Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2026
Thor Explorations reported a record first half profit, although Segilola’s second half all-in sustaining costs exceeded guidance, raising questions about cost discipline.
Thor Explorations Ltd. reported second-quarter 2026 revenue of US$77.6 million, a 6% decline year-over-year, while EBITDA fell 8% to US$55.4 million and net profit decreased 6% to US$48.7 million. The company sold 17,050 ounces of gold in the quarter at an average price of US$4,554 per ounce. Cash operating costs stood at US$760 per ounce sold, and all-in sustaining costs (AISC) reached US$1,262 per ounce sold, exceeding the full-year guidance range of US$1,000–1,200 per ounce.
For the first half of 2026, Thor Explorations recorded revenue of US$151.9 million, up 3% year-over-year, with EBITDA rising 4% to US$108.4 million and net profit increasing 11% to US$95.5 million. Production for the period totaled 39,409 ounces poured. The company maintained its full-year 2026 production guidance of 75,000–85,000 ounces and its AISC guidance of US$1,000–1,200 per ounce. Thor Explorations ended the period with adjusted net cash of US$218.6 million, which includes gold bullion inventory of 6,367 ounces.
Drilling at the Segilola underground mine intersected narrow mineralization below the open pit, while exploration at the Douta project in Senegal and in Côte d'Ivoire continues to progress. The company authorized a quarterly dividend of C$0.0125 per share. Additionally, talks regarding the Douta Mining Convention have advanced, with an expected resolution in the third quarter of 2026.
Thor Explorations Ltd. (THX) reported first-half results driven by high gold prices, which offset year-over-year declines in production. The company reaffirmed its full-year guidance, with the H1 average all-in sustaining cost (AISC) remaining within the projected range. However, the second-quarter AISC of US$1,262 per ounce exceeded the fiscal year guidance ceiling by 5%, a deviation that management attributed to continued cost discipline. The company maintains a net cash position of US$218.6 million.
The market had previously reacted to production figures released on July 16 and drilling results on August 6, with the stock recovering from approximately $0.99 to $1.13 prior to this latest release.
Thor Explorations Ltd. (THX) operates as a West Africa-focused gold producer, managing one active mine, Segilola in Nigeria, an advanced development project at Douta in Senegal, and an exploration portfolio in Côte d'Ivoire. The Segilola mine is an open-pit, high-grade operation that produced 91,910 oz of gold in 2025, with guidance set for 75,000 to 85,000 oz in 2026.
The Douta project holds a 1.2 moz reserve and a 12.6-year mine life. A preliminary feasibility study indicates an after-tax NPV5% of US$633M at a gold price of US$3,500/oz. Construction is targeted for the second half of 2026, with first gold production expected in early 2028.
In Côte d'Ivoire, the company holds the Guitry, Marahui, and Boundiali licences, which have yielded high-grade intercepts. A maiden resource is targeted for 2026.