Thor Explorations (THX) Q4 2024 earnings summary

Executive summary

• Achieved 2024 gold production of 85,057 oz, meeting revised guidance, and set 2025 guidance at 85,000–95,000 oz at an all-in sustaining cost of $800–$1,000/oz.

• Fully repaid senior debt, resulting in a net cash position and enabling increased exploration budgets and the adoption of a quarterly dividend policy.

• Expanded exploration portfolio across Nigeria, Senegal, and Côte d'Ivoire, with significant progress at Segilola, Douta, and new Côte d'Ivoire projects.

• Transitioned to a dividend-paying company, with a minimum quarterly payout of CAD 0.0125 for at least two years, first payment on May 16, 2025.

• Maintained strong ESG performance, publishing inaugural Sustainability and ESG Report and advancing community initiatives.

Financial highlights

• 2024 revenue reached $193.1 million, EBITDA $133.3 million, and net profit $91.1 million.

• Sold 84,965 oz of gold in FY 2024 at an average price of $2,288/oz.

• Cash operating cost reduced to $575/oz and AISC down to $765/oz, both over 40% lower year-over-year.

• Net cash position of $11.2 million at year-end, compared to net debt of $15.9 million in FY 2023.

• Accounts payable reduced significantly by year-end and further in Q1 2025.

Outlook and guidance

• 2025 production guidance set at 85,000–95,000 oz, with all-in sustaining costs of $800–$1,000/oz.

• Exploration spend for 2025: $7.5–$10 million in Nigeria, $5–$7.5 million in Senegal and Côte d'Ivoire.

• Ongoing drilling at Segilola and Douta, with mine life extension and updated PFS expected in Q4 2025.

• Côte d'Ivoire projects to reach maiden resource status within the year.

• Focus on extending Segilola mine life, advancing Douta project, and accelerating exploration in Côte d'Ivoire.