Thor Explorations (THX) Q4 2025 earnings summary

Executive summary

• Achieved record gold production of just under 92,000 ounces in 2024 and 20,256 ounces poured in Q1 2026, with strong operational and financial performance amid high gold prices.

• Maintained disciplined cost control, resulting in increased margins and a net cash position of $151 million at 2024 year-end, rising to $154 million at Q1 2026.

• Expanded exploration and development activities across Nigeria, Senegal, and Côte d'Ivoire, with significant progress in resource growth and project advancement.

• Continued shareholder returns through a quarterly dividend policy and a bonus dividend, totaling $32 million returned in 2024.

• Focused on extending Segilola mine life through ongoing underground drilling and resource delineation.

Financial highlights

• Record Q4 2024 revenue of $108 million and Q1 2026 gold sales of 15,417 oz at $4,829/oz, with strong profitability and cash generation.

• Ended Q1 2026 with $154 million in cash and 4,000 oz gold bullion inventory, resulting in an adjusted net cash position of $173 million.

• All-in sustaining cost for 2024 in line with guidance; 2025 and 2026 guidance set at $1,000–$1,200 per ounce.

• Q1 2026 mine production: 459,246 tonnes at 1.58g/t Au for 23,397 oz.

• Returned $32 million to shareholders via dividends in 2024.

Outlook and guidance

• FY 2025 and 2026 gold production guidance of 75,000–85,000 ounces, with Q1 2026 production of 20,256 ounces aligning with guidance.

• Exploration budget of $30 million across three jurisdictions, targeting resource growth and mine life extension.

• No plans for equity dilution in funding Senegal’s Douta project; aiming for financial close in Q3 2025.

• Dividend policy to continue at minimum $0.05 per share per quarter through at least 2026.

• Updated Mineral Resource Estimate and optimized PFS for Douta Project expected after drilling completion.