Thor Explorations (THX) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 financial and operational performance, with revenue of $82.7M, EBITDA of $60.3M, and net profit of $51.6M, supported by strong gold prices and efficiency.

• Net cash position increased to $53 million at Q2 2025, up from net debt of $38.5 million a year prior.

• Maintained annual production guidance of 85,000–95,000 oz at all-in sustaining costs of $800–$1,000/oz.

• Ongoing organic growth through exploration in Nigeria, Senegal, and Côte d'Ivoire, with significant catalysts expected from feasibility studies and resource updates.

• Fully repaid senior debt and gold stream, transitioning to a net cash position.

Financial highlights

• Q2 2025 gold sales: 25,900 oz at average price $3,187/oz; cash operating cost $715/oz, AISC $915/oz.

• Paid first quarterly dividend of $5.8 million in Q2, with a second dividend of similar size scheduled.

• Working capital position strengthened to $65.5 million.

• H1 2025 revenue reached $146.8M, up from $87.1M year-over-year; net profit for H1 2025 was $86.1M.

• Q2 2025 revenue up 54% year-over-year; net profit up 50% year-over-year.

Outlook and guidance

• FY2025 production and cost guidance reaffirmed at 85,000–95,000 oz and $800–$1,000/oz, respectively.

• Preliminary feasibility study for Senegal's Douta Project expected before year-end, targeting 500,000 oz oxide resource.

• Maiden resource in Côte d'Ivoire targeted at 500,000–1 million oz by year-end.

• Exploration budget for 2025 set at up to $21.5 million across all jurisdictions.

• Increased exploration budget for H2 2025 to accelerate drilling and resource definition.