Thor Explorations Announces Q3 2025 Operating Update
Thor Explorations Announces Q3 2025
Operating Update
Vancouver, British Columbia--(Newsfile Corp. - October 15, 2025) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its third quarter 2025 interim
operational update for the 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
September 30, 2025 (the "Quarter" or "Q3").
Segilola Q3 Highlights
Q3 gold poured of 22,617 ounces ("oz")
Gold sales in Q3 of 19,650 oz at an average realized price of US$3,535 resulting in revenue of
US$69.5 million
Gold produced from 250,459 tonnes milled at an average grade of 3.11 grammes per tonne ("g/t")
of gold and process plant recovery at 94.3%
Mine production of 386,558 tonnes at an average grade of 2.26 g/t of gold for 28,029 oz
Ore stockpile increased by 2,977 oz to 44,069 oz of gold at an average grade of 0.83 g/t
Gold in circuit ("GIC"), increased by 995 oz to 4,398 oz of gold
Gold bullion inventory of 122 oz and gold doré inventory of 5,668 oz at September 30, 2025
FY 2025 Outlook and Catalysts
FY 2025 production guidance range maintained at 85,000 to 95,000 oz of gold
FY 2025 All-in Sustaining Cost ("AISC") guidance range maintained at $800 to $1,000 per ounce
Drilling programs across all the Company's exploration portfolio:
Segilola: continuation of ongoing underground drilling program
Nigeria: continuation of scout drilling programs on identified near-mine and regional targets
Senegal (Douta Project):
Drilling programs at Baraka 3 will be extended with an additional RAB and RC drilling
rig commencing in October at the start of the dry season
Initial RAB drilling program at the Bousankhoba Project ("Bousankhoba") to
commence in the new year
Côte d'Ivoire:
Exploration being advanced on the Guitry, Marahui, and Boundiali licenses
Further drilling at Guitry and initial drilling at Marahui to commence in Q4 2025
following completion of the national elections
Maiden Mineral Resource Estimate at the Guitry Project by end of 2025
Updated Mineral Resource Estimate and Pre-Feasibility Study ("PFS") at the Douta Project by the
end of 2025
Dividend
The Group will maintain the dividend policy announced on April 8, 2025, with the third quarterly
dividend payment scheduled for November 14, 2025
Dividends for the Quarter will be paid at an amount of C$0.0125 per share
Proposed dividend timetable
Event
Date
Ex-Dividend date
24 October, 2025
Record date
24 October, 2025
Last day for currency election
31 October, 2025
Date of exchange rate used for Pounds Sterling
3 November, 2025
Announcement of exchange rate in Foreign Designated Currencies
3 November, 2025
Payment date
14 November, 2025
The below outlines the payment treatment for shareholders
Depository Interest ("DI") holders registered in London will be paid in British Pounds, with an
option to elect for United States Dollar payment
Canadian Registered holders will be paid in Canadian Dollars, with an option to elect for United
States Dollar payment
Segun Lawson, President & CEO, stated
:
"I am pleased to report continued strong operational performance for the third quarter of the year,
meaning we are on track to meet our production and cost guidance for 2025. By choosing to remain
unhedged, we have been able to take full advantage of the high prevailing gold prices, resulting in an
average realised price of US$3,535 per ounce, maximising the benefit for our shareholders. At the
end of the Quarter, our inventory contained just under 6,000 ounces of gold in bullion and doré that
remained unsold and was exposed to higher prevailing gold prices.
"During the Quarter, we also completed the major strategic milestone of consolidating our ownership
position in the Douta Project, reinforcing our commitment to its long-term development and
simplifying the pathway for project execution. In line with this strategic focus in Senegal, we have
further strengthened the growth potential of
Douta by advancing exploration activities at Baraka 3 and
securing the Bousankhoba licence, which lies contiguous to the existing Douta project permits. These
initiatives are targeted to significantly expand our long-term resource inventory and further support our
ambitious growth strategy.
"Drilling at Segilola has continued, providing further support to our geological model. We successfully
drilled several high grade, mineable intersections beneath the current open pit design. The drilling will
continue through the year and is planned to target the potential extension of mineralisation, both in
the north and the south, at greater depth where mineralised shoots continue to be defined and remain
open at depth.
"Exploration campaigns across the Company's portfolio slowed during the wet season, and I am
eagerly awaiting the planned re-start of programs at Baraka 3 in Senegal, Guitry in Cote d'Ivoire, and
commencement of our maiden program at Marahui in Côte d'Ivoire."
Exploration Q3 2025 Highlights
Nigeria (Segilola)
A diamond drilling program that commenced in 2024 continues to test the continuity of
mineralisation following the down-plunge trend to the south. To date, a total of 74 holes have been
completed for 20,496 metres ("m"). Drilling has focused on two main areas:
Northern Zone: Targeted mineralisation is confined to a discrete, west-dipping, 100m long
shoot with an apparent pronounced steep southerly plunge.
Southern Zone: Mineralisation appears to have a shallow-plunging flat geometry.
