivered a solid operational update from the Segilola mine in Nigeria for the second quarter, alongside a progress report on its assets in Senegal and Côte d'Ivoire.
Between April and June, the company poured just under 23,000 ounces of gold. It sold a slightly higher 25,900 ounces at an average price of $3,187 per ounce, generating revenue of $82.5 million.
Its all-in sustaining costs, a measure of the total cost to produce an ounce of gold, including operating, sustaining capital, and administrative expenses, are forecast to stay between $800 and $1,000 per ounce.
CEO Segun Lawson said: "Having unwound all our hedged gold positions in the previous quarter, we were able to benefit from the full exposure to the high prevailing gold prices, resulting in a record quarterly revenue.
"We have achieved this whilst continuing to maintain our production costs in line with our guidance."
Looking ahead, Thor expects to produce between 85,000 and 95,000 ounces of gold in 2025, maintaining its previous guidance.
Exploration remains active across Thor’s portfolio. At Segilola, underground drilling continues, while in Nigeria, scout drilling targets near existing mines and regional prospects.
In Senegal, work is ongoing at the Douta Project, where drilling at the Baraka 3 prospect is wrapping up ahead of incorporation into an updated mine plan.
Additional drilling is targeting oxide resources, which are easier to process. In Côte d’Ivoire, exploration is advancing on three licences, with further drilling planned on two of them.
Following the current drilling campaigns at Douta, Thor will prepare updated mineral resource estimates and a pre-feasibility study, which is an early assessment of the project’s economics.
The dividend will be C$0.0125 per share for the quarter.