Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2025
Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2025
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2025) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations", "Thor" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria and Senegal for the three months ("Q2 2025" or the "Period") and six months to June 30, 2025 ("H1 2025").
The Company's Unaudited Condensed Interim Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and six months ended June 30, 2025, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/.
All figures are in US dollars ("US$") unless otherwise stated.
Financial Highlights for Q2 2025 and H1 2025
25,900 ounces ("oz") of gold ("Au") sold in Q2 2025 with an average gold price of US$3,187 per oz.
Cash operating cost of US$715 per oz sold and all-in sustaining cost ("AISC") of US$915 per oz sold.
In Q2 2025 the Company achieved quarterly records in revenue, EBITDA and net profit:
Q2 2025 revenue of US$82.7 million (Q2 2024: US$53.8 million) and H1 2025 of US$146.8 million (H1 2024: US$87.1 million).
Q2 2025 EBITDA of US$60.3 million (Q2 2024: US$37.6 million) and H1 2025 of US$103.9 million (H1 2024: US$60.9 million).
Q2 2025 net profit of US$51.6 million (Q2 2024: US$33.7 million) and H1 2025 of US$86.1 million (H1 2024: US$39.9 million).
Net cash of US$52.8 million as at June 30, 2025.
Operational Highlights for Q2 2025 and H1 2025
Segilola Production
Gold Poured totalled 22,784 oz for Q2 2025, and 45,574 oz for H1 2025 (Q2 2024: 21,742 oz; H1 2024: 40,285 oz).
Mill feed grade for Q2 2025 was 3.12 g/tAu with recovery at 93.1%.
A total of 238,425 tonnes of ore were processed with no significant downtime periods.
The process plant maintained good recovery performance in Q2 2025 reducing the gold in circuit ("GIC") by 555 oz of gold.
The stockpile balance decreased by 0.74% to 41,092 tonnes of ore at an average grade of 0.84g/tAu. The significant stockpile available offers flexibility and low risk for future process plant production.
Segilola Exploration
The focus was on Segilola Underground Resource drilling and developing near mine drill targets as the Company works to extend the current Segilola mine life.
A diamond drilling program continued during Q2 2025, with 4,418 metres ("m") completed in 12 holes to test the depth extensions of the Segilola deposits.
The drilling continued subsequently to the end of the Period and will continue through to the end of the calendar year.
Following the arrival of three drilling rigs at Segilola post period end, purchased earlier this year, the Company now intends to increase its rate of exploration drilling once they have been commissioned.
The Company is now aiming to define an updated resource for Segilola by the end of 2025.
Regional exploration activities progressed in Q2 2025:
The Company continued with geochemical target generation, mainly south of Segilola, with a total of 5,051 geochemical samples collected in the Period.
Exploration activity included a drone aeromagnetic survey over the Company's existing and new tenure located to the south of the Segilola Mine. A total of 26 square kilometres ("km2") was covered during the Period and the data submitted to Southern Geoscience for processing and interpretations.
A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced towards the end of the Period.
Douta Gold Project - Senegal
During Q2 2025, the Company commenced and subsequently completed a 12,000m drilling program at the Baraka 3 Prospect in its Douta-West Licence, which lies contiguous to the west of the original Douta licence.
It is anticipated that the assay results from the drilling program will be fully received in Q3 2025, following which a Baraka 3 resource will be incorporated into the existing Douta Resource.
The Company's strategy is to combine both the Douta and Douta-West licences and scale up the size of a combined Douta Project for the Douta Preliminary Feasibility Study ("PFS").
As part of the Company's strategy of delineating an initial 500,000 oz oxide resource at the start of the Douta mine life, metallurgical test work was carried out in Q2 2025 with encouraging initial results.
Subject to finalising metallurgical tests on the Baraka ore, the Company anticipates that incorporating the Baraka resource into the Douta project will enable the Company to satisfy or exceed the oxide target.
Côte d'Ivoire
At the Guitry Project, the Company completed a 3,000m drilling program at the Krakouadiokro target, with the initial set of results (announced following the end of the Period) confirming gold mineralisation at depth.
