Thor Explorations Announces Financial and Operating Results, for the Three and Six
Thor Explorations Announces Financial and
Operating Results, for the Three and Six
Months Ending June 30, 2026
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) - Thor Explorations Ltd. (AIM: THX)
(TSXV: 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 2026" or the "Period")
and six months to June 30, 2026 ("H1 2026").
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, 2026, are available on Thor Explorations' website at:
www.thorexpl.com/investors/reports-presentations
.
All figures are in US dollars ("US$") unless otherwise stated.
Financial Highlights for Q2 2026 and H1 2026
17,050 ounces ("oz") of gold ("Au") sold in Q2 2026 with an average gold price of US$4,554 per
oz.
Cash operating cost of US$760 per oz sold and all-in sustaining cost ("AISC") of US$1,262 per oz
sold in Q2 2026.
Q2 2026 revenue of US$77.6 million (Q2 2025: US$82.7 million).
Q2 2026 EBITDA of US$55.4 million (Q2 2025: US$60.3 million).
Q2 2026 net profit of US$48.7 million (Q2 2025: US$51.6 million).
In H1 2026, the Company achieved half yearly records in revenue, EBITDA and net profit:
H1 2026 revenue of US$151.9 million (H1 2025: US$146.8 million).
H1 2026 EBITDA of US$108.4 million (H1 2025: US$103.9 million).
H1 2026 net profit of US$95.5 million (H1 2025: US$86.1 million).
Adjusted net cash of US$218.6 million as at June 30, 2026
1
.
1 The cash balance, adjusted net cash position and gold bullion inventory reported in the Company's Q2 2026 operational update of US$225.6 million
have been revised to cash of US$193.1 million and adjusted net cash of US$218.6 million including gold bullion inventory of 6,367oz valued at
US$25.5 million. The revisions reflect the completion of reconciliation procedures during the Group's transition to a new financial consolidation
system and do not affect the Company's reported operating performance.
Operational Highlights for Q2 2026 and H1 2026
Segilola Production
Gold poured totalled 19,153 oz for Q2 2026, and 39,409 oz for H1 2026 (Q2 2025: 22,784 oz; H1
2025: 45,574 oz).
Mill feed grade for Q2 2026 was 2.57 grammes per tonne ("g/t") Au with recovery at 93.3%.
A total of 240,769 tonnes of ore were processed with no significant downtime periods.
The process plant maintained good recovery performance in Q2 2026 reducing the gold in
circuit ("GIC") by 583 oz of gold.
The stockpile balance increased by 8.09% to 58,431 Au oz of ore at an average grade of
0.74 g/tAu. The significant stockpile available (approximately two years of process plant
supply) offers flexibility and low risk for future process plant production.
Segilola Exploration
The focus remained on the Segilola life-of-mine extension drilling program and regional target
generation as the Company continues to assess opportunities to extend the current Segilola mine
life.
Diamond drilling continued during Q2 2026 to test potential depth extensions of the Segilola
deposit, with 10,614 metres ("m") completed across 37 holes using four owner-operated diamond
drill rigs.
The drill holes were completed at a combination of 40m and 80m inter-hole spacings to test
the continuity of the steeply south-plunging, high-grade shoots beneath the current open-pit
mine design.
Results reflected narrow zones of mineralisation intersected below the limits of the current
final open-pit design.
Drilling continued following the end of the Period and is expected to continue through to the
end of the calendar year to further delineate zones with the potential to support underground
mining.
The Company engaged a mining consultancy to undertake a high-level review of the underground
mining potential based on the currently compiled potential resources and to support the
continuation of the drilling program.
Regional exploration activities progressed across the Company's Segilola licences during Q2
2026:
Geochemical sampling continued across the Ondo, Kajola, Central and Western prospects,
comprising auger, rock-chip, termite-mound and stream-sediment sampling. The principal
areas investigated were west of Ondo, northwest of Igila and west of the Segilola Mine.
Within the Western Prospect, infill auger sampling northwest of Igila returned significant gold
assay results of up to 0.401g/tAu, following up on anomalies identified through the initial
wide-spaced auger sampling programme. Further auger sampling was also completed west
of the Mine area.
At the Ondo Prospect, geochemical sampling targeted interpreted geophysical structures,
primarily west of the north-south-trending quartzite-quartz schist ridge.
