Thor Explorations delivers record first-half profit as strong gold price drives earnings

Thor Explorations Ltd (TSX-V:THX AIM:THX OTC:THXPF) delivered record first-half revenue, EBITDA and net profit in 2026, supported by strong gold pricing, disciplined cost management and continued performance from the Segilola Gold Mine in Nigeria.

Revenue for the 6 months to June 30 rose to US$151.9 million from US$146.8 million a year earlier, while EBITDA increased to US$108.4 million from US$103.9 million. Net profit climbed to a record US$95.5 million from US$86.1 million.

Thor ended the period with adjusted net cash of US$218.6 million, including 6,367 ounces of gold bullion valued at US$25.5 million.

Thor poured 19,153 ounces of gold from Segilola during the second quarter, taking first-half production to 39,409 ounces. The company sold 17,050 ounces in Q2 at an average gold price of US$4,554 per ounce, with cash operating costs of US$760 per ounce sold and an all-in sustaining cost of US$1,262 per ounce.

The processing plant treated 240,769 tonnes of ore during the quarter at an average feed grade of 2.57 grams per tonne gold, with recovery of 93.3% and no significant downtime.

Thor also increased its stockpile to 58,431 ounces of contained gold at an average grade of 0.74 g/t, representing approximately 2 years of process plant supply and providing additional production flexibility.

Exploration continued to focus on extending the life of the Segilola operation and assessing the ...