Highlights of the assay results received to date include 14m at 2.59g/tAu from surface, 4m at 6.87 g/tAu from 38m, 5m at 7.48 g/tAu from 5m and 10m at 10.36g/t Au from 57m.
Further exploration at the Krakouadiokro Prospect will include both infill and step-out drilling.
Drilling will also commence on numerous geochemical anomalies at both the Krakouadiokro and Gbaloukro Prospects, many of which remain untested or only partially tested.
Exploration work at the Marahui Project has included further geological mapping and geological sampling, with more than 250 samples collected and encouraging initial results returned. This exploration work has has generated several prospective drill targets.
The Company is to carry out an airborne magnetic survey, and has designed a 6,000m drilling program to commence late in Q3 2025.
Environment, Social and Governance
Continued operational efficiencies achieved through the process plant upgrades implemented in 2024 have resulted in environmental benefits:
Use of fresh process water (ML/tonne ore processed) continued to decrease, supported by an 84% year-on-year increase in reclaimed water volumes from the Tailings Management Facility.
Energy intensity (GJ/oz gold produced) improved to 1.84 GJ/oz, compared to 1.90 GJ/oz in Q2 2024.
Emissions intensity (tCO e/oz gold produced) decreased to 0.51, down from 0.55 in the same period of 2024.
Notable milestones with respect to the Company's corporate ESG activities for Q2 2025 include:
Completion and commissioning of the Oba's palace, which also serves as a community meeting hall.
Delivery of nine minibuses (three per host community) to community-managed transport cooperatives under the Youth Initiative Programme.
Hosting of the inter-host community football competition in May, with eight men's and four women's teams participating for trophies and cash prizes.
As at June, 30, 2025, total employment at the Segilola Mine stood at 2,125, 99% of which are Nigerian. Of this figure, 48% are from Osun State, and 27% of the workforce is from three host communities surrounding the mine.
In Senegal, the ASR Douta team supported local initiatives through sponsorship of an academic award for the top-performing student at a local primary school and through food donations made during the Eid celebrations.
Outlook
FY2025 production guidance of 85,000 to 95,000 oz maintained, while AISC guidance remains at US$800 to US$1,000 per oz.
Advance exploration program across the portfolio:
Segilola: continuation of ongoing underground drilling program.
Nigeria: continuation of scout drilling programs on identified near-mine and regional targets.
Senegal (Douta Project): Assay results from drilling program at Baraka 3 prospect to be incorporated into the Douta PFS mine plan.
Côte d'Ivoire: Exploration being advanced on the Guitry, Marahui and Boundiali licenses, with further drilling to occur on Guitry and drilling to commence on Marahui where drill targets have been delineated.
Continued advancement of the Douta project towards an updated resource and PFS.
Segun Lawson, President & CEO, stated:
"I am pleased with the Company's operational performance for the second quarter and first half of 2025, with record quarterly figures across revenue, EBITDA and net profit. We were unhedged and exposed to the high gold price environment, resulting in a record-breaking quarter. Revenue in Q2 2025 increased by 54% year on year, with net profit rising by 50% year on year. We ended the Period more than doubling our net cash position from the previous quarter to US$52.8 million.
"These financial achievements are not only reflective of a favourable gold price, but our continued cost discipline and operational efficiencies. During the Quarter, we produced and sold over 22,700 ounces of gold at an average price of US$3,187 per ounce, with a recovery rate of 93.1%.
"Exploration work has progressed at Segilola, with a focus on Segilola Underground Resource drilling as the company works to extend the current Segilola mine life. A drilling program is ongoing, which has been evolving to test different interpretations of the down dip mineralisation at Segilola. We will continue to drill through to the end of the calendar year when we aim to define an updated resource for Segilola.
"We are also continuing with our regional exploration in Nigeria, with geochemical target generation resulting in a follow-up drilling program which commenced towards the end of the Period.
