Thor Explorations Announces Strong Q4 2025 Gold Production of 23,604 Ounces, 2026 Operating Guidance and Bonus Q4 Dividend
Thor Explorations Announces Strong Q4 2025
Gold Production of 23,604 Ounces, 2026
Operating Guidance and Bonus Q4 Dividend
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2026) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor Explorations", the "Company" or the "Group") is pleased to provide its fourth quarter
and full year 2025 operational update for the Segilola Gold mine, located in Nigeria ("Segilola"), and for
the Company's mineral exploration properties located in Nigeria and Senegal, for the three months to
December 31, 2025 (the "Quarter" or "Q4") as well as full year operational highlights ("FY 2025").
Highlights
Q4 gold poured of 23,719 ounces ("oz")
FY 2025 gold poured totalled 91,910oz
Gold sales in Q4 2025 of 25,830oz at an average realised price of US$4,189 resulting in record
quarterly revenue of US$108 million (unaudited)
Q4 cash balance of US$137 million (unaudited)
Q4 bullion inventory of 3,188oz (unaudited)
Segilola Q4 2025 Operational Highlights
23,719 ounces of gold poured
Gold produced from 242,182 tonnes milled at an average grade of 3.31 grammes per tonne ("g/t")
of gold ("Au") and process plant recovery of 94.8%
Mine production of 580,615 tonnes at an average grade of 1.71g/t of Au for 31,932oz
Ore stockpile increased by 6,144oz to 50,213oz of Au at an average grade of 0.79g/t of Au which
includes a medium-grade stockpile of 1,829 tonnes at an average grade of 1.84g/t
Addition of a further 971 oz of Au in circuit ("GIC"), increasing total GIC to 5,126 oz of Au
Q4 Dividend
In addition to the standard Q4 Dividend of C$0.0125 per share, the Company will pay an additional
bonus dividend payment of C$0.015 per share. The total dividend payable for Q4 will be C$0.0275
per share
2026 Dividend
2026 Dividends will continue to be paid on a quarterly basis at an amount of C$0.0125 per share
each quarter, for a total of C$0.05 for the calendar year, with the ability to increase the dividend
amount based on the Group's cash reserves at the end of each quarter
Proposed dividend timetable:
Event
Date
Ex-Dividend date
January 23
rd
2026
Record date
January 23
rd
2026
Last day for currency election
January 30
th
2026
Date of exchange rate used for Pounds Sterling
February 2
nd
2026
Announcement of exchange rate in Foreign Designated Currencies
February 2
nd
2026
Payment date
February 13
th
2026
FY 2026 Outlook and Catalysts
FY 2026 production guidance range set at 75,000 to 85,000 oz of gold
FY 2026 All-in Sustaining Cost ("AISC") guidance range set at US$1,000 to US$1,200 per ounce
Douta Preliminary Feasibility Study expected on 26 January 2026
Drilling programs across all the Company's exploration portfolio:
Segilola underground drilling program
Nigeria - continuation of scout drilling programs on identified targets
Senegal - Douta licence, additional RC drilling targeting additional oxide resources
Cote D'Ivoire - Guitry and Boundiali licenses, continuation of geochemical work programs
and initial drill program on identified targets
Segun Lawson, President & CEO, stated
:
"We are extremely pleased to report a strong final production quarter, which has resulted in the
Company achieving our narrowed production guidance of 91,910 ounces, which was also in the top
half of the original production guidance for the full year 2025.
"We poured 23,719 ounces in the Quarter and sold 25,830 ounces at our highest achieved gold price
of US$4,189 per ounce resulting in record quarterly revenue of US$108 million.
"Our record cash generation in the Quarter enabled us to fully repay all remaining outstanding
payables and end the Quarter with a higher than projected cash balance of approximately US$137
million. We are pleased to return some of this surplus cash to our shareholders in the form of a bonus
dividend, in line with our commitment to return funds to shareholder whilst retaining sufficient cash on
our balance sheet to fund all our activities across the Group and continue to grow our cash reserves.
"Near mine exploration in Nigeria continued in Q4, targeting mineralisation underneath the Segilola
open pit. Drilling has continued at a faster rate, and we have been encouraged by the exploration
results which have justified continuation of the deeper drilling program. We look forward to announcing
our drill results later in Q1 2026.
"In Senegal, at Douta, detailed work on the PFS is being finalised after working alongside our
contractors and equipment manufacturers. The PFS will be released shortly, on 26 January 2026, and
we aim to progress to a development decision shortly after.
"In Cote d'Ivoire, drilling restarted in Guitry and a maiden drilling program started on our Marahui
Licence. We are very much looking forward to releasing our first set of results later in Q1 2026.
"Finally, we are excited by the year ahead. Gold production from Segilola continues to strengthen the
Company's balance sheet. We continue to work towards a Segilola underground development
decision and the Company has several catalysts across all of its projects, particularly at the Douta
Project and in Cote d'Ivoire. We look forward to updating the market with our progress through the
year."
Exploration Q4 2025 Highlights
Nigeria
Ongoing encouraging drilling program at Segilola Underground a decision to continue the program
Senegal
Finalisation of Douta PFS with completion scheduled for 26 January 2026
Continuation of Reverse Circulation drilling campaign
Cote d'Ivoire
Drilling restarted in Guitry and a maiden drilling program started on the Company's Marahui
Licence
PRODUCTION SUMMARY
Table 1: Production Summary
Units
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Mining
Total Mined
Tonnes
2,148,016
2,511,593
2,756,363
2,889,975
3,781,881
Waste Mined
Tonnes
1,588,255
2,125,035
2,513,901
2,630,179
3,398,182
Ore Mined
Tonnes
580,615
386,558
242,461
272,375
383,699
Grade
g/t Au
1.71
2.26
3.02
2.42
2.30
Processing
Ore Processed
Tonnes
242,182
250,459
238,425
231,825
247,075
Grade
g/t Au
3.31
3.11
3.12
3.24
3.08
Recovery
%
94.8
94.3
93.1
93.7
89.2
Gold Recovered
oz
24,397
23,612
22,229
22,594
21,827
Gold Poured
oz
23,719
22,617
22,784
22,790
24,662
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
About Thor
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration,
development and production of mineral properties located in Nigeria, Senegal, Cote d'Ivoire and Burkina
Faso. 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 and a
100% interest in the Guitry Gold Project in Cote d'Ivoire. 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
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
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.
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