Thor Explorations Ltd. (TSXV/AIM: THX) has published its third-quarter 2026 financial and operating results for the three months ended 30 September 2026, reporting a net profit of US$47.3 million and revenue of US$81.3 million from its Segilola Gold Mine in Nigeria. The company sold 19,000 ounces of gold at an average realised price of US$4,280 per ounce during the period. However, severe rainfall in late August prompted the company to revise full-year production guidance downward to 70,000–72,000 ounces, from the previous range of 75,000–85,000 ounces, making production trajectory a key focus for investors heading into Q4 2026.

Key Points

  • Thor Explorations Ltd. (TSXV/AIM: THX) — gold producer and explorer operating in Nigeria, Senegal, and Côte d'Ivoire
  • Q3 2026 net profit of US$47.3 million on revenue of US$81.3 million, with EBITDA of US$56.9 million
  • Full-year 2026 production guidance revised to 70,000–72,000 oz; AISC guidance maintained at US$1,000–US$1,200 per oz
  • Investors should watch for Q4 2026 Segilola drilling results, an updated Douta Mineral Resource Estimate, and progress on the Douta Mining Convention

Segilola Gold Mine Delivers US$81.3 Million Revenue at US$4,280 Per Ounce Average Gold Price

Thor Explorations' Segilola Gold Mine in Osun State, Nigeria, remained the Group's sole producing asset during Q3 2026. The mine processed 249,607 tonnes of ore at a mill feed grade of 2.10 grammes per tonne and achieved a process plant recovery rate of 92.8%. Gold poured totalled 15,515 ounces, compared with 22,617 ounces in Q3 2025, reflecting the impact of reduced mining activity following heavy rainfall. Cash operating cost was US$754 per ounce sold, and all-in sustaining cost came in at US$993 per ounce sold. The company's adjusted net cash position reached US$236.6 million at the period end, compared with US$81.0 million at the same point in 2025.

Revised 2026 Production Guidance Following Severe Rainfall at Segilola in Late August

Thor Explorations revised its full-year 2026 production guidance to 70,000–72,000 ounces, citing severe rainfall at Segilola in late August and its consequential impact on mining operations. The company mined 303,602 tonnes of ore during Q3 2026, down from 386,558 tonnes in Q3 2025. Despite the lower output, AISC guidance of US$1,000–US$1,200 per ounce has been maintained. The company highlighted its ore stockpile of 58,322 ounces at an average grade of 0.72 grammes per tonne, described as equivalent to approximately two years of process plant supply, which the announcement states provides operational flexibility and reduces near-term production risk.

Marahui RC Drilling in Côte d'Ivoire Returns Grades of Up to 6.20 g/t Gold Across 7,385 Metres

Exploration activity across Thor's portfolio advanced materially during the quarter. At the Marahui Project in Côte d'Ivoire, an initial reverse circulation drilling programme of 7,385 metres in 64 holes returned results including 6 metres at 6.20 g/t gold from 74 metres and 9 metres at 5.40 g/t gold from 40 metres. Gold mineralisation occurs within a subvertical vein array across a shear zone approximately 200 metres wide and extending more than 4 kilometres along strike. At the Douta Project in Senegal, drilling continued on the Bousankhoba Permit, with an updated Mineral Resource Estimate targeted for Q4 2026. The company also confirmed it is in the final stages of discussions with the Government of Senegal regarding the Douta Mining Convention.

No Lost-Time Injuries Recorded and Quarterly Dividend Policy Maintained at CAD$0.0125 Per Share

Thor Explorations recorded no lost-time injuries during Q3 2026 and reported that greenhouse gas emissions totalled 8,668 tonnes of CO₂ equivalent, 24% below Q3 2025 levels. Raw-water withdrawal declined by 46% compared with the prior-year quarter. Community investment activities during the period included the commissioning of nine minibuses across three Nigerian host communities and a medical outreach programme attended by more than 2,000 residents. President and CEO Segun Lawson confirmed the company intends to maintain its quarterly dividend policy of CAD$0.0125 per share, underpinned by the Group's adjusted net cash position of US$236.6 million.