Thor Explorations Maintains Full Year Guidance Following Q2 Update

Thor Explorations Ltd has reaffirmed its full year production and cost guidance after delivering 19,153 ounces of gold from its Segilola mine in Nigeria during the second quarter. The company, which trades on the Toronto Venture Exchange, AIM, and OTC markets, continues to demonstrate operational consistency at its flagship West African asset.

The miner sold 17,050 ounces during the three-month period at an average realised price of $4,535 per ounce, generating quarterly revenue of $77.3 million. First-half production totalled 39,409 ounces, positioning the company to meet its 2026 target range of 75,000 to 85,000 ounces at all-in sustaining costs of between $1,000 and $1,200 per ounce.

The company’s balance sheet remained robust at the end of June, with cash holdings of $207.5 million and 4,514 ounces of unsold bullion. This translated to an adjusted net cash position of $225.6 million. Management declared a quarterly dividend of C$0.0125 per share, scheduled for payment on 14 August.

Chief executive Segun Lawson emphasised the company’s commitment to extending Segilola’s operational lifespan through targeted underground and near-mine drilling programmes. Thor completed more than 10,000 metres of exploration drilling in Nigeria during the quarter, with assay results anticipated in the third quarter.

In Senegal, the company reported advanced discussions with government authorities regarding the Douta mining convention. Thor expects to finalise this agreement and reach a final investment decision during the third quarter. Exploration results from the company’s Senegalese and Côte d’Ivoire projects are also scheduled for release in the coming weeks.

The operational update demonstrates Thor’s ability to maintain production discipline whilst advancing its growth pipeline across multiple West African jurisdictions. The company’s strong cash position and continued commitment to shareholder returns via dividends suggest a balanced approach to capital allocation between operational requirements and investor distributions.