"At the Douta Project in Senegal, the Period saw the commencement and completion of a 12,000m drilling campaign at the Baraka 3 Prospect, in the Douta-West license. We expect to receive assay results in Q3 2025, which will be fed into the existing Douta Resource. This is part of our strategy to combine both the Douta and Douta-West licences and scale up the size of a combined Douta Project for the Douta Pre-Feasibility Study.
"In Côte d'Ivoire, we completed a drilling program at the Guitry Project, with initial results confirming gold mineralisation at depth. Further drilling at Guitry, as well as initial drilling at Marahui, where targets have been delineated, is due to commence following the rainy season in late Q3 2025.
"We have been encouraged by our exploration results to date across the entire portfolio and have increased our exploration budget for the remainder of the year. In doing so, we believe we are well positioned to deliver value to our shareholders.
"Looking ahead, our operational guidance for 2025 remains unchanged at 85,000 to 95,000 ounces of gold at an AlSC of $800-$1,000 per ounce. I look forward to updating shareholders in due course on our continued progress on exploration and further developments across our project portfolio."
Investor webinar to discuss H1 2025 Financial & Operating Results
Thor is pleased to announce that Segun Lawson, President and CEO, will provide a live investor session via the Investor Meet Company platform on Thursday 14 August 2025 at 3:00pm BST.
The session will discuss in detail the announced H1 2025 Financial & Operating Results.
The presentation is open to all existing and potential investors. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00 am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Thor Explorations plc via:
https://www.investormeetcompany.com/thor-explorations-ltd/register-investor
Investors who already follow Thor Explorations on the Investor Meet Company platform will automatically be invited.
Whilst the Company may not be able to answer every individual question, the aim is to address the issues raised by investors.
Responses to the Q&A will be published at the earliest opportunity on the Investor Meet Company platform following the presentation.
Investor feedback can also be submitted directly to management after the event to ensure the Company can understand all investor views.
For further information, please email: [email protected]
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".
Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.
THOR EXPLORATIONS LTD.
Segun Lawson President & CEO
THOR EXPLORATIONS LTD.
For further information, please contact:
Thor Explorations Ltd Email: [email protected]
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O'Connor / James Asensio / Harry Rees Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren Tel: +44 207 138 3203
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah Tel: +44 (0) 20 3004 9512
Condensed Interim Consolidated Financial Statements
For the Three and Six Months Ended June 30, 2025, and 2024
(in thousands of United States Dollars)
NOTICE TO READER
Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim consolidated financial statements by an entity's auditor.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of United States dollars (unaudited)
June 30, December 31, 2025 2024 Note $ $
ASSETS Current assets
| Cash | 52,853 | 12,040 | |
| Inventory | 4 | 37,140 | 41,104 |
| Trade and Other Receivables | 5 | 6,342 | 4,561 |
| Total current assets | 96,335 | 57,705 |
Non-current assets
| Inventory | 63,829 | 57,124 | |
| Deferred income tax assets | - | - | |
| Prepaid expenses, advances and deposits | 5 | 228 | 208 |
| Right-of-use assets | 6 | 4,936 | 7,302 |
| Property, plant and equipment | 10 | 108,288 | 120,495 |
| Intangible assets | 11 | 43,903 | 36,238 |
| Total non-current assets | 221,184 | 221,367 | |
| TOTAL ASSETS | 317,519 | 279,072 |
LIABILITIES Current liabilities
| Accounts payable and accrued liabilities | 12 | 25,901 | 48,967 | |
