Thor Explorations (THX) Q3 2026 earnings summary

Executive summary

• Q3 2026 gold sales were 19,000 oz at an average US$4,280/oz, generating US$81.3m revenue, US$56.9m EBITDA and US$47.3m net profit.

• Operations include producing Segilola in Nigeria and development and exploration projects in Senegal and Côte d’Ivoire.

Financial highlights

• Revenue was US$81.3m vs. US$69.9m in Q3 2025; net profit was US$47.3m vs. US$43.1m, and EBITDA was US$56.9m vs. US$51.4m.

• Q3 cash operating cost was US$754/oz sold and AISC was US$993/oz sold.

• Adjusted net cash was US$236.6m; period-end net cash was also reported at US$236.7m, with bullion inventory of 2,825 oz.

Outlook and guidance

• FY2026 production guidance was reduced from 75,000–85,000 oz to 70,000–72,000 oz after severe rainfall disrupted mining; AISC guidance remains US$1,000–US$1,200/oz.

• Priorities include Segilola mine-life extension through underground and near-mine resources, Douta permitting and targeted construction commencement in H2 2026.

• Douta Mineral Resource Estimate and Segilola drilling results were targeted for Q4 2026; exploration will advance across Nigeria, Senegal and Côte d’Ivoire.