Thor Explorations Ltd (AIM/TSX-V: THX) has maintained its full-year guidance after delivering a solid first quarter from its Segilola gold mine in Nigeria, underpinned by strong cash generation and ongoing exploration progress.
The company poured 20,256 ounces of gold during the quarter and sold 15,417 ounces at an average realised price of US$4,829 per ounce. Including 4,000 ounces of unsold bullion, Thor reported an adjusted net cash position of US$173 million at the end of March, highlighting continued balance sheet strength.
Operationally, Segilola processed 239,664 tonnes of ore at an average grade of 2.54g/t, achieving recovery rates of 93.1%. Total mine production reached 23,397 ounces, while the ore stockpile increased to 54,057 ounces of contained gold.
The company reiterated its 2026 production guidance of 75,000 to 85,000 ounces and all-in sustaining cost guidance of US$1,000 to US$1,200 per ounce.
Chief executive Segun Lawson said the group had carried momentum from a record 2025 into a strong start to 2026, with production in line with expectations. He added that the focus at Segilola remains on extending mine life through continued drilling beneath the existing pit, where mineralisation continues to be intersected.
Beyond Nigeria, Thor is advancing its broader portfolio. In Senegal, the company expects further drill results from the Douta project in the second quarter and is targeting a final investment decision in the second half of 2026.
