Thor Explorations has reported net income of $46.7m for the first quarter of 2026 (Q1 2026), a 35.8% increase compared to $34.4m in the same period of 2025.
The company generated revenue of $74.3m for the quarter, up 16.1% from $64m in the previous year.
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Earnings before interest, taxes, depreciation and amortisation for the period was $55.8m, marking a rise from $43.6m in Q1 2025.
The company’s adjusted net cash position improved to $177.9m, compared to $24.7m in Q1 2025.
In terms of operations, the company sold 15,417oz of gold, down from 22,750oz in Q1 2025, at an average price of $4,820/oz, compared to $2,720/oz the previous year.
The cash operating cost decreased to $672/oz sold, while the all-in sustaining cost (AISC) also fell to $936/oz.
The Segilola Gold mine processed 239,644t of ore at a grade of 2.54 grams per tonne (g/t) gold.
During the quarter, a diamond drilling programme using six rigs progressed to explore the depth extensions of the Segilola deposits. Initial findings are expected to be released in Q2 2026.
Thor Explorations also progressed its exploration activities across its licences in Nigeria, with ongoing drilling to assess geochemical signatures and potential extensions around Segilola.
At the Douta Gold Project in Senegal, the pre-feasibility study outlined a long-term production forecast of one million ounces (moz) over 12.6 years and a pre-tax net present value of $908m.
An updated mineral resource estimate included an indicated resource of 50.6 million tonnes grading 1.04g/t gold for 1.7moz.
In the Douta-West licence area, a 40,000m drilling programme commenced, focusing on upgrading inferred resources and testing oxide targets.
Meanwhile, in Côte d’Ivoire, exploration at the Guitry and Marahui projects identified significant anomalous structures, with further drilling under way.
Results from these ongoing exploration efforts are expected in the coming quarter.
For fiscal year 2026, Thor Explorations expects to produce between 75,000 and 85,000oz of gold, with AISC projected at $1,000–1,200/oz.
The company plans exploration expenditures ranging from $9m to $11m in Nigeria, $10m to $12m in Senegal and $8m to $10m in Côte d’Ivoire.
Thor Explorations president and CEO Segun Lawson said: “I am pleased to report a strong start to 2026, with the company continuing to deliver excellent financial results while continuing to advance the next phase of growth across the portfolio during the quarter.
“Looking ahead, we remain focused on delivering our gold production, while continuing to advance our exploration programmes across Nigeria, Senegal and Côte d’Ivoire and importantly, reaching a final investment decision for the Douta Project.”
