Thor Explorations (THX) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly net income of US$34.4M in Q1 2025, driven by higher gold prices and disciplined cost management.

• Gold production and sales increased significantly year-over-year, with 22,750 oz sold at an average price of US$2,720/oz.

• Ended the quarter with net cash of US$24.7M, reversing a net debt position from Q1 2024.

• Paid maiden quarterly dividend of CAD$0.125/share.

Financial highlights

• Revenue rose to US$64.0M (Q1 2024: US$33.3M); EBITDA reached US$43.6M (Q1 2024: US$23.2M).

• Cash operating cost increased to US$711/oz (Q1 2024: US$418/oz); AISC rose to US$950/oz (Q1 2024: US$632/oz).

• Net income more than doubled year-over-year to US$34.4M (Q1 2024: US$12.4M).

Outlook and guidance

• 2025 production guidance maintained at 85,000–95,000 oz gold, AISC US$800–US$1,000/oz.

• Plans to advance exploration at Segilola, Douta, and Côte d'Ivoire, and progress Douta towards Pre-Feasibility Study.