By: African mining market

Thor Explorations Ltd, reported record revenue and profit for its second quarter.

In the three-month period, it sold 25,900 ounces of gold at an average price of US$3,187/oz.

Revenue for the quarter was US$82.7 million, up 54% from the same period last year. Net profit rose 50% to US$51.6 million. 

Cash operating cost was US$715/oz, while AISC was US$915/oz.
The company ended the period with US$52.80 million in net cash.

Gold poured during the quarter amounted to 22,784 oz, with a recovery rate of 93.1%.

The company maintained FY2025 production guidance at 85,000 – 95,000 oz with an AISC of US$800 – US$1,000/oz.

“These financial achievements are not only reflective of a favourable gold price, but our continued cost discipline and operational efficiencies,” chief executive Segun Lawson said in a statement.

He added: “We have been encouraged by our exploration results to date across the entire portfolio and have increased our exploration budget for the remainder of the year. In doing so, we believe we are well-positioned to deliver value to our shareholders.”

The Segilola underground resource drilling program continued. In Senegal, a 12,000m drilling program was completed at the Baraka 3 Prospect. Drilling in Côte d’Ivoire confirmed gold mineralisation at the Guitry Project.