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Thor Explorations
Thor Explorations (THX) investor relations material
Thor Explorations Study result summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Study result summary27 Jan, 2026
Financial and operational highlights
Achieved record net sales of $13.4 billion in 2025, up 17% year-on-year, driven by higher metal prices and increased by-product output.
Adjusted EBITDA reached $7.8 billion, a 22% increase, with a margin of 58%.
Net income rose 28% to $4.3 billion, with a net income margin of 32%.
Cash flow from operations was $4.8 billion, up 8% from the prior year.
Q4 2025 revenue was $108M, with a year-end cash balance of $137M and a growing working capital surplus.
Production and market trends
Copper production in 2025 was 956,270 tons, down 1.8% year-on-year, with a further 4.7% decrease expected in 2026 due to lower ore grades.
Molybdenum output increased 7.4% to 31,200 tons in 2025, but is forecast to drop to 26,000 tons in 2026.
Silver production rose 15% to 24 million ounces, with 2026 output expected to remain flat.
Zinc production surged 36% to 165,500 tons, mainly from Buenavista Zinc Concentrator.
Copper prices increased 21% on LME and 22% on COMEX in Q4 2025.
Cost guidance and by-product strategy
Operating cash cost per pound of copper before by-product credit was $2.17 in 2025, up $0.04 from 2024.
Net by-product credit reduced cash cost to $0.58 per pound, mainly due to higher by-product revenues.
By-product credits from zinc, silver, and sulfuric acid increased, while molybdenum credits decreased.
Cost guidance for 2026 is expected to be relatively flat per pound, with strong by-product output helping offset lower copper production.
Douta: How will the $155M capital be funded?
Douta: Target oxide resource increase from drilling?
Douta: What is the NPV at $4,250 gold price?
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Next Thor Explorations earnings date
Q4 20251 May, 2026
Thor Explorations
Next Thor Explorations earnings date
Q4 20251 May, 2026
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