Thor Explorations (THX) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 revenue of $151.9M, EBITDA of $108.4M, and net profit of $95.5M, with steady gold production from Segilola and strong operational performance.

• Maintained a strong adjusted net cash position of $218.6M as of June 30, 2026, and a quarterly dividend policy, returning $38M to shareholders since April last year.

• The Douta project in Senegal is nearing final investment decision, with robust feasibility results and advanced financing discussions.

• Exploration in Côte d'Ivoire and Nigeria continues to yield promising targets, with drilling campaigns underway at Guitry, Marahui, and Segilola.

• Operational efficiencies and ESG initiatives advanced, including reductions in water withdrawals and greenhouse gas emissions.

Financial highlights

• Q2 2026 revenue was $77.6M, EBITDA $55.4M, and net profit $48.7M; H1 2026 revenue reached $151.9M, EBITDA $108.4M, and net profit $95.5M.

• Cash operating cost was $760/oz and AISC $1,262/oz in Q2 2026.

• Net cash position at quarter-end was $218.6M, with working capital of $230.8M.

• 58,431 oz of gold stockpiled, valued at ~$260M at $4,000/oz, providing two years of plant supply.

• Dividends of $19.5M declared and $19M paid in H1 2026.

Outlook and guidance

• 2026 gold production guidance is 75,000–85,000 oz at AISC of $1,000–$1,200/oz.

• Mine life extension targeted through underground resource definition and near-mine exploration.

• Douta project construction expected to commence in Q3 2026, with no shareholder dilution required.

• Advanced discussions with Senegal government on Douta Mining Convention, aiming for final investment decision in 2026.

• Ongoing exploration at Segilola, Nigeria, Senegal, and Côte d'Ivoire.