Thor Explorations (THX) investor relations material

Executive summary

• Achieved record Q2 2025 revenue of $82.7M, EBITDA of $60.3M, and net profit of $51.6M, driven by strong gold prices and operational efficiency.

• Maintained annual production guidance of 85,000–95,000 ounces at AISC below $1,000/oz, with current AISC at $915/oz.

• Fully deleveraged from senior debt, initiated quarterly dividends, and increased institutional and retail investor interest.

• Advancing projects in Nigeria, Senegal, and Côte d'Ivoire, with organic growth through exploration and a strong foundation from the Segilola gold mine.

• H1 2025 revenue reached $146.8M, up from $87.1M year-over-year; net profit for H1 2025 was $86.1M, more than doubling from H1 2024.

Financial highlights

• Net cash position improved from $38.5M net debt at Q2 2024 to $53M net cash at Q2 2025.

• Q2 2025 gold sales: 25,900 oz at average price $3,187/oz; cash operating cost $715/oz, AISC $915/oz.

• Paid first quarterly dividend of $5.8M, with a second dividend of similar size scheduled.

• Working capital strengthened to $65.5M, with robust free cash generation.

• Q2 2025 revenue up 54% year-over-year; net profit up 50% year-over-year.

Outlook and guidance

• Annual production guidance reaffirmed at 85,000–95,000 ounces, with costs expected to remain below $1,000/oz.

• Exploration expenditure for the year to reach up to $21.5M across all jurisdictions, with increased budget for H2 2025.

• Preliminary feasibility study for Senegal's Douta project expected before year-end, with a maiden resource in Côte d'Ivoire targeted at 0.5–1M ounces.

• Ongoing review of dividend policy after initial two-year period, with potential for extension based on mine life and exploration results.

• Ongoing exploration at Segilola, Nigeria, Senegal (Douta), and Côte d'Ivoire; resource updates expected by year-end.