Thor Explorations (THX) Q1 2026 earnings summary

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.