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Thor Explorations (THX) investor relations material
Thor Explorations Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved half-year records in revenue ($151.9M), EBITDA ($108.4M), and net profit ($95.5M) for H1 2026, despite lower gold production compared to H1 2025.
Strong adjusted net cash position of $218.6M as of June 30, 2026, after reconciliation adjustments.
Maintained operational efficiencies and cost discipline, with significant progress in exploration and ESG initiatives.
Financial highlights
Q2 2026 revenue: $77.6M (down from $82.7M in Q2 2025); H1 2026 revenue: $151.9M (up from $146.8M in H1 2025).
Q2 2026 EBITDA: $55.4M (Q2 2025: $60.3M); H1 2026 EBITDA: $108.4M (H1 2025: $103.9M).
Q2 2026 net profit: $48.7M (Q2 2025: $51.6M); H1 2026 net profit: $95.5M (H1 2025: $86.1M).
Cash operating cost: $760/oz; AISC: $1,262/oz in Q2 2026.
Dividends of $19.5M declared and $19M paid in H1 2026.
Outlook and guidance
FY2026 production guidance maintained at 75,000–85,000 oz; AISC guidance at $1,000–$1,200/oz.
Ongoing exploration at Segilola (underground drilling), Nigeria (scout drilling), Senegal (resource conversion and expansion), and Côte d'Ivoire (target generation and drilling).
Advanced discussions with Senegal government on Douta Mining Convention, aiming for Final Investment Decision in 2026.
- Q1 2026 saw record revenue, robust cash, and 100% Douta ownership, supporting a strong outlook.THX
Q1 2026 - Strong 2025 financials and advancing West African gold projects drive growth and exploration.THX
Corporate presentation - Record gold output, rising cash, and ongoing exploration drive growth across West Africa.THX
Q4 2025 - Record financial results and robust Douta PFS drive growth, with major projects advancing.THX
Study result - Record Q3 profit, strong cash, and full Douta ownership with robust gold output and exploration.THX
Q3 2025 - Record cash flow and exploration success drive growth, dividends, and resource expansion.THX
2025 Precious Metals Summit - Zurich - Record financial results, strong cash flow, and major exploration milestones drive growth.THX
Q2 2025 - Record profit, debt-free, and high-yield dividend drive growth and exploration.THX
Q4 2024 - Record Q1 net income and robust exploration progress position Thor for continued growth.THX
Q1 2025
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