Highlights

  • Thor Explorations poured 23,719 oz of gold in Q4 2025 at Segilola Mine, Nigeria.
  • Q4 gold sales totaled 25,830 oz at an average realized price of USD 4,189 per ounce.
  • Company declared a total Q4 dividend of CAD 0.0275 per share, including a bonus payment.

Thor Explorations Ltd. (LSE:THX) released its operational results for Q4 2025 and the full year for the Segilola Gold Mine in Nigeria, alongside updates on its exploration projects in Nigeria, Senegal, and Cote d’Ivoire.

During the fourth quarter, the Segilola mine produced 23,719 oz of gold from 242,182 tonnes milled at an average grade of 3.31 g/t with a process plant recovery of 94.8%. Total mine production reached 580,615 tonnes at an average grade of 1.71 g/t for 31,932 oz. Ore stockpiles increased to 50,213 oz, including a medium-grade stockpile of 1,829 tonnes at 1.84 g/t, while gold in circuit rose by 971 oz to 5,126 oz.

Gold sales in Q4 totaled 25,830 oz at an average realized price of USD 4,189 per ounce, generating record quarterly revenue of USD 108 million (unaudited). The company ended the quarter with a cash balance of USD 137 million and bullion inventory of 3,188 oz.

Dividend Details
The company announced a standard Q4 dividend of CAD 0.0125 per share, supplemented by a bonus payment of CAD 0.015 per share. The total dividend for Q4 2025 amounts to CAD 0.0275 per share. Quarterly dividends for 2026 are planned at CAD 0.0125 per share, totaling CAD 0.05 for the year, with adjustments possible based on cash reserves.

The proposed dividend timetable includes an ex-dividend date and record date on January 23, 2026, currency election last day on January 30, 2026, exchange rate announcement on February 2, 2026, and payment date on February 13, 2026.

2026 Production and Exploration Outlook
For FY 2026, Thor Explorations projects gold production between 75,000 and 85,000 oz, with all-in sustaining costs (AISC) estimated between USD 1,000 and USD 1,200 per ounce.

Key exploration activities include:

  • Segilola underground drilling program in Nigeria
  • Scout drilling programs in Nigeria targeting new zones
  • Douta license in Senegal with additional RC drilling and PFS completion scheduled for January 26, 2026
  • Exploration in Cote d’Ivoire, including Guitry and Boundiali licenses and maiden drilling on Marahui Licence

Production Summary
Q4 2025 mining operations delivered 2,148,016 tonnes mined, of which 580,615 tonnes were ore at 1.71 g/t Au. Processing recovered 24,397 oz of gold, with 23,719 oz poured. The quarterly recovery rate was 94.8%.

Share Performance
THX shares trade at 74.00, up 2.78% at the time of writing.