By: Creamer media

The company sold 15 417 oz of gold during the quarter ended March 31, with revenue having increase to $74.3-million from $64-million in the first quarter of 2025 while earnings before interest, taxes, depreciation and amortisation (Ebitda) rose to $55.8-million from $43.6-million in the prior comparable period.

Net income for the quarter increased to $46.7-million, compared with $34.4-million in the prior comparable quarter.

Cash operating costs improved to $672/oz sold, from $711/oz previously, while all-in sustaining costs (AISC) decreased to $936/oz sold, compared with $950/oz in the first quarter of 2025. Adjusted net cash increased significantly to $177.9-million, from $24.7-million in the prior comparable quarter.

Thor Explorations also paid a quarterly dividend and bonus dividend of C$0.0275 a share during the quarter.

“I am pleased to report a strong start to 2026, with the company continuing to deliver excellent results while continuing to advance the next phase of growth across the portfolio during the quarter,” Thor Explorations president and CEO Segun Lawson says.

During the quarter, exploration activities continued on all the group’s mining licences including the Segilola gold project, in Nigeria, and the Douta gold project, in Senegal, and a follow-up drilling programme took place to test surrounding geochemical signatures and potential extensions within the Segilola project.

Regarding the Segilola production, gold poured totalled 20 256 oz during the first quarter, 18 199 oz of gold was recovered with a recovery rate of 93.1% and a total of 239 644 t of ore was processed at a grade of 2.54 g/t gold.

The total ore mined during this quarter was 459 246 t at a grade of 1.58 g/t gold.

Work continues to focus on extending the mine life of Segilola and a diamond drilling programme with six drilling rigs continued during this quarter to test the depth extensions of the Segilola deposits, with initial results expected to be published during the second quarter.

At the Douta gold project, key highlights of the prefeasibility study (PFS) included the long-life production profile delivering one-million ounces of gold from 37-million tonnes of mill feed, grading 1.03 g/t gold over about 12 years in operation.

Additionally, there was strong early cash flow, with gold production of 413 000 oz in the first four years of oxide and transitional ore feed at an AISC of $1 555/oz, generating a pre-tax cash flow of $798-million and a payback period of one year from the start of processing.

During the three-month period, exploration activities focused on the Douta-West licence, which lies adjacent to the west of the original Douta licence. A 40 000 m drilling programme commenced in the Baraka Three area in eastern Senegal and targeted all three exploration permits, designed to upgrade the classification of inferred mineralisation within the pit shells and to test several previously delineated oxide targets in all three exploration permits.

During the quarter, work in Côte d'Ivoire focused on the drill testing of targets at the Guitry and Marahui projects.

At Marahui, soil geochemistry sampling and geological mapping continued and defined two parallel abnormal structures, with the larger one being 4 km long and 200 m wide. Initial rock chip drilling has commenced, and drilling results from these exploration programmes are targeted to be released in the second quarter of 2026.

On sustainability, the environmental, health, safety and social performance at the Segilola mine improved during the first quarter of this year following the introduction of a behavioural based management health and safety system.

This system was implemented in the first quarter after five lost-time injuries were recorded in 2025, with the framework aimed at reducing workplace incidents linked to human error and at-risk behaviour through employee participation, feedback mechanisms, reinforcement measures and defined violations, consequences and rewards.

Water and air quality and noise level measurements for the first quarter of this year were consistent with the corresponding periods in 2025 and 2024, with all the parameters remaining within the environmental limits.

Mineral waste intensity related to waste rock declined by 58%, while carbon emissions decreased by 11% year-on-year, and Thor is also finalising its 2025 sustainability and environmental, social and governance report, which is scheduled for publication in the second quarter.

“Looking ahead, we remain focused on delivering our gold production, while continuing to advance our exploration programmes across Nigeria, Senegal and Côte d'Ivoire and importantly, reaching a final investment decision for the Douta project.

“With a strong, growing balance sheet we are well positioned to achieve our objectives and look forward to updating shareholders,” Lawson concludes.