| Deferred income | - | 4,463 | ||
| Lease liabilities | 6 | 4,833 | 4,818 | |
| Gold stream liability | 7 | - | 9,358 | |
| Loans and borrowings | 8 | - | 860 | |
| Other financial liabilities | 16 | - | 1,900 | |
| Total current liabilities | 30,734 | 70,366 |
Non-current liabilities
| Lease liabilities | 6 | 232 | 2,392 |
| Provisions | 9 | 5,090 | 5,061 |
| Total non-current liabilities | 5,322 | 7,453 |
SHAREHOLDERS' EQUITY
| Common shares | 13 | 82,393 | 81,633 |
| Option reserve | 13 | - | 1,920 |
| Currency translation reserve | 13 | (4,734 | (3,873) |
| Retained earnings | 13 | 203,804 | 121,573 |
| Total shareholders' equity | 281,463 | 201,253 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 317,519 | 279,072 |
These condensed interim consolidated financial statements were approved for issue by the Board of Directors on August 11, 2025, and are signed on its behalf by:
(Signed) "Adrian Coates" (Signed) "Olusegun Lawson"
Director Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, In thousands of United States dollars (unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Note $ $ $ $
Continuing operations
| Revenue | 3 | 82,794 | 53,876 | 146,857 | 87,188 |
| Cost of sales | 3 | (27,039) | (21,533) | (51,829) | (36,300) |
| Loss on forward sale of commodity contracts | - | - | - | - | |
| Gross profit from operations | 55,755 | 32,343 | 95,028 | 50,889 | |
| Amortization and depreciation - owned assets | 3 | (121) | (311) | (255) | (783) |
| Amortization and depreciation - right-of-use assets | 3 | (39) | (36) | (75) | (73) |
| Other administration expenses | 3 | (3,643) | (2,102) | (7,645) | (4,822) |
| Impairment of exploration & evaluation assets | 11 | - | - | - | (5) |
| Profit from operations | 51,952 | 29,893 | 87,053 | 45,205 | |
| Interest expense | (278) | (2,388) | (895) | (5,276) | |
| Net profit before income taxes | 51,674 | 27,505 | 86,158 | 39,929 | |
| Income Tax | - | - | - | - | |
| Net profit for the period | 51,674 | 27,505 | 86,158 | 39,929 |
Attributable to:
Equity shareholders of the Company 51,674 27,505 86,158 39,929 Net profit for the period 51,674 27,505 86,158 39,929
Other comprehensive profit
Foreign currency translation (loss)/profit attributed to equity shareholders of the company (1,819) (670) (861) (2,289)
Total comprehensive income for the period 49,855 26,835 85,297 37,640
Net earnings per share
Basic 14 $ 0.078 $ 0.042 $ 0.130 $ 0.061 Diluted 14 $ 0.078 $ 0.042 $ 0.130 $ 0.061
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, In thousands of United States dollars (unaudited)
Three Months Ended Six Months Ended June 30, June 30, Note 2025 2024 2025 2024
Cash flows from/(used in):
Operating
Net profit $ 51,674 27,505 $ 86,158 39,929 Adjustments for:
Impairment of unproven mineral interest 11 - - - 5 Amortization and depreciation 3 8,434 7,753 16,943 15,726
| Unrealized foreign exchange (gains)/losses | 3 | (385) | 549 | (244) | 954 |
| Unrealized fair value movements on forward gold sale contracts | 3 | - | 907 | (1,900) | 3,041 |
| Interest expense | 278 | 2,388 | 895 | 5,276 | |
| 60,001 | 39,101 | 101,852 | 64,931 |
Changes in non-cash working capital accounts
| Inventories | (832) | (8,777) | (2,741) | (22,112) |
| Trade and other receivables | (353) | 1,614 | (1,801) | 2,615 |
| Accounts payable and accrued liabilities | (8,235) | (7,943) | (21,237) | (5,969) |
| Deferred income | (5,868) | (2,301) | (4,463) | (8,461) |
| Net cash flows from operating activities | 44,713 | 21,694 | 71,610 | 31,003 |
Investing
| Purchase of intangible assets | 11 | (15) | (56) | (15) | (78) |
| Assets under construction expenditures | 10 | - | (853) | - | (853) |
| Property, Plant & Equipment | 10 | (995) | (604) | (2,642) | (878) |
| Exploration & Evaluation assets expenditures | 11 | (3,950) | (2,411) | (7,773) | (4,572) |
| Net cash flows used in investing activities | (4,960) | (3,924) | (10,430) | (6,381) |
Financing
| Share subscriptions received | 13 | - | - | 760 | - | ||
| Dividends paid | (5,847) | - | (5,847) | - | |||
