Thor Explorations delivers record quarterly revenue
By Josh White
Date: Monday 14 Jul 2025
(Sharecast News) - Thor Explorations delivered a record quarterly revenue of $82.5m for the second quarter on Monday, as gold sales from its Segilola mine in Nigeria reached 25,900 ounces at an average realised price of $3,187 per ounce.
Gold production totalled 22,784 ounces, with 238,425 tonnes milled at an average grade of 3.12 grams per tonne and a recovery rate of 93.1%.
The AIM-traded company maintained its full-year production guidance of 85,000 to 95,000 ounces, along with its all-in sustaining cost forecast of between $800 and $1,000 per ounce.
"I am pleased to report a solid operational second quarter of the year, which continues from the strong start we made to the year," said president and CEO Segun Lawson.
"Having unwound all our hedged gold positions in the previous quarter, we were able to benefit from the full exposure to the high prevailing gold prices, resulting in a record quarterly revenue of $82.5m.
"We have achieved this whilst continuing to maintain our production costs in line with our guidance."
Lawson said Thor was well positioned for the second half of the year, with continued underground drilling at Segilola targeting extensions to the mine life.
In the second quarter, 4,418 metres of diamond drilling was completed at Segilola across 12 holes, confirming mineralisation in both steeply and shallowly plunging zones and indicating potential extensions beyond the open pit design.
Exploration activities also ramped up across Senegal and Côte d'Ivoire.
At the Douta Project in Senegal, over 11,000 metres of drilling was completed at the Baraka 3 prospect, surpassing the originally planned 8,000 metres.
The results were expected to be incorporated into a revised resource estimate and preliminary feasibility study later in the year.
Environmental approval work was also advancing for the Douta mining licence.
In Côte d'Ivoire, Thor said it completed a 4,000-metre reverse circulation drilling programme at the Guitry project, with results due in July.
At the Marahui licence, mapping and sampling identified a five-kilometre by 200-metre anomaly that would be drilled once the rainy season ends.
Thor confirmed its quarterly dividend of 1.25 Canadian cents per share would be paid on 15 August, in line with the policy announced in April.
UK depository interest holders would receive payment in sterling unless they elected for US dollars, while Canadian registered holders would be paid in Canadian dollars with the same election option.
"Looking ahead, we are well positioned for the second half of the year," Lawson added.
"We also continue to be encouraged by the initial exploration results from the Marahui Project where we are now positioned to kick off a maiden drilling programme at the end of the rainy season."
At 1132 BST, shares in Thor Explorations were up 3.05% at 41.22p.
Reporting by Josh White for Sharecast.com.
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