Thor Explorations (THX) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 revenue ($151.9M), EBITDA ($108.4M), and net profit ($95.5M), with steady gold production from Segilola and ongoing exploration in Nigeria, Senegal, and Côte d'Ivoire.

• Operations span Nigeria, Senegal, and Côte d'Ivoire, focusing on organic growth, high-margin gold production, and shareholder value through exploration and expansion.

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

• Maintained a quarterly dividend policy, returning $38M to shareholders since April last year.

• Strong ESG progress, including a 36% reduction in raw water withdrawals and 16% reduction in greenhouse gas emissions year-over-year.

Financial highlights

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

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

• Q2 2026 gold sold: 17,050 oz at $4,554/oz; H1 2026 gold poured: 39,409 oz.

• 58,400 oz of gold stockpiled, valued at ~$260M at $4,000/oz.

• 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 at Segilola.

• Douta project construction expected to commence in H2 2026, pending Mining Convention approval.

• Continued exploration in Côte d'Ivoire, advancing Guitry and Marahui projects.