| Repayment of loans and borrowings | 9 | (4,534) | (11,179) | (12,669) | (21,132) | ||
| Interest paid | 9 | - | (562) | (44) | (1,398) | ||
| Payment of lease liabilities | 6 | (1,129) | (1,257) | (2,517) | (2,515) | ||
| Net cash flows used in financing activities | (11,510) | (12,998) | (20,317) | (25,045) | |||
| Effect of exchange rates on cash | (148) | (8) | (50) | 116 | |||
| Net change in cash | $ | 28,095 | 4,764 $ | 40,813 | (307) | ||
| Cash, beginning of the period | $ | 24,758 | 2,769 $ | 12,040 | 7,840 | ||
| Cash, end of the period | $ | 52,853 | 7,533 $ | 52,853 | 7,533 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY In thousands of United States dollars (unaudited)
Currency Total
| Common | Option | translation | Retained | shareholders' | ||
|---|---|---|---|---|---|---|
| Note shares | reserve | reserve | earnings | equity | ||
| Balance on December 31, 2023 | $ 81,491 $ | 1,968 $ | (1,618) $ | 30,353 $ | 112,194 | |
| Net profit for the period | - | - | - | 91,172 | 91,172 | |
| Other comprehensive loss | - | - | (2,255) | - | (2,255) | |
| Total comprehensive profit for the period | - | - | (2,255) | 91,172 | 88,917 | |
| Options exercised | 13 142 | (48) | - | 48 | 142 | |
| Balance on December 31, 2024 | $ 81,633 $ | 1,920 $ | (3,873) $ | 121,573 $ | 201,253 | |
| Balance on December 31, 2024 | $ 81,633 $ | 1,920 $ | (3,873) $ | 121,573 $ | 201,253 | |
| Net profit for the period | - | - | - | 86,158 | 86,158 | |
| Other comprehensive income | - | - | (861) | - | (861) | |
| Total comprehensive profit for the period | - | - | (861) | 86,158 | 85,297 | |
| Options exercised | 13 760 | (1,920) | - | 1,920 | 760 | |
| Dividends paid | 13 | (5,847) | (5,847) | |||
| Balance on June 30, 2025 | $ 82,393 $ | - $ | (4,734) $ | 203,804 $ | 281,463 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
THOR EXPLORATIONS LTD.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, AND 2024 In thousands of United States dollars, except where noted (unaudited)
1. CORPORATE INFORMATION
Thor Explorations Ltd. (the "Company"), together with its subsidiaries (collectively, "Thor" or the "Group") is a West African focused gold producer and explorer, dual-listed on the TSX-Venture Exchange (THX.V) and the Alternative Investment Market of the London Stock Exchange (THX.L).
The Company was formed in 1968 and is organized under the Business Corporations Act (British Columbia) (BCBCA) with its registered office at 550 Burrard St, Suite 2900 Vancouver, BC, CA, V6C 0A3.
2. BASIS OF PREPARATION
a) Statement of compliance
These condensed interim consolidated financial statements ("interim financial statements") have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS").
These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS.
These interim financial statements were authorized for issue by the Board of Directors on August 11, 2025.
b) Basis of measurement
These interim financial statements are presented in United States dollars ("US$").
These interim financial statements have been prepared on a historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period.
The Group's accounting policies have been applied consistently to all periods in the preparation of these interim financial statements. In preparing the Group 's interim financial statements for the three months ended June 30, 2025, the Group applied the critical judgments and estimates as disclosed in note 3 of its annual financial statements for the year ended December 31, 2024.
These interim financial statements include the accounts of the Company and its subsidiaries.
Subsidiaries are entities controlled by the Company, which is defined as having the power over the entity, rights to variable returns from its involvement with the entity, and the ability to use its power to affect the amount of returns. All intercompany transactions and balances are eliminated on consolidation. The Company's subsidiaries at June 30, 2025 are consistent with the subsidiaries as at December 31, 2024 as disclosed in note 3 to the annual financial statements.
