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Thor Explorations
Thor Explorations (THX) investor relations material
Thor Explorations Study result summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Study result summary27 Jan, 2026
Financial and operational highlights
Achieved record net sales of $13.4 billion, up 17% year-on-year, driven by higher by-product production and improved metal prices.
Adjusted EBITDA reached $7.8 billion, a 22% increase, and net income rose 28% to $4.3 billion.
Copper production for 2025 was 956,270 tons, down 1.8%, with a further 4.7% decrease expected in 2026 due to lower ore grades.
By-product production surged: zinc up 36%, silver up 15%, and molybdenum up 7% year-on-year.
Operating costs increased 19% in Q4 2025, mainly due to higher labor and contractor expenses.
Market and pricing environment
LME copper prices rose 21% to $5.03/lb in Q4 2025; COMEX prices increased 22% to $5.15/lb.
Estimated global copper market deficit of 320,000 tons for 2026, with inventories at 14 days of global demand.
Molybdenum, silver, and zinc prices all increased, supporting higher by-product revenues.
Production and cost guidance
2026 copper production expected at 911,400 tons, reflecting lower ore grades in Peru.
Molybdenum production forecasted at 26,000 tons for 2026, down from 31,200 tons in 2025.
Silver production guidance for 2026 is 24 million ounces, matching 2025 levels.
Operating cash cost per pound of copper before by-product credit was $2.17 in 2025, with net by-product credit cash cost at $0.58.
Cost structure impacted by currency appreciation in Mexico and Peru; 39% of costs in pesos, 10% in soles, 51% in USD.
Douta: How will the $155M capital be funded?
Douta: Target oxide resource increase from drilling?
Douta: What is the NPV at $4,250 gold price?
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Next Thor Explorations earnings date
Q4 20251 May, 2026
Thor Explorations
Next Thor Explorations earnings date
Q4 20251 May, 2026
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