The Company is pleased to announce continued further positive drilling results from this ongoing
diamond drilling program. Significant drill results in the Quarter include:
Hole ID
East
North
RL
Depth
(m)
Dip
Azi-muth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
SNMDD062
4092
11784
326
272
-60
90
240.6
242.0
1.4
9.71
0.9
SNMDD067
4040
10976
362
287.6
292.0
4.4
2.96
3.9
SNMDD068
4000
11089
366
338
-60
90
306.0
310.9
4.85
4.61
4.3
SNMDD070
4090
11694
327
227
-60
90
191.6
193.0
1.4
7.48
1.1
SNMDD072
4155
10669
322
188
-60
90
146.9
149.0
2.1
3.51
1.9
SNMDD073
4025
10932
362
307.3
308.9
1.55
2.82
1.4
SNMDD076
4118
10711
341
302
-60
90
244.0
247.0
3
2.87
2.0
SNMDD079
4082
10780
355
271.7
273.9
2.2
10.40
1.8
Table 1: Significant Drillhole Intersections
(>3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)
Significant drill results exceeding 3 gram-metres (calculated as average grade multiplied by true
width) are highlighted in the Longitudinal section (Figure 1) and detailed in Table 3, underscoring
the strong mineralisation identified during this campaign. A comprehensive list of all recent results
can be found in Table 4.
Figure 1: Longitudinal Section Showing Gram-Metre Contours and Drill Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/270401_9d39ad5154298aac_002full.jpg
Senegal (Douta)
During the Quarter, the Company secured full ownership of the Douta Project by entering into a
binding sale and purchase agreement with International Mining Company SARL ("IMC") to acquire
the remaining 30% minority equity interest. With this acquisition, subject to standard conditions
precedent, the Company will hold 100% of the permit.
In accordance with the Senegal Mining Code, upon issuance of the Douta Mining Concession
(Concession Minière), the State of Senegal will be granted a 10% free carried interest in the
operating company.
The extended drilling program at Baraka 3 was completed during the Quarter, and metallurgical
testwork is nearing completion. It is anticipated that a Baraka 3 resource will be included in an
updated Douta Resource and Douta PFS.
Additional exploration drilling programs at Baraka 3 are scheduled to resume in October, aligning
with the beginning of the dry season. To accelerate the evaluation of the numerous identified
geochemical targets, our contractor has imported an additional RAB rig. This additional rig will
supplement the current fleet which includes two RC rigs and one multi-purpose diamond / RC rig
already on site.
In addition to the IMC acquisition, the Company has also acquired an initial 65% interest in the
Bousankhoba Exploration Permit EL02254, an early-stage gold exploration permit contiguous to
the east of the Company's Douta West permit (see Figure 2). Bousankhoba contains several
continuous soil geochemical anomalies, with some areas having undergone historical early-stage
drilling yielding encouraging results.
Management considers Bousankhoba to be highly prospective and has the potential to deliver
satellite resources that will enhance the Douta Gold Project, representing another promising
opportunity as has been identified at Baraka 3.
A large-scale RAB drilling campaign is being planned for Bousankhoba and is scheduled to
commence early next year, following the completion of a similar program at Baraka 3.
Douta PFS work streams are continuing, with the aim of completing the PFS in Q4 2025.
Figure 2: Douta Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/270401_9d39ad5154298aac_003full.jpg
Côte d'Ivoire
Guitry Project
During the Quarter, the Company completed a successful maiden drilling program comprising
4,604 m in 41 holes. This drilling campaign has intersected and confirmed previously untested
deeper bedrock mineralisation, which remains open.
In the final quarter of the year following conclusion of the rainy season, the Company intends to
implement the following plan.
Additional step-out drilling programs.
Orientated core diamond drilling to confirm and further understand the structural geology of
the underlying formations.
A comprehensive permit-wide auger drilling campaign to investigate the previously identified
soil anomalies, thereby enhancing our understanding of the project's broader mineral
potential.
Marahui Project
Exploration activities progressed, featuring extensive geological mapping and consistently
encouraging results from both rock chip and soil geochemical sampling.
A preliminary drilling program totalling 9,000 m has been planned. The initial drill pads are already
prepared, and drilling operations are set to commence following conclusion of the national
elections.