None of the new standards or amendments to standards and interpretations applicable during the period has had a material impact on the financial position or performance of the Group. The Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective.
3. PROFIT FROM OPERATIONS
3a. REVENUE
Three months ended Six months ended June 30, June 30,
| 2025 | 2024 | 2025 | 2024 | |
| Gold revenue | 82,556 | 54,454 | 144,439 | 89,872 |
| Silver revenue | 238 | 329 | 518 | 357 |
| Unrealized fair value movements on forward gold sale contracts | - | (907) | 1,900 | (3,047) |
| $ 82,794 $ | 53,876 $ | 146,857 $ | 87,188 |
Gold revenue
The Group`s revenue is generated in Nigeria. All sales are made to the Group`s two customers. However, because gold can be sold through numerous gold market traders worldwide (including a large number of financial institutions), the Group is not economically dependent on a limited number of customers for the sale of its product.
Forward contracts
As at June 30, 2025, the Group had no outstanding gold forward contracts (December 31, 2024: 5,500 ounces at an average gold price of $2,277 per ounce). The contracts were entered into to manage exposure to fluctuations in the gold price.
The Group does not apply hedge accounting to these instruments. Accordingly, the forward contracts were measured at fair value through profit or loss. The fair value of forward contracts was nil at June 30, 2025 (December 31, 2024: liability of $1.9 million), with the liability previously recognized within other financial liabilities.
3b. COST OF SALES
Three months ended Six months ended June 30, June 30,
| 2025 | 2024 | 2025 | 2024 | |
| Mining | 7,618 | 3,474 | 14,732 | 8,143 |
| Processing | 7,918 | 8,303 | 14,176 | 10,746 |
| Support services and others | 1,814 | 955 | 3,463 | 1,559 |
| Foreign exchange (gains)/losses on production costs | (119) | 363 | (63) | (728) |
| Production costs | $ 17,231 $ | 13,095 $ | 32,308 $ | 19,720 |
| Transportation and refining | 810 | 568 | 1,514 | 1,026 |
| Royalties | 724 | 466 | 1,394 | 684 |
Amortization and depreciation - operational assets - owned assets 7,115 6,245 14,294 12,548 Amortization and depreciation - operational assets - right-of-use assets 1,159 1,160 2,319 2,322
Cost of sales $ 27,039 $ 21,534 $ 51,829 $ 36,300
3c. AMORTIZATION AND DEPRECIATION
Three months ended Six months ended June 30, June 30,
2025 2024 2025 2024 Amortization and depreciation - operational assets
- owned assets 7,115 6,245 14,294 12,548
Amortization and depreciation - operational assets
| - right of use assets | 1,159 | 1,160 | 2,319 | 2,322 |
| Amortization and depreciation - owned assets | 121 | 311 | 255 | 783 |
| Amortization and depreciation - right-of-use assets | 39 | 36 | 75 | 73 |
| $ 8,434 $ | 7,752 $ | 16,943 $ | 15,726 |
3d. OTHER ADMINISTRATION EXPENSES
Three months ended Six months ended June 30, June 30,
| 2025 | 2024 | 2025 | 2024 | |
| Employee compensation | 638 | 1,310 | 2,238 | 2,165 |
| Professional services | 543 | 606 | 960 | 793 |
| Other corporate expenses | 2,461 | 187 | 4,446 | 1,864 |
| $ 3,642 $ | 2,103 $ | 7,644 $ | 4,822 |
4. INVENTORIES
June 30, December 31, 2025 2024 Current:
| Plant spares and consumables | 12,061 | 11,123 |
| Gold ore in stockpile | 17,164 | 20,058 |
| Gold in CIL | 3,798 | 4,260 |
| Gold doré | 4,117 | 5,663 |
| $ 37,140 $ | 41,104 |
Non-current:
Gold ore in stockpile 63,829 57,124 $ 63,829 $ 57,124
There were no write downs to reduce the carrying value of inventories to net realizable value during the periods ended June 30, 2025 and 2024.
