LONDON (ShareCast) - (Sharecast News) - Thor Explorations reported a record quarterly net income of $34.4m for the first quarter on Wednesday, more than doubling the $12.4m posted a year earlier, as strong gold prices and increased production at its Segilola mine in Nigeria boosted financial results.
The AIM-traded company said it sold 22,750 ounces of gold during the quarter at an average price of $2,720 per ounce, up from 17,420 ounces at $2,033 a year earlier.

Revenue nearly doubled to $64m, while EBITDA rose to $43.6m.

Despite higher cash operating costs of $711 per ounce and an all-in sustaining cost of $950, Thor ended the quarter with net cash of $24.7m and paid its first quarterly dividend.

Operationally, Segilola delivered 22,790 ounces of gold with a 93.7% recovery rate.

Exploration progressed across Thor's portfolio in Nigeria, Senegal and Côte d'Ivoire, including drilling at the Douta project and regional target definition in West Africa.

The company reaffirmed its 2025 production guidance of 85,000 to 95,000 ounces as it continued to advance its pre-feasibility study for Douta.

"We are pleased with the company's performance during the first quarter of 2025, with strong quarterly revenue where we generated a record net income for a quarter of $34.4m," said president and chief executive officer Segun Lawson.

"This was attributable to our continued cost discipline and a favourable gold price environment during which we were able to unwind all our hedged gold positions.

"During the quarter, we produced and sold over 22,700 ounces of gold at an average price of $2,720 per ounce, generating revenue of $64m and EBITDA of $43.6m."

Lawson said that notably, the company ended the quarter doubling its net cash position to $24.7m.

"On the exploration front, we made significant progress across our Nigerian portfolio during the quarter.

"The Segilola underground drilling is ongoing and we look forward to updating the market with results later in the second quarter of 2025.

"The identification and delineation of a number of targets also marks a promising development, and we have commenced drilling campaigns on these targets following the end of the quarter."

"At Douta, following the encouraging initial drilling discovery intercepts reported from the Baraka 3 Prospect and along the Makosa trend, we are using three drilling rigs to complete a 12,000 metre drilling campaign on the Baraka 3 target."

The company remained on course to complete the drilling program in the second quarter, Segun Lawson said, adding that on receipt of the results, it would integrate into an updated resource model and pre-feasibility study.

"In Côte d'Ivoire, we continue to be excited and encouraged by the prospectivity of our portfolio where we have defined drilling targets at scale.

"Preparations have been finalised for initial drill testing at Guitry to commence in the second quarter and subsequently for Marahui in the third quarter.

"Looking ahead, our operational guidance for 2025 remains unchanged at 85,000 to 95,000 ounces of gold at an AlSC of $800 to $1,000 per ounce."

At 1003 BST, shares in Thor Explorations were up 0.82% at 36.8p.

Reporting by Josh White for Sharecast.com.

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