PRODUCTION SUMMARY
Units
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Mining
Total Mined
Tonnes
2,511,593
2,756,363
2,874,533
3,781,881
4,024,002
Waste Mined
Tonnes
2,125,035
2,513,901
2,602,158
3,398,182
3,668,487
Ore Mined
Tonnes
386,558
242,461
272,375
383,699
355,515
Grade
g/t Au
2.26
3.02
2.42
2.30
2.01
Processing
Ore Processed
Tonnes
250,459
238,425
231,825
247,075
201,958
Grade
g/t Au
3.11
3.12
3.23
3.08
3.22
Recovery
%
94.3
93.1
93.7
89.2
88.5
Gold Recovered
oz
23,612
22,229
22,594
21,827
18,496
Gold Poured
oz
22,617
22,784
22,790
24,662
20,110
Table 2: Production Summary
SELECTED SEGILOLA EXPLORATION RESULTS
Hole ID
East
North
RL
Depth (m)
Dip
Azi-muth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
SNMDD029
4083
11757
328
270
-67
90
223.4
226.0
2.6
1.87
2.1
SNMDD031
4272
10304
292
47.8
49.6
1.8
3.13
1.5
SNMDD032
4289
10358
307
33.1
35.0
1.9
3.22
1.6
SNMDD038
4040
11710
346
305
-66
90
274.0
276.9
2.9
1.90
2.4
SNMDD045
4067
10806
357
326
-65
91
305.2
310.0
4.8
1.17
3.9
SNMDD048
4047
10866
359
300.0
301.9
1.9
2.00
1.7
SNMDD053A
4078
11755
328
290
-74
91
260.7
262.5
1.8
5.41
1.3
SNMDD056
4083
10769
355
318
-66
91
291.8
295.4
3.55
1.50
2.9
SNMDD057
4049
10859
359
305
-53
91
286.5
289.2
2.7
2.05
2.5
SNMDD059
4083
10774
355
316
-66
91
291.0
296.9
5.9
6.00
4.7
SNMDD060
4044
10883
360
302
-49
91
284.0
287.2
3.15
1.14
3.0
SNMDD060
4044
10883
360
294.8
299.0
4.2
12.48
3.9
SNMDD061
4114
10725
344
245
-54
91
195.5
197.5
2
17.86
1.8
SNMDD061
4114
10725
344
222.1
226.6
4.46
3.71
4.1
SNMDD062
4092
11784
326
272
-60
90
240.6
242.0
1.4
9.71
0.9
SNMDD067
4040
10976
362
287.6
292.0
4.4
2.96
3.9
SNMDD068
4000
11089
366
338
-60
90
306.0
310.9
4.85
4.61
4.3
SNMDD070
4090
11694
327
227
-60
90
191.6
193.0
1.4
7.48
1.1
SNMDD072
4155
10669
322
188
-60
90
146.9
149.0
2.1
3.51
1.9
SNMDD073
4025
10932
362
307.3
308.9
1.55
2.82
1.4
SNMDD076
4118
10711
341
302
-60
90
244.0
247.0
3
2.87
2.0
SNMDD079
4082
10780
355
271.7
273.9
2.2
10.40
1.8
Table 3: Significant Drillhole Intersections
(>3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)
Hole ID
East
North
RL
Depth (m)
Dip
Azi-muth
From
(m)
To
(m)
Interval
(m)
Grade
(g/tAu)
True
Width
(m)
SNMDD062
4092
11784
326
272
-60
90
240.6
242.0
1.4
9.71
0.9
SNMDD063
4049
10834
359
316
-60
90
292.5
293.4
0.9
0.84
0.8
SNMDD063
296.9
298.0
1.1
2.02
1.0
SNMDD064
4158
10611
315
209
-60
90
163.0
164.5
1.55
0.67
1.2
SNMDD064
179.0
181.3
2.25
0.74
1.7
SNMDD064
187.7
190.0
2.3
1.05
1.8
SNMDD065
4021
11022
363
318
-60
90
Nsr
SNMDD066
4036
11715
346
311
-60
90
Nsr
SNMDD067
4040
10976
362
305
-60
90
284.6
286.0
1.45
0.83
1.3
SNMDD067
287.6
292.0
4.4
2.96
3.9
SNMDD068
4000
11089
366
338
-60
90
306.0
310.9
4.85
4.61
4.3
SNMDD069
4156
10681
323
228
-60
90
Nsr
SNMDD070
4090
11694
327
227
-60
90
191.6
193.0
1.4
7.48
1.1
SNMDD072
4155
10669
322
188
-60
90
146.9
149.0
2.1
3.51
1.9
SNMDD072
168.0
169.0
1
1.16
0.9
SNMDD072
171.0
174.0
3
0.76
2.6
SNMDD072
176.4
177.4
1
1.73
0.9
SNMDD073
4025
10932
362
329
-60
90
304.0
306.0
2
0.91
1.8
SNMDD073
307.3
308.9
1.55
2.82
1.4
SNMDD075
4048
10858
359
335
-60
90
pending
SNMDD076
4118
10711
341
302
-60
90
244.0
247.0
3
2.87
2.0
SNMDD079
4082
10780
355
296
-60
90
248.1
249.1
1
0.65
0.8
SNMDD079
271.7
273.9
2.2
10.40
1.8
SNMDD079
281.0
282.0
1
2.07
0.8
Table 4: Recent Drillhole Intersections Received
(0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)
Figure 3: Drillhole Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/270401_9d39ad5154298aac_004full.jpg
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
About Thor Explorations
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition,
exploration and development of mineral properties located in Nigeria, Senegal and Côte d'Ivoire. Thor
holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and
production commenced at Segilola in 2021. Thor holds a 100% interest in the Douta Gold Project
located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".
For further information please contact:
Thor Explorations Ltd
Info: Email:
Investor Relations: 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 / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren