Thor Explorations Ltd (TSXV / AIM: THX) reported another solid quarter from its Segilola Gold Mine in Nigeria, with Q2 gold poured totalling 19,153 ounces.
The company sold 17,050 ounces of gold during the quarter at an average realised price of US$4,535 per ounce, generating revenue of US$77.3 million.
Gold was produced from 240,769 tonnes milled at an average grade of 2.57g/t, with plant recoveries of 93.3%.
Mine production totalled 1.13 million tonnes at an average grade of 1.54g/t gold, representing 24,279 ounces.
Thor ended the quarter with cash of US$207.5 million and gold bullion inventory of 4,514 ounces, giving an adjusted net cash position of US$225.6 million.
The company maintained full-year 2026 production guidance of 75,000 to 85,000 ounces of gold and all-in sustaining cost guidance of US$1,000 to US$1,200 per ounce.
Thor said exploration activity remained strong across its portfolio, with more than 20,000 metres of drilling completed across Nigeria, Senegal and Côte d’Ivoire.
At Segilola, drilling continues to target underground resource definition and potential mine life extension. Near-mine and regional scout drilling is also ongoing in Nigeria.
In Senegal, work continues at the Douta Project, including infill drilling at Makosa North, Makosa East and Baraka 3, as well as drilling across the Bousankhoba licence.
The company is targeting an updated Douta Mineral Resource Estimate by the end of the year, which will be used for an optimised Preliminary Feasibility Study.
Thor also said advanced discussions with the Government of Senegal over the Douta Mining Convention are expected to conclude during Q3 2026, alongside the company’s objective of reaching a Final Investment Decision.
Exploration also continued in Côte d’Ivoire across the Guitry, Marahui and Boundiali licences, with results from Guitry and Marahui expected early in Q3.
President and chief executive Segun Lawson said the company had delivered “another solid quarter” and had reached the halfway point of the year with total gold production of 39,409 ounces.
Thor also confirmed it will maintain its dividend policy, with the next quarterly dividend scheduled for 14 August 2026 at C$0.0125 per share.
