Thor Explorations Announces Q1 2026 Operating Update
Thor Explorations Announces Q1 2026
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2026) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide an operational update for its
Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration
properties located in Nigeria, Senegal and Côte d'Ivoire, for the three months to March 31, 2026 (the
"Quarter" or "Q1").
Segilola Q1 2026 Highlights:
Q1 gold poured of 20,256 ounces ("oz")
Q1 gold sold of 15,417 oz at an average realised price of $4,829 per ounce
Q1 cash balance of $154 million and gold bullion inventory of 4,000 oz for an adjusted net cash
position of $173 million
Gold dore inventory of 2,077 oz
Gold produced from 239,664 tonnes milled at an average grade of 2.54 grammes per tonne ("g/t")
of gold ("Au")
Process plant recovery achieved 93.1%
Mine production of 459,246 tonnes at an average grade of 1.58g/t of Au for 23,397 oz
Ore stockpile increased by 3,844 oz to 54,057 oz of Au, at an average grade of 0.76g/t of Au
Au in circuit decreased by 2,533 oz to 3,069 oz of Au
FY 2026 Outlook and Catalysts:
FY 2026 production guidance range maintained at 75,000 to 85,000 oz of gold
FY 2026 All-in Sustaining Cost guidance range maintained at $1,000 to $1,200 per oz
Drilling programs across the Company's exploration portfolio:
Segilola: continuation of underground exploration drilling program targeting additional
resource definition during 2026
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
8,000 metre drilling program in Douta-West 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
Côte d'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work
programs, magnetic surveys and initial drill programs on identified targets
Following completion of the Douta Project drilling programs, the Company will prepare an updated
Mineral Resource Estimate and an optimised PFS
Segun Lawson, President & CEO, stated
:
"Having completed an operationally robust year in 2025, during which we achieved record gold
production and record profitability, we are pleased to keep up the momentum at the start of the year
with a strong first quarter of 2026. Pouring just over 20,000 ounces is in line with the mid-range of our
production guidance of 75,000 to 85,000 ounces for the year.
"In the Quarter, our focus at Segilola has been to extend the mine life. Our drilling activities continue
underneath the pit, where we continue to intersect mineable gold mineralisation. Our drilling activities
will continue throughout the year with the aim of drilling and delineating sufficient ore tonnage to
proceed with underground mine development.
"In Senegal, following the completion of the Douta Preliminary Feasibility Study in the Quarter, our
exploration activities have materially increased. We are looking to optimise the PFS where we have
identified areas of significant upside potential. This includes drilling within the existing pit shells,
delineating additional oxide targets, and extensive air-core drilling and rock-chip sampling at our
newest Bousankhoba Licence. We expect results from our drilling programs in Senegal to be
released in Q2 2026 and have the objective of reaching our Final Investment Decision for the project
in H2 2026.
"Lastly, in Côte d'Ivoire, we are exploring all of our licences, which include the newly acquired Loudiba
exploration licence. Drilling is ongoing at both the Guitry Project and the Marahui Licence, with results
to be released in Q2 2026.
"We ended the Quarter with a healthy cash balance of US$154 million and 4,000 ounces of unsold
gold bullion, which we have agreed to sell in Q2 2026. We continue to grow our balance sheet whilst
managing to keep in line with our cost guidance."
Exploration Q1 2026 Highlights
Nigeria (Segilola):
Continuation of diamond drilling program to test the depth extensions of the Segilola deposit.
Gold mineralisation continues to be confirmed by the ongoing drilling program.
Senegal:
During the Quarter, in addition to the completion and submission of the PFS, the Company
undertook drilling programs at Makosa North and Tail and the Baraka 3 Prospect. Drilling was also
carried out to test new geochemical targets in Douta West. The results of the program are to be
released in Q2 2026.
Target generation was carried out in the Bousankhoba licence with extensive geochemical and
rock chip sampling. Drilling of these newly generated targets commenced late in the Quarter, and
the Company aims to release the results on an ongoing basis as they are received. The first results
are expected in Q2 2026.
Côte d'Ivoire:
Guitry Project - Work during the Quarter comprised a follow-up RC drilling program designed to
test extensions of the identified mineralisation and to test new areas in the licence for
mineralisation.
Marahui Exploration Licence - Exploration activities continued with a maiden drilling program
ongoing throughout the period.
Boundiali Project - Completion of a soil geochemical auger drilling program in which samples
were collected over the central and eastern portions of the exploration permit. Several
geochemical targets were generated. The Company continues to work up these targets and other
areas of the licence for RC drilling later in the year.
Table 1: Production Summary
Production Summary
Units
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Mining
Total Mined
Tonnes
1,542,501
2,185,527
2,533,410
2,756,362
2,874,533
Waste Mined
Tonnes
1,083,255
1,604,912
2,146,852
2,513,901
2,602,158
Ore Mined
Tonnes
459,246
580,615
386,558
242,461
272,375
Grade
g/t Au
1.58
1.71
2.26
3.02
2.42
Processing
Ore Processed
Tonnes
239,664
242,182
250,459
238,425
231,825
Grade
g/t Au
2.54
3.31
3.11
3.12
3.24
Recovery
%
93.1
94.6
94.3
93.1
93.7
Gold Recovered
Oz
18,199
24,397
23,612
22,229
22,594
Gold Poured
Oz
20,256
23,719
22,617
22,784
22,790
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
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
a 100% economic interest in the Douta Gold Project located in south-eastern Senegal
a 100% interest in the Guitry Gold Project Côte d'Ivoire
additional exploration tenure in Nigeria, Senegal and Côte d'Ivoire, comprising wholly and majority-
owned interests
Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".
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
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel:
+44 (0) 20 3004 9512
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204
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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/292589