Thor Explorations Ltd

Thor Explorations Ltd. is a West African-focused gold producer and explorer advancing a portfolio of high-quality assets across Nigeria, Senegal, and Côte d'Ivoire. The company operates the Segilola Gold Project, Nigeria's first large-scale commercial gold mine, which produced 85,000 ounces in 2024 and is on track to deliver 90,000-95,000 ounces in 2025. 

With a global resource base exceeding 1.78 million ounces at the Douta Gold Project in Senegal and an emerging exploration portfolio in Côte d'Ivoire, Thor is positioned for organic growth through systematic exploration and development. 

The company is dual-listed on the AIM (THX.L) and TSX Venture Exchange (THX.V), with a basic market capitalization of CAD 791.7 million and a strong institutional shareholder base including Africa Finance Corporation and Ruffer.​

Thor Explorations presents a compelling investment opportunity underpinned by robust production, strong margins, and significant exploration upside. In Q3 2025, the company generated revenue of nearly US$70 million, EBITDA of $51.8 million, and net profit of $43.1 million, reflecting operational efficiency and the benefit of high prevailing gold prices. The company realized an average gold price of $3,535 per ounce while maintaining an all-in sustaining cost (AISC) of $1,129 per ounce, demonstrating exceptional margin capture. 

With adjusted net cash growing to $81.0 million and cumulative dividends of C$0.0375 per share paid in 2025, Thor combines growth with shareholder returns. The Douta Project's Preliminary Feasibility Study, expected in Q4 2025, will unlock value from 874,900 ounces of indicated resources at 1.3 g/t Au, while the Côte d'Ivoire portfolio offers exposure to one of West Africa's most underexplored greenstone belts.​

Thor Explorations is led by a seasoned management team with deep expertise in African mining and finance. Segun Lawson, President and CEO since August 2011, has overseen the company's transformation from a grassroots explorer to Nigeria's first commercial gold producer, identifying and executing all major acquisitions and financings. 

Chris Omo-Osagie, Chief Financial Officer, brings extensive experience from senior roles at PricewaterhouseCoopers, Deloitte, and Dangote Cement, with transaction experience ranging from US$30 million to US$45 billion. 

Alfred Gillman, Group Exploration Manager and Qualified Person, holds a BSc Honours and FAusIMM Chartered Professional designation, with a successful track record across gold, base metals, and uranium exploration in senior management and board roles. 

The executive team is supported by a Board of Directors comprising industry veterans including Adrian Coates (former HSBC Global Sector Head), Chief Kayode Aderinokun (leading Nigerian mining sector personality), and Franklin Edochie (Africa Finance Corporation Senior Vice President).​

Thor Explorations is executing a multi-pronged growth strategy focused on extending mine life, advancing development projects, and expanding its exploration footprint. At Segilola, a diamond drilling program is testing depth extensions below the open pit, with well-constrained mineralized lodes defined in northern and southern zones that remain open along strike and down-plunge. 

The Douta Project is advancing toward a Preliminary Feasibility Study release in Q4 2025, with work streams including metallurgy, geotechnical studies, and environmental assessments being finalized. 

In Côte d'Ivoire, the company is advancing maiden drilling programs at the Marahui Project, where high-grade rock chip samples up to 29.9 g/t Au have been identified over 5km of strike, while the Guitry Project has confirmed deeper bedrock mineralization through 4,604 meters of drilling. The recent acquisition of a 65% stake in the Bousankhoba Permit contiguous to Douta provides 30km of untested soil anomalies, offering long-term exploration upside.​

Thor Explorations maintains a strong financial position with robust cash generation and disciplined capital allocation. As of Q3 2025, the company held cash and equivalents of $69.8 million, with cash flows from operating activities of $43.1 million and working capital surplus of $96.6 million. The Q3 2025 performance included gold sales of 19,650 ounces at an average realized price of $3,535 per ounce, generating EBITDA of $51.8 million and net profit of $43.1 million. 

The company has narrowed its 2025 production guidance to the upper half of 90,000-95,000 ounces and AISC guidance to $900-$1,000 per ounce, positioning for a financially robust Q4 with higher margins. With a dividend policy demonstrating shareholder returns—paying C$0.0125 per share in Q3 2025 and C$0.0375 year-to-date—Thor balances growth investment with direct capital returns. 

The company's delevered balance sheet and strong liquidity provide flexibility to fund exploration programs and project development without immediate dilutive financing.​

Thor Explorations Ltd. represents a unique investment opportunity in West African gold, combining established production, strong financial performance, and significant exploration upside. As Nigeria's first large-scale commercial gold producer, the company has demonstrated its ability to deliver consistent profitability, generating $43.1 million in net profit and $51.8 million in EBITDA in Q3 2025 alone. With Segilola providing near-term cash flow, Douta advancing toward development, and a portfolio of early-stage exploration assets in Côte d'Ivoire, Thor offers multiple value catalysts. 

The company's commitment to shareholder returns through dividends, strong ESG performance, and experienced management team positions it for sustainable growth. As global demand for gold continues to rise and West Africa's mining potential becomes increasingly recognized, Thor Explorations is poised to deliver substantial value to investors while maintaining its leadership position as a responsible mining operator in the region.​