Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF, FRA:T2X) posted record FY2025 revenue and profit as higher gold prices and a debt-free balance sheet helped the West Africa-focused producer build cash and step up shareholder returns.
“I am extremely proud of the team for delivering another year of strong operational performance. Having entered the year with a debt-free balance sheet, we have fully capitalised on the high gold price environment whilst maintaining our cost discipline throughout the year,” said chief executive Segun Lawson.
Revenue for the year rose to US$325.5 million from US$193.1 million, while net profit more than doubled to US$196.2 million from US$91.2 million. EBITDA climbed to US$243.7 million from US$123.3 million, and cash and cash equivalents surged to US$137.8 million at year-end from US$12.0 million a year earlier.
At its Segilola mine in Nigeria, Thor sold 94,130 ounces of gold at an average realized price of US$3,422 per ounce, up from 84,965 ounces at US$2,288 per ounce in 2024. Cash operating costs edged up to US$710 per ounce from US$692, while all-in sustaining costs rose to US$927 from US$882. The company said gold poured reached 91,910 ounces, placing production in the upper half of guidance.
The stronger cash generation underpinned a new dividend-paying phase. Thor returned about US$18 million to shareholders during 2025 and said it will maintain its dividend policy through 2026, with the next quarterly dividend of C$0.0125 per share due on 15 May. A special dividend of C$0.015 per share paid after year-end took total shareholder returns to date to about US$32 million.
Thor guided for 2026 production of 75,000 to 85,000 ounces at AISC of US$1,000 to US$1,200 per ounce, while pushing to extend Segilola’s mine life and move the Douta project in Senegal toward final investment decision and construction in the second half of 2026.
“I look ahead to 2026 with excitement and encouragement. We have the cash flow and team to underpin our activities across the group and are better positioned than ever to deliver on our objectives,” Lawson added.
