Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) delivered record first-half revenue, EBITDA and net profit in 2026, supported by strong gold pricing, disciplined cost management and continued performance from the Segilola Gold Mine in Nigeria.
Revenue for the 6 months to June 30 rose to US$151.9 million from US$146.8 million a year earlier, while EBITDA increased to US$108.4 million from US$103.9 million. Net profit climbed to a record US$95.5 million from US$86.1 million.
Thor ended the period with adjusted net cash of US$218.6 million, including 6,367 ounces of gold bullion valued at US$25.5 million.
Strong Q2 performance at Segilola
Thor poured 19,153 ounces of gold from Segilola during the second quarter, taking first-half production to 39,409 ounces.
The company sold 17,050 ounces in Q2 at an average gold price of US$4,554 per ounce, with cash operating costs of US$760 per ounce sold and an all-in sustaining cost of US$1,262 per ounce.
The processing plant treated 240,769 tonnes of ore during the quarter at an average feed grade of 2.57 grams per tonne gold, with recovery of 93.3% and no significant downtime.
Thor also increased its stockpile to 58,431 ounces of contained gold at an average grade of 0.74 g/t, representing approximately 2 years of process plant supply and providing additional production flexibility.
Segilola exploration targets mine-life extension
Exploration continued to focus on extending the life of the Segilola operation and assessing the potential for future underground mining.
Thor completed 10,614 metres of diamond drilling across 37 holes during Q2, testing extensions of the deposit beneath the current open-pit mine design.
Drilling is expected to continue through the end of 2026 as the company works to further define mineralised zones with underground potential. Thor has also engaged a mining consultancy to review the potential underground mining opportunity and support the ongoing drill program.
Regional exploration across the wider Segilola licences also generated additional targets, with stream-sediment sampling returning gold values of up to 2.12 g/t.
Douta resource growth work advances
Thor continued an extensive exploration program across its Senegal portfolio during the quarter, completing 19,356 metres of reverse circulation drilling and 6,150 metres of RAB and air-core drilling.
At Douta-West, drilling at the Baraka 3 prospect extended mineralisation to the north, where the system remains open.
At Boussankhoba, drilling continued to demonstrate continuity between the Sekhoto North and Massa Massa prospects, supporting the interpretation that they form part of a single mineralised system with scope for further resource growth.
Thor is also progressing discussions with the Senegalese Government over the Douta Mining Convention, which forms an important part of the company's planned final investment decision for the project.
Côte d’Ivoire exploration builds pipeline
Exploration in Côte d’Ivoire focused on the Guitry and Marahui projects, alongside earlier-stage target generation at Laoudiba and Boundiali.
At Marahui, geological mapping and soil sampling identified 2 parallel anomalous structures, including a larger target extending around 4 kilometres in length.
A follow-up 50-hole RC drilling program totalling 5,125 metres intersected multiple narrow zones of gold mineralisation over approximately 1 kilometre of strike.
Next steps
Thor maintained FY2026 production guidance of 75,000 to 85,000 ounces of gold at an AISC of US$1,000 to US$1,200 per ounce.
At Segilola, the company will continue underground-focused drilling with the aim of delivering an updated mineral resource estimate by year-end.
In Senegal, infill and expansion drilling will support an updated Douta mineral resource estimate and optimised preliminary feasibility study, while discussions over the Mining Convention continue in parallel with preparations for a final investment decision.
Thor also expects to release drilling results from its Guitry and Marahui licences in Côte d’Ivoire during Q3 2026.
