Earnings
Thor Explorations Announces Strong Q4 2025 Gold Production of 23,604 Ounces, 2026 Operating Guidance and Bonus Q4 Dividend
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Executive Summary
- Thor Explorations reported record Q4 2025 gold sales of 25,830 oz at a realized price of US$4,189/oz, generating US$108 million in quarterly revenue.
- Cash balance ended Q4 2025 at US$137 million (unaudited), enabling full repayment of outstanding payables and the declaration of an additional bonus dividend of C$0.015 per share (total Q4 dividend C$0.0275).
- FY 2026 production guidance set at 75,000‑85,000 oz gold with AISC of US$1,000‑US$1,200/oz; multiple catalysts announced including a Douta PFS release on 26 Jan 2026 and continued drilling programs in Nigeria, Senegal, and Côte d’Ivoire.
Key Details
- Q4 2025 Production:
- Gold poured: 23,719 oz.
- Ore milled: 242,182 t at 3.31 g/t Au; plant recovery 94.8%.
- Mine production: 580,615 t at 1.71 g/t Au for 31,932 oz.
- FY 2025 Production:
- Total gold poured: 91,910 oz.
- Financial Highlights (Q4 2025):
- Gold sales: 25,830 oz at US$4,189/oz.
- Quarterly revenue: US$108 million (unaudited).
- Cash balance: US$137 million (unaudited).
- Bullion inventory: 3,188 oz (unaudited).
- Dividends:
- Q4 2026 dividend: C$0.0125 per share (standard) + bonus C$0.015 = total C$0.0275 per share.
- FY 2026 quarterly dividend target: C$0.0125 per share (total C$0.05/year).
- Dividend timetable – ex‑dividend, record, payment dates provided (Jan–Feb 2026).
- FY 2026 Outlook & Catalysts:
- Production guidance: 75,000‑85,000 oz gold.
- AISC guidance: US$1,000‑US$1,200/oz.
- Douta Preliminary Feasibility Study (PFS) expected 26 Jan 2026.
- Ongoing drilling programs: Segilola underground (Nigeria), scout targets (Nigeria), RC drilling at Douta (Senegal), new drill program on Marahui Licence (Côte d’Ivoire).
- Exploration Highlights Q4 2025:
- Nigeria – continued encouraging underground drilling at Segilola.
- Senegal – finalisation of Douta PFS; continuation of RC drilling.
- Côte d’Ivoire – restarted drilling in Guitry and commenced maiden program on Marahui Licence.
- Production Summary (selected):
| Metric | Q4 2025 |
|---|---|
| Total mined (t) | 2,148,016 |
| Ore mined (t) | 580,615 |
| Grade (g/t Au) | 1.71 |
| Ore processed (t) | 242,182 |
| Recovery (%) | 94.8 |
| Gold recovered (oz) | 24,397 |
| Gold poured (oz) | 23,719 |
Notable Quotes
“We are extremely pleased to report a strong final production quarter…record quarterly revenue of US$108 million…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.” – Segun Lawson, President & CEO
“We look forward to announcing our drill results later in Q1 2026…The PFS will be released shortly, on 26 January 2026, and we aim to progress to a development decision shortly after.” – Segun Lawson, President & CEO
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Aug 06, 2026 · 02:01