Regional stream-sediment sampling outside the Ondo Prospect returned significant gold
values of up to 2.12 g/tAu, providing additional targets for follow-up exploration.
Senegal
During Q2 2026, the Company completed a total of 19,356m of reverse circulation ("RC") drilling
and 6,150m of rotary air blast and air core ("RAB/AC") drilling across its Senegal projects.
At the Douta Project, sterilisation drilling commenced during the Period to support the planning
and location of future mine infrastructure.
At Douta-West, RC drilling continued at the Baraka 3 Prospect, with the drilling extended the
mineralisation to the north and confirmed that the mineralised system remains open in that
direction.
At the Boussankhoba Project, exploration focused on testing and extending gold mineralisation
along the 10-kilometre northeast-trending corridor between the Sekhoto North and Massa Massa
prospects.
Ongoing RC drilling continued to demonstrate continuity of mineralisation between Sekhoto
North and Massa Massa, indicating that the two prospects form part of a single mineralised
system with significant potential for further resource growth.
Côte d'Ivoire
During Q2 2026, exploration activities in Côte d'Ivoire focused on continued target generation and
drill testing at the Guitry and Marahui projects, together with early-stage target generation activities
across the Laoudiba and Boundiali projects.
At the Marahui Project, soil geochemical sampling and geological mapping defined two parallel
anomalous structures:
The larger anomaly extends over approximately four kilometres in length and 200m in width.
A follow-up RC drilling programme comprising 50 holes for a total of 5,125m intersected
multiple narrow zones of gold mineralisation over a strike length of approximately one
kilometre.
Environment, Social and Governance
Environmental compliance monitoring continued on a monthly basis during Q2 2026, with quarterly
summary reports submitted to the Federal Ministry of Environment ("FMEnv") and copied to the
Environment Division of the Ministry of Solid Minerals:
Ambient air quality and noise levels remained consistent with those recorded in Q2 2025
and within FMEnv-prescribed thresholds.
The onset of the rainy season in April resulted in a reduction in Total Suspended
Particulates, while water turbidity temporarily increased in line with expected seasonal
conditions.
Groundwater and surface water parameters, including pH levels, remained within natural
ranges.
The Company published its 2025 ESG and
Sustainability Report on 18 June 2026
, highlighting
performance across its six material ESG topics: Corporate Governance, People, Health and
Safety, Environment, Community and Social, and Cultural Governance.
Continued operational efficiencies and reduced mine haulage distances resulted in environmental
benefits during Q2 2026:
Raw water withdrawals decreased by 36% to 31.24 megalitres ("ml"), compared with
50.27ml in Q2 2025.
Total greenhouse gas emissions decreased by approximately 16% to 9,818 tonnes of
carbon dioxide equivalent ("tCO
₂
e"), compared with 11,621tCO
₂
e in Q2 2025.
Emissions intensity remained stable at 0.51tCO
₂
e per ounce of gold produced, unchanged
from Q2 2025.
Notable milestones with respect to the Company's community development and corporate social
responsibility activities during Q2 2026 included:
Hosting the fifth annual inter-community football competition, with 10 men's and four women's
teams comprising Segilola Mine employees and members of the host communities
competing.
Progressing the construction and renovation of community buildings, businesses and
infrastructure supported under the Company's Community Development Agreements,
including renovations to Odo-Ijesha High School, the Imogbara community palace,
community road construction and the Iperindo Water Bottling Factory.
Ongoing support for elderly residents, administering examinations under the Annual School
Scholarship Programme and monitoring beneficiaries of the Company's women's initiatives
and youth empowerment programmes.
In Senegal, following the approval of the Environmental and Social Impact Assessment for Phase 1
of the Douta Project in January 2026, the Company continued planning and progressing the
actions set out in the approval.
The Company expanded its health, safety, social and environmental resources during Q2
2026, including the appointment in June of a new team leader who commenced the role in
July 2026.
In Côte d'Ivoire, the Ngnira Gold community team developed an Education, Health and Social
Action Plan to guide initiatives across the communities surrounding the Company's four
exploration licence areas.
A stakeholder engagement plan is also being developed to support ongoing exploration
activities.
Outlook
FY2026 production guidance of 75,000 to 85,000 oz maintained, while AISC guidance remains at
US$1,000 to US$1,200 per oz.
