Thor Explorations

Thor Explorations (THX) investor relations material

Thor Explorations Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q1 2026 earnings summary26 May, 2026

Executive summary

Q1 2026 gold production exceeded 20,000 oz at Segilola, with flagship operations in Nigeria and advanced projects in Senegal and Côte d'Ivoire; robust operational and financial performance with significant revenue and net income growth year-over-year.
Achieved 100% ownership of the Douta project in Senegal, with a PFS showing robust economics, significant resource growth, and a pre-tax NPV5% of $908M at $3,500/oz.
Maintained strong institutional shareholder base, market cap just below CAD 1 billion, and paid $32M in dividends in 2025, reflecting strong liquidity and shareholder returns.
Advanced exploration and development across Nigeria, Senegal, and Côte d'Ivoire, with ongoing drilling and resource upgrades.

Financial highlights

Q1 2026 revenue reached $74.3M (Q1 2025: $64.0M); Q4 2025 revenue was $108M; EBITDA for Q1 2026 was $55.8M; net income $46.7M.
Working capital surplus just under $200M; adjusted net cash position of $177.9M at Q1 2026 end.
All-in sustaining costs for Q1 2026 were $936/oz, with 2026 guidance at $1,000–$1,200/oz.
Quarterly and bonus dividends paid, totaling $32M in 2025 and CAD $0.0275/share in Q1 2026.

Outlook and guidance

2026 production guidance: 75,000–85,000 oz gold; AISC guidance: $1,000–$1,200/oz.
Exploration spend guidance for 2026: $9–11M in Nigeria, $10–12M in Senegal, $8–10M in Côte d'Ivoire.
Targeting final investment decision for Douta in Q3/H2 2026 and first gold pour in H1 2028.
Ongoing exploration and mine life extension at Segilola, and continued dividend policy.

Segilola pit cutback vs underground strategy

Douta mining permit and FID timeline update

Marahui RC drilling and exploration targets

Segilola pit cutback vs underground transition

Douta Project FID and construction timeline

Inorganic growth and acquisition strategy

Update on Douta project minority acquisitions

Future plans for Nigerian lithium licences

Details on Pioneer Service Charge calculation

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