Thor Explorations (THX) Q2 2026 earnings summary

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.