Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF, FRA:T2X) has kept full-year guidance in place after pouring 20,256 ounces of gold in the first quarter from its Segilola mine in Nigeria, as the West Africa-focused producer ended March with US$154 million in cash and pushed ahead with drilling across its wider portfolio.
The company sold 15,417 ounces in the quarter at an average realised gold price of US$4,829 an ounce. Including 4,000 ounces of bullion inventory, Thor said it had an adjusted net cash position of US$173 million at quarter-end, underlining the balance sheet strength built during 2025.
"We ended the quarter with a healthy cash balance of US$154 million and 4,000 ounces of unsold gold bullion, which we have agreed to sell in Q2 2026. We continue to grow our balance sheet whilst managing to keep in line with our cost guidance," said chief executive Segun Lawson.
Operationally, Segilola processed 239,664 tonnes of ore at an average grade of 2.54 grams per tonne, with recovery of 93.1%. Mine production totalled 459,246 tonnes at an average grade of 1.58 g/t for 23,397 ounces, while the ore stockpile increased by 3,844 ounces to 54,057 ounces of contained gold.
Thor maintained its 2026 production guidance of 75,000 to 85,000 ounces and all-in sustaining cost guidance of US$1,000 to US$1,200 per ounce.
Lawson added: "Having completed an operationally robust year in 2025, during which we achieved record gold production and record profitability, we are pleased to keep up the momentum at the start of the year with a strong first quarter of 2026.
"Pouring just over 20,000 ounces is in line with the mid-range of our production guidance of 75,000 to 85,000 ounces for the year.
"In the quarter, our focus at Segilola has been to extend the mine life. Our drilling activities continue underneath the pit, where we continue to intersect mineable gold mineralisation.
"Our drilling activities will continue throughout the year with the aim of drilling and delineating sufficient ore tonnage to proceed with underground mine development."
The Thor boss noted that the focus at Segilola remains extending mine life through underground drilling, whilst in Senegal it expects drill results from Douta in the second quarter and is targeting a final investment decision in the second half of 2026.