Advance exploration program across the portfolio:
Segilola: continuation of underground exploration drilling program targeting additional
resource definition during 2026 and an updated MRE by the end of the year.
Nigeria: continuation of scout drilling programs on identified near-mine and regional targets.
Senegal (Douta Project):
Infill drilling at Makosa North, Makosa East and Baraka 3 targeted at converting
inferred resources to indicated resources.
Drilling program in Bousankhoba licence to delineate scale of opportunity and
potentially include additional resources in the Douta Preliminary Feasibility Study
("PFS") mine plan.
Further reverse circulation ("RC") drilling targeting additional oxide resources.
Target updated Douta Mineral Resource Estimate by the end of the year to be used for
an optimised PFS.
Côte d'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work
programs and initial drill programs on identified targets with results from the Guitry and
Marahui licence to be released in Q3 2026.
Advanced ongoing discussions with the Government of Senegal regarding the Mining Convention
expected to be completed during Q3 2026 in parallel to the Company's objective of reaching Final
Investment Decision.
Segun Lawson, President & CEO, stated:
"I am pleased with the Company's operational performance for the second quarter and first half of
2026. Despite lower production compared with the prior year, the strength of the gold price, together
with continued cost discipline and operational efficiencies, resulted in half-year records across
revenue, EBITDA and net profit. We ended the Period with a strong adjusted net cash position of
US$218.6 million.
"During the Quarter, we poured 19,153 ounces of gold and sold 17,050 ounces at an average price of
US$4,554 per ounce. The process plant has continued to perform well, achieving a recovery rate of
93.3% with no significant downtime, while cash operating costs were US$760 per ounce sold and
AISC was US$1,262 per ounce sold.
"Exploration work progressed at Segilola, with the ongoing extensive drilling program. This drilling is
producing encouraging results, intersecting multiple high grade intercepts hundreds of metres
beneath the current open-pit mine design. Drilling will continue through to the end of the year as we
further assess the underground potential. We are also continuing with our regional exploration in
Nigeria, with geochemical sampling across the Ondo, Kajola, Central and Western prospects
generating further targets for follow-up exploration and scout drilling.
"In Senegal, we are in advanced stages of discussions with the government regarding the finalisation
of the Douta Mining Convention which forms a key component of the Douta Project Final Investment
decision. In parallel, we continue to advance exploration across our licence tenure as part of our
strategy to expand the Douta resource base ahead of an updated Mineral Resource Estimate and
optimised Preliminary Feasibility Study.
"In Côte d'Ivoire, exploration work continued across the portfolio with most of the focus on the Guitry
and Marahui licences. Follow-up drilling is being carried out based on initial encouraging exploration
results and we look forward to releasing the drilling results in Q3 2026.
"We also continued to progress our ESG and community development programmes across the
portfolio. During the Quarter, raw water withdrawals at Segilola decreased by 36% year on year and
total greenhouse gas emissions declined by approximately 16%. We also published our 2025 ESG
and Sustainability Report and continued investing in community infrastructure, education, enterprise
and social initiatives across Nigeria, Senegal and Côte d'Ivoire.
"Looking ahead, our strong and growing balance sheet continues to enable us to carry out our
exploration activities across the portfolio where we are aiming to deliver value adding milestones of
mine life extension at Segilola, Final Investment Decision at Douta and a maiden resource from our
portfolio in Côte d'Ivoire."
