By: African mining market

Thor Explorations Ltd.has reported higher production and stronger financial results for the third quarter of 2025, supported by improved throughput at its Segilola gold mine in Nigeria.

The company said it sold 19,650 ounces of gold at an average price of US$3,535 per ounce, generating revenue of US$69.9 million and a net profit of US$43.1 million.

Operationally, Thor poured 22,617 ounces during the period, with process plant recovery averaging 94.3%.

The group continued mine-life extension drilling at Segilola and progressed near-mine, underground and regional exploration programmes. Its ore stockpile increased to 44,069 ounces, offering the company flexibility in future processing schedules.

Chief executive Segun Lawson said the quarter was marked by operational improvement and exploration progress.

“I am pleased to report that the company has had a successful third quarter, which has seen strong production performance at Segilola,” he said. Lawson highlighted the rise in adjusted net cash to US$81.0 million and ongoing drilling across the group’s portfolio.

Thor narrowed its 2025 production guidance to 90,000–95,000 ounces and its AISC outlook to US$900–US$1,000 per ounce.

In early deals, Thor started Tuesday’s trading in London slightly higher at 59.95p.