Thor Explorations (THX) 2025 Precious Metals Summit - Zurich summary

Financial performance and operations

• Achieved record revenue, net profit, and EBITDA, transitioning from $12M net debt to $120M cash by year-end, while paying $24M in dividends.

• Quarterly gold production in Nigeria exceeded 22,500 ounces, with consistent output and sales above $4,000/oz for unsold inventory.

• Maintained high head grades (2.5–3 g/t) and recovery rates (93–94%), supporting low all-in sustaining costs.

• Over 60% of gold recovered by gravity, with strong cash generation and monthly balance sheet growth of $10–12M.

• Fully repaid senior debt, now operating debt-free and prioritizing exploration investment.

Exploration and resource expansion

• Ongoing drilling beneath the Nigerian pit has identified over 150,000 ounces not yet included in economic forecasts.

• Regional exploration leverages first-mover advantage, with multiple high-grade satellite targets within 50 km of the main plant.

• Ownership of drilling rigs enables rapid, cost-effective exploration and flexibility across targets.

• Nigeria remains underexplored, with significant upside potential and a long-term commitment to the region.

Senegal and Côte d'Ivoire project updates

• Senegal's Douta Project holds 1.78M ounces at lower grade, with a PFS targeted by year-end and potential for a 10+ year mine life.

• Ongoing drilling and land consolidation in Senegal aim to extend strike length and resource base, with new discoveries like Baraka 3.

• Côte d'Ivoire entry secured at low cost, with maiden drilling at Guitry identifying six open mineralized lenses.

• Marahui Project in Côte d'Ivoire shows a five-km anomaly with high-grade rock chip results, with drilling planned post-rainy season.