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 Côte d'Ivoire. 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:
Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald O'Connor / 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 3204
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, 2026, and 2025
(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)
Note
June 30,
2026
$
December 31,
2025
$
ASSETS
Current assets
Cash
193,128
137,750
Inventory
4
51,069
37,204
Trade and other receivables
5
10,938
11,711
Total current assets
255,135
186,665
Non-current assets
Inventory
4
98,049
86,328
Trade and other receivables
5
220
223
Right-of-use assets
6
3,187
5,422
Property, plant and equipment
8
54,573
67,995
Intangible assets
9
77,171
60,449
Total non-current assets
233,200
220,417
TOTAL ASSETS
488,335
407,082
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities
10
24,157
19,363
Lease liabilities
6
158
2,550
Total current liabilities
24,315
21,913
Non-current liabilities
Lease liabilities
6
-
45
Provisions
7
5,143
5,117
Total non-current liabilities
5,143
5,162
SHAREHOLDERS' EQUITY
Common shares
11
84,287
83,106
Other reserves
11
443
-
Currency translation reserve
11
(3,090
)
(4,247
)
Retained earnings
11
377,237
301,148
Total shareholders' equity
458,877
380,148
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
488,335
407,082
These condensed interim consolidated financial statements were approved for issue by the Board of
Directors on August
10, 2026, and are signed on its behalf by:
(Signed) "Adrian Coates"
Director
(Signed) "Olusegun Lawson"
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 thousand of United States dollars (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Note
$
$
$
$
Continuing operations
Revenue
3
77,647
82,794
151,964
146,857
Cost of sales
3
(23,857
)
(27,039
)
(45,132
)
(51,829
)
Loss on forward sale of commodity contracts
-
-
Gross profit from operations
53,790
55,755
106,832
95,028
Amortization and depreciation - other assets
3
(102
)
(160
)
(220
)
(330
)
Other administration expenses
3
(5,399
)
(3,643
)
(12,248
)
(7,645
)
Profit from operations
48,289
51,952
94,364
87,053
Interest Income
479
1,249
Interest expense
(32
)
(278
)
(111
)
(895
)
Net profit before income taxes
48,736
51,674
95,502
86,158
Income Tax
-
-
-
-
Net profit for the period
48,736
51,674
95,502
86,158
Attributable to:
Equity shareholders of the Company
48,736
51,674
95,502
86,158
Net profit for the period
48,736
51,674
95,502
86,158
Other comprehensive profit
Foreign currency translation (loss)/profit attributed to equity
shareholders of the company
488
(1,819
)
1,157
(861
)
Total comprehensive income for the period
49,224
49,855
96,659
85,297
Net earnings per share
Basic
14
$
0.073
$
0.079
$
0.144
$
0.131
Diluted
14
$
0.073
$
0.077
$
0.144
$
0.129
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
June 30,
Six Months Ended
June 30,
Note
2026
2025
2026
2025
Cash flows from/(used in):
Operating
Net profit
48,736
51,674
$
95,502
86,158
Adjustments for:
Share based compensation
-
-
1,624
-
Amortization and depreciation
3
11,012
8,434
22,050
16,943
Unrealized foreign exchange (gains)/losses
3
52
(385
)
370
(244
)
Unrealized fair value movements on forward gold sale
contracts
3
-
-
-
(1,900
)
Interest expense
32
278
111
895
59,832
60,001
119,657
101,852
Changes in non-cash working capital accounts
Inventories
(11,531
)
(832
)
(25,586
)
(2,741
)
Trade and other receivables
603
(353
)
776
(1,801
)
Accounts payable and accrued liabilities
4,148
(8,235
)
4,973
(21,237
)
Deferred income
-
(5,868
)
-
(4,463
)
Net cash flows from operating activities
53,052
44,713
99,820
71,610
Investing
Purchase of intangible assets
11
-
(15
)
-
(15
)
Property, Plant & Equipment
10
(3,812
)
(995
)
(6,014
)
(2,642
)
Exploration & Evaluation assets expenditures
11
(8,162
)
(3,950
)
(16,524
)
(7,773
)
Net cash flows used in investing activities
(11,974
)
(4,960
)
(22,538
)
(10,430
)
Financing
Share subscriptions received
13
-
-
-
760
Dividends paid
(6,206
)
(5,847
)
(19,413
)
(5,847
)
Repayment of loans and borrowings
9
-
(4,534
)
-
(12,669
)
Interest paid
9
-
-
-
(44
)
Payment of lease liabilities
6
(1,256
)
(1,129
)
(2,517
)
(2,517
)
Net cash flows used in financing activities
(7,462
)
(11,510
)
(21,930
)
(20,317
)
Effect of exchange rates on cash
13
(148
)
26
(50
)
Net change in cash
33,629
28,095
55,378
40,813
Cash, beginning of the period
159,499
24,758
137,750
12,040
Cash, end of the period
193,128
52,853
193,128
52,853
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)
Note
Common
shares
Option reserve
Currency
translation
reserve
Retained
earnings
Total
shareholders'
equity
Balance on January
01, 2025
81,633
1,920
(3,873
)
121,573
201,253
Net profit for the period
-
-
-
196,211
196,211
Other comprehensive loss
-
-
(374
)
-
(374
)