Northwire Canada EditionThursday, November 12, 2026
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Earnings

Thor Explorations Announces Strong Q4 2025 Gold Production of 23,604 Ounces, 2026 Operating Guidance and Bonus Q4 Dividend

By The Northwire Desk — AI Analysis Jan 13, 2026 · 02:02 THX · 1.36 Thor Explorations Ltd.
THX · Price

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

Read the original news release →

More from Thor Explorations Ltd.

Nov 05, 2026 · 02:00

Thor Explorations reports cash-rich Q3 results despite a 31% output drop and further delays to the Douta permit.

Earnings Oct 14, 2026 · 02:01

Thor Explorations cut guidance by 11% as Segilola grades slump to 2.10 g/t, putting the AISC range at risk.

Earnings Sep 15, 2026 · 02:01

Thor Explorions’ maiden Marahui hits prove a 4km vein system with modest grades for the ~C$846M producer.

Drill Results Aug 11, 2026 · 02:01

Thor Explorations reported a record first half profit, although Segilola’s second half all-in sustaining costs exceeded guidance, raising questions about cost discipline.

Earnings Aug 06, 2026 · 02:01

Thor Explorions reported 9.0m true width at 3.01 g/t Au at Segilola, marking an incremental step toward an underground resource without a transformational gram-metre upset.

Drill Results Jul 16, 2026 · 02:01

Thor Explorations holds cash reserves as its stock declines due to Nigeria risk and lower-than-expected gold grades at its project.

Earnings