NIGERIA/SENEGAL – Thor Explorations Ltd. (TSXV/AIM:THX) reported a net profit of $196.2 million for the year ending December 31, 2025, compared to $91.1 million in the prior year, according to a press release statement issued Wednesday.
The company sold 94,130 ounces of gold during fiscal 2025 at an average price of $3,422 per ounce, generating revenue of $325.5 million. This compares to 84,965 ounces sold at $2,288 per ounce and revenue of $193.1 million in fiscal 2024.
The Segilola Gold mine in Nigeria produced 91,910 ounces of gold during the year, processing 962,891 tonnes of ore at an average grade of 3.19 grams per tonne. Cash operating costs were $710 per ounce sold, with all-in sustaining costs of $927 per ounce.
Thor ended the year with cash and cash equivalents of $137.8 million, up from $12.0 million in the prior year. The company repaid its senior debt facility with Africa Finance Corporation at the end of 2024 and is now debt free.
The company returned approximately $18 million to shareholders through dividends during fiscal 2025. A quarterly dividend of C$0.0125 per share will be paid on May 15, 2026, to shareholders of record on April 24, 2026.
Thor completed over 21,000 meters of drilling at Segilola during the year, focused on defining underground reserves to extend mine life. The company advanced its Douta Project in Senegal to preliminary feasibility study stage and increased its economic ownership to 100%.
For 2026, Thor projects gold production of 75,000 to 85,000 ounces with all-in sustaining costs of $1,000 to $1,200 per ounce.
The company announced that Collin Ellison will retire as non-executive director effective Wednesday.
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