Thor Explorations reports 35.8% rise in Q1 2026 net income

Thor Explorations has reported nett income of $46.7m for the archetypal 4th of 2026 (Q1 2026), a 35.8% summation compared to $34.4m successful the aforesaid play of 2025.

The institution generated gross of $74.3m for the quarter, up 16.1% from $64m successful the erstwhile year.

Earnings earlier interest, taxes, depreciation and amortisation for the play was $55.8m, marking a emergence from $43.6m successful Q1 2025.

The company’s adjusted nett currency presumption improved to $177.9m, compared to $24.7m successful Q1 2025.

In presumption of operations, the institution sold 15,417oz of gold, down from 22,750oz successful Q1 2025, astatine an mean terms of $4,820/oz, compared to $2,720/oz the erstwhile year.

The currency operating outgo decreased to $672/oz sold, portion the all-in sustaining outgo (AISC) besides fell to $936/oz.

The Segilola Gold excavation processed 239,644t of ore astatine a people of 2.54 grams per tonne (g/t) gold.

During the quarter, a diamond drilling programme utilizing six rigs progressed to research the extent extensions of the Segilola deposits. Initial findings are expected to beryllium released successful Q2 2026.

Thor Explorations besides progressed its exploration activities crossed its licences successful Nigeria, with ongoing drilling to measure geochemical signatures and imaginable extensions astir Segilola.

At the Douta Gold Project successful Senegal, the pre-feasibility survey outlined a semipermanent accumulation forecast of 1 cardinal ounces (moz) implicit 12.6 years and a pre-tax nett contiguous worth of $908m.

An updated mineral assets estimation included an indicated assets of 50.6 cardinal tonnes grading 1.04g/t golden for 1.7moz.

In the Douta-West licence area, a 40,000m drilling programme commenced, focusing connected upgrading inferred resources and investigating oxide targets.

Meanwhile, successful Côte d'Ivoire, exploration astatine the Guitry and Marahui projects identified important anomalous structures, with further drilling nether way.

Results from these ongoing exploration efforts are expected successful the coming quarter.

For fiscal twelvemonth 2026, Thor Explorations expects to nutrient betwixt 75,000 and 85,000oz of gold, with AISC projected astatine $1,000–1,200/oz.

The institution plans exploration expenditures ranging from $9m to $11m successful Nigeria, $10m to $12m successful Senegal and $8m to $10m successful Côte d'Ivoire.

Thor Explorations president and CEO Segun Lawson said: “I americium pleased to study a beardown commencement to 2026, with the institution continuing to present fantabulous fiscal results portion continuing to beforehand the adjacent signifier of maturation crossed the portfolio during the quarter.

“Looking ahead, we stay focused connected delivering our golden production, portion continuing to beforehand our exploration programmes crossed Nigeria, Senegal and Côte d'Ivoire and importantly, reaching a last concern determination for the Douta Project.”