Thor Explorations Reports Q4 Production and 2026 Guidance

• Q4 2025 gold production of 23,719 ounces brings full year total to 91,910 ounces
• Q4 revenue of US$108 million from sales of 25,830 ounces at US$4,189 per ounce
• Quarter-end cash balance of US$137 million after repaying all outstanding payables
• Combined Q4 dividend of C$0.0275 per share includes regular C$0.0125 and bonus C$0.015 components
• 2026 production guidance of 75,000 to 85,000 ounces with all-in sustaining costs of US$1,000 to US$1,200 per ounce

Thor Explorations (TSXV: THX) (AIM: THX) is a Canadian-based mineral exploration and mining company focused on developing gold projects in West Africa. The company operates the Segilola Gold Mine in Osun State, Nigeria, and holds a 100% interest in this property. Thor also maintains a 100% economic interest in the Douta Gold Project in south-eastern Senegal and a 100% interest in the Guitry Gold Project in Cote d'Ivoire. The company holds additional exploration properties in Burkina Faso.

Q4 2025 Production Results and Financial Performance

The Segilola mine poured 23,719 ounces in the fourth quarter ended 31 December 2025, bringing full year 2025 production to 91,910 ounces. This result was within the upper range of the company's original annual guidance. Fourth quarter production came from 242,182 tonnes of ore processed at an average grade of 3.31 grammes per tonne with a recovery rate of 94.8%. The mining operation extracted 580,615 tonnes at an average grade of 1.71 grammes per tonne during the quarter.

The company sold 25,830 ounces during the quarter at an average realised price of US$4,189 per ounce, generating revenue of US$108 million. Sales volume exceeded production as the company drew down bullion inventory, which stood at 3,188 ounces at quarter end. Gold in circuit totalled 5,126 ounces. The ore stockpile increased by 6,144 contained ounces to 50,213 ounces at an average grade of 0.79 grammes per tonne.

President and CEO Segun Lawson stated:

"We are extremely pleased to report a strong final production quarter, which has resulted in the Company achieving our narrowed production guidance of 91,910 ounces, which was also in the top half of the original production guidance for the full year 2025,"

Mr . Lawson added: 

"We poured 23,719 ounces in the Quarter and sold 25,830 ounces at our highest achieved gold price of US$4,189 per ounce resulting in record quarterly revenue of US$108 million."

Thor ended the quarter with a cash balance of approximately US$137 million after fully repaying all outstanding payables.

Mr Lawson noted:

"Our record cash generation in the Quarter enabled us to fully repay all remaining outstanding payables and end the Quarter with a higher than projected cash balance of approximately US$137 million. We are pleased to return some of this surplus cash to our shareholders in the form of a bonus dividend, in line with our commitment to return funds to shareholder whilst retaining sufficient cash on our balance sheet to fund all our activities across the Group and continue to grow our cash reserves."

FY 2026 Production and Cost Guidance

The company set 2026 production guidance at 75,000 to 85,000 ounces of gold from Segilola, below the 91,910 ounces produced in 2025. All-in sustaining cost guidance was set at US$1,000 to US$1,200 per ounce. The production range reflects the open pit mine plan and ore grade distribution as mining progresses deeper into the pit.

The all-in sustaining cost metric includes direct mining and processing expenses plus sustaining capital expenditure. The company noted that gold prices remain above historical averages, which affects operating margins at the guided cost levels.

Thor expects to release a preliminary feasibility study for the Douta Gold Project in Senegal on 26 January 2026. The company plans to continue underground drilling at Segilola to evaluate extending mine life beyond current open pit resources. Exploration programmes are planned across the portfolio in Nigeria, Senegal, and Cote d'Ivoire, including drill programmes at the Guitry and Boundiali licences.

Mr. Lawson stated:

"We are excited by the year ahead. Gold production from Segilola continues to strengthen the Company's balance sheet. We continue to work towards a Segilola underground development decision and the Company has several catalysts across all of its projects, particularly at the Douta Project and in Cote d'Ivoire."

Quarterly Dividend Payment Including Bonus Distribution

Thor declared a combined dividend payment of C$0.0275 per share for Q4 2025, comprising the regular quarterly dividend of C$0.0125 per share plus a bonus dividend of C$0.015 per share. The ex-dividend date is 23 January 2026, with payment scheduled for 13 February 2026 to shareholders of record.

For 2026, the company confirmed quarterly dividends will continue at C$0.0125 per share each quarter, totalling C$0.05 for the year. The company stated it may increase dividend amounts based on quarter-end cash reserves, similar to the Q4 2025 bonus payment approach.

The bonus dividend followed the quarter's revenue of US$108 million, which allowed the company to eliminate outstanding payables whilst maintaining a cash balance of US$137 million. The company stated that this financial position supports planned exploration programmes and potential development decisions at Douta and Segilola underground whilst providing returns to shareholders.

Upcoming Milestones

The Douta preliminary feasibility study is scheduled for release on 26 January 2026. Drill results from the Segilola underground programme and exploration activities in Nigeria and Cote d'Ivoire are expected in the first quarter of 2026. The company will continue evaluating underground development at Segilola and potential advancement of the Douta project following the feasibility study release.

‍