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, 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 ("km
2
") 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:
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:
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)
Note
June 30,
2025
$
December 31,
2024
$
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"
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 thousands of United States dollars (unaudited)
Note
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
$
2024
$
2025
$
2024
$
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)
Note
Three Months Ended
June 30,
Six Months Ended
June 30,
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)
Note
Common
shares
Option
reserve
Currency
translation
reserve
Retained
earnings
Total
shareholders'
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