Thor Explorations (THX) investor relations material

Executive summary

• Q3 2025 delivered strong financial and operational performance, with record gold production and sales from the Segilola mine, robust profitability driven by high gold prices, and disciplined cost management.

• Operations span Nigeria (Segilola Gold Mine), Senegal (Douta Project), and Côte d'Ivoire, with active exploration, resource definition, and development in all jurisdictions.

• Increased ownership in the Douta Project to 100% and acquired new exploration permits in Senegal, enhancing long-term growth prospects.

• The company is fully funded, debt-free, and positioned for aggressive exploration and growth across its portfolio.

• Advanced key exploration and life of mine extension drilling at Segilola and resource expansion at Douta.

Financial highlights

• Net profit of $43.1 million in Q3 2025, with revenue of $69.9 million and EBITDA of $51.8 million, all significantly higher year-over-year.

• Sold 19,650 oz of gold at an average price of $3,535/oz in Q3.

• Working capital swung from a $27.8 million deficit last year to a $96.6 million surplus.

• Adjusted net cash position improved to $81.0 million from $3.2 million a year earlier.

• Third dividend paid in 2025, totaling $11.9 million returned to shareholders year-to-date.

Outlook and guidance

• 2025 gold production guidance narrowed to 90,000–95,000 ounces, with AISC guidance at $900–$1,000/oz.

• Douta Pre-Feasibility Study to be released in Q4 2025; updated Segilola resource and PFS for Douta expected in Q1 2026.

• Q4 expected to deliver higher gold sales, lower costs, and increased margins due to higher gold prices.

• Aggressive exploration and drilling planned across all jurisdictions for the next eight months.

• Continued focus on advancing exploration and resource growth across all regions.