Thor Explorations (THX) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong financial and operational performance, with record gold production and sales from Segilola and robust profitability driven by high gold prices and disciplined cost management.

• Operations span Nigeria (Segilola Gold Mine), Senegal (Douta Project), and Côte d'Ivoire, with active exploration, resource expansion, and development in all jurisdictions.

• Increased ownership in the Douta Project to 100% and acquired a 65% interest in the Bousankhoba permit in Senegal, enhancing long-term growth prospects.

• The company is fully funded, debt-free, and positioned for aggressive exploration and growth across its portfolio.

• Advanced ESG and community initiatives, including SegunCare health and environmental programs.

Financial highlights

• Q3 2025 net profit was $43.1 million, with revenue of $69.8–$69.9 million and EBITDA of $51.7–$51.8 million.

• Adjusted net cash position improved to $81.0 million, with working capital swinging from a $27.8 million deficit last year to a $96.6 million surplus.

• Third dividend paid in 2025, totaling $11.9 million returned to shareholders year-to-date.

• Cash and equivalents at quarter-end were $80.6 million.

• AISC for Q3 2025 was $915/oz, trending lower than previous quarters.

Outlook and guidance

• 2025 gold production guidance narrowed to 90,000–95,000 ounces, with AISC guidance at $900–$1,000/oz.

• Q4 expected to deliver higher gold sales, lower costs, and increased margins due to higher gold prices.

• Updated Segilola resource and preliminary feasibility study (PFS) for Douta expected by Q1 2026.

• Aggressive exploration and drilling planned across all jurisdictions for the next eight months.