Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF, FRA:T2X) maintained its full-year production and cost guidance after producing 19,153 ounces of gold from its Segilola mine in Nigeria during the second quarter.
The AIM-listed miner sold 17,050 ounces at an average realised price of US$4,535 per ounce, generating quarterly revenue of US$77.3 million. First-half production reached 39,409 ounces.
This kept Thor on track for its 2026 target of 75,000 to 85,000 ounces at all-in sustaining costs of US$1,000 to US$1,200 per ounce.
Thor ended June with US$207.5 million in cash and 4,514 ounces of unsold bullion, giving an adjusted net cash position of US$225.6 million. It declared a quarterly dividend of C$0.0125 per share, payable on August 14.
Chief executive Segun Lawson said the company remained focused on extending Segilola’s mine life through underground and near-mine drilling. Thor completed more than 10,000 metres of drilling in Nigeria, with results expected during the third quarter.
In Senegal, Thor said discussions with the government over the Douta mining convention were advanced, with completion and a final investment decision targeted during the third quarter. Exploration results from Senegal and Côte d’Ivoire are also expected in the coming weeks.