5. AMOUNTS RECEIVABLE
June 30, December 31, 2025 2024 Current:
| Advance deposits to vendors | 2,959 | 1,654 |
| Prepaid expenses | 1,628 | 1,991 |
| Other receivables | 1,133 | 377 |
| Other prepayments | 622 | 539 |
| $ 6,342 $ | 4,561 |
The value of receivables recorded on the balance sheet is approximate to their recoverable value and there are no expected material credit losses.
6. LEASES
Leases relate principally to corporate offices and the mining fleet at the Segilola mine. Corporate offices are depreciated over 5 years and mining fleet over the life of mine of Segilola.
The key impacts on the Statement of Comprehensive Income and the Statement of Financial Position for the period ended June 30, 2025, were as follows:
| Right-of-use | Lease | Income | |
|---|---|---|---|
| asset | liability | statement | |
| Carrying value December 31, 2024 | $ 7,302 $ | (7,210) $ | |
| New leases entered in to during the period | - | - | - |
| Depreciation | (2,394) | - | (2,394) |
| Interest | - | (227) | (227) |
| Lease payments | - | 2,517 | 2,517 |
| Foreign exchange movement | 28 | (145) | (145) |
| Carrying value at June 30, 2025 | $ 4,936 $ | (5,065) $ | (249) |
Current liability (4,833)
Non-current liability (232)
The key impacts on the Statement of Comprehensive Income and the Statement of Financial Position for the year ended June 30, 2024, were as follows:
Right-of-use Lease Income asset liability statement Carrying value December 31, 2023 $ 12,096 $ (11,490) $
| New leases entered in to during the period | - | - | - | |
| Depreciation | (4,788) | - | (4,788) | |
| Interest | - | (757) | (757) | |
| Lease payments | - | 5,032 | - | |
| Foreign exchange movement | (6) | 5 | 5 | |
| Carrying value at December 31, 2024 | $ 7,302 $ | (7,210) $ | (5,540) |
Current liability (4,818)
Non-current liability (2,392)
7. GOLD STREAM LIABILITY
Gold stream liability
June 30, December 31, 2025 2024
| Balance at Beginning of period | $ | 9,358 $ | 20,043 | |
| Repayments | (9,981) | (14,661) | ||
| Fair value movements | 623 | 3,976 | ||
| Balance at end of period | $ | - $ | 9,358 | |
| Current liability | - | 9,358 | ||
| Non-current liability | - | - |
On April 29, 2020, the Group entered into a Gold Purchase and Sale Agreement ("GSA") with the Africa Finance Corporation ("AFC") in respect of the Segilola Gold Project, under which the Group received a $21.0 million prepayment for future gold production. In December 2021, the GSA was amended to allow for net cash settlement rather than physical delivery of gold.
The arrangement is accounted for as a financial liability measured at fair value through profit or loss, with changes in fair value recognized in the statement of profit or loss. As at June 30, 2025, the fair value of the GSA liability was nil.
As at June 30, 2025, a liability of $17.1 million is included in accounts payable (December 31, 2024: $9.3 million). Further details are provided in Note 3d of the audited consolidated financial statements for the year ended December 31, 2024.
8. LOANS AND BORROWINGS
June 30, December 31, 2025 2024 Current liabilities:
Deferred element of EPC contract - 860
$ - 860
Deferred payment facility on EPC contract for the construction of the Segilola Gold Mine
The Group has constructed its Segilola Gold Mine through an engineering, procurement, and construction contract ("EPC Contract"). The EPC Contract has been agreed on a lump sum turnkey basis which provides Thor with a fixed price of $67.5 million for the full delivery of design, engineering, procurement, construction, and commissioning of the proposed 715,000 ton per annum gold ore processing plant.
The EPC Contract included a deferred element ("the Deferred Payment Facility") of 10% of the fixed price. The 10% deferred element was repayable in instalments over a 36-month period by repaying an amount on a series of repayment dates, as set out in the Deferred Payment Facility. Repayments commenced in March 2022. Interest accrued on the deferred amount at 